What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2025-02-21 compared with 2024-02-23 · 41 added, 33 removed, 131 unchanged (36% of the section changed)

13 unchanged sentences

In addition to dry-van, full-load operations, we also arrange for these unrelated outside carriers to provide flatbed, refrigerated, less-than-truckload (LTL), and other specialized equipment, drivers, and services.

Also, we utilize a combination of company-owned and contracted power units to provide traditional over-the-road full truckload delivery services.

Also, we utilize contracted power units to provide traditional over-the-road full truckload delivery services.

Our customers, who include many Fortune 500 companies, have extremely diverse businesses.

24 unchanged sentences

Efforts to improve fleet fuel efficiency and reduce greenhouse gas emissions are ongoing.

We are an Environmental Protection Agency (EPA) SmartWay® Transport Partner, and proud to have been awarded the EPA’s SmartWay® Excellence Award each of the past twelve years it was awarded.

We are an Environmental Protection Agency (EPA) SmartWay® Transport Partner, and a proud thirteen-time recipient of the EPA’s SmartWay® Excellence Award (awarded consecutively through 2021 before the award program was paused in 2022 and 2023.

In 2024 we were listed in Smartway's High Performer List which highlights companies who have achieved significant shipping and freight efficiencies that merit special attention.

As always, we continue to ingrain safety into our corporate culture and strive to conduct all of our operations as safely as possible.

12 unchanged sentences

The containers and chassis are uniquely designed so that they may only be paired together for optimal productivity, which we feel creates an operational competitive advantage.

JBI also manages a fleet of 5,944 company-owned tractors and 7,567 company drivers and contracts 436 independent contractor trucks.

At December 31, 2023, the total JBI employee count was 8,756.

JBI also manages a fleet of 6,153 company-owned tractors and contracts 349 independent contractor trucks.

At December 31, 2024, the total JBI employee count was 9,253, including 8,117 company drivers and 4 delivery and material assistants.

Revenue for the JBI segment in 2024 was $5.96 billion.

2 unchanged sentences

Contracts with our customers are long-term, ranging from three to 10 years, with the average being approximately five years.

Pricing of our contracts typically involves cost-plus arrangements, with our fixed costs being recovered regardless of equipment utilization, but is customized based on invested capital and duration.

At December 31, 2023, this segment operated 12,574 company-owned trucks, 674 customer-owned trucks, and 4 independent contractor trucks.

Pricing of our contracts typically involves cost-plus arrangements, with our fixed costs being recovered regardless of equipment utilization, but is customized based on the amount of invested capital and the duration of the contract.

At December 31, 2024, this segment operated 12,048 company-owned trucks, 598 customer-owned trucks, and one independent contractor truck.

DCS also operates 27,149 owned pieces of trailing equipment and 4,897 customer-owned trailers.

The DCS segment employed 16,196 people, including 13,752 drivers, at December 31, 2023.

The DCS segment employed 15,521 people, including 13,173 drivers and 39 delivery and material assistants, at December 31, 2024.

DCS revenue for 2024 was $3.40 billion.

17 unchanged sentences

The service offering in this segment is full-load, dry-van freight, utilizing tractors and trailers operating over roads and highways.

JBT also offers services through our J.B.

JBT offers these services through our J.B.

Hunt 360box® program which utilizes our J.B.

1 unchanged sentence

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 use independent contractors or third-party carriers who agree to transport freight in our trailers as well as our company-owned tractors and employee drivers.

At December 31, 2023, the JBT segment operated 13,561 company-owned trailers, 27 company-owned tractors, and employed 329 people, 28 of whom were drivers.

We use independent contractors or third-party carriers who agree to transport freight in our trailers as well as available company-owned tractors and employee drivers.

At December 31, 2024, the JBT segment operated 12,895 company-owned trailers, two company-owned tractors, and employed 266 people, three of whom were drivers.

At December 31, 2024, we had 1,917 independent contractors operating in the JBT segment.

12 unchanged sentences

Despite operating over 189,000 pieces of transportation equipment, our single greatest asset and one of the factors differentiating us from our competitors is our service-oriented people.

Hunt strives to provide a supportive and safe work environment for its employees, where diverse and innovative ideas can be fostered to solve problems and provide value-added services for our customers.

In addition to our employees, our customers, vendors, and communities in which we operate also share diverse backgrounds and an equally diverse range of interests and passions.

Hunt puts forth its best effort to support initiatives reflecting the company values which are shared by its stakeholders.

We strive to provide a supportive and safe work environment for its employees, where diverse and innovative ideas can be fostered to solve problems and provide value-added services for our customers.

We put forth our best effort to support initiatives that benefit our people and reflect our company values of integrity, respect, innovation, safety, and excellence.

As of December 31, 2024, we had 33,646 employees, which consisted of 22,573 company drivers, 9,266 office personnel, 1,426 maintenance technicians, and 381 delivery and material assistants.

1 unchanged sentence

None of our employees are represented by unions or covered by collective bargaining agreements.

In managing the Company’s business, management focuses on various human capital measures and objectives designed to address the development, attraction, and retention of personnel.

These include competitive compensation and benefits, paid time off, employee retirement plan, bonus and other incentive compensation plans, modern equipment and support, leadership development, and tuition assistance as well as those described below.

