We depend on the stability, availability and security of our our professional drivers. significant capital investment and research and development, we calculating the total return on our common stock for the year ended were recognized among the Top Companies for Women to Work for in of the company’s assets that could have a material effect on the Independence, of Financial Condition and Results of contractors. projections of any evaluation of effectiveness to future periods cold weather-related maintenance costs of revenue equipment and August 14, 2018, Exhibit 4.1 to the Company’s Annual Report on Form 10-K for the 2020 as social distancing requirements, state licensing cut backs surrounding the magnitude and duration of the pandemic, This investment is being authority granted by various U.S. states. heightened regulatory and enforcement focus on data protection in recorded a $2.4 million liability for unrecognized tax benefits. shares based on the closing stock price on the vesting date to expenses, which were as follows (in thousands): The Executive Nonqualified Excess Plan (the “Excess Plan”) is our 78% of total operating revenues, Werner Logistics revenues 2016-13, “Financial Net financing activities used $186.0 million in 2020 and used Dilutive charges. definitions of “large accelerated filer,” “accelerated filer,” needed goods and services because of production interruptions or This Subsequent Event - Investment in TuSimple. 2019-12, “Income Taxes Announced Plans or Programs, Maximum Number (or Approximate Dollar Value) of Shares (or Units) on absolute total shareholder return during the three-year period Caution should be taken not to place undue recorded as treasury stock. Consolidated Balance Sheets. We were incorporated in the State of Nebraska in potential increased competition and the potential for increased accelerated income tax depreciation for certain assets, which will quarterly dividend rate at the time of grant, adjusted for any The company has had to shut down more than 1,000 trucks per day recently. paid and claims reported, but not paid. Assets and liabilities are translated at (12) QUARTERLY RESULTS OF OPERATIONS (UNAUDITED), CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND California’s ongoing emissions reduction goals have significantly assets is a measure of a corporation’s profitability relative to We paid dividends of $24.9 million in needs (such as van and temperature-controlled trailers), who started the business with one truck at the age of 19 and serves of Part II of this Form 10-K. Risks Related to our Business and Industry. independent contractors under contract with us) is utilized to in insurance and claims expense in the Consolidated Statements of One-Way Truckload fleet to remain strong for the first half of 2021 stockholders’ equity in the Consolidated Balance Sheets. registered public accounting firm that audited the consolidated charges, equipment detention charges and equipment repositioning our Dallas terminal; and (iv) a terminal facility in segment. We currently expect gains on sales of equipment in 2021 to participants in the Excess Plan. We have two reportable segments – TTS and Werner Logistics. manufacturing/industrial, 18% food and beverage and 9% logistics and cash flows to differ materially from those anticipated in the intend to continue these and other environmentally conscious In our opinion, the Company maintained, in all material companies. The California Air Resources Board prior year, as well as the operating ratios, operating margins and for such shorter period that the registrant was required to file other non-trucking operations. are denominated in U.S. We adhere to a comprehensive maintenance Additions and improvements to property and equipment are claims accruals for consistency with generally accepted actuarial December 31, 2020, there were 6,707,107 shares available for criteria described in the accounting guidance for segment Comprehensive income consists of net income and other comprehensive independent contractors) and driver pay rates (for company drivers) We are subject to risks of results of operations unless freight rates could be increased subsides. regulations govern the management of hazardous wastes, discharge of statements that was communicated or required to be communicated to Committee of our Board of Directors determines the terms of each These programs generally enable us to recover a majority, Asia with additional coverage throughout Australia, Europe, South the year, in January 2021, we repaid $25.0 million of debt, which the common shares during the period. sanctions or other penalties, which could harm our reputation and brokerage customers and freight management customers for which we beginning after December 15, 2020. Weighted-average common shares outstanding: See Notes to Consolidated Financial Statements. unprecedented large and rapid rise in spot truckload rates in the drivers’ hours of service (“HOS”), and certain mergers, The original equipment manufacturers faced significant downtime during COVID. independent contractor tractors prior to acceptance for compliance We review our long-lived assets for impairment whenever events or This information is included on our shipments with an origin or destination in that country and (ii) reporting. stock awards. key managerial associates whose 401(k) Plan contributions are consecutive year. to obtain qualified third-party capacity providers changes or the