0000950170-24-123377 | 10-Q | XBRL Viewer | Universal Logistics Holdings INC

Marketable Securities

9 Months Ended

Sep. 28, 2024

Investments, Debt and Equity Securities [Abstract]

(4)

Marketable Securities

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 9.

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


	September 28, 2024		December 31, 2023
Fair value	$	11,689	$	10,772
Cost basis		7,264		7,316
Unrealized gain	$	4,425	$	3,456

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


	September 28, 2024			December 31, 2023
Gross unrealized gains	$	5,008		$	4,124
Gross unrealized losses		(583	)		(668	)
Net unrealized gains	$	4,425		$	3,456

(4)

Marketable Securities – continued

The following table shows the Company's net realized gains (losses) on marketable equity securities (in thousands):


	Thirteen Weeks Ended				Thirty-nine Weeks Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Realized gain
Sale proceeds	$	19	$	110	$	19	$	202
Cost basis of securities sold		17		26		17		27
Realized gain	$	2	$	84	$	2	$	175

Realized gain, net of taxes	$	1	$	63	$	1	$	131

During the thirteen-week and thirty-nine week periods ended September 28, 2024, our marketable equity securities portfolio experienced a net unrealized pre-tax gain (loss) in market value of approximately $139,000 and $934,000, respectively, which was reported in other non-operating income for the period.

During the thirteen-week and thirty-nine week periods ended September 30, 2023, our marketable equity securities portfolio experienced a net unrealized pre-tax gain (loss) in market value of approximately $410,000 and $518,000, respectively, which was reported in other non-operating income for the period.

Earnings Per Share	9 Months Ended
Sep. 28, 2024
Earnings Per Share [Abstract]
Earnings Per Share	(13) 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 and thirty-nine weeks ended September 28, 2024, there were 35,546 and 31,106 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 and thirty-nine weeks ended September 30, 2023, we included 24,021 and 26,553 weighted average non-vested shares of restricted stock, respectively, in the denominator for the calculation of diluted earnings per share. No shares of non-vested restricted stock were excluded from the calculation of diluted earnings per share due to anti-dilution during the thirteen weeks or thirty-nine weeks ended September 28, 2024 or September 30, 2023.

Earnings Per Share

9 Months Ended

Sep. 28, 2024

Earnings Per Share [Abstract]

Earnings Per Share

(13)

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 and thirty-nine weeks ended September 28, 2024, there were 35,546 and 31,106 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 and thirty-nine weeks ended September 30, 2023, we included 24,021 and 26,553 weighted average non-vested shares of restricted stock, respectively, in the denominator for the calculation of diluted earnings per share.

No shares of non-vested restricted stock were excluded from the calculation of diluted earnings per share due to anti-dilution during the thirteen weeks or thirty-nine weeks ended September 28, 2024 or September 30, 2023.

Debt - Additional Information (Detail) - Interest Rate Swap $ in Millions	9 Months Ended
	Sep. 28, 2024 USD ($)
Line Of Credit Facility [Line Items]
Fixed rate	2.88%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Notional amount	$ 75.8
Derivative maturity date	Apr. 30, 2027
Fair value asset of swap agreement	$ 0.6

- Definition

Date derivative contract ends, in YYYY-MM-DD format.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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-Name Accounting Standards Codification
-Section 55
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477439/946-210-55-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SX 210.12-13(Column A)(Footnote 3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5C
-Subparagraph (SX 210.12-13C(Column D))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5C

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SX 210.12-13(Column F))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 5A
-Subparagraph (SX 210.12-13A(Column C))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 5B
-Subparagraph (SX 210.12-13B(Column D))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5B

+ Details

Transactions with Affiliates - Schedule of Amounts Charged to UTSI (Detail) - Affiliates [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Related Party Transaction [Line Items]
Cost incurred for services provided by CenTra and affiliates	$ 32,937	$ 28,382	$ 97,974	$ 80,242
Insurance [Member]
Related Party Transaction [Line Items]
Cost incurred for services provided by CenTra and affiliates	22,758	19,611	64,747	58,739
Real estate rent and related costs [Member]
Related Party Transaction [Line Items]
Cost incurred for services provided by CenTra and affiliates	4,987	3,250	14,866	9,789
Administrative support services [Member]
Related Party Transaction [Line Items]
Cost incurred for services provided by CenTra and affiliates	1,878	2,994	6,745	5,222
Truck fuel, maintenance and other operating costs [Member]
Related Party Transaction [Line Items]
Cost incurred for services provided by CenTra and affiliates	3,242	2,434	11,469	6,228
Contracted transportation services [Member]
Related Party Transaction [Line Items]
Cost incurred for services provided by CenTra and affiliates	$ 72	$ 93	$ 147	$ 264

Unaudited Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Unrealized changes in fair value of interest rate swaps, tax	$ (480)	$ 131	$ (296)	$ 221

Leases

9 Months Ended

Sep. 28, 2024

Leases [Abstract]

Leases

(10)

Leases

As of September 28, 2024, our obligations under operating lease arrangements primarily related to the rental of office space, warehouses, freight distribution centers, terminal yards and equipment. 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. These assets and liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date, using our incremental borrowing rate as of the respective dates of lease inception, as the rate implicit in each lease is not readily determinable.

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 September 28, 2024, 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.

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. 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.

The following table summarizes our lease costs for the thirteen weeks and thirty-nine weeks ended September 28, 2024 and September 30, 2023 (in thousands):


	Thirteen Weeks Ended September 28, 2024
	With Affiliates		With Third Parties		Total
Lease cost
Operating lease cost	$	2,474	$	6,428	$	8,902
Short-term lease cost		212		2,727		2,939
Variable lease cost		237		1,104		1,341
Sublease income		—		—		—
Total lease cost	$	2,923	$	10,259	$	13,182

	Thirteen Weeks Ended September 30, 2023
	With Affiliates		With Third Parties		Total
Lease cost
Operating lease cost	$	2,387	$	6,742	$	9,129
Short-term lease cost		24		4,039		4,063
Variable lease cost		236		693		929
Sublease income		—		—		—
Total lease cost	$	2,647	$	11,474	$	14,121

(10)

Leases – continued


	Thirty-nine Weeks Ended September 29, 2024
	With Affiliates		With Third Parties		Total
Lease cost
Operating lease cost	$	7,578	$	19,163	$	26,741
Short-term lease cost		301		8,090		8,391
Variable lease cost		718		3,380		4,098
Sublease income		—		—		—
Total lease cost	$	8,597	$	30,633	$	39,230

	Thirty-nine Weeks Ended September 30, 2023
	With Affiliates		With Third Parties		Total
Lease cost
Operating lease cost	$	7,166	$	20,197	$	27,363
Short-term lease cost		50		12,989		13,039
Variable lease cost		658		2,126		2,784
Sublease income		—		—		—
Total lease cost	$	7,874	$	35,312	$	43,186

The following table summarizes other lease related information as of and for the thirty-nine week periods ended September 28, 2024 and September 30, 2023 (in thousands):


	September 28, 2024
	With Affiliates			With Third Parties			Total
Other information
Cash paid for amounts included in the measurement of operating leases	$	7,589		$	19,777		$	27,366
Right-of-use assets obtained in exchange for new operating lease liabilities	$	3,916		$	2,519		$	6,435
Weighted-average remaining lease term (in years)		3.7			3.0			3.3
Weighted-average discount rate		7.8	%		6.0	%		6.5	%

	September 30, 2023
	With Affiliates			With Third Parties			Total
Other information
Cash paid for amounts included in the measurement of operating leases	$	7,051		$	20,163		$	27,214
Right-of-use assets obtained in exchange for new operating lease liabilities	$	321		$	14,138		$	14,459
Right-of-use assets change due to lease termination	$	(64	)	$	(145	)	$	(209	)
Weighted-average remaining lease term (in years)		4.4			3.4			3.7
Weighted-average discount rate		7.3	%		5.3	%		6.0	%

(10)

Leases – continued

Future minimum lease payments under these operating leases as of September 28, 2024, are as follows (in thousands):


	With Affiliates		With Third Parties		Total
2024 (remaining)	$	2,396	$	6,414	$	8,810
2025		7,911		21,848		29,759
2026		5,317		17,895		23,212
2027		4,206		8,670		12,876
2028		4,013		1,333		5,346
Thereafter		3,101		—		3,101
Total required lease payments	$	26,944	$	56,160	$	83,104
Less amounts representing interest						(8,284	)
Present value of lease liabilities					$	74,820

Fair Value Measurements and Disclosures - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 31, 2023
Assets
Marketable securities	$ 11,689	$ 10,772
Fair Value, Measurements, Recurring [Member]
Assets
Cash equivalents	8	168
Marketable securities	11,689	10,772
Interest rate swap	636	1,807
Total	12,333	12,747
Level 1 [Member] \| Fair Value, Measurements, Recurring [Member]
Assets
Cash equivalents	8	168
Marketable securities	11,689	10,772
Total	11,697	10,940
Level 2 [Member] \| Fair Value, Measurements, Recurring [Member]
Assets
Interest rate swap	636	1,807
Total	$ 636	$ 1,807

