Knight-Swift Transportation (KNX) 10-Q 3 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares shares in Thousands	6 Months Ended
	Jun. 30, 2022	Jul. 27, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-35007
Entity Registrant Name	Knight-Swift Transportation Holdings Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-5589597
Entity Address, Address Line One	2002 West Wahalla Lane
Entity Address, City or Town	Phoenix
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85027
City Area Code	602
Local Phone Number	269-2000
Title of 12(b) Security	Common Stock $0.01 Par Value
Trading Symbol	KNX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		160,665
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001492691
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) shares in Thousands, $ in Thousands		Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents		$ 198,021	$ 261,001
Cash and cash equivalents – restricted	[1]	111,449	87,241
Restricted investments, held-to-maturity, amortized cost		7,856	5,866
Trade receivables, net of allowance for doubtful accounts of $22,124 and $21,663, respectively		1,010,768	911,336
Contract balance – revenue in transit		20,422	22,936
Prepaid expenses		79,405	90,507
Assets held for sale		11,195	8,166
Income tax receivable		6,880	909
Other current assets		27,421	26,318
Total current assets		1,473,417	1,414,280
Gross property and equipment		5,368,062	5,118,897
Less: accumulated depreciation and amortization		(1,766,873)	(1,563,533)
Property and equipment, net		3,601,189	3,555,364
Operating lease right-of-use-assets		165,643	147,540
Goodwill		3,518,589	3,515,135
Intangible assets, net		1,798,668	1,831,049
Other long-term assets		157,372	192,132
Total assets		10,714,878	10,655,500
Current liabilities:
Accounts payable		220,469	224,844
Accrued payroll and purchased transportation		245,679	217,084
Accrued liabilities		124,072	128,536
Claims accruals – current portion		240,021	206,607
Finance lease liabilities and long-term debt – current portion		235,775	262,423
Operating lease liabilities – current portion		37,787	35,322
Total current liabilities		1,103,803	1,074,816
Revolving line of credit		129,000	260,000
Long-term debt – less current portion		1,028,617	1,037,552
Finance lease liabilities – less current portion		327,320	256,166
Operating lease liabilities – less current portion		123,274	107,614
Accounts receivable securitization		278,594	278,483
Claims accruals – less current portion		206,418	210,714
Deferred tax liabilities		874,601	874,877
Other long-term liabilities		11,994	11,828
Total liabilities		4,083,621	4,112,050
Commitments and contingencies (Notes 3, 7, 8, and 9)
Stockholders’ equity:
Preferred stock, par value $0.01 per share; 10,000 shares authorized; none issued		$ 0	$ 0
Parenthetical - Preferred stock, par value (in dollars per share)		$ 0.01	$ 0.01
Parenthetical - Preferred stock, shares authorized (in shares)		10,000	10,000
Parenthetical - Preferred stock, shares issued (in shares)		0	0
Common stock, par value $0.01 per share; 500,000 shares authorized; 160,639 and 165,980 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively.		$ 1,606	$ 1,660
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
Common stock, shares authorized (in shares)		500,000	500,000
Common stock, shares issued (in shares)		160,639	165,980
Common stock, shares outstanding (in shares)		160,639	165,980
Accumulated other comprehensive loss		$ (2,797)	$ (563)
Additional paid-in capital		4,372,916	4,350,913
Retained earnings		2,249,333	2,181,142
Total Knight-Swift stockholders' equity		6,621,058	6,533,152
Noncontrolling interest		10,199	10,298
Total stockholders’ equity		6,631,257	6,543,450
Total liabilities and stockholders’ equity		$ 10,714,878	$ 10,655,500
Common Class A [Member]
Stockholders’ equity:
Common stock, shares outstanding (in shares)		160,639	165,980
[1]Reflects cash and cash equivalents that are primarily restricted for claims payments.

