Item 5. We continually seek and evaluate opportunities to utilize emerging technologies in the area of exhaust-free vehicles. ): NextEra Energy, Inc. (Chairman), NextEra Energy Partners, LP (Chairman). The entire outstanding balance was paid in full at maturity. Such accruals require us to make estimates and judgments, whereby actual results could vary materially from these estimates. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We also utilize independent contractors and third-party carriers to complete our services. Because of its inherent limitation, internal control over financial reporting may not prevent or detect misstatements. At December 31, 2019, the total JBI employee count was 7,281. Diversity. JBI draws on the intermodal services of rail carriers for the underlying linehaul movement of its equipment between rail ramps. (CQMoneyLine: http://moneyline.cq.com; National Institute on Money in State Politics: http://www.followthemoney.org). - development of logistics solutions and services (20.8%); Public safety is further promoted through smart purchasing decisions. The carrying amounts of all other instruments at December 31, 2019 and 2018, approximate their fair value due to the short maturity of these instruments. The significant estimation was primarily due to the complexity of the valuation, methods used by management to measure the fair value of the intangible assets and, the sensitivity of the respective fair values to the significant underlying assumptions. Conference Centerat1900Colonel SandersLane in Louisville, Kentuckyorvia live webcast at Source: FactSet, Indexes: Index quotes may be real-time or delayed as per exchange requirements; refer to time stamps for information on any delays. Participants in the MIP are expected to own Company stock. Therefore, without your specific instructions, your shares will not be voted on these matters and will not be counted in determining the number of shares necessary for approval. Each grant typically vests ratably over two to ten years, subject to service and performance conditions. The Executive Compensation Committee (the Compensation Committee) shall: None of the individuals serving on the Compensation Committee has ever been an officer or employee of the Company. otherwise comply with its responsibilities and duties as set forth in the Company's Compensation Committee Charter. Operating income of our DCS segment increased to $193 million in 2018, from $171 million in 2017. What Should I Do If I Receive More Than One Set Of Voting Materials? For 2019, our last completed fiscal year: In determining the median of the annual total compensation of all of the Company's employees, other than our CEO, we are required to identify the Company's "median employee". The peer group consists of 14 companies: C.H. We typically pick up freight at the dock or specified location of the shipper and transport the load directly to the location of the consignee. We do what we can to make business decisions that have a positive impact on the things that matter most to our stakeholders with a stated mission - to create the most efficient transportation network in North America. Certain insurance arrangements include a level of self-insurance (deductible) coverage applicable to each claim. We are currently committed to spend approximately $938 million, net of proceeds from sales or trade-ins, during 2020 through 2021, which is primarily related to the acquisition of tractors, containers, chassis, and other trailing equipment. Amounts reflect grant date fair value of each individual's specific award, which will be earned over the vesting period (two to four years) and the achievement of operating income performance goals established by the Compensation Committee at the time of grant. ): Federal Reserve Bank of St. Louis, Arkansas Children's Northwest, Committees Upon Election: Executive Compensation Committee (Chair), Nominating and Corporate Governance Committee, Independent Lead Director. Regardless of whether we are successful in making an acquisition or completing a business combination, the negotiations could disrupt our ongoing business, distract our management and employees, and increase our operating costs. Modernization ensures that we maintain the latest in emission reduction technologies. Depreciation and amortization expense increased 14.5% in 2019, primarily due to equipment purchased related to new DCS long-term customer contracts. All drivers are recertified periodically. J.B. Hunt launched Truckers Against Trafficking training in 2014 and has trained over 79,000 employees on recognizing and reporting signs of human trafficking. The Company believes that this discount is appropriate to value the performance-based restricted share units, as the units do not collect or accrue dividends until the awards vest and are settled with Company stock. However, according to the terms of the awards granted under the previously mentioned MIP, all outstanding restricted share units are subject to accelerated or immediate vesting upon the occurrence of a double triggering event, which requires both a "change in control" and the NEO's retirement, termination by the Company without cause, or resignation for good reason. Shelley Simpson's husband was employed by the Company in calendar year 2019 and earned $295,245 in 2019 compensation. The Company maintains a Board of Directors composed of a majority of individuals who satisfy the criteria for independence under the NASDAQ listing standards. Through the platform, businesses of all sizes can quote and book shipments, view analytics, and gain visibility into freight movement. Darren Field, 49, joined the Company in 1994 as a Night Dispatcher and currently serves as Executive Vice President of Intermodal. The Audit Committee discussed with the independent auditors matters required to be discussed by Auditing Standard 1301 of the Public Company Accounting Oversight Board, as may be modified, supplemented or amended, which