Debt (Tables)

9 Months Ended

Sep. 28, 2024

Debt Disclosure [Abstract]

Details of Debt

Debt is comprised of the following (in thousands):


	Interest Rates at September 28, 2024	September 28, 2024			December 31, 2023
Outstanding Debt:
Revolving Credit Facility (1) (2)	6.44%	$	109,000		$	21,934
UACL Credit Agreement (2)
Term Loan	6.69%		54,000			69,000
Revolver	6.69%		5,000			—
Equipment Financing (3)	2.25% to 7.31%		266,478			156,341
Real Estate Facility (4)	6.96%		126,768			139,170
Margin Facility (5)	5.94%		—			—
Unamortized debt issuance costs			(3,797	)		(4,521	)
			557,449			381,924
Less current portion of long-term debt			85,749			70,689
Total long-term debt, net of current portion		$	471,700		$	311,235

(1) Our Revolving Credit Facility provides us with a revolving credit commitment of up to $400 million. We may borrow under the Revolving Credit Facility until maturity on September 30, 2027, and this indebtedness bears interest at index-adjusted SOFR, or a base rate, plus an applicable margin based on the Company’s leverage ratio. 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 September 28, 2024, we were in compliance with all covenants under the facility, and $291.0 million was available for borrowing on the revolver.

(8)

Debt – continued

(2) Our UACL Credit Agreement provides for maximum borrowings of $90 million in the form of an $80 million term loan and a $10 million revolver. The term loan matures on September 30, 2027 and is repaid in consecutive quarterly installments. The remaining term loan balance is due at maturity. We may borrow under the revolving credit facility until maturity on September 30, 2027. Borrowings bear interest at index-adjusted SOFR, or a base rate, plus an applicable margin based on the borrowers’ 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 September 28, 2024, we were in compliance with all covenants under the facility, and $5.0 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 7.31%.

(4) Our Real Estate Facility consists of a $165.4 million term loan, and 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 September 28, 2024, 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 September 28, 2024, the maximum available borrowings under the line of credit were $5.9 million.

Segment Reporting - Summary of Company's Reportable Segment Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Revenues	$ 426,833	$ 421,251	$ 1,380,904	$ 1,271,219
Income from operations	42,634	36,761	164,828	111,352
Operating Segments [Member] \| Contract Logistics [Member]
Segment Reporting Information [Line Items]
Revenues	245,194	208,129	822,301	628,228
Income from operations	45,623	35,103	179,990	95,673
Operating Segments [Member] \| Intermodal [Member]
Segment Reporting Information [Line Items]
Revenues	77,632	87,974	235,649	295,736
Income from operations	(1,127)	(4,470)	(18,058)	2,568
Operating Segments [Member] \| Trucking [Member]
Segment Reporting Information [Line Items]
Revenues	87,047	97,085	248,142	258,043
Income from operations	7,122	6,558	15,175	14,770
Other [Member]
Segment Reporting Information [Line Items]
Revenues	16,960	28,063	74,812	89,212
Income from operations	(8,984)	(430)	(12,279)	(1,659)
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Revenues	845	805	2,068	3,763
Intersegment Eliminations [Member] \| Contract Logistics [Member]
Segment Reporting Information [Line Items]
Revenues	42	32	113	82
Intersegment Eliminations [Member] \| Intermodal [Member]
Segment Reporting Information [Line Items]
Revenues	791	769	1,943	3,609
Intersegment Eliminations [Member] \| Trucking [Member]
Segment Reporting Information [Line Items]
Revenues	$ 12	$ 4	$ 12	$ 72

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

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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-Section 50
-Paragraph 32
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Stock Based Compensation - Summary of Status of Nonvested Shares (Detail) - Restricted Stock [Member] - $ / shares	1 Months Ended			9 Months Ended
	Feb. 29, 2024	Mar. 31, 2023	Sep. 30, 2021	Sep. 28, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Non-vested, Beginning Balance				100,458
Shares, Granted	21,105	34,611	2,355	22,650
Shares, Vested				(35,531)
Shares, Forfeited				0
Shares, Ending Balance				87,577
Weighted Average Grant Date Fair Value, Beginning Balance				$ 21.76
Weighted Average Grant Date Fair Value, Granted	$ 31.96	$ 27.59	$ 20.46	31.96
Weighted Average Grant Date Fair Value, Vested				21.94
Weighted Average Grant Date Fair Value, Forfeited				0
Weighted Average Grant Date Fair Value, Ending Balance				$ 24.56

Accrued Expenses and Other Current Liabilities

9 Months Ended

Sep. 28, 2024

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

(7)

Accrued Expenses and Other Current Liabilities

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


	September 28, 2024		December 31, 2023
Accrued payroll	$	21,669	$	18,047
Accrued payroll taxes		3,767		3,149
Driver escrow liabilities		2,812		3,275
Legal settlements and claims		2,900		4,050
Commissions, other taxes and other		18,848		14,541
Total	$	49,996	$	43,062

Revenue Recognition - Additional Information (Detail)	9 Months Ended
Revenue Recognition - Additional Information (Detail)	Sep. 28, 2024
Deferred Revenue Arrangement [Line Items]
Payment receivable obligation term for completion of transportation services	45 days
Payment receivable obligation for completion of value added services	65 days
Payment receivable for specialty development project	120 days
Maximum [Member]
Deferred Revenue Arrangement [Line Items]
Transportation services term	1 year

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Weighted average non-vested shares of restricted shares	35,546	24,021	31,106	26,553
Antidilutive securities excluded from computation of earnings per share, amount	0	0	0	0

Revenue Recognition

9 Months Ended

Sep. 28, 2024

Revenue Recognition [Abstract]

Revenue Recognition

(3)

Revenue Recognition

The Company recognizes revenue in accordance with ASU 2014-09, Revenue from Contracts with Customers. The Company broadly groups its services into the following categories: truckload services, brokerage services, intermodal services, dedicated services and value-added services. 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 also provide customers with freight brokerage services by utilizing third-party transportation providers to move freight.

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.

Value-added services, which are typically dedicated to individual customer requirements, include material handling, consolidation, sequencing, sub-assembly, cross-dock services, kitting, repacking, warehousing, returnable container management and specialty project development. Value-added revenues are substantially driven by the level of demand for outsourced logistics services and specialty project needs. 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.

(3)

Revenue Recognition - continued

Beginning in 2024, value-added services also includes specialty project development services for customers. The specialty project development service is generally accounted for as a single unit of account (i.e., as a single performance obligation). Revenue is recognized over time as the Company continuously transfers control of the project to the customer. Because we transfer control of the project over time, we recognize revenue to the extent of our progress towards completion of our performance obligations. We generally use the cost-to-cost method for these contracts, which measures progress towards completion for each performance obligation based on the ratio of costs incurred to date to the total estimated costs at completion for the applicable performance obligation. Incurred cost represents work performed, which corresponds with and thereby best represents the transfer of control to the customer. Revenue, including estimated fees or profits, is recorded proportionately as costs are incurred. Cost of operations consists of labor, materials, subcontractor costs, and other direct and indirect costs, and we include them in operating supplies and expenses on the consolidated statements of income. Due to the nature of the work we are required to perform under these types of contracts, estimating total revenue and cost at completion is complex, subject to many variables and requires significant judgment. Changes to the total estimated contract revenue or cost for a given project, either due to unexpected events or revisions to management’s initial estimates, are recognized in the period in which they are determined.

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


	September 28, 2024		December 31, 2023
Contract assets	$	26,079	$	729
Contract assets, net of current portion		154,592		—
Total	$	180,671	$	729

We generally receive payment for performance obligations within 45 days of completion of transportation services and 65 days for completion of value-added services. As it relates to our specialty development project, we will receive payments in 120 equal monthly installments commencing the month following substantial completion of the project. Contract assets in the table above generally relates to revenue recognized in excess of billings for its specialty development project, as well as revenue in-transit at the end of the reporting period.

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

9 Months Ended

Sep. 28, 2024

USD ($)

Installment

Credit and Security Agreement [Member]

Debt Instrument [Line Items]

Credit facility, borrowing capacity

$ 400.0

Credit facility available for borrowings

$ 291.0

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

$ 5.0

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

Debt Instrument [Line Items]

loan, expiration date

Sep. 30, 2027

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

7.31%

^[1]

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

Debt Instrument [Line Items]

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

$ 5.9

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 7.31%.