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Total revenue	$ 1,961,131	$ 1,315,701	$ 3,788,120	$ 2,538,715
Operating expenses:
Salaries, wages, and benefits	549,956	377,613	1,086,012	747,983
Fuel	257,146	126,055	447,635	244,291
Operations and maintenance	106,724	71,313	202,607	139,383
Insurance and claims	102,084	58,776	200,276	114,419
Operating taxes and licenses	30,204	21,717	59,241	43,765
Communications	5,744	4,635	11,614	9,672
Depreciation and amortization of property and equipment	147,482	123,606	292,526	243,521
Amortization of intangibles	16,215	11,984	32,381	23,733
Rental expense	13,492	13,399	26,893	30,263
Purchased transportation	384,910	304,157	771,356	562,387
Impairments	0	0	810	0
Miscellaneous operating expenses	21,396	11,331	32,905	25,924
Total operating expenses	1,635,353	1,124,586	3,164,256	2,185,341
Operating income	325,778	191,115	623,864	353,374
Other (expenses) income:
Interest income	675	270	1,136	564
Interest expense	(9,345)	(3,307)	(16,025)	(6,793)
Other (expenses) income, net	(25,576)	16,840	(39,981)	32,945
Total other (expenses) income, net	(34,246)	13,803	(54,870)	26,716
Income before income taxes	291,532	204,918	568,994	380,090
Income tax expense	72,090	51,783	141,264	97,112
Net income	219,442	153,135	427,730	282,978
Net loss (income) attributable to noncontrolling interest	50	(331)	99	(384)
Net income attributable to Knight-Swift	219,492	152,804	427,829	282,594
Other comprehensive loss	(1,862)	0	(2,234)	0
Comprehensive income	$ 217,630	$ 152,804	$ 425,595	$ 282,594
Earnings per share:
Basic (in dollars per share)	$ 1.35	$ 0.92	$ 2.61	$ 1.70
Diluted (in dollars per share)	1.35	0.92	2.60	1.69
Dividends declared per share: (in dollars per share)	$ 0.12	$ 0.10	$ 0.24	$ 0.18
Weighted average shares outstanding:
Basic (in shares)	162,365	165,577	163,863	165,751
Diluted (in shares)	163,166	166,585	164,801	166,750
Revenue, excluding truckload and LTL fuel surcharge
Total revenue	$ 1,694,531	$ 1,212,872	$ 3,342,409	$ 2,345,977
Truckload and LTL fuel surcharge
Total revenue	$ 266,600	$ 102,829	$ 445,711	$ 192,738

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Statement of Cash Flows [Abstract]
Net income	$ 427,730	$ 282,978
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]
Depreciation and amortization of property, equipment, and intangibles	324,907	267,254
Gain on sale of property and equipment	(57,808)	(25,592)
Impairments	810	0
Deferred income taxes	(2,439)	(9,541)
Non-cash lease expense	19,795	26,743
Loss (gain) on equity securities	50,937	(8,858)
Non-cash adjustment to fair value of convertible note	0	(12,631)
Other adjustments to reconcile net income to net cash provided by operating activities	25,603	18,205
Increase (decrease) in cash resulting from changes in:
Trade receivables	(103,740)	(70,067)
Income tax receivable	(5,971)	(26,466)
Accounts payable	2,060	28,935
Accrued liabilities and claims accrual	50,822	6,512
Operating lease liabilities	(19,772)	(28,311)
Other assets and liabilities	7,050	10,343
Net cash provided by operating activities	719,984	459,504
Cash flows from investing activities:
Proceeds from maturities of held-to-maturity investments	4,306	2,850
Purchases of held-to-maturity investments	(6,399)	(2,555)
Proceeds from sale of property and equipment, including assets held for sale	104,239	127,068
Purchases of property and equipment	(295,522)	(247,549)
Expenditures on assets held for sale	(449)	(765)
Net cash, restricted cash, and equivalents invested in acquisitions	(1,291)	(63,305)
Investment in convertible note	0	(25,000)
Payments for (Proceeds from) Other Investing Activities	(9,190)	12,340
Net cash used in investing activities	(204,306)	(196,916)
Cash flows from financing activities:
Repayment of finance leases and long-term debt	(66,440)	(50,428)
Repayments on revolving lines of credit, net	(131,000)	(155,000)
Borrowings under accounts receivable securitization	0	80,000
Repayment of accounts receivable securitization	0	(15,000)
Proceeds from common stock issued	5,057	5,302
Repurchases of the Company's common stock	(299,941)	(53,661)
Dividends paid	(39,721)	(30,332)
Other cash flows from financing activities	(20,316)	(8,679)
Net cash used in financing activities	(552,361)	(227,798)
Net (decrease) increase in cash, restricted cash, and equivalents	(36,683)	34,790
Cash, restricted cash, and equivalents at beginning of period	350,023	197,277
Cash, restricted cash, and equivalents at end of period	313,340	232,067
Cash paid during the period for:
Interest	14,097	5,719
Income taxes	154,819	133,284
Other Significant Noncash Transactions [Line Items]
Equipment acquired included in accounts payable	3,085	8,063
Purchase price adjustment on acquisition	2,163	0
Contingent consideration associated with acquisitions and investments	1,717	5,000
Right-of-use assets obtained in exchange for operating lease liabilities	37,897	4,146
Property and equipment obtained in exchange for finance lease liabilities	101,904	55,370
Transfers from property and equipment to assets held for sale [Member]
Other Significant Noncash Transactions [Line Items]
Other non-cash investing and financing activities	29,510	51,310
Noncontrolling Interest Associated With Acquisition
Other Significant Noncash Transactions [Line Items]
Other non-cash investing and financing activities	0	10,281
Property and equipment obtained in exchange for finance lease liabilities from operating lease liabilities
Other Significant Noncash Transactions [Line Items]
Property and equipment obtained in exchange for finance lease liabilities	0	42,298
Acquisitions [Member]
Other Significant Noncash Transactions [Line Items]
Right-of-use assets obtained in exchange for operating lease liabilities through acquisitions	$ 0
2021 Acquisitions
Other Significant Noncash Transactions [Line Items]
Right-of-use assets obtained in exchange for operating lease liabilities through acquisitions		$ 560

