0001437749-17-000981.txt : 20170123 0001437749-17-000981.hdr.sgml : 20170123 20170123163349 ACCESSION NUMBER: 0001437749-17-000981 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20170119 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20170123 DATE AS OF CHANGE: 20170123 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HUNT J B TRANSPORT SERVICES INC CENTRAL INDEX KEY: 0000728535 STANDARD INDUSTRIAL CLASSIFICATION: TRUCKING (NO LOCAL) [4213] IRS NUMBER: 710335111 STATE OF INCORPORATION: AR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-11757 FILM NUMBER: 17541379 BUSINESS ADDRESS: STREET 1: 615 JB HUNT CORPORATE DR STREET 2: PO BOX 130 CITY: LOWELL STATE: AR ZIP: 72745 BUSINESS PHONE: 479-820-0000 MAIL ADDRESS: STREET 1: 615 JB HUNT CORPORATE DRIVE STREET 2: PO BOX 130 CITY: LOWELL STATE: AR ZIP: 72745 8-K 1 jbht20170123_8k.htm FORM 8-K jbht20170123_8k.htm

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.   20549

 

 

 

FORM 8-K

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): January 19, 2017

 

 

 

J.B. HUNT TRANSPORT SERVICES, INC.

(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

 

 

Arkansas

0-11757

71-0335111

(State or other Jurisdiction of 

Commission File Number

(IRS Employer

Incorporation or Organization)  

 

Identification No.)

 

 

 

 

 

 

615 J.B. Hunt Corporate Drive

 

 

Lowell, Arkansas 

72745

(479) 820-0000

(Address of Principal Executive Offices)   

(Zip Code)

(Registrant’s telephone number)

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12

☐     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 
 
 

  

The information in this Current Report is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

  

ITEM 2.02.      RESULTS OF OPERATIONS AND FINANCIAL CONDITION

 

On January 19, 2017, we issued a news release announcing our revenues and earnings for the fourth quarter and year ended December 31, 2016. A copy of the news release is attached as Exhibit 99.1 and is incorporated herein by reference.

  

ITEM 9.01.     FINANCIAL STATEMENTS AND EXHIBITS         

 

(d)  Exhibits.
   

99.1

News release dated January 19, 2017, issued by J.B. Hunt Transport Services, Inc.

  

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized on the 23rd day of January 2017.

 

 

 

J.B. HUNT TRANSPORT SERVICES, INC.

 

 

 

 

 

 

 

 

 

 

BY:

/s/ John N. Roberts, III

 

 

 

John N. Roberts, III

 

 

 

President and Chief Executive Officer

 

    (Principal Executive Officer)  
       
       
  BY:  /s/ David G. Mee  
    David G. Mee  
    Executive Vice President, Finance and Administration and Chief Financial Officer  
    (Principal Financial Officer)  

 

 EX-99.1 2 ex99-1.htm EXHIBIT 99.1 ex99-1.htm

Exhibit 99.1

 

 

J.B. Hunt Transport Services, Inc.  

Contact:

David G. Mee

615 J.B. Hunt Corporate Drive 

 

Executive Vice President,

Lowell, Arkansas 72745 

 

Finance/Administration

(NASDAQ: JBHT)

 

and Chief Financial Officer

    (479) 820-8363

    

 

FOR IMMEDIATE RELEASE 

 

 

J.B. HUNT TRANSPORT SERVICES, INC. REPORTS REVENUES, NET EARNINGS AND EARNINGS PER SHARE FOR BOTH THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2016

 

 

■     Fourth quarter 2016 Revenue: 

$1.72 billion; up 6%

■     Fourth quarter 2016 Operating Income:  

$194.4 million; up 1%

■     Fourth quarter 2016 EPS:

$1.05 vs. $1.01; up 4%

 

 

 

 

■     Full Year 2016 Revenue: 

$6.6 billion; up 6%

■     Full Year 2016 Operating Income:   

$721 million; up 1%

■     Full Year 2016 EPS: 

$3.81 vs. $3.66; up 4%

 

         

LOWELL, ARKANSAS, January 19, 2017 - J.B. Hunt Transport Services, Inc., (NASDAQ:JBHT) announced fourth quarter 2016 net earnings of $117.6 million, or diluted earnings per share of $1.05 vs. fourth quarter 2015 net earnings of $116.7 million, or $1.01 per diluted share. Fourth quarter 2016 net earnings included a one-time after tax benefit of $9.5 million or $0.08 per diluted share for a change in the company’s paid time off policy.