includes, among other items, matters related to the conduct of the audit of the Company's consolidated financial statements. He served as President and Chief Executive Officer of GE Mexico from 1997 until 1999 and as President and Chief Executive Officer of the GE Capital TIP/ Modular Space division from 1999 until February 2002. These guidelines and policies address, among other items, director qualifications and responsibilities, Board Committees and nonemployee director compensation. Annual Report - 2021. January 18, 2022 J.B. Hunt Transport Services, Inc. ( NASDAQ: JBHT) Q4 2021 earnings call dated Jan. 18, 2022 Corporate Participants: Brad Delco Vice President, Finance and Investor Relations John N. Roberts President and Chief Executive Officer John Kuhlow Chief Financial Officer Last year we opened a Training and Technology Center on our campus and a new workspace in Fayetteville to accommodate the growth of these teams. The following table summarizes the components of our share-based compensation program expense (in thousands): A summary of our restricted share units and performance share units is as follows: At December 31, 2019, we had $61.3 million and $13.0 million of total unrecognized compensation expense related to restricted share units and performance share units, respectively, that is expected to be recognized on a straight-line basis over the remaining weighted average vesting period of approximately 3.2 years for restricted share units and 2.2 years for performance share units. We also maintain bulk fuel storage and fuel islands at several of our facilities. Eastern network loads grew at 10% and transcontinental loads decreased 2% compared to 2017. Committees Upon Election: Executive Compensation Committee, Nominating and Corporate Governance Committee. The Compensation Committee acknowledges that the separate components of total direct compensation are not always in the 50th percentile of their respective peer groups, as determined earlier, but it believes that its mix of current and long-term compensation is more appropriate to align the NEO's compensation with the stockholders' interests in both the near and longer term. Ongoing driver development is designed to provide additional training for drivers, as well as keep them up to date on regulatory issues and company matters. Our ERGs offer opportunities for employee professional development, community engagement, and networking. Bryan Hunt, one of our current directors, is the son of Johnelle Hunt, a principal stockholder of the Company. If you are the beneficial owner of shares of the Company's common stock on the record date, you may vote these shares in person at the Annual Meeting if you request and obtain a legal proxy from your broker, bank or other nominee (the stockholder of record) giving you the right to vote the shares at the Annual Meeting, complete such legal proxy and present it to the Company at the Annual Meeting. In fulfilling its duties, the Audit Committee, among other things, shall: The Board has determined that each member of the Audit Committee satisfies the independence and other requirements for audit committee membership of the NASDAQ corporate governance listing standards and SEC requirements. To the Stockholders and the Board of Directors of J.B. Hunt Transport Services, Inc. We have audited the accompanying consolidated balance sheets of J.B. Hunt Transport Services, Inc. (the Company) as of December 31, 2019 and 2018, the related consolidated statements of earnings, stockholders' equity and cash flows for each of the three years in the period ended December 31, 2019, and the related notes and financial statement schedule listed in the Index at Item 15(a) (collectively referred to as the "consolidated financial statements"). Rapid increases in fuel costs or shortages of fuel could have a material adverse effect on our operations or future profitability. Advisory vote on the resolution to approve the Company's compensation of its named executive officers, Ratification of the appointment of E&Y as the Company's independent registered public accounting firm, Vote on a stockholder proposal requesting the Company to prepare and disclose a report of the Company's political contributions policy and political contributions made by the Company. Gary C. George is Chairman of George's, Inc. Mr. George was not involved in the establishment of these service agreements, nor did he solicit the Company's services on behalf of George's, Inc. Total revenue earned in calendar year 2019 under these service agreements was $12.9 million. market information with respect to cash and. Based on present knowledge of the facts and, in certain cases, opinions of outside counsel, we believe the resolution of these claims and pending litigation will not have a material adverse effect on our financial condition, results of operations or liquidity. Net sales (including intra-group) break down by activity as follows: None of these actions can stand alone - they are interconnected. All notes are unsecured obligations and rank equally with our existing and future senior unsecured debt. Changes in operating assets and liabilities: Accrued payroll and other accrued expenses, Net cash provided by operating activities, Proceeds from revolving lines of credit and other, Payments on revolving lines of credit and other, Stock repurchased for payroll taxes and other, Net increase/(decrease) in cash and cash equivalents, Cash and cash equivalents at beginning of year. How Can I Vote My Shares Without Attending The Annual Meeting? accomplishments in their respective field, with superior credentials and recognition. We have utilized these trade-in values, as well as other operational information such as anticipated annual miles, in accounting for depreciation expense. The competitive landscape for transportation companies is changing dramatically. The operation of each of these businesses is described in our Notes to Consolidated Financial Statements. J.B. Hunt Transport Services, Inc. (JBHT) CEO John Roberts on Q3 Our restricted share unit and performance share unit awards may include both graded-vesting and cliff- vesting awards and therefore vest in increments during the requisite service period or at the end of the requisite service period, as appropriate for each type of vesting. The certifications of our Chief Executive Officer and Chief Financial Officer required under Section 302 of the Sarbanes-Oxley Act have been filed as Exhibits 31.1 and 31.2 to this report. He is Chairman of the company's rate-regulated electric utility subsidiary, Florida Power & Light Company, as well as Chairman and CEO of NextEra Energy Partners, LP, a growth-oriented limited partnership formed by NextEra Energy to acquire, manage and own contracted clean energy projects. annually review the Company's Corporate Governance Guidelines and policies. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of December 31, 2019. We believe that our audit provides a reasonable basis for our opinion. The Chief Executive Officer provides recommendations to the Compensation Committee regarding the form and amount of compensation to be paid to executive officers who report directly to him. The 2019 annual bonus payout targets compared with actual reported operating income and actual payout percentages were as follows: No annual payout was made under the company bonus plan for 2019. We compete with many other transportation service providers of varying sizes and, to a lesser extent, with LTL carriers and railroads, some of which have more equipment and greater capital resources than we do. We specialize in the design, development, and execution of supply chain solutions that support a variety of transportation networks. While J.B. Hunt has adopted various ad-hoc initiatives to reduce fuel consumption, the Company states these initiatives are not part of an overarching strategy, it does not have a low-carbon transition plan, and it does not use climate-related scenario analysis to inform its business strategy. The Compensation Committee has determined that as of the most recent annual award date, all of the Company's officers and members of senior management covered by these guidelines had met their ownership goals or were within the permitted period of time to meet such goals. At December 31, 2019, we had 1.7 million shares of common stock to be issued upon the vesting of equity awards and 5.7 million shares reserved for future issuance pursuant to share-based payment plans. View jobs J.B. Hunt Employee Reviews in Pittston, PA Review this company Job Title All Location Pittston, PA 20 reviews Ratings by category 3.0 Work-Life Balance 3.2 Pay & Benefits 3.1 Job Security & Advancement 3.0 Management 3.1 Culture Sort by Helpfulness Rating Date Language All members of the Compensation Committee qualify as "nonemployee directors" for purposes of Rule 16b-3 of the Exchange Act and as "outside directors" for purposes of Section 162(m) of the Internal Revenue Code, as amended. J.B. Hunt is also piloting rearview digital camera technology on its fleet that will expand driver visibility and potentially improve aerodynamics and fuel economy. Effective April 1, 2020, he will retire from the Company and Darren Field, currently Executive Vice President of Intermodal, will succeed him as Executive Vice President and President of Intermodal. individual contribution to the success of the Company. Our safety and claims personnel work directly with representatives from the insurance companies to continually update the estimated cost of each claim. The Corporate Governance Committee will consider all Candidates submitted through its established processes and will evaluate each of them, including incumbents, based on the same criteria. we recorded approximately $8.1 million of finite-lived intangible assets and approximately $8.1 million of goodwill. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate. We had no individual customers with revenues greater than 10% of total revenues. Significant judgment is required in determining and assessing the impact of complex tax laws and certain tax- related contingencies on our provision for income taxes. Since becoming a public company in 1983, the Company has had no illegal actions by its officers or restatements of financial information. We paid a $0.23 per share quarterly dividend in 2017, a $0.24 per share quarterly dividend in 2018, and a $0.26 per share quarterly dividend in 2019. We provide support to customers with a company-developed sustainability practice called the "Carbon Diet." For 2019, the company bonus plan was based on annual reported operating income and consisted of a single payout to be made in January 2020 based on the full year 2019 operating income matrix approved by the Compensation Committee. Kirk Thompson and John N. Roberts, III are named as proxies in the proxy form and have been designated by the Board as the directors' proxies to represent you and vote your shares at the Annual Meeting. As of December 31, 2019, we had no derivative financial instruments to reduce our exposure to fuel-price fluctuations. In 2020, we will release shipment booking and pricing features in Shipper 360 that will lead the industry and create new growth opportunities for J.B. Hunt. Each served as a member of the Audit Committee during the full 2019 calendar year. The adoption of the standard did. The Company does not have any other stock retention policy. The Compensation Committee believes this level of stockholder support reflects a strong endorsement of the Company's compensation policies and decisions. The following table summarizes the total compensation earned by or paid to the Chief Executive Officer, Chief Financial Officer and the next three most highly compensated executive officers of the Company who served in such capacities as of December 31, 2019, for services rendered to the Company. For the year, J.B. Hunt said revenue increased 5.1% to $9.63 