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) Reconciliation of Cash, Restricted Cash, and Cash Equivalents - USD ($) $ in Thousands		Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Statement of Cash Flows [Abstract]
Cash and cash equivalents		$ 198,021	$ 261,001	$ 179,032	$ 156,699
Cash and cash equivalents – restricted	[1]	111,449	87,241	51,637	39,328
Other long-term assets	[1]	$ 3,870	$ 1,781	$ 1,398	$ 1,250
[1]Reflects cash and cash equivalents that are primarily restricted for claims payments.

Condensed Consolidated Statem_4

Condensed Consolidated Statement Of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total		Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent	Total Knight-Swift Equity [Member]	Noncontrolling Interest [Member]	Common Class A [Member]	Common Class A [Member] Common Stock
Beginning balance, shares at Dec. 31, 2020								166,553
Beginning balance, value at Dec. 31, 2020	$ 5,872,040		$ 4,301,424	$ 1,566,759	$ 0	$ 5,869,848	$ 2,192		$ 1,665
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued to employees (Shares)								418
Common stock issued to employees	3,396		3,391			3,396			5
Common stock issued to the Board (Shares)								12
Common stock issued to the Board	575		575			575			0
Common stock issued under ESPP (Shares)								31
Common stock issued under ESPP	1,331		1,331			1,331			0
Company shares repurchased (Shares)								(1,303)
Company shares repurchased	(53,661)			(53,648)		(53,661)			(13)
Shares withheld – RSU settlement	(7,947)			(7,947)		(7,947)
Employee stock-based compensation expense	$ 19,194		19,194			19,194
Dividends declared per share: (in dollars per share)	$ 0.18
Cash dividends paid and dividends accrued	$ (30,069)			(30,069)		(30,069)
Net income attributable to Knight-Swift	282,594			282,594		282,594
Investment in noncontrolling interest	10,281
Distribution to noncontrolling interest	(65)						(65)
Net loss attributable to noncontrolling interest	384						384
Ending balance, shares at Jun. 30, 2021								165,711
Ending balance, value at Jun. 30, 2021	6,098,053		4,325,915	1,757,689	0	6,085,261	12,792		1,657
Beginning balance, shares at Mar. 31, 2021								165,488
Beginning balance, value at Mar. 31, 2021	5,949,338		4,309,792	1,625,397	0	5,936,844	12,494		1,655
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued to employees (Shares)								198
Common stock issued to employees	1,387		1,385			1,387			2
Common stock issued to the Board (Shares)								12
Common stock issued to the Board	575		575			575			0
Common stock issued under ESPP (Shares)								13
Common stock issued under ESPP	631		631			631			0
Shares withheld – RSU settlement	(3,788)			(3,788)		(3,788)
Employee stock-based compensation expense	$ 13,532		13,532			13,532
Dividends declared per share: (in dollars per share)	$ 0.10
Cash dividends paid and dividends accrued	$ (16,724)			(16,724)		(16,724)
Net income attributable to Knight-Swift	152,804			152,804		152,804
Distribution to noncontrolling interest	(33)						(33)
Net loss attributable to noncontrolling interest	331						331