Total operating revenue for the current quarter was $1.72 billion, compared with $1.62 billion for the fourth quarter 2015. Load growth of 5% in Intermodal (JBI) was the primary reason for a 3% increase in segment revenue. Dedicated Contract Services (DCS) segment revenue increased by 8%, primarily from the addition of new customer accounts, rate increases implemented in the current and earlier periods and improved asset utilization. Integrated Capacity Solutions (ICS) segment revenue increased by 22% primarily from a 38% increase in load growth. Truck (JBT) segment revenue decreased 3% primarily from customer rate per mile decreases. Current quarter total operating revenue, excluding fuel surcharges, increased 6% vs. the comparable quarter 2015.

 

Operating income for the current quarter increased to $194.4 million vs. $192.9 million for the fourth quarter 2015. The increase primarily reflects higher revenue in JBI, DCS and ICS business segments and a $15.2 million pre-tax, one-time benefit recorded to reflect a change in employee paid time off policy. The one-time benefit was partially offset with corporate charges totaling approximately $5 million pre-tax that included charitable contributions, employment tax audit settlements and increases to reserves for uncollectable accounts. Continuing operational cost increases in rail purchased transportation, wages paid to drivers, driver and independent contractor recruiting, equipment ownership, increased technology spending and lower gross profit margins in the brokerage business also offset the benefits from increases in revenue and the change in paid time off policy.

 

Net earnings increased to $117.6 million in the current quarter from $116.7 million in 2015, due to the increased revenue, the paid time off policy change benefit and a lower effective income tax rate. The fourth quarter effective tax rates for 2016 and 2015 were 37.63% and 38.10%, respectively. The annual effective tax rates for 2016 and 2015 were 37.89% and 38.10%, respectively.

 

 
 
 

  

Segment Information:

 

Intermodal (JBI)

■     Fourth quarter 2016 Segment Revenue:               $998 million; up 3%

■     Fourth quarter 2016 Operating Income:              $124 million; down 3%             

 

JBI total volumes grew 5% over the same period in 2015. Eastern network loads were flat and transcontinental loads increased 9% compared to the fourth quarter 2015. Revenue increased 3%, reflecting volume growth of 5% and a 2% decrease in revenue per load which is the combination of freight mix, customer rate increases and fuel surcharges. Revenue per load excluding fuel surcharges decreased approximately 2% compared to a year ago.

 

Operating income decreased 3% from the prior year. Benefits from increased revenue, improved utilization and approximately $5.7 million from the change in paid time off policy were more than offset with increases in rail purchased transportation costs, insurance and claims costs, equipment ownership costs and driver recruiting and retention costs. The current period ended with approximately 84,600 units of trailing capacity and approximately 5,280 power units in the dray fleet.

 

 

Dedicated Contract Services (DCS)

■     Fourth quarter 2016 Segment Revenue:              $398 million; up 8%

■     Fourth quarter 2016 Operating Income:              $57.5 million; up 37%

 

DCS revenue increased 8% during the current quarter over the same period 2015. Productivity (revenue per truck per week) increased approximately 5% vs. 2015. Productivity excluding fuel surcharge revenue increased approximately 3% from a year ago primarily from improved integration of assets between customer accounts, fewer unseated trucks, increased customer supply chain fluidity and customer rate increases. A year over year net additional 193 revenue producing trucks, 29 net additions compared to third quarter 2016, were in the fleet by the end of the quarter. Approximately 82% of these additions represent private fleet conversions versus traditional dedicated capacity fleets and primarily reflect new contract implementations in this and prior periods. Customer retention rates remain above 98%.