Marketable Securities (Tables)

9 Months Ended

Sep. 28, 2024

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):


	September 28, 2024		December 31, 2023
Fair value	$	11,689	$	10,772
Cost basis		7,264		7,316
Unrealized gain	$	4,425	$	3,456

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):


	September 28, 2024			December 31, 2023
Gross unrealized gains	$	5,008		$	4,124
Gross unrealized losses		(583	)		(668	)
Net unrealized gains	$	4,425		$	3,456

Summary of Net Realized Gains (Losses) on Marketable Equity Securities

The following table shows the Company's net realized gains (losses) on marketable equity securities (in thousands):


	Thirteen Weeks Ended				Thirty-nine Weeks Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Realized gain
Sale proceeds	$	19	$	110	$	19	$	202
Cost basis of securities sold		17		26		17		27
Realized gain	$	2	$	84	$	2	$	175

Realized gain, net of taxes	$	1	$	63	$	1	$	131

Commitments and Contingencies

9 Months Ended

Sep. 28, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

(16)

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 September 28, 2024, approximately 34% of our employees were subject to collective bargaining agreements that are renegotiated periodically, 29% of which are subject to contracts that expire in 2024.

Unaudited Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Sep. 28, 2024	Jun. 29, 2024	Mar. 30, 2024	Sep. 30, 2023	Jul. 01, 2023	Apr. 01, 2023
Statement of Stockholders' Equity [Abstract]
Dividends paid per share	$ 0.105	$ 0.105	$ 0.105	$ 0.105	$ 0.105	$ 0.105

Marketable Securities - Schedule of Gross Unrealized Gains and Losses on Marketable Securities (Detail) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Gross unrealized gains	$ 5,008	$ 4,124
Gross unrealized losses	(583)	(668)
Net unrealized gains	$ 4,425	$ 3,456

Transactions with Affiliates - Additional Information (Detail)	1 Months Ended	9 Months Ended
	Jun. 30, 2022 USD ($)	Sep. 28, 2024 USD ($) Facility	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Number of facilities leased from related parties occupied on monthly or contractual basis \| Facility		28
Insurance, claims and other receivables		$ 17,700,000		$ 14,300,000
Due to affiliates		$ 18,500,000		$ 20,700,000
Other Liability, Current, Related Party [Extensible Enumeration]		With Affiliates [Member]		With Affiliates [Member]
Due from affiliates		$ 1,300,000		$ 700,000
Other Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration]		With Affiliates [Member]		With Affiliates [Member]
With Affiliates [Member]
Related Party Transaction [Line Items]
Due to affiliates		$ 18,519,000		$ 20,737,000
Cost of purchase from an affiliate		0
Payment to acquire multi-building	$ 8,300,000
Initial deposit		200,000
With Affiliates [Member] \| Trailers [Member]
Related Party Transaction [Line Items]
Cost of purchase from an affiliate		$ 3,100,000
With Affiliates [Member] \| Real Property Improvements [Member]
Related Party Transaction [Line Items]
Cost of purchase from an affiliate			$ 1,900,000
With Affiliates [Member] \| Used Tractors [Member]
Related Party Transaction [Line Items]
Cost of purchase from an affiliate			$ 6,300,000

Fair Value Measurements and Disclosures (Tables)

9 Months Ended

Sep. 28, 2024

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):


	September 28, 2024
	Level 1		Level 2		Level 3		Fair Value Measurement
Assets
Cash equivalents	$	8	$	—	$	—	$	8
Marketable securities		11,689		—		—		11,689
Interest rate swap		—		636		—		636
Total	$	11,697	$	636	$	—	$	12,333


	December 31, 2023
	Level 1		Level 2		Level 3		Fair Value Measurement
Assets
Cash equivalents	$	168	$	—	$	—	$	168
Marketable securities		10,772		—		—		10,772
Interest rate swap		—		1,807		—		1,807
Total	$	10,940	$	1,807	$	—	$	12,747

Summary of Carrying Values and Estimated Fair Values of Promissory Notes

The carrying value and estimated fair value of these promissory notes at September 28, 2024 is summarized as follows (in thousands):


	Carrying Value		Estimated Fair Value

Equipment promissory notes	$	266,478	$	265,629

Revenue Recognition - Contact Balances Associated with Customers (Detail) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 31, 2023
Disaggregation Of Revenue [Line Items]
Contract assets	$ 26,079	$ 729
Contract assets, net of current portion	154,592	0
Total	$ 180,671	$ 729

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Subsequent Events

9 Months Ended

Sep. 28, 2024

Subsequent Events [Abstract]

Subsequent Events

(17)

Subsequent Events

On October 24, 2024, our Board of Directors declared a cash dividend of $0.105 per share of common stock, payable on January 2, 2025 to shareholders of record at the close of business on December 2, 2024. 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.

On September 30, 2024, the Company acquired all of the outstanding shares of Parsec, LLC, OB Leasing, LLC, and Parsec Intermodal of Canada Ltd. (collectively, “Parsec”). Parsec is a provider of terminal management services to Class I, regional, and short-line railroads across North America. The cash purchase price was $193.6 million, subject to customary post-closing adjustments. Parsec is expected to operate within the Company's contract logistics segment. The Company borrowed funds from its existing Revolving Credit Facility to finance the acquisition and is in the process of preparing the preliminary purchase accounting for this transaction.

Basis of Presentation

9 Months Ended

Sep. 28, 2024

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, 2023 and 2022 and for each of the years in the three-year period ended December 31, 2023 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.

The Company made certain immaterial reclassifications to items in its prior financial statements so that their presentation is consistent with the format in the financial statements for the period ended September 28, 2024. These reclassifications, however, had no effect on reported consolidated net income, comprehensive income, earnings per common share, cash flows, total assets or shareholders’ equity as previously reported.

In August 2024, the Company closed its company-managed brokerage operations in Nashville, TN. In connection with the closure, the Company recorded pre-tax losses of approximately $8.6 million ($6.4 million net of tax, or $0.24 per basic and diluted share) during the quarter ended September 28, 2024, including $2.8 million of non-cash impairment charges.

During the third quarter of 2024, the Company identified certain triggering events related to a component of its former company-managed brokerage reporting segment. In accordance with FASB Accounting Standards Codification (“ASC”) 350 Intangibles—Goodwill and Other and ASC 360 Property, Plant, and Equipment, the Company evaluated certain indefinite and long lived tangible and intangible assets for impairment, and recorded an additional goodwill impairment charge of $0.9 million during the quarter ended September 28, 2024. Total goodwill impairment charges recorded during the third quarter of 2024 were $3.5 million ($2.6 million net of tax, or $0.10 per basic and diluted share).

In June 2024, the Company revised the estimated useful life and salvage values of certain equipment. The change resulted in additional depreciation expense of $11.3 million recorded during the quarter ended June 29, 2024 ($8.5 million net of tax, or $0.32 per basic and diluted share).

In January 2024, the Company’s value-added business began performing specialty project development services for certain customers. Contract assets represent amounts for which the Company has recognized revenue in excess of billings pursuant to the revenue recognition guidance. As of September 28, 2024 and December 31, 2023, contract assets associated with certain contracts with customers recognized over time are included as contract assets in the Company’s consolidated balance sheets. Contract assets associated with other contracts with customers were reclassified from prepaid expenses and other on the consolidated balance sheets to contract assets.

During the first quarter of 2024, the Company identified certain triggering events related to a component of the intermodal reporting segment. In accordance with ASC 350 Intangibles—Goodwill and Other and ASC 360 Property, Plant, and Equipment, the Company evaluated certain indefinite and long lived tangible and intangible assets for impairment. The results of those procedures concluded that no impairments were present. After performing the evaluation, it was determined that a change in the estimated useful lives of certain definite lived intangible assets was appropriate and was adjusted during the period. The change resulted in additional amortization expense of $2.2 million ($1.7 million net of tax, or $0.06 per basic and diluted share) recorded during each of the quarters ended March 30, 2024, June 29, 2024 and September 28, 2024.

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.