Ending balance, shares at Jun. 30, 2021								165,711
Ending balance, value at Jun. 30, 2021	$ 6,098,053		4,325,915	1,757,689	0	6,085,261	12,792		1,657
Beginning balance, shares at Dec. 31, 2021	165,980							165,980
Beginning balance, value at Dec. 31, 2021	$ 6,543,450		4,350,913	2,181,142	(563)	6,533,152	10,298		1,660
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued to employees (Shares)								607
Common stock issued to employees	2,375		2,369			2,375			6
Common stock issued to the Board (Shares)								18
Common stock issued to the Board	873		873			873			0
Common stock issued under ESPP (Shares)								35
Common stock issued under ESPP	$ 1,809		1,809			1,809			0
Company shares repurchased (Shares)	(6,001)	[1]						(6,001)
Company shares repurchased	$ (299,941)	[1]		(299,881)		(299,941)			(60)
Shares withheld – RSU settlement	(20,316)			(20,316)		(20,316)
Employee stock-based compensation expense	$ 16,952		16,952			16,952
Dividends declared per share: (in dollars per share)	$ 0.24
Cash dividends paid and dividends accrued	$ (39,441)			(39,441)		(39,441)
Net income attributable to Knight-Swift	427,829			427,829		427,829
Other comprehensive loss	(2,234)				(2,234)	(2,234)
Net loss attributable to noncontrolling interest	$ (99)						(99)
Ending balance, shares at Jun. 30, 2022	160,639							160,639
Ending balance, value at Jun. 30, 2022	$ 6,631,257		4,372,916	2,249,333	(2,797)	6,621,058	10,199		1,606
Beginning balance, shares at Mar. 31, 2022								163,635
Beginning balance, value at Mar. 31, 2022	6,580,943		4,360,889	2,209,104	(935)	6,570,694	10,249		1,636
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued to employees (Shares)								243
Common stock issued to employees	1,964		1,961			1,964			3
Common stock issued to the Board (Shares)								18
Common stock issued to the Board	873		873			873			0
Common stock issued under ESPP (Shares)								21
Common stock issued under ESPP	$ 1,000		1,000			1,000			0
Company shares repurchased (Shares)	(3,278)	[1]						(3,278)
Company shares repurchased	$ (155,060)	[1]		(155,027)		(155,060)			(33)
Shares withheld – RSU settlement	(4,708)			(4,708)		(4,708)
Employee stock-based compensation expense	$ 8,193		8,193			8,193
Dividends declared per share: (in dollars per share)	$ 0.12
Cash dividends paid and dividends accrued	$ (19,528)			(19,528)		(19,528)
Net income attributable to Knight-Swift	219,492			219,492		219,492
Other comprehensive loss	(1,862)				(1,862)	(1,862)
Net loss attributable to noncontrolling interest	$ (50)						(50)
Ending balance, shares at Jun. 30, 2022	160,639							160,639
Ending balance, value at Jun. 30, 2022	$ 6,631,257		$ 4,372,916	$ 2,249,333	$ (2,797)	$ 6,621,058	$ 10,199		$ 1,606
[1]$200.0 million remained available under the 2022 Knight-Swift Repurchase Plan as of June 30, 2022. $192.8 million remained available under the 2020 Knight-Swift Share Repurchase Plan as of December 31, 2021

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited)(Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Receivables [Abstract]
Parenthetical - allowance for doubtful accounts	$ 22,124	$ 21,663