 

Operating income increased by 37% from a year ago. The increase in revenue, improved asset utilization and approximately $7.3 million from the change in paid time off policy were partially offset with higher driver wages, higher driver recruiting costs and higher equipment ownership costs compared to the same period in 2015.

 

 

Integrated Capacity Solutions (ICS)

●     Fourth Quarter 2016 Segment Revenue:             $232 million; up 22%

●     Fourth Quarter 2016 Operating Income:             $6.1 million; down 52%

 

ICS revenue increased 22% in the current quarter vs. the fourth quarter 2015 mostly due to a 38% increase in volume offset by a 12% decrease in revenue per load and freight mix changes driven by customer demand. Contractual volumes represent approximately 75% of the total load volume and 62% of the total revenue in the current quarter compared to 73% and 62%, respectively, in fourth quarter 2015.

 

Operating income decreased 52% over the same period in 2015 primarily due to a lower gross profit margin, increased claim costs, higher technology costs and increased personnel costs partially offset with approximately $1.0 million from the change in paid time off policy. Gross profit margin decreased to 12.9% in the current period from 16.0% last year primarily from new customer rates implemented during the quarter and lower spot rates compared to the fourth quarter 2015. Total branches at the end of the period grew to 42 from 34 at the end of the same period in 2015. ICS’s carrier base increased 11% and the employee count increased 23% from a year ago.

 

 
 
 

 

Truck (JBT)

■     Fourth quarter 2016 Segment Revenue:               $ 96 million; down 3%

■     Fourth quarter 2016 Operating Income:               $ 6.8 million; down 35%

 

JBT revenue for the current quarter decreased 3% from the same period in 2015. Revenue excluding fuel surcharges also decreased 3% primarily from a 3% decrease in rate per mile due to core customer rate decreases of approximately 1.4% and freight mix changes compared to fourth quarter 2015. At the end of the period, JBT operated 2,128 tractors compared to 2,149 a year ago.

 

Operating income decreased 35% from fourth quarter 2015 levels. Favorable changes from increased load count, fewer empty miles and approximately $1.2 million from the change in paid time off policy were more than offset by lower customer rates per mile, increased equipment maintenance costs and higher safety and insurance costs compared to fourth quarter 2015.

  

 

Cash Flow and Capitalization:

 

At December 31, 2016, we had total debt outstanding of $986 million on various debt instruments compared to $998 million at December 31, 2015 and $944 million at September 30, 2016.

 

Our net capital expenditures for 2016 approximated $485 million vs. $556 million in 2015. At December 31, 2016, we had cash and cash equivalents of $6.4 million.

 

In the fourth quarter 2016, we purchased 880,000 shares of our common stock for approximately $75 million. At December 31, 2016, we had approximately $201 million remaining under our share repurchase authorization. Actual shares outstanding at December 31, 2016 approximated 111.3 million.

 

This press release may contain forward-looking statements, which are based on information currently available. Actual results may differ materially from those currently anticipated due to a number of factors, including, but not limited to, those discussed in Item 1A of our Annual Report filed on Form 10-K for the year ended December 31, 2015. We assume no obligation to update any forward-looking statement to the extent we become aware that it will not be achieved for any reason. This press release and additional information will be available immediately to interested parties on our web site, www.jbhunt.com.

 

 
 
 

 

 

J.B. HUNT TRANSPORT SERVICES, INC.

  

Condensed Consolidated Statements of Earnings

  

(in thousands, except per share data)

  

(unaudited)

  

 

   

Three Months Ended December 31

  
   

2016

    

2015

  
           

% Of

            

% Of

  
   

Amount

    

Revenue

    

Amount

    

Revenue

  
                                 

Operating revenues, excluding fuel surcharge revenues

   $ 1,558,638             $ 1,472,291          

Fuel surcharge revenues

     162,424               148,724          

Total operating revenues

     1,721,062       100.0 %     1,621,015       100.0 %
                                 

Operating expenses

                                

