SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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ITEM 7.01 REGULATION FD DISCLOSURE
On March 23, 2020, we issued a news release announcing we would provide a one-time bonus of $500 for employee drivers and certain personnel at field operations and customer facilities supporting the drivers who have kept the country’s freight moving during the COVID-19 pandemic. Accordingly, we will incur a $12.3 million pre-tax charge in the first quarter 2020 in salaries, wages and employee benefits related to these bonuses. A copy of the news release is attached as Exhibit 99.1 and is incorporated herein by reference.
In addition, during the first quarter 2020, we will record an $8.2 million pre-tax accrual related to our adjusted calculation of the revenue divisions owed to BNSF Railway Company for 2019 under the final award in our arbitration with BNSF, which is recorded in rents and purchased transportation expense.
Also, in the first quarter 2020, we expect to record $3.4 million of additional stock compensation expense in salaries, wages and employee benefits, related to the acceleration of equity award vesting for two executive vice presidents due to their retirements.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
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(d) |
Exhibits. |
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99.1 |
News release dated March 23, 2020, issued by J.B. Hunt Transport Services, Inc. |
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104 |
Cover Page Interactive Data File(embedded within the Inline XBRL Document) |
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 26th day of March 2020.
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J.B. HUNT TRANSPORT SERVICES, INC. |
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BY: |
/s/ John N. Roberts, III |
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John N. Roberts, III |
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President and Chief Executive Officer |
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| (Principal Executive Officer) | |||
| BY: | /s/ John Kuhlow | ||
| John Kuhlow | |||
| Senior Vice President, Controller, Chief | |||
| Accounting Officer, and Interim Chief | |||
| Financial Officer | |||
| (Principal Financial Officer) | |||