Introduction and Basis of Prese

Introduction and Basis of Presentation	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Introduction and Basis of Presentation	Introduction and Basis of Presentation Certain acronyms and terms used throughout this Quarterly Report are specific to the Company, commonly used in the trucking industry, or are otherwise frequently used throughout this document. Definitions for these acronyms and terms are provided in the "Glossary of Terms," available in the front of this document. Description of Business Knight-Swift is a transportation solutions provider, headquartered in Phoenix, Arizona. During the first half of 2022, the Company operated an average of 18,010 tractors (comprised of 16,165 company tractors and 1,845 independent contractor tractors) and 72,111 trailers within the Truckload segment and leasing activities within the non-reportable segments. The LTL segment operated an average of 3,110 tractors and 8,352 trailers. Additionally, the Intermodal segment operated an average of 603 tractors and 11,259 intermodal containers. As of June 30, 2022, the Company's four reportable segments were Truckload, LTL, Logistics, and Intermodal. Basis of Presentation The condensed consolidated financial statements and footnotes included in this Quarterly Report include the accounts of Knight-Swift Transportation Holdings Inc. and its subsidiaries and should be read in conjunction with the consolidated financial statements and footnotes included in Knight-Swift's 2021 Annual Report. In management's opinion, these condensed consolidated financial statements were prepared in accordance with GAAP and include all adjustments necessary (consisting of normal recurring adjustments) for the fair statement of the periods presented. With respect to transactional/durational data, references to years pertain to calendar years. Similarly, references to quarters pertain to calendar quarters. Changes in Presentation Beginning in the second quarter of 2022, the Company separately disclosed "Loss (gain) on equity securities" in the condensed consolidated statement of cash flows. Accordingly, the amounts presented in the Company's first half 2021 condensed consolidated statement of cash flows were reclassified from "Other adjustments to reconcile net income to net cash provided by operating activities" to "Loss (gain) on equity securities" to align with the current year presentation. 2021 Acquisitions The Company acquired the following entities in 2021: • 100.0% of MME on December 6, 2021. The results are included within the LTL segment. • 100.0% of ACT on July 5, 2021. The results are included within the LTL segment. • 100.0% of UTXL on June 1, 2021. The results are included within the Logistics segment. • 79.44% of Eleos on February 1, 2021. The results are included within the non-reportable segments. The noncontrolling interest is presented as a separate component of the condensed consolidated financial statements. Note regarding comparability: In accordance with the accounting treatment applicable to the transactions, the Company's consolidated results, as reported, do not include the operating results of its ownership interest in the acquired entities prior to the respective acquisition dates. Accordingly, comparisons between the Company's current and prior period results may not be meaningful. Additional information regarding the Company's recent acquisitions is included in Note 3. Seasonality In the truckload transportation industry, results of operations generally follow a seasonal pattern. Freight volumes in the first quarter are typically lower due to less consumer demand, customers reducing shipments following the holiday season, and inclement weather, while operating expenses generally increase. Tractor productivity of the Company's Truckload fleet, third-party carriers, and independent contractors decreases during the winter months due to decreased fuel efficiency, increased cold weather-related equipment maintenance and repairs, and increased insurance claims and costs attributed to higher accident frequency from harsh weather. These factors typically lead to lower operating profitability, as compared to other parts of the year. Additionally, beginning in the latter half of the third quarter and continuing into the fourth quarter, the Company typically experiences surges pertaining to holiday shopping trends toward delivery of gifts purchased over the Internet, as well as the length of the holiday season (consumer shopping days between Thanksgiving and Christmas). However, as the Company continues to diversify its business through expansion into the LTL industry, warehousing, and other activities, seasonal volatility is becoming more tempered. Additionally, macroeconomic trends and cyclical changes in the trucking industry, including imbalances in supply and demand, can override the seasonality faced in the industry.

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	6 Months Ended
	Jun. 30, 2022
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Date Issued Reference Description Expected Adoption Date and Method Financial Statement Impact March 2022 ASU No. 2022-02: Financial Instruments – Credit Losses (ASC 326), Troubled Debt Restructurings and Vintage Disclosures The amendments in this ASU require that a creditor incorporates troubled debt restructurings into the allowance for credit losses and disclose current-period gross writeoffs by year of origination for financing receivables and net investments in leases. January 2023, Prospective Currently under evaluation, but not expected to be material June 2022 ASU No. 2022-03: Fair Value Measurements (ASC 820), Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security, and not considered in measuring fair value. January 2024, Prospective No material impact