Rents and purchased transportation

     874,144       50.8 %     799,903       49.3 %

Salaries, wages and employee benefits

     360,190       20.9 %     363,801       22.4 %

Fuel and fuel taxes

     78,355       4.6 %     69,575       4.3 %

Depreciation and amortization

     91,794       5.3 %     88,374       5.5 %

Operating supplies and expenses

     60,001       3.5 %     56,100       3.5 %

Insurance and claims

     20,026       1.2 %     17,975       1.1 %

General and administrative expenses, net of asset dispositions

     25,483       1.4 %     16,051       1.0 %

Operating taxes and licenses

     11,798       0.7 %     11,579       0.7 %

Communication and utilities

     4,910       0.3 %     4,764       0.3 %

Total operating expenses

     1,526,701       88.7 %     1,428,122       88.1 %

Operating income

     194,361       11.3 %     192,893       11.9 %

Net interest expense

     5,876       0.3 %     4,290       0.3 %

Earnings before income taxes

     188,485       11.0 %     188,603       11.6 %

Income taxes

     70,929       4.2 %     71,857       4.4 %

Net earnings

   $ 117,556       6.8 %   $ 116,746       7.2 %

Average diluted shares outstanding

     112,327               115,048          

Diluted earnings per share

   $ 1.05             $ 1.01          

  

 
 
 

 

J.B. HUNT TRANSPORT SERVICES, INC.

Condensed Consolidated Statements of Earnings

(in thousands, except per share data)

(unaudited)

 

   

Twelve Months Ended December 31

  
   

2016

    

2015

  
           

% Of

            

% Of

  
   

Amount

    

Revenue

    

Amount

    

Revenue

  
                                 

Operating revenues, excluding fuel surcharge revenues

   $ 6,007,347             $ 5,516,282          

Fuel surcharge revenues

     548,112               671,364          

Total operating revenues

     6,555,459       100.0 %     6,187,646       100.0 %
                                 

Operating expenses

                                

Rents and purchased transportation

     3,255,692       49.7 %     2,994,586       48.4 %

Salaries, wages and employee benefits

     1,469,187       22.4 %     1,394,239       22.5 %

Fuel and fuel taxes

     283,437       4.3 %     313,034       5.1 %

Depreciation and amortization

     361,510       5.5 %     339,613       5.5 %

Operating supplies and expenses

     233,223       3.6 %     220,597       3.6 %

Insurance and claims

     78,410       1.2 %     73,689       1.2 %

General and administrative expenses, net of asset dispositions

     87,053       1.3 %     72,522       1.1 %

Operating taxes and licenses

     45,954       0.7 %     43,084       0.7 %

Communication and utilities

     19,973       0.3 %     20,588       0.3 %

Total operating expenses

     5,834,439       89.0 %     5,471,952       88.4 %

Operating income

     721,020       11.0 %     715,694       11.6 %

Net interest expense

     25,223       0.4 %     25,491       0.4 %

Earnings before income taxes

     695,797       10.6 %     690,203       11.2 %

Income taxes

     263,707       4.0 %     262,968       4.3 %

Net earnings

   $ 432,090       6.6 %   $ 427,235       6.9 %

Average diluted shares outstanding

     113,361               116,728          

Diluted earnings per share

   $ 3.81             $ 3.66          

  

 
 
 

 

Financial Information By Segment

(in thousands)

(unaudited)

 

   

Three Months Ended December 31

 
   

2016

    

2015

  
           

% Of

            

% Of

  
   

Amount

    

Total

    

Amount

    

Total

  

Revenue

                                
                                 

Intermodal

   $ 997,967       58 %   $ 967,133       59 %

Dedicated

     398,325       23 %     368,992       23 %

Integrated Capacity Solutions

     231,594       13 %     189,540       12 %

Truck

     96,296       6 %     99,292       6 %

Subtotal

     1,724,182       100 %     1,624,957       100 %

Intersegment eliminations

     (3,120 )     (0 %)     (3,942 )     (0 %)

Consolidated revenue

   $ 1,721,062       100 %   $ 1,621,015       100 %
                                 
                                 

Operating income

                                
                                 