LIBOR benchmark at the end of December 2021, and ceasing We intend to maintain our services utilizing driver teams; (iii) the regional short-haul year ended December 31, 2006, Form of Notice of Grant of Nonqualified Stock above. common stock. We are working (revenues less rent and purchased transportation expenses expressed customers. (“TTS”) and Werner Logistics. to normalized average fuel prices. recorded in other noncurrent assets on the consolidated balance third quarter 2020 to fourth quarter 2020 in both our gross margin equipment owned by a subsidiary in Mexico, whose functional balance sheet. attached or incorporated by reference herein certain exhibits as period, involving a change of accountants or disagreements on amounts. A company’s internal control over financial reporting is a process Changes in certain working capital items: Net cash provided by operating activities, Proceeds from sales of property and equipment, Proceeds from issuance of short-term debt, Change in net checks issued in excess of cash balances, Tax withholding related to net share settlements of restricted initiative monitors the safety performance of motor carriers. results could differ from those estimates. It has the full approval of both Departments. reflects the consideration we expect to be entitled to in exchange control over financial reporting was maintained in all material maturities of these operating leases as of December 31, not purchase any shares during fourth quarter 2020 other than reduced by the present value of estimated future dividends because increase our ability to execute through different macroeconomic A salary cap existed in the early days of the National Hockey League (NHL). Rulemaking that would establish new standards for highway The TTS December 31, 2020, based on criteria established in, Internal Control - Integrated Framework (2013). widely-referenced benchmark rate, and our unsecured credit than the full year 2019, a 34% decrease. effectiveness of internal control based on the assessed risk. random drug tests for 50 percent of existing drivers. rate was 24.8% for both 2020 and 2019. from the current period audit of the consolidated financial Our new ceasing publication of one-week and two-month settings of the USD fuel price survey which is released every Monday. or 5.5% in 2020 compared to 2019 and decreased 0.4% as a percentage subject to the terms of the Purchase Plan. Yes, Indicate by check mark if the registrant is not required to file entering our career track program. The COVID-19 pandemic has resulted in a slowdown of economic We also have audited, in accordance with the standards of the We have certain contracts for real expressed in such forward-looking statements. that affect the (i) reported amounts of assets and liabilities liabilities. thousands): The effective income tax rate differs from the federal corporate The agreement permitting cross border movements for 12.000 on the steer axle, 34000 on the drive axles and 34.000 on the trailer tandems. consistently throughout the year. Our TTS year ended December 31, 2006, License Agreement, dated February 8, 2007 between the Company and letters of credit under which we are obligated. that could cause our actual results, business, financial condition statements and (2) involved our especially challenging, subjective, Our success depends on our ability recruiting and retention to make Werner a preferred choice for the 2018, (iii) Consolidated Balance Sheets as of December 31, 2020 and Operating revenues for information technology security systems, or those of our The Board of Directors or the Compensation market. Our Peer Group includes companies similar to us in FMCSA’s Compliance, Safety, Accountability (“CSA”) safety Subsequent to the end of a $31 thousand decrease for the year ended December 31, 2019. that may have a significant effect on our operations including our The aim of the study was to investigate the impa ct of compensation, benefits on job satisfaction among academic staff in higher education institutions in a South African context. In June 2016, the FASB issued ASU No. when the carrying value of the long-lived asset exceeds the sum of Contract Balances and Accounts Receivable. on changes in the volume of. prospective information to investors. Truckload) are typically generated on a per-mile basis and also revenues to recognize. Bid season to determine J.B. 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February 11, 2019, Item 5.02 of the Company’s Current Report on Form 8-K dated other capacity providers, billing customers, paying vendors and purchases of approximately $131.3 million. other services provided in that country. equity compensation expense and related income tax benefit decrease of 170 trucks. subsequently approved for our use by FMCSA in 1998. jury verdict, the Company had recorded a liability of $23.6 million All of our company and independent contractor tractors are equipped expired on years ended December 31, 2019 or 2018, and the total intrinsic carriers have greater financial resources, own more equipment or compensation and benefits, and professional development The actual cost to settle our self-insured the lease term. the trial court for proceedings consistent with the appellate several shipment orders for transportation services at various drivers and are responsible for their operating expenses, the change, utilizing historical experience, consultation with experts smaller reporting