Acquisitions (Tables)

9 Months Ended

Sep. 28, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Summary of Allocation of Purchase Price

The preliminary allocation of the purchase price is as follows (in thousands):


Property and equipment	$	2,000
Intangible assets		8,000
	$	10,000

Acquisitions - Summary of Allocation of Purchase Price (Details) - East Texas Heavy Haul, Inc [Member] $ in Thousands	Sep. 13, 2024 USD ($)
Business Acquisition [Line Items]
Property and equipment	$ 2,000
Intangible assets	8,000
Total purchase price	$ 10,000

Leases - Schedule of Future Minimum Lease Payments Under Operating Leases (Detail) $ in Thousands	Sep. 28, 2024 USD ($)
Lease Disclosure [Line Items]
2024 (remaining)	$ 8,810
2025	29,759
2026	23,212
2027	12,876
2028	5,346
Thereafter	3,101
Total required lease payments	83,104
Less amounts representing interest	(8,284)
Present value of lease liabilities	74,820
With Affiliates [Member]
Lease Disclosure [Line Items]
2024 (remaining)	2,396
2025	7,911
2026	5,317
2027	4,206
2028	4,013
Thereafter	3,101
Total required lease payments	26,944
With Third Parties [Member]
Lease Disclosure [Line Items]
2024 (remaining)	6,414
2025	21,848
2026	17,895
2027	8,670
2028	1,333
Thereafter	0
Total required lease payments	$ 56,160

Transactions with Affiliates

9 Months Ended

Sep. 28, 2024

Transactions with Affiliates

(11)

Transactions with Affiliates

Matthew T. Moroun is Chair of our Board of Directors and his son, Matthew J. Moroun, is a member of our Board of Directors. Certain Moroun family trusts beneficially own a majority of our outstanding shares. Matthew T. Moroun is trustee of these trusts with investment authority over the shares, and Frederick P. Calderone, a member of our Board of Directors, is special trustee of these trusts with voting authority over the shares. The Moroun family also owns or significantly influences the management and operating policies of other businesses engaged in transportation, insurance, business services, and real estate development and management. In the ordinary course of business, we procure from these companies certain supplementary administrative support services, including legal, human resources, tax, and IT infrastructure services. The Audit Committee of our Board of Directors reviews and approves related party transactions. The cost of these services is based on the actual or estimated utilization of the specific service.

We also purchase other services from our affiliates. The following is a schedule of cost incurred and included in operating expenses for services provided by affiliates for the thirteen weeks and thirty-nine weeks ended September 28, 2024 and September 30, 2023, respectively (in thousands):


	Thirteen Weeks Ended				Thirty-nine Weeks Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Insurance	$	22,758	$	19,611	$	64,747	$	58,739
Real estate rent and related costs		4,987		3,250		14,866		9,789
Administrative support services		1,878		2,994		6,745		5,222
Truck fuel, maintenance and other operating costs		3,242		2,434		11,469		6,228
Contracted transportation services		72		93		147		264
Total	$	32,937	$	28,382	$	97,974	$	80,242

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 28 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 10, “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 September 28, 2024 and December 31, 2023, there were $17.7 million and $14.3 million, respectively, included in each of these accounts for insured claims.

(11)

Transactions with Affiliates – continued

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 September 28, 2024 and December 31, 2023, amounts due to affiliates were $18.5 million and $20.7 million, respectively.

During the thirty-nine weeks ended September 28, 2024, we purchased trailers from an affiliate totaling $3.1 million. During the thirty-nine weeks ended September 30, 2023, we purchased used tractors from an affiliate totaling $6.3 million. During the thirty-nine weeks ended September 30, 2023, we contracted with an affiliate to provide real property improvements for us totaling $1.9 million. There were no such purchases made during the thirty-nine weeks ended September 28, 2024.

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. The Company made an initial deposit of $0.2 million in 2022, 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 thirty-nine weeks ended September 28, 2024 and September 30, 2023 (in thousands):


	Thirteen Weeks Ended				Thirty-nine Weeks Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Contracted transportation services	$	534	$	1,878	$	932	$	3,746
Facilities and related support		645		800		1,735		920
Total	$	1,179	$	2,678	$	2,667	$	4,666

At September 28, 2024 and December 31, 2023, amounts due from affiliates were $1.3 million and $0.7 million, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 9,303	$ 11,229
Property and equipment, accumulated depreciation	423,530	370,273
Intangible assets, accumulated amortization	$ 148,095	$ 134,514
Common stock, par value	$ 0	$ 0
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	26,319,754	31,007,100
Common stock, shares outstanding	26,317,797	26,284,223
Treasury stock, shares	1,957	4,722,877
Interest rate swaps, income taxes	$ 161	$ 457

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued payroll	$ 21,669	$ 18,047
Accrued payroll taxes	3,767	3,149
Driver escrow liabilities	2,812	3,275
Legal settlements and claims	2,900	4,050
Commissions, other taxes and other	18,848	14,541
Total	$ 49,996	$ 43,062

Unaudited Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Operating revenues:
Total operating revenues	$ 426,833	$ 421,251	$ 1,380,904	$ 1,271,219
Operating expenses:
Purchased transportation and equipment rent	120,700	147,470	382,628	443,434
Direct personnel and related benefits	132,081	134,866	408,381	412,004
Operating supplies and expenses	60,532	43,060	216,914	130,351
Commission expense	6,985	8,334	22,485	24,149
Occupancy expense	11,179	10,913	32,189	33,106
General and administrative	13,037	13,633	41,242	38,967
Insurance and claims	5,681	6,828	20,722	20,795
Depreciation and amortization	30,284	19,386	87,795	57,061
Impairment expense	3,720	0	3,720	0
Total operating expenses	384,199	384,490	1,216,076	1,159,867
Income from operations	42,634	36,761	164,828	111,352
Interest income	1,130	45	2,257	1,419
Interest expense	(8,546)	(6,540)	(22,635)	(18,009)
Other non-operating income	4	588	2,007	885
Income before income taxes	35,222	30,854	146,457	95,647
Income tax expense	8,682	7,807	36,726	24,159
Net income	$ 26,540	$ 23,047	$ 109,731	$ 71,488
Earnings per common share:
Basic	$ 1.01	$ 0.88	$ 4.17	$ 2.72
Diluted	$ 1.01	$ 0.88	$ 4.17	$ 2.72
Weighted average number of common shares outstanding:
Basic	26,318	26,286	26,314	26,284
Diluted	26,353	26,310	26,345	26,311
Dividends declared per common share	$ 0.105	$ 0.105	$ 0.315	$ 0.315
Truckload services [Member]
Operating revenues:
Total operating revenues	$ 63,641	$ 69,598	$ 172,547	$ 167,858
Brokerage services [Member]
Operating revenues:
Total operating revenues	42,440	56,894	155,714	185,892
Intermodal services [Member]
Operating revenues:
Total operating revenues	75,558	86,630	230,342	289,241
Dedicated services [Member]
Operating revenues:
Total operating revenues	87,357	86,701	266,389	258,003
Value-added services [Member]
Operating revenues:
Total operating revenues	$ 157,837	$ 121,428	$ 555,912	$ 370,225

Acquisitions - Additional Information (Detail) - East Texas Heavy Haul, Inc [Member] $ in Millions	Sep. 13, 2024 USD ($)
Business Acquisition [Line Items]
Date of acquisition	Sep. 13, 2024
Total cash purchase price	$ 10.0
Transaction related costs incurred in acquisition	$ 0.1
Amortized over a period	7 years

Goodwill (Tables)

9 Months Ended

Sep. 28, 2024

Goodwill, Impaired [Abstract]

Summary of Carrying Amount of Goodwill

The changes in the carrying amount of goodwill during the thirty-nine weeks ended September 28, 2024 are as follows (in thousands):


Balance as of January 1, 2024	$	170,730
Goodwill impairment		(3,466	)
Balance as of September 28, 2024	$	167,264

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Stock Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended							9 Months Ended
	May 31, 2024	Feb. 29, 2024	May 31, 2023	Mar. 31, 2023	Sep. 30, 2021	Feb. 29, 2020	Jan. 31, 2020	Sep. 28, 2024	Sep. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total fair value of shares vested								$ 0.8	$ 0.3
Total unrecognized compensation cost								2.2
Share based compensation cost is expected to be recognized on a straight-line basis in fiscal 2025								0.4
Share based compensation cost is expected to be recognized on a straight-line basis in fiscal 2026								0.8
Share based compensation cost is expected to be recognized on a straight-line basis in fiscal 2027								0.6
Share based compensation cost is expected to be recognized on a straight-line basis in fiscal 2028								0.4
Compensation cost								$ 0.1	$ 0.1
Common Stock [Member] \| Non-Employee Directors [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of restricted stock granted	1,545		3,549
Restricted stock award grant date fair value per share	$ 45.22		$ 25.42
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of restricted stock granted		21,105		34,611	2,355			22,650
Restricted stock award grant date fair value per share		$ 31.96		$ 27.59	$ 20.46			$ 31.96
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		5,223		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		5,160		9,134			60,000
Restricted stock award grant date fair value per share							$ 18.82

Transactions with Affiliates (Tables)

9 Months Ended

Sep. 28, 2024

Schedule of Amounts Charged to UTSI

The following is a schedule of cost incurred and included in operating expenses for services provided by affiliates for the thirteen weeks and thirty-nine weeks ended September 28, 2024 and September 30, 2023, respectively (in thousands):


	Thirteen Weeks Ended				Thirty-nine Weeks Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Insurance	$	22,758	$	19,611	$	64,747	$	58,739
Real estate rent and related costs		4,987		3,250		14,866		9,789
Administrative support services		1,878		2,994		6,745		5,222
Truck fuel, maintenance and other operating costs		3,242		2,434		11,469		6,228
Contracted transportation services		72		93		147		264
Total	$	32,937	$	28,382	$	97,974	$	80,242

Schedule of Services Provided to Affiliates

Following is a schedule of services provided to affiliates for the thirteen weeks and thirty-nine weeks ended September 28, 2024 and September 30, 2023 (in thousands):