Intermodal

   $ 124,143       64 %   $ 127,730       66 %

Dedicated

     57,539       30 %     42,000       22 %

Integrated Capacity Solutions

     6,074       3 %     12,754       7 %

Truck

     6,750       3 %     10,416       5 %

Other (1)

     (145 )     (0 %)     (7 )     (0 %)

Operating income

   $ 194,361       100 %   $ 192,893       100 %

 

 

 

   

Twelve Months Ended December 31

 
   

2016

    

2015

  
           

% Of

            

% Of

  
   

Amount

    

Total

    

Amount

    

Total

  

Revenue

                                
                                 

Intermodal

   $ 3,796,251       58 %   $ 3,664,670       59 %

Dedicated

     1,533,186       23 %     1,451,256       24 %

Integrated Capacity Solutions

     851,550       13 %     699,525       11 %

Truck

     387,764       6 %     385,510       6 %

Subtotal

     6,568,751       100 %     6,200,961       100 %

Intersegment eliminations

     (13,292 )     (0 %)     (13,315 )     (0 %)

Consolidated revenue

   $ 6,555,459       100 %   $ 6,187,646       100 %
                                 
                                 

Operating income

                                
                                 

Intermodal

   $ 449,768       62 %   $ 476,685       67 %

Dedicated

     205,240       29 %     163,511       23 %

Integrated Capacity Solutions

     36,260       5 %     35,729       5 %

Truck

     29,862       4 %     39,864       5 %

Other (1)

     (110 )     (0 %)     (95 )     (0 %)

Operating income

   $ 721,020       100 %   $ 715,694       100 %

 

      (1) Includes corporate support activity

  

 
 
 

 

Operating Statistics by Segment

(unaudited)

 

   

Three Months Ended December 31

  
   

2016

    

2015

  

Intermodal

                
                 

Loads

     491,570       467,461  

Average length of haul

     1,685       1,664  

Revenue per load

   $ 2,030     $ 2,069  

Average tractors during the period *

     5,274       5,088  
                 

Tractors (end of period)

                

Company-owned

     4,581       4,276  

Independent contractor

     695       805  

Total tractors

     5,276       5,081  
                 

Net change in trailing equipment during the period

     1,773       1,020  

Trailing equipment (end of period)

     84,594       78,957  

Average effective trailing equipment usage

     81,654       76,305  
                 
                 

Dedicated

                
                 

Loads

     606,900       578,692  

Average length of haul

     181       175  

Revenue per truck per week**

   $ 4,247     $ 4,048  

Average trucks during the period***

     7,390       7,177  
                 

Trucks (end of period)

                

Company-owned

     6,976       6,762  

Independent contractor

     15       10  

Customer-owned (Dedicated operated)

     410       436  

Total trucks

     7,401       7,208  
                 

Trailing equipment (end of period)

     22,688       21,672  

Average effective trailing equipment usage

     23,334       22,594  
                 
                 

Integrated Capacity Solutions

                
                 

Loads

     237,845       171,887  

Revenue per load

   $ 974     $ 1,103  

Gross profit margin

     12.9 %     16.0 %

Employee count (end of period)

     824       670  

Approximate number of third-party carriers (end of period)

     50,900       45,700  
                 
                 

Truck

                
                 

Loads

     96,906       95,190  

Average length of haul

     439       454  

Loaded miles (000)

     42,476       42,749  

Total miles (000)

     50,472       51,437  

Average nonpaid empty miles per load

     82.6       91.3  

Revenue per tractor per week**

   $ 3,540     $ 3,663  

Average tractors during the period *

     2,158       2,157  
                 

Tractors (end of period)

                

Company-owned

     1,376       1,462  

Independent contractor

     752       687  

Total tractors

     2,128       2,149  
                 

Trailers (end of period)

     7,642       7,604  

Average effective trailing equipment usage

     7,287       6,814  

 

* Includes company-owned and independent contractor tractors

** Using weighted workdays

*** Includes company-owned, independent contractor, and customer-owned trucks

  

 
 
 

 

Operating Statistics by Segment

(unaudited)

 

   

Twelve Months Ended December 31

  
   