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2022
Business Combinations [Abstract]
Acquisitions	Acquisitions Developments during the six months ended June 30, 2022 related to the Company's 2021 acquisitions are discussed below. MME On December 6, 2021, the Company, through a wholly owned subsidiary, acquired 100.0% of Bismarck, North Dakota-based MME. MME provides LTL, full truckload, and specialized and other logistics transportation services to a diverse customer base in its service territory in the upper Midwestern and great Northwestern regions of the US. During the measurement period, the net working capital adjustment increased by $1.3 million based on the actual versus estimated net working capital adjustment as of the transaction date. This adjustment resulted in increasing the total purchase price consideration to $165.7 million. The Company also reduced the deferred tax liabilities on MME's opening balance sheet by $2.2 million based on valuation of the Company's intangible assets. These measurement period adjustments resulted in a $3.5 million increase in goodwill related to the MME acquisition during the first quarter of 2022. ACT On July 5, 2021, the Company acquired 100% of Dothan, Alabama-based ACT. ACT is a leading LTL carrier that also offers dedicated contract carriage and ancillary services. During the quarter ended June 30, 2022, the Company's condensed consolidated operating results included ACT's total revenue of $245.2 million and net income of $26.6 million. ACT's net income during the quarter ended June 30, 2022 included $3.5 million related to the amortization of intangible assets acquired in the ACT Acquisition. During the year-to-date period ended June 30, 2022, the Company's condensed consolidated operating results included ACT's total revenue of $462.9 million and net income of $42.7 million. ACT's net income during the year-to-date period ended June 30, 2022 included $7.0 million related to the amortization of intangible assets acquired in the ACT Acquisition. Pro Forma Information (Unaudited) — The following unaudited pro forma information combines the historical operations of the Company and ACT giving effect to the ACT Acquisition, and related transactions as if consummated on January 1, 2020. Quarter-to-Date June 30, Year-to-Date June 30, 2021 2021 (in thousands, except per share data) Total revenue $ 1,515,793 $ 2,928,025 Net income attributable to Knight-Swift 165,096 304,285 Earnings per share – diluted 0.99 1.82 The unaudited pro forma condensed combined financial information has been presented for comparative purposes only and includes certain adjustments such as recognition of assets acquired at estimated fair values and related depreciation and amortization, elimination of transaction costs incurred by Knight-Swift and ACT during the periods presented that were directly related to the ACT Acquisition, and related income tax effects of these items. The unaudited pro forma condensed combined financial information does not purport to represent the actual results of operations that Knight-Swift and ACT would have achieved had the companies been combined during the periods presented in the unaudited pro forma condensed combined financial statements and is not intended to project the future results of operations that the combined company may achieve after the identified transactions. The unaudited pro forma condensed combined financial information does not reflect any cost savings that may be realized as a result of the ACT Acquisition and also does not reflect any restructuring or integration-related costs to achieve those potential cost savings. UTXL On June 1, 2021, pursuant to a stock purchase agreement, the Company, through a wholly owned subsidiary, acquired 100.0% of the equity interests of UTXL, a premier third-party logistics company which specializes in over-the-road full truckload and multi-stop loads. As of June 30, 2022, contingent consideration of $5.0 million associated with the transaction was included in "Accrued liabilities" in the Company's condensed consolidated balance sheets. The purchase price was allocated based on estimated fair values of the assets acquired and liabilities assumed at the acquisition date. The purchase price allocation was open for adjustments through the end of the measurement period, which closed one year from the June 1, 2021 acquisition date. Eleos On February 1, 2021, pursuant to a membership interest purchase agreement ("MIPA"), the Company, through a wholly owned subsidiary, acquired 79.44% of the issued and outstanding membership interests of Eleos Technologies, LLC ("Eleos"), a Greenville, South Carolina-based software provider, specializing in mobile driving platforms, which complement the Company's suite of services. The purchase price was allocated based on estimated fair values of the assets acquired and liabilities assumed at the acquisition date. The purchase price allocation was open for adjustments through the end of the measurement period, which closed one year from the February 1, 2021 acquisition date. Purchase Price Allocations Unless otherwise stated, the purchase price allocations for the above acquisitions are preliminary and have been allocated based on estimated fair values of the assets acquired and liabilities assumed at the acquisition date, and among other things may be pending the completion of the valuation of acquired tangible assets, an independent valuation of certain acquired intangible assets, assessment of lease agreements, assessment of certain liabilities, the calculation of deferred taxes based upon the underlying tax basis of assets acquired and liabilities assumed, and assessment of other tax related items as applicable. As the Company obtains more information, the preliminary purchase price allocations disclosed above are subject to change. Any future adjustments to the preliminary purchase price allocations, including changes within identifiable intangible assets or estimation uncertainty impacted by market conditions, may impact future net earnings. The purchase price allocation adjustments can be made through the end of the measurement periods, which is not to exceed one year from the respective acquisition dates.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Effective Tax Rate — The quarter-to-date June 30, 2022 and June 30, 2021 effective tax rates were 24.7% and 25.3%, respectively. The year-to-date June 30, 2022 and June 30, 2021 effective tax rates were 24.8% and 25.5%, respectively. Valuation Allowance — The Company has not established a valuation allowance as it has been determined that, based upon available evidence, a valuation allowance is not required. Management believes that it is more likely than not that the results of future operations will generate sufficient taxable income to realize the deferred tax assets. Unrecognized Tax Benefits — Management believes it is reasonably possible that a decrease of up to $0.3 million in unrecognized tax benefits relating to federal deductions may be necessary within the next twelve months. Interest and Penalties — Accrued interest and penalties related to unrecognized tax benefits were approximately $0.1 million as of June 30, 2022 and December 31, 2021. Tax Examinations — Certain of the Company's subsidiaries are currently under examination by Federal and various state jurisdictions for tax years ranging from 2014 to 2019 . At the completion of these examinations, management does not expect any adjustments that would have a material impact on the Company's effective tax rate. Years subsequent to 2017 remain subject to examination.