	Thirteen Weeks Ended				Thirty-nine Weeks Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Contracted transportation services	$	534	$	1,878	$	932	$	3,746
Facilities and related support		645		800		1,735		920
Total	$	1,179	$	2,678	$	2,667	$	4,666

Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions				3 Months Ended		9 Months Ended
	Oct. 24, 2024	Sep. 30, 2024	Jul. 25, 2024	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Subsequent Event [Line Items]
Dividends declared per common share				$ 0.105	$ 0.105	$ 0.315	$ 0.315
Cash purchase price		$ 193.6
O2024Q3 Dividends [Member]
Subsequent Event [Line Items]
Dividends payable, date declared			Jul. 25, 2024
Dividends declared per common share				$ 0.105
Dividends payable, recorded date			Sep. 02, 2024
Dividends payable, date to be paid			Oct. 01, 2024
Subsequent Event [Member] \| O2024Q3 Dividends [Member]
Subsequent Event [Line Items]
Dividends payable, date declared	Oct. 24, 2024
Dividends declared per common share	$ 0.105
Dividends payable, recorded date	Dec. 02, 2024
Dividends payable, date to be paid	Jan. 02, 2025

Goodwill - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 28, 2024	Sep. 28, 2024	Dec. 31, 2023
Goodwill [Line Items]
Goodwill impairment charges	$ 3,500	$ 3,466
Goodwill	167,264	167,264	$ 170,730
Contract Logistics [Member]
Goodwill [Line Items]
Goodwill	56,300	56,300	56,300
Intermodal [Member]
Goodwill [Line Items]
Goodwill	101,100	101,100	101,100
Trucking [Member]
Goodwill [Line Items]
Goodwill	9,800	9,800	9,800
Company Managed Brokerage [Member]
Goodwill [Line Items]
Goodwill	$ 0	$ 0	$ 3,500

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 28, 2024	Nov. 04, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 28, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
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	false
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		26,317,797

Fair Value Measurements and Disclosures

9 Months Ended

Sep. 28, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements and Disclosures

(9)

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.

(9)

Fair Value Measurements and Disclosures – continued


	September 28, 2024
	Level 1		Level 2		Level 3		Fair Value Measurement
Assets
Cash equivalents	$	8	$	—	$	—	$	8
Marketable securities		11,689		—		—		11,689
Interest rate swap		—		636		—		636
Total	$	11,697	$	636	$	—	$	12,333


	December 31, 2023
	Level 1		Level 2		Level 3		Fair Value Measurement
Assets
Cash equivalents	$	168	$	—	$	—	$	168
Marketable securities		10,772		—		—		10,772
Interest rate swap		—		1,807		—		1,807
Total	$	10,940	$	1,807	$	—	$	12,747

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, UACL Credit Agreement and Real Estate Facility consist of variable rate borrowings. We categorize borrowings under these credit agreements 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 September 28, 2024 is summarized as follows (in thousands):


	Carrying Value		Estimated Fair Value

Equipment promissory notes	$	266,478	$	265,629

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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2E
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Subparagraph (g)
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Acquisitions

9 Months Ended

Sep. 28, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Acquisitions

(5)

Acquisitions

On September 13, 2024, the Company acquired certain assets of East Texas Heavy Haul, Inc. (“ETHH”), through a limited asset purchase agreement. We expect the acquisition of ETHH to strategically enhance our specialized heavy-haul wind transportation business and provide for a direct relationship with ETHH’s customer base. The total cash purchase price was $10.0 million. The Company used available cash and borrowings on its revolving credit facility to finance the acquisition. Approximately $0.1 million of transaction related costs were incurred in the acquisition.

The Company accounted for the acquisition in accordance with ASC 805 “Business Combinations.” We recorded the assets acquired at their estimated fair value as of September 13, 2024. The pro forma effect of this acquisition has been omitted, as the effect is immaterial to the Company’s consolidated results of operations, financial position and cash flows. These values are based, in part, upon preliminary appraisals for certain assets and are subject to change when additional information concerning final asset values is obtained. The final purchase price allocations may result in adjustments to certain assets, including the residual amount allocated to goodwill, which would be deductible for income tax purposes. The preliminary allocation of the purchase price is as follows (in thousands):


Property and equipment	$	2,000
Intangible assets		8,000
	$	10,000

The intangible assets acquired represent non-competition agreements that are being amortized over a period of seven years. The Company used the discounted cash flow method to estimate the fair value of these acquired intangible assets.

Stock Based Compensation

9 Months Ended

Sep. 28, 2024

Share-Based Payment Arrangement [Abstract]

Stock Based Compensation

(12)

Stock Based Compensation

In May 2024, we granted 1,545 shares of common stock under our equity plan to non-employee directors. These restricted stock awards have a fair value of $45.22 per share, based on the closing price of our stock on the grant date, and vested immediately.

In February 2024, we granted 21,105 shares of restricted stock under our equity plan to certain employees, including 5,160 shares to our Chief Executive Officer and 5,223 shares to our Chief Financial Officer. The restricted stock awards have a grant date fair value of $31.96 per share, based on the closing price of our stock. The shares will vest in four equal installments on each March 15 in 2025, 2026, 2027, and 2028, subject to their continued employment with us.

In May 2023, we granted 3,549 shares of common stock under our equity plan to non-employee directors. These restricted stock awards have a fair value of $25.42 per share, based on the closing price of our stock on the grant date, and vested immediately.

In March 2023, we granted 34,611 shares of restricted stock under our equity plan to certain 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 our stock. The shares will vest in four equal installments on each March 15 in 2024, 2025, 2026, and 2027, subject to their continued employment with us.

In September 2021, we granted 2,355 shares of restricted stock under our equity plan to one of our employees. This restricted stock award has a fair value of $20.46 per share, based on the closing price of our stock on the grant date. The shares will vest in five equal increments on each August 9 in 2022, 2023, 2024, 2025 and 2026, subject to continued employment with us.

(12)

Stock Based Compensation – continued

In February 2020, we granted 5,000 shares of restricted stock under our equity plan to our Chief Financial Officer. This restricted stock award has a fair value of $17.74 per share, based on the closing price of our stock on the grant date. The shares vested on February 20, 2024.

In January 2020, we granted 60,000 shares of restricted stock under our equity plan to our Chief Executive Officer. This restricted stock award has a fair value of $18.82 per share, based on the closing price of our 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 us.

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, 2024		100,458		$	21.76
Granted		22,650		$	31.96
Vested		(35,531	)	$	21.94
Forfeited		—		$	—
Balance at September 28, 2024		87,577		$	24.56

In the thirty-nine week periods ended September 28, 2024 and September 30, 2023, the total grant date fair value of vested shares recognized as compensation costs was $0.8 million and $0.3 million, respectively. Included in compensation cost during both the thirty-nine week periods ended September 28, 2024 and September 30, 2023 was approximately $0.1 million recognized as a result shares of stock granted to non-employee directors. As of September 28, 2024, 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, we expect to recognize stock-based compensation expense of $0.4 million in 2025, $0.8 million in 2026, $0.6 million in 2027, and $0.4 million in 2028.

Fair Value Measurements and Disclosures - Summary of Carrying Values and Estimated Fair Values of Promissory Notes (Detail) - Equipment Promissory Notes [Member] $ in Thousands	Sep. 28, 2024 USD ($)
Carrying Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt instrument	$ 266,478
Estimated Fair Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt instrument	$ 265,629

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

+ Details

Dividends - Additional Information (Detail) - $ / shares		3 Months Ended		9 Months Ended
	Jul. 25, 2024	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Dividends Payable [Line Items]
Quarterly cash dividend declared per common stock		$ 0.105	$ 0.105	$ 0.315	$ 0.315
O2024Q3 Dividends [Member]
Dividends Payable [Line Items]
Dividends payable, date declared	Jul. 25, 2024
Quarterly cash dividend declared per common stock		$ 0.105
Dividends payable, recorded date	Sep. 02, 2024
Dividends payable, date to be paid	Oct. 01, 2024