2016

    

2015

  

Intermodal

                
                 

Loads

     1,916,303       1,772,808  

Average length of haul

     1,657       1,652  

Revenue per load

   $ 1,981     $ 2,067  

Average tractors during the period *

     5,222       4,949  
                 

Tractors (end of period)

                

Company-owned

     4,581       4,276  

Independent contractor

     695       805  

Total tractors

     5,276       5,081  
                 

Net change in trailing equipment during the period

     5,637       5,659  

Trailing equipment (end of period)

     84,594       78,957  

Average effective trailing equipment usage

     77,179       72,622  
                 
                 

Dedicated

                
                 

Loads

     2,401,332       2,250,099  

Average length of haul

     177       175  

Revenue per truck per week**

   $ 4,077     $ 4,028  

Average trucks during the period***

     7,307       7,012  
                 

Trucks (end of period)

                

Company-owned

     6,976       6,762  

Independent contractor

     15       10  

Customer-owned (Dedicated operated)

     410       436  

Total trucks

     7,401       7,208  
                 

Trailing equipment (end of period)

     22,688       21,672  

Average effective trailing equipment usage

     22,827       22,391  
                 
                 

Integrated Capacity Solutions

                
                 

Loads

     852,179       542,947  

Revenue per load

   $ 999     $ 1,288  

Gross profit margin

     14.3 %     15.3 %

Employee count (end of period)

     824       670  

Approximate number of third-party carriers (end of period)

     50,900       45,700  
                 
                 

Truck

                
                 

Loads

     385,298       366,297  

Average length of haul

     455       448  

Loaded miles (000)

     175,038       163,115  

Total miles (000)

     207,998       193,856  

Average nonpaid empty miles per load

     85.6       83.9  

Revenue per tractor per week**

   $ 3,458     $ 3,698  

Average tractors during the period*

     2,191       2,051  
                 

Tractors (end of period)

                

Company-owned

     1,376       1,462  

Independent contractor

     752       687  

Total tractors

     2,128       2,149  
                 

Trailers (end of period)

     7,642       7,604  

Average effective trailing equipment usage

     6,956       6,460  

 

* Includes company-owned and independent contractor tractors

** Using weighted workdays

*** Includes company-owned, independent contractor, and customer-owned trucks

  

 
 
 

 

J.B. HUNT TRANSPORT SERVICES, INC.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

 

   

December 31, 2016

    

December 31, 2015

  

ASSETS

                

Current assets:

                

Cash and cash equivalents

   $ 6,377     $ 5,566  

Accounts Receivable

     797,473       654,542  

Prepaid expenses and other

     141,831       197,817  

Total current assets

     945,681       857,925  

Property and equipment

     4,258,915       4,019,451  

Less accumulated depreciation

     1,440,124       1,318,122  

Net property and equipment

     2,818,791       2,701,329  

Other assets

     64,516       70,290  
    $ 3,828,988     $ 3,629,544  
                 
                 

LIABILITIES & STOCKHOLDERS' EQUITY

                

Current liabilities:

                

Trade accounts payable

   $ 384,308     $ 340,332  

Claims accruals

     109,745       104,220  

Accrued payroll

     51,929       59,420  

Other accrued expenses

     27,152       28,445  

Total current liabilities

     573,134       532,417  
                 

Long-term debt

     986,278       998,003  

Other long-term liabilities

     64,881       58,552  

Deferred income taxes

     790,634       740,220  

Stockholders' equity

     1,414,061       1,300,352  
    $ 3,828,988     $ 3,629,544  

 

 

 

Supplemental Data

(unaudited) 

 

   

December 31, 2016

    

December 31, 2015

  
                 

Actual shares outstanding at end of period (000)

     111,305       113,948  
                 

Book value per actual share outstanding at end of period

   $ 12.70     $ 11.41  

 

 

   

Twelve Months Ended December 31

  
   

2016

    

2015

  
                 

Net cash provided by operating activities (000)

   $ 854,143     $ 873,308  
                 

Net capital expenditures (000)

   $ 485,256     $ 556,436  

 

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