Accounts Receivable Securitizat

Accounts Receivable Securitization	6 Months Ended
	Jun. 30, 2022
Transfers and Servicing [Abstract]
Accounts Receivable Securitization	Accounts Receivable Securitization As of June 30, 2022, the Company's eligible receivables related to the 2021 RSA generally have high credit quality, as determined by the obligor's corporate credit rating. The 2021 RSA is subject to fees, various affirmative and negative covenants, representations and warranties, and default and termination provisions customary for facilities of this type. The Company was in compliance with these covenants as of June 30, 2022. Collections on the underlying receivables by the Company are held for the benefit of SRCII and the various purchasers and are unavailable to satisfy claims of the Company and its subsidiaries. The following table summarizes the key terms of the 2021 RSA (dollars in thousands): Effective date April 23, 2021 Final maturity date April 23, 2024 Borrowing capacity $400,000 Accordion option 1 $100,000 Unused commitment fee rate 2 20 to 40 basis points Program fees on outstanding balances 3 one month LIBOR + 82.5 basis points 1 The accordion option increases the maximum borrowing capacity, subject to participation of the purchasers. 2 The 2021 RSA commitment fees rate are based on the percentage of the maximum borrowing capacity utilized. 3 As identified within the 2021 RSA, the lender can trigger an amendment by identifying and deciding upon a replacement for LIBOR. Availability under the 2021 RSA is calculated as follows: June 30, 2022 December 31, 2021 (In thousands) Borrowing base, based on eligible receivables $ 400,000 $ 400,000 Less: outstanding borrowings 1 (279,000) (279,000) Less: outstanding letters of credit (65,300) (65,300) Availability under accounts receivable securitization facilities $ 55,700 $ 55,700 1 Outstanding borrowings are included in "Accounts receivable securitization" in the condensed consolidated balance sheets and are offset by deferred loan costs of $0.4 million as of June 30, 2022 and $0.5 million as of December 31, 2021. Interest accrued on the aggregate principal balance at a rate of 1.9% and 0.9% as of June 30, 2022 and December 31, 2021, respectively.

Debt And Financing

Debt And Financing	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Debt and Financing	Debt and Financing Other than the Company's accounts receivable securitization as discussed in Note 5, the Company's long-term debt consisted of the following: June 30, 2022 December 31, 2021 (In thousands) 2021 Term Loan A-1, due December 3, 2022, net 1 2 $ 169,853 $ 199,676 2021 Term Loan A-2, due September 3, 2024, net 1 2 199,681 199,607 2021 Term Loan A-3, due September 3, 2026, net 1 2 798,528 798,352 Prudential Notes, net 1 39,113 47,265 Other 4,062 5,069 Total long-term debt, including current portion 1,211,237 1,249,969 Less: current portion of long-term debt (182,620) (212,417) Long-term debt, less current portion $ 1,028,617 $ 1,037,552 June 30, 2022 December 31, 2021 (In thousands) Total long-term debt, including current portion $ 1,211,237 $ 1,249,969 2021 Revolver, due September 3, 2026 1 3 129,000 260,000 Long-term debt, including revolving line of credit $ 1,340,237 $ 1,509,969 1 Refer to Note 12 for information regarding the fair value of debt. 2 As of June 30, 2022, the carrying amounts of the 2021 Term Loan A-1, 2021 Term Loan A-2, and 2021 Term Loan A-3 were net of $0.1 million, $0.3 million, and $1.5 million in deferred loan costs, respectively. As of December 31, 2021, the carrying amounts of the 2021 Term Loan A-1, 2021