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 109,731	$ 71,488
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	87,795	57,061
Noncash lease expense	22,686	22,941
Impairment expense	3,720	0
Gain on marketable equity securities	(936)	(693)
Loss (gain) on disposal of property and equipment	678	(1,511)
Amortization of debt issuance costs	723	568
Stock-based compensation	779	261
Provision for credit losses	1,425	4,334
Deferred income taxes	24,220	0
Change in assets and liabilities:
Trade and other accounts receivable	(18,164)	40,853
Contract assets, prepaid expenses and other assets	(172,890)	(2,121)
Principal reduction in operating lease liabilities	(23,521)	(22,910)
Accounts payable, accrued expenses, income taxes payable, insurance and claims and other current liabilities	21,253	1,772
Due to/from affiliates, net	(2,795)	(6,737)
Other long-term liabilities	(2,071)	(4,098)
Net cash provided by operating activities	52,633	161,208
Cash flows from investing activities:
Capital expenditures	(210,813)	(192,098)
Proceeds from the sale of property and equipment	1,795	3,290
Proceeds from sale of marketable securities	19	202
Acquisition of business	(10,000)	0
Net cash used in investing activities	(218,999)	(188,606)
Cash flows from financing activities:
Proceeds from borrowing - revolving debt	365,470	113,860
Repayments of debt - revolving debt	(273,405)	(87,790)
Proceeds from borrowing - term debt	162,653	38,999
Repayments of debt - term debt	(79,917)	(55,981)
Dividends paid	(8,289)	(8,280)
Capitalized financing costs	0	(947)
Purchases of treasury stock	(83)	(134)
Net cash provided by (used in) financing activities	166,429	(273)
Effect of exchange rate changes on cash and cash equivalents	(740)	(2,699)
Net decrease in cash	(677)	(30,370)
Cash and cash equivalents – beginning of period	12,511	47,181
Cash and cash equivalents – end of period	11,834	16,811
Supplemental cash flow information:
Cash paid for interest	20,390	17,062
Cash paid for income taxes	$ 14,796	$ 20,479

Goodwill - Summary of Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 28, 2024	Sep. 28, 2024
Goodwill, Impaired [Abstract]
Goodwill, beginning balance		$ 170,730
Goodwill impairment	$ (3,500)	(3,466)
Goodwill, ending balance	$ 167,264	$ 167,264

- Definition

+ References

+ Details

Leases - Summary of Lease Costs (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Lease cost
Operating lease cost	$ 8,902	$ 9,129	$ 26,741	$ 27,363
Short-term lease cost	2,939	4,063	8,391	13,039
Variable lease cost	1,341	929	4,098	2,784
Sublease income	0	0	0	0
Total lease cost	13,182	14,121	39,230	43,186
With Affiliates [Member]
Lease cost
Operating lease cost	2,474	2,387	7,578	7,166
Short-term lease cost	212	24	301	50
Variable lease cost	237	236	718	658
Sublease income	0	0	0	0
Total lease cost	2,923	2,647	8,597	7,874
With Third Parties [Member]
Lease cost
Operating lease cost	6,428	6,742	19,163	20,197
Short-term lease cost	2,727	4,039	8,090	12,989
Variable lease cost	1,104	693	3,380	2,126
Sublease income	0	0	0	0
Total lease cost	$ 10,259	$ 11,474	$ 30,633	$ 35,312

Marketable Securities - Summary of Net Realized Gains (Losses) on Marketable Equity Securities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Realized gain
Sale proceeds	$ 19	$ 110	$ 19	$ 202
Cost basis of securities sold	17	26	17	27
Realized gain	2	84	2	175
Realized gain, net of taxes	$ 1	$ 63	$ 1	$ 131

Leases (Tables)

9 Months Ended

Sep. 28, 2024

Leases [Abstract]

Summary of Lease Costs

The following table summarizes our lease costs for the thirteen weeks and thirty-nine weeks ended September 28, 2024 and September 30, 2023 (in thousands):


	Thirteen Weeks Ended September 28, 2024
	With Affiliates		With Third Parties		Total
Lease cost
Operating lease cost	$	2,474	$	6,428	$	8,902
Short-term lease cost		212		2,727		2,939
Variable lease cost		237		1,104		1,341
Sublease income		—		—		—
Total lease cost	$	2,923	$	10,259	$	13,182

	Thirteen Weeks Ended September 30, 2023
	With Affiliates		With Third Parties		Total
Lease cost
Operating lease cost	$	2,387	$	6,742	$	9,129
Short-term lease cost		24		4,039		4,063
Variable lease cost		236		693		929
Sublease income		—		—		—
Total lease cost	$	2,647	$	11,474	$	14,121

(10)

Leases – continued


	Thirty-nine Weeks Ended September 29, 2024
	With Affiliates		With Third Parties		Total
Lease cost
Operating lease cost	$	7,578	$	19,163	$	26,741
Short-term lease cost		301		8,090		8,391
Variable lease cost		718		3,380		4,098
Sublease income		—		—		—
Total lease cost	$	8,597	$	30,633	$	39,230

	Thirty-nine Weeks Ended September 30, 2023
	With Affiliates		With Third Parties		Total
Lease cost
Operating lease cost	$	7,166	$	20,197	$	27,363
Short-term lease cost		50		12,989		13,039
Variable lease cost		658		2,126		2,784
Sublease income		—		—		—
Total lease cost	$	7,874	$	35,312	$	43,186

Summary of Other Lease Related Information

The following table summarizes other lease related information as of and for the thirty-nine week periods ended September 28, 2024 and September 30, 2023 (in thousands):


	September 28, 2024
	With Affiliates			With Third Parties			Total
Other information
Cash paid for amounts included in the measurement of operating leases	$	7,589		$	19,777		$	27,366
Right-of-use assets obtained in exchange for new operating lease liabilities	$	3,916		$	2,519		$	6,435
Weighted-average remaining lease term (in years)		3.7			3.0			3.3
Weighted-average discount rate		7.8	%		6.0	%		6.5	%

	September 30, 2023
	With Affiliates			With Third Parties			Total
Other information
Cash paid for amounts included in the measurement of operating leases	$	7,051		$	20,163		$	27,214
Right-of-use assets obtained in exchange for new operating lease liabilities	$	321		$	14,138		$	14,459
Right-of-use assets change due to lease termination	$	(64	)	$	(145	)	$	(209	)
Weighted-average remaining lease term (in years)		4.4			3.4			3.7
Weighted-average discount rate		7.3	%		5.3	%		6.0	%

Schedule of Future Minimum Lease Payments Under Operating Leases

Future minimum lease payments under these operating leases as of September 28, 2024, are as follows (in thousands):


	With Affiliates		With Third Parties		Total
2024 (remaining)	$	2,396	$	6,414	$	8,810
2025		7,911		21,848		29,759
2026		5,317		17,895		23,212
2027		4,206		8,670		12,876
2028		4,013		1,333		5,346
Thereafter		3,101		—		3,101
Total required lease payments	$	26,944	$	56,160	$	83,104
Less amounts representing interest						(8,284	)
Present value of lease liabilities					$	74,820

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Sep. 28, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

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


	September 28, 2024		December 31, 2023
Accrued payroll	$	21,669	$	18,047
Accrued payroll taxes		3,767		3,149
Driver escrow liabilities		2,812		3,275
Legal settlements and claims		2,900		4,050
Commissions, other taxes and other		18,848		14,541
Total	$	49,996	$	43,062

Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 11,834	$ 12,511
Marketable securities	11,689	10,772
Accounts receivable - net of allowance for credit losses of $9,303 and $11,229, respectively	300,150	287,946
Contract assets	26,079	729
Other receivables	30,004	22,633
Prepaid expenses and other	$ 24,704	$ 30,171
Other Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration]	Affiliates [Member]	Affiliates [Member]
Total current assets	$ 405,746	$ 365,472
Property and equipment - net of accumulated depreciation of $423,530 and $370,273 respectively	697,939	561,089
Operating lease right-of-use asset	69,034	87,208
Goodwill	167,264	170,730
Intangible assets - net of accumulated amortization of $148,095 and $134,514, respectively	54,992	61,296
Contract assets, net of current portion	154,592	0
Deferred income taxes	1,225	1,225
Other assets	4,102	6,503
Total assets	1,554,894	1,253,523
Current liabilities:
Accounts payable	78,443	64,102
Current portion of long-term debt	85,749	70,689
Current portion of operating lease liabilities	28,174	29,998
Accrued expenses and other current liabilities	49,996	43,062
Insurance and claims	32,756	25,464
Due to affiliates	$ 18,500	$ 20,700
Other Liability, Current, Related Party [Extensible Enumeration]	Affiliates [Member]	Affiliates [Member]
Income taxes payable	$ 3,726	$ 6,364
Total current liabilities	297,363	260,416
Long-term liabilities:
Long-term debt, net of current portion	471,700	311,235
Operating lease liabilities, net of current portion	46,646	63,620
Deferred income taxes	103,788	79,567
Other long-term liabilities	4,415	6,487
Total long-term liabilities	626,549	460,909
Shareholders' equity:
Common stock, no par value. Authorized 100,000,000 shares; 26,319,754 and 31,007,100 shares issued; 26,317,797 and 26,284,223 shares outstanding, respectively	26,320	31,008
Paid-in capital	5,016	5,103
Treasury stock, at cost; 1,957 and 4,722,877 shares	(83)	(96,840)
Retained earnings	605,606	595,450
Accumulated other comprehensive income (loss):
Interest rate swaps, net of income taxes of $161 and $457, respectively	475	1,350
Foreign currency translation adjustments	(6,352)	(3,873)
Total shareholders’ equity	630,982	532,198
Total liabilities and shareholders’ equity	1,554,894	1,253,523
Affiliates [Member]
Current assets:
Due from affiliate	1,286	710
Current liabilities:
Due to affiliates	$ 18,519	$ 20,737