Diversity and Inclusion

We hold strongly to the principle that a qualified, diverse workforce, and inclusive workplace helps us represent the broad cross-section of ideas, values, and beliefs of our employees, customers, suppliers, and communities.

In 2017, we established our Diversity and Inclusion initiative which reaches enterprise-wide and aims to create an inclusive culture and environment where employees from all backgrounds can succeed and be heard.

Employees are evaluated and hired nationally in accordance with established criteria and regulatory requirements specific to their anticipated role within the Company.

In addition, our Employee Resource Groups (ERGs), Inclusion Office, and Inclusion Council work together to further our culture of inclusivity.

The Company’s six ERGs offer opportunities for employee professional development, business improvement, community engagement, and networking.

Comprised of groups representing women, Latinos, veterans, LGBTQIA+, African Americans, and Asian Americans and Pacific Islanders, our ERGs promote camaraderie within the workforce and allow employees with similar interests to build meaningful work relationships that enable career mobility.

Our Inclusion Office is a division of our People Team where our inclusion strategy and work are centralized to enable our goal of creating an inclusive culture where all employees feel welcomed, valued, respected, safe, and heard.

Our Inclusion Council was established in 2022 and is comprised of senior leaders with diverse identities from across our organization.

They are a voice for our people who share a passion for ensuring that inclusion remains a key component of creating an exceptional employee experience and drives how we do business.

Employee Safety and Health

The health and well-being of our workforce is a priority as we continue to ingrain safety into our corporate culture and strive to conduct all our operations as safely as possible.

Hunt employees participate in regular job-specific safety training programs.

In addition, J.B.

Hunt’s Million Mile Safe Driving and Recognition Awards Program has recognized and rewarded our drivers who dedicate themselves to accident-free driving.

Since its inception in 1996, the program has awarded more than $38 million to over 4,700 drivers.

In managing the Company’s business, our executive leadership focuses on various human capital measures and objectives designed to address the attraction, development, and retention of personnel across the dimensions of culture, career, and wellness.

These include but are not limited to competitive compensation and benefits, paid time off, employee retirement plans, bonus and other incentive compensation plans, modern equipment and support, employee listening programs connecting feedback with business action, leadership development, recognition, and tuition assistance.

Culture and Belonging

We work to foster a culture where all employees feel welcomed, valued, respected, safe, and heard, and where the actions of our people reflect our company values.

We measure ourselves through listening to our employees in surveys, focus groups, and town hall meetings with leadership.

We use data and ideas from those activities to drive action in support of our leaders and teams.

We also facilitate ideation from all employees through our process improvement platform, ELEVATION, where anyone can submit an idea to make the company better.

In addition, our Employee Resource Groups (ERGs), Inclusion Office, and Inclusion Council work together to further a culture of inclusivity.

The Company’s seven ERGs are open to all of our employees and offer opportunities for professional development and networking.

Career and Opportunity

Providing career opportunities for our people is an ongoing commitment.

Thousands of employees have had the chance to move jobs or be promoted into new roles, and thousands more have participated in leadership training over their careers, including training opportunities for field and office positions.

In addition to offering tuition assistance for degree programs or certifications to our employees, family members of employees are also eligible to apply for the J.B.

Hunt Scholarship Program for Families, offering the opportunity to receive $2,500 each school year, and up to $10,000 over four years.

Wellness and Safety

The health and well-being of our workforce has always been a priority as safety is ingrained into our corporate culture and is a company value.

We strive to conduct all of our operations as safely as possible.

Many of our employees participate in regular job-specific safety training programs.

In addition, our Million Mile Safe Driving and Recognition Awards Program has for more than 25 years recognized and rewarded our drivers who dedicate themselves to accident-free driving.

Since its inception in 1996, the program has awarded more than $40 million in safe driving bonuses, and in 2024, surpassed 5,000 drivers who have achieved one million safe miles.

We believe that access to quality healthcare is also an important part of this priority, and we have programs in place that focus on improving the quality of care that our employees and their families receive.

Paid leave is another key component of this focus and the Company offers benefit plans that comply with all applicable laws.

From new and expanded benefit programs to case management support to shortened eligibility waiting periods and more, we are continually assessing our offerings in a competitive and ever-changing healthcare landscape.

Paid leave is another key component of this focus, and we offer benefit plans that comply with all applicable laws.

Financial wellness is also included in our focus, and we provide seed funding for healthcare savings accounts and opportunities to participate in 401(k) retirement plans.

We are a company that prioritizes a supportive and safe work environment.

We believe this is essential for our people to grow and thrive, and for innovative ideas to be fostered and problems to be solved.

Throughout this approach, we fulfill our mission to provide long-term value for our people, customers, and shareholders.

Revenue Equipment

23 unchanged sentences

The DOT periodically conducts reviews and audits to ensure our compliance with federal safety requirements, and we report certain accident and other information to the DOT.

Our operations into and out of Canada and Mexico are subject to regulation by those countries.

Our operations into and out of Canada and Mexico are subject to regulation by those countries as well as U.S.

Customs and Boarder Protection with respect to cross-border trade and security compliance.

We are also subject to a variety of requirements of national, state, and local governments, including the U.S.

6 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business