billion, compared with $9.16 billion in 2019. Your broker, bank or other nominee has enclosed with this Proxy Statement a voting instruction card for you to use in directing your nominee on how to vote your shares. Our claims accrual policy for all self-insured claims is to recognize a liability at the time of the incident based on our analysis of the nature and severity of the claims and analyses provided by third-party claims administrators, as well as legal, economic, and regulatory factors. We generally market all of our service offerings through a nationwide sales and marketing network. The Board and Management recognize that our future success rests on creating a sustainable business model built on a foundation of strong corporate governance while maintaining sound environmental and social responsibility for the benefit of all of our stakeholders. For the calendar year ended December 31, 2019, our top 10 customers, based on revenue, accounted for approximately 32% of our revenue. We believe that good corporate governance helps to ensure that the Company is managed for the long-term benefit of our stockholders. Therefore, without your specific instructions, your shares will not be voted on these matters and will not be counted in determining the number of shares necessary for approval. Data may be intentionally delayed pursuant to supplier requirements. Terrence D. Matthews, 61, joined the Company in 1986 as a National Accounts Manager and currently serves as Executive Vice President and President of Intermodal. Increasingly, our customers are seeking energy-efficient transportation solutions to reduce both cost and greenhouse- gas emissions. establishment of formal charters outlining the purpose, composition, and responsibility of each committee of the Board. be free from conflicts of interest that violate applicable law or interfere with director performance. Our operations as a for-hire motor carrier are subject to regulation by the U.S. Department of Transportation (DOT) and the Federal Motor Carrier Safety Administration (FMCSA), and certain business is also subject to state rules and regulations. While the Company's limited involvement in the legislative, regulatory or electoral process serves an important corporate purpose, the Company's related expenses represent only a small fraction of our total annual expenses (less than 0.001% in fiscal 2019). J.B. Hunt Discloses 2019 Sustainability Metrics and Provides Road 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. Auditing the Company's claims accruals is complex and involves significant measurement uncertainty associated with the estimate, the application of significant management judgment, and the use of various actuarial methods. In October 2018 we received the arbitrators' Interim Award. In accordance with SEC rules, we have set forth below a stockholder proposal, along with the supporting statement of the stockholder proponent, for which we and the Board accept no responsibility. We have a share-based compensation plan covering certain employees, including officers and directors. The Company uses an actuarial method to develop currently known claim information to derive an estimate of the ultimate claim liability to account for estimated incurred but not reported losses ("IBNR"). The first is $250 million of 3.85% senior notes due March 2024, which was issued in March 2014. Meanwhile, DCS is subject to less seasonal variation than our other segments. Details of any such contributions over $200, including the recipient and amount, are generally made publicly available by the Federal Election Commission. In 2019, 53% of all fuel purchased was a bio-blended diesel product. If we default on our commitments under the agreements or other arrangements, we are required to perform under these guaranties. We are responsible for establishing and maintaining effective internal control over financial reporting as defined in Rules 13a-15(f) under the Securities Exchange Act of 1934. Individuals with greater roles and the ability to directly impact strategic direction and. The Proxy Statement and the related proxy card are being distributed on or about March 12, 2020. The Company provides no postretirement medical or supplemental retirement benefits to its employees. December 31, 2019 and 2018 (in thousands, except share data). The proposals in this Proxy Statement regarding the election of directors, the advisory vote concerning executive compensation, the Company's political contributions policy, and the proposed report on climate change initiatives are not considered to be routine matters. Prior to joining the Company, he was a Senior Audit Manager for KPMG LLP. The 2019 Compensation Committee was composed of Coleman H. Peterson, Chairman, Francesca M. Edwardson, Sharilyn S. Gasaway, and Gary C. George, none of whom is an officer or employee of the Company and all of whom have been determined by the Board to be independent. Accordingly, we use an actuarial method to develop current claim information to derive an estimate of our ultimate claim liability. J.B. Hunt is proud to support communities and charities that align with the values of our organization. The Company recently became a signatory of the DOT's Transportation Leaders Against Human Trafficking Pledge. We believe that good corporate governance helps to ensure the Company is managed for the long-term benefit of all of our stakeholders and accordingly observe the following key corporate governance principles: Lead Director and Independent Director Executive Sessions. J.B As an early adopter of this technology, we have seen benefits in its ability to manage compliance with Hours-of-Service (HOS) regulations and reduce roadside inspection violations. The 2019 Annual Report to Stockholders is included in this publication, J.B. HUNT TRANSPORT SERVICES, INC. Notice of Annual Meeting, J.B. HUNT TRANSPORT SERVICES, INC. 615 J.B. Hunt Corporate Drive, Lowell, Arkansas 72745 479-820-0000 Website: jbhunt.com.