Marketable Securities - Schedule of Market Value, Cost and Unrealized Gains on Equity Securities (Detail) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Fair value	$ 11,689	$ 10,772
Cost basis	7,264	7,316
Unrealized gain	$ 4,425	$ 3,456

Stock Based Compensation (Tables)

9 Months Ended

Sep. 28, 2024

Share-Based Payment Arrangement [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, 2024		100,458		$	21.76
Granted		22,650		$	31.96
Vested		(35,531	)	$	21.94
Forfeited		—		$	—
Balance at September 28, 2024		87,577		$	24.56

Segment Reporting - Additional Information (Detail)	9 Months Ended
Segment Reporting - Additional Information (Detail)	Sep. 28, 2024 Segment
Segment Reporting [Abstract]
Number of reportable segments	3

Marketable Securities - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Schedule Of Available For Sale Securities [Line Items]
Sale of marketable equity securities	$ 19,000	$ 110,000	$ 19,000	$ 202,000
Other Nonoperating Income (Expense)
Schedule Of Available For Sale Securities [Line Items]
Net unrealized pre-tax gain (loss) in market value	$ 139,000	$ 410,000	$ 934,000	$ 518,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (aaa)
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
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-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 3
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
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-Section 50
-Paragraph 3
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Recent Accounting Pronouncements

9 Months Ended

Sep. 28, 2024

Accounting Policies [Abstract]

Recent Accounting Pronouncements

(2)

Recent Accounting Pronouncements

In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures (Topic 280). The ASU expands disclosures related to a public entity's reportable segment and requires more enhanced information about significant segment expenses, including in interim periods. This ASU is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, using a retrospective approach. Early adoption is permitted. We are currently evaluating the impact of the new standard, which is limited to financial statement disclosures.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU modifies income tax disclosures by requiring greater disaggregation of information in the rate reconciliations and disclosure of income taxes paid disaggregated by jurisdiction. This ASU is effective for fiscal years beginning after December 31, 2024, using a prospective approach. Early adoption and retrospective application are permitted. We are currently evaluating the impact of the new standard, which is limited to financial statement disclosures.

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
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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

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

Sep. 28, 2024

Dec. 31, 2023

Outstanding Debt:

Unamortized debt issuance costs

$ (3,797)

$ (4,521)

Outstanding Debt

557,449

381,924

Less current portion of long-term debt

85,749

70,689

Total long-term debt, net of current portion

471,700

311,235

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

Outstanding Debt:

Outstanding Debt

^[1],[2]

$ 109,000

21,934

Credit facility, Interest Rates

^[1],[2]

6.44%

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

Outstanding Debt:

Outstanding Debt

^[2]

$ 54,000

69,000

Credit facility, Interest Rates

^[2]

6.69%

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

Outstanding Debt:

Outstanding Debt

^[2]

$ 5,000

Credit facility, Interest Rates

^[2]

6.69%

Real Estate Financing [Member]

Outstanding Debt:

Credit facility, Interest Rates

^[3]

6.96%

Equipment Financing [Member]

Outstanding Debt:

Outstanding Debt

^[4]

$ 266,478

156,341

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]

7.31%

Margin Facility [Member]

Outstanding Debt:

Outstanding Debt

^[5]

$ 0

Credit facility, Interest Rates

^[5]

5.94%

Real Estate Note [Member]

Outstanding Debt:

Outstanding Debt

^[3]

$ 126,768

$ 139,170

[1]	Our Revolving Credit Facility provides us with a revolving credit commitment of up to $400 million. We may borrow under the Revolving Credit Facility until maturity on September 30, 2027, and this indebtedness bears interest at index-adjusted SOFR, or a base rate, plus an applicable margin based on the Company’s leverage ratio. 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 September 28, 2024, we were in compliance with all covenants under the facility, and $291.0 million was available for borrowing on the revolver.
[2]	Our UACL Credit Agreement provides for maximum borrowings of $90 million in the form of an $80 million term loan and a $10 million revolver. The term loan matures on September 30, 2027 and is repaid in consecutive quarterly installments. The remaining term loan balance is due at maturity. We may borrow under the revolving credit facility until maturity on September 30, 2027. Borrowings bear interest at index-adjusted SOFR, or a base rate, plus an applicable margin based on the borrowers’ 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 September 28, 2024, we were in compliance with all covenants under the facility, and $5.0 million was available for borrowing on the revolver.
[3]	Our Real Estate Facility consists of a $165.4 million term loan, and 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 September 28, 2024, 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 7.31%.
[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 September 28, 2024, the maximum available borrowings under the line of credit were $5.9 million.

Leases - Summary of Other Lease Related Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Other information
Cash paid for amounts included in the measurement of operating leases	$ 27,366	$ 27,214
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 6,435	14,459
Right-of-use assets change due to lease termination		$ (209)
Weighted-average remaining lease term (in years)	3 years 3 months 18 days	3 years 8 months 12 days
Weighted-average discount rate	6.50%	6.00%
With Affiliates [Member]
Other information
Cash paid for amounts included in the measurement of operating leases	$ 7,589	$ 7,051
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 3,916	321
Right-of-use assets change due to lease termination		$ (64)
Weighted-average remaining lease term (in years)	3 years 8 months 12 days	4 years 4 months 24 days
Weighted-average discount rate	7.80%	7.30%
With Third Parties [Member]
Other information
Cash paid for amounts included in the measurement of operating leases	$ 19,777	$ 20,163
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 2,519	14,138
Right-of-use assets change due to lease termination		$ (145)
Weighted-average remaining lease term (in years)	3 years	3 years 4 months 24 days
Weighted-average discount rate	6.00%	5.30%

Segment Reporting

9 Months Ended

Sep. 28, 2024

Segment Reporting [Abstract]

Segment Reporting

(15)

Segment Reporting

During the third quarter of 2024, we changed the way we aggregate our business units and adopted a new segment reporting structure. In connection with this change, the historical results of the terminated company-managed brokerage business is included in other non-reportable segments. As a result, we now report our financial results in three distinct reportable segments: contract logistics, intermodal and trucking, 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 or dedicated transportation services to support in-bound logistics to industrial customers 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. Other non-reportable segments are comprised of legacy company-managed brokerage operations and 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 and thirty-nine week periods ended September 28, 2024 and September 30, 2023 (in thousands):


	Operating Revenues
	Thirteen Weeks Ended				Thirty-nine Weeks Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Contract logistics	$	245,194	$	208,129	$	822,301	$	628,228
Intermodal		77,632		87,974		235,649		295,736
Trucking		87,047		97,085		248,142		258,043
Other		16,960		28,063		74,812		89,212
Total operating revenues	$	426,833	$	421,251	$	1,380,904	$	1,271,219


	Eliminated Inter-segment Revenues
	Thirteen Weeks Ended				Thirty-nine Weeks Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Contract logistics	$	42	$	32	$	113	$	82
Intermodal		791		769		1,943		3,609
Trucking		12		4		12		72
Total eliminated inter-segment revenues	$	845	$	805	$	2,068	$	3,763


	Income from Operations
	Thirteen Weeks Ended						Thirty-nine Weeks Ended
	September 28, 2024			September 30, 2023			September 28, 2024			September 30, 2023
Contract logistics	$	45,623		$	35,103		$	179,990		$	95,673
Intermodal		(1,127	)		(4,470	)		(18,058	)		2,568
Trucking		7,122			6,558			15,175			14,770
Other		(8,984	)		(430	)		(12,279	)		(1,659	)
Total income from operations	$	42,634		$	36,761		$	164,828		$	111,352

- 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.

+ References

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+ Details

Segment Reporting (Tables)

9 Months Ended

Sep. 28, 2024

Segment Reporting [Abstract]

Summary of Company's Reportable Segment Information

The following tables summarize information about our reportable segments for the thirteen week and thirty-nine week periods ended September 28, 2024 and September 30, 2023 (in thousands):


	Operating Revenues
	Thirteen Weeks Ended				Thirty-nine Weeks Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Contract logistics	$	245,194	$	208,129	$	822,301	$	628,228
Intermodal		77,632		87,974		235,649		295,736
Trucking		87,047		97,085		248,142		258,043
Other		16,960		28,063		74,812		89,212
Total operating revenues	$	426,833	$	421,251	$	1,380,904	$	1,271,219


	Eliminated Inter-segment Revenues
	Thirteen Weeks Ended				Thirty-nine Weeks Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Contract logistics	$	42	$	32	$	113	$	82
Intermodal		791		769		1,943		3,609
Trucking		12		4		12		72
Total eliminated inter-segment revenues	$	845	$	805	$	2,068	$	3,763


	Income from Operations
	Thirteen Weeks Ended						Thirty-nine Weeks Ended
	September 28, 2024			September 30, 2023			September 28, 2024			September 30, 2023
Contract logistics	$	45,623		$	35,103		$	179,990		$	95,673
Intermodal		(1,127	)		(4,470	)		(18,058	)		2,568
Trucking		7,122			6,558			15,175			14,770
Other		(8,984	)		(430	)		(12,279	)		(1,659	)
Total income from operations	$	42,634		$	36,761		$	164,828		$	111,352

Basis of Presentation - Additional Information (Detail) - USD ($)	3 Months Ended				9 Months Ended
	Sep. 28, 2024	Jun. 29, 2024	Mar. 30, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Change In Accounting Estimate [Line Items]
Additional depreciation expense	$ 30,284,000			$ 19,386,000	$ 87,795,000	$ 57,061,000
Basic per share	$ 1.01			$ 0.88	$ 4.17	$ 2.72
Diluted per share	$ 1.01			$ 0.88	$ 4.17	$ 2.72
Goodwill impairment charges	$ 3,500,000				$ 3,466,000
Goodwill impairment net of tax	$ 2,600,000
Goodwill impairment per share basic	$ 0.1
Goodwill impairment per share diluted	$ 0.1
Additional goodwill impairment charge	$ 900,000
Company-Managed Brokerage [Member]
Change In Accounting Estimate [Line Items]
Basic per share	$ 0.24
Diluted per share	$ 0.24
pre-tax losses	$ 8,600,000
Pre-tax losses, net of tax	6,400,000
Non-cash impairment charges	$ 2,800,000
Useful Life And Salvage Values Of Certain Equipment [Member]
Change In Accounting Estimate [Line Items]
Additional depreciation expense		$ 11,300,000
Depreciation expense,net of tax		$ 8,500,000
Basic per share		$ 0.32
Diluted per share		0.32
Intangible Assets, Amortization Period [Member]
Change In Accounting Estimate [Line Items]
Basic per share	$ 0.06	0.06	$ 0.06
Diluted per share	$ 0.06	$ 0.06	$ 0.06
Additional amortization expense of definite lived intangible assets	$ 2.2	$ 2.2	$ 2.2
Additional amortization expense of definite lived intangible assets, net of tax	$ 1.7	$ 1.7	$ 1.7

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, 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)
Balances at Dec. 31, 2022	446,930	30,997	4,852	(96,706)	513,589	(5,802)
Net income	71,488
Comprehensive income (loss)	(111)
Balances at Sep. 30, 2023	510,155	31,007	5,103	(96,840)	576,798	(5,913)
Balances at Apr. 01, 2023	468,299	31,003	5,007	(96,706)	535,706	(6,711)
Net income	23,566				23,566
Comprehensive income (loss)	196					196
Dividends paid	(2,761)				(2,761)
Stock based compensation	90	3	87
Balances at Jul. 01, 2023	489,390	31,006	5,094	(96,706)	556,511	(6,515)
Net income	23,047				23,047
Comprehensive income (loss)	602					602
Purchases of treasury stock	(134)			(134)
Dividends paid	(2,760)				(2,760)
Stock based compensation	10	1	9
Balances at Sep. 30, 2023	510,155	31,007	5,103	(96,840)	576,798	(5,913)
Balances at Dec. 31, 2023	532,198	31,008	5,103	(96,840)	595,450	(2,523)
Net income	52,457				52,457
Comprehensive income (loss)	1,353					1,353
Dividends paid	(2,762)				(2,762)
Stock based compensation	700	33	667
Retirement of treasury stock		(4,723)	(831)	96,840	(91,286)
Balances at Mar. 30, 2024	583,946	26,318	4,939		553,859	(1,170)
Balances at Dec. 31, 2023	532,198	31,008	5,103	(96,840)	595,450	(2,523)
Net income	109,731
Comprehensive income (loss)	(3,354)
Balances at Sep. 28, 2024	630,982	26,320	5,016	(83)	605,606	(5,877)
Balances at Mar. 30, 2024	583,946	26,318	4,939		553,859	(1,170)
Net income	30,734				30,734
Comprehensive income (loss)	(3,007)					(3,007)
Purchases of treasury stock	(83)			(83)
Dividends paid	(2,764)				(2,764)
Stock based compensation	69	1	68
Balances at Jun. 29, 2024	608,895	26,319	5,007	(83)	581,829	(4,177)
Net income	26,540				26,540
Comprehensive income (loss)	(1,700)					(1,700)
Dividends paid	(2,763)				(2,763)
Stock based compensation	10	1	9
Balances at Sep. 28, 2024	$ 630,982	$ 26,320	$ 5,016	$ (83)	$ 605,606	$ (5,877)

- 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

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Transactions with Affiliates - Schedule of Services Provided to Affiliates (Detail) - Related Party [Member] - Affiliates [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Related Party Transaction [Line Items]
Revenues	$ 1,179	$ 2,678	$ 2,667	$ 4,666
Contracted transportation services [Member]
Related Party Transaction [Line Items]
Revenues	534	1,878	932	3,746
Facilities and Related Support [Member]
Related Party Transaction [Line Items]
Revenues	$ 645	$ 800	$ 1,735	$ 920

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Commitments and Contingencies - Additional Information (Detail) - Workforce Subject to Collective Bargaining Arrangements [Member] - Unionized Employees Concentration Risk [Member]	9 Months Ended
	Sep. 28, 2024
Concentration Risk [Line Items]
Percentage of employees concentration	34.00%
Percentage of employees subject to contracts that expire in 2024	29.00%

Dividends	9 Months Ended
Dividends	Sep. 28, 2024
Earnings Per Share [Abstract]
Dividends	(14) Dividends On July 25, 2024, our Board of Directors declared a cash dividend of $0.105 per share of common stock, payable on October 1, 2024 to shareholders of record at the close of business on September 2, 2024. 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.

Debt

9 Months Ended

Sep. 28, 2024

Debt Disclosure [Abstract]

Debt

(8)

Debt

Debt is comprised of the following (in thousands):


	Interest Rates at September 28, 2024	September 28, 2024			December 31, 2023
Outstanding Debt:
Revolving Credit Facility (1) (2)	6.44%	$	109,000		$	21,934
UACL Credit Agreement (2)
Term Loan	6.69%		54,000			69,000
Revolver	6.69%		5,000			—
Equipment Financing (3)	2.25% to 7.31%		266,478			156,341
Real Estate Facility (4)	6.96%		126,768			139,170
Margin Facility (5)	5.94%		—			—
Unamortized debt issuance costs			(3,797	)		(4,521	)
			557,449			381,924
Less current portion of long-term debt			85,749			70,689
Total long-term debt, net of current portion		$	471,700		$	311,235

(8)

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 $75.8 million. At September 28, 2024, the fair value of the swap agreement was an asset of $0.6 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 9 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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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Revenue Recognition (Tables)

9 Months Ended

Sep. 28, 2024

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):


	September 28, 2024		December 31, 2023
Contract assets	$	26,079	$	729
Contract assets, net of current portion		154,592		—
Total	$	180,671	$	729

Unaudited Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 26,540	$ 23,047	$ 109,731	$ 71,488
Other comprehensive income (loss):
Unrealized changes in fair value of interest rate swaps, net of income taxes of $(480), $131, $(296) and $221, respectively	(1,424)	385	(875)	647
Foreign currency translation adjustments	(276)	217	(2,479)	(758)
Total other comprehensive income (loss)	(1,700)	602	(3,354)	(111)
Total comprehensive income	$ 24,840	$ 23,649	$ 106,377	$ 71,377

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- 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

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 28, 2024	Jun. 29, 2024	Mar. 30, 2024	Sep. 30, 2023	Jul. 01, 2023	Apr. 01, 2023	Sep. 28, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 26,540	$ 30,734	$ 52,457	$ 23,047	$ 23,566	$ 24,876	$ 109,731	$ 71,488

- Definition

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

+ References

+ Details

Goodwill

9 Months Ended

Sep. 28, 2024

Goodwill, Impaired [Abstract]

Goodwill

(6)

Goodwill

The changes in the carrying amount of goodwill during the thirty-nine weeks ended September 28, 2024 are as follows (in thousands):


Balance as of January 1, 2024	$	170,730
Goodwill impairment		(3,466	)
Balance as of September 28, 2024	$	167,264

As described in Note 1, “Basis of Presentation”, we recorded aggregate impairment charges of $3.5 million during the thirteen weeks ended September 28, 2024 related to reporting units within our former company-managed brokerage segment.

At both September 28, 2024 and December 31, 2023, $56.3 million of goodwill was recorded in our contract logistics segment, $101.1 million in our intermodal segment and $9.8 million in our trucking segment, respectively. At September 28, 2024 and December 31, 2023, $0 and $3.5 million of goodwill was recorded in our former company-managed brokerage segment, respectively.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 28, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false