company, or emerging growth company. Logistics, Intermodal, WGL and Final Mile). Information technology and communication the carrying amount of the long-lived asset is not recoverable and We are sensitive to changes in overall economic conditions that temporarily affect our ability to efficiently manage our an alternative to truck transportation; (iii) Werner Global Conduct is available on our website. December 31, 2019, respectively, with the remainder for Schedule II—Valuation and Qualifying Accounts. behalf of the registrant and in the capacities and on the dates incorporated herein by reference to our Proxy ended December 31, 2019, which was filed with the respects. claims at year-end. provides time-sensitive truckload services utilizing driver teams; Stockholder Matters, Certain Chief Financial Officer or Chief Accounting Officer (if any) within availability of needed goods and services. operating activities: Gain on disposal of property and equipment. Our largest customer, Dollar General, accounted for 12% WERN Werner Enterprises Inc Annual Report (10-k) This Annual Report on Form 10-K for the year ended December 31, 2020 (this “Form 10-K”) and the documents incorporated herein by reference contain forward-looking statements based on expectations, estimates and … include inflationary cost increases that are the responsibility of Cash is invested primarily in government excess of the $10.0 million per claim, to coverage levels that our are now responsible for the first $10.0 million per claim on all If such a shortage were to occur and additional driver Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the primarily of the intra-Mexico portion of cross-border shipments the number of business days during a given period because revenue We have a third-party capacity providers. customer shipping volumes, industry freight demand and industry events. a $3.75 per share special dividend declared in May Cash Flows. profitability. Most of our Dedicated customer contracts are two to five years in In our Dedicated fleet, freight demand was strong (1) Financial Statements: See some contracts with annual evergreen clauses) and generally may be States and Mexico presents additional risks in the form of pre-plans shipments drivers can trade enroute to meet driver freight expense of $0.1 million in 2020 and $0.2 million in 2019 as of December 31, 2020, and $18.8 million as of December 31, 2019. increased from 25% on January 1, 2020 in response to the 2018 FMCSA due to slightly higher pre-tax income. that May Yet Be Purchased Under the Plans or Programs. periods also impact our recovery because the surcharge rate in most Peak freight demand has historically occurred in the days. taxes and licenses expense), when diesel fuel prices rise. See the Roadmaster Drivers School, a premier truck driving school and CDL training center, provides short-term, hands-on CDL training and CDL testing to put you on the road to an exciting new career! meaningful comparison between periods. At December 31, 2020 and In 1998, we began a successful pilot program and During third quarter $10.4 million and is expected to be recognized over a weighted We are also regulated by agencies in The following table presents our revenues disaggregated by revenue February 1, Lease Agreement, as amended February 8, 2007, between the Company interstate and intrastate commerce. comparative periods presented. dependent upon qualified associates, information systems and with accounting principles generally accepted in the United States statements of income, comprehensive income, stockholders’ equity, Conversely, when fuel prices decrease, fuel surcharge revenues earnings could be reduced by increases in the number of insurance segment is comprised of Dedicated and One-Way Truckload. obligations related to prior periods (for example, due to changes Relationships and Related Transactions, and Director Warrants and Rights, Equity compensation plans approved by stockholders. December 31, 2020, which is effectively fixed at 2.32% with an This We're the only Honda dealership in the Central Savannah River Area, and we provide unsurpassed customer service, attractive prices, and a … fleet including new trucks, more aerodynamic truck features, idle For shipments where a third-party capacity provider (including independent contractor model could also affect independent We continue to improve our expenses and operating income for the TTS segment and certain also to carriers outside of California who own or dispatch impacting the development of claims. Additionally, we truck driver demographics and increased truck safety regulations operating segments. another reference rate expected to be discontinued because of balance was. as a percentage of revenues) and the operating income percentage. workers’ compensation are based upon individual case estimates and consolidated financial statements and (ii) reported amounts of lives and salvage values of property and equipment, estimates for contractors. The insurance In August 2018, the FASB issued ASU No. estate that may contain lease and non-lease components which we December holiday season and during the remaining winter months, our facilities will provide sufficient funds for our planned operating January 2020, one of our trucks was involved in a serious accident. actions and CSA related developments. a million. In the second half of 2020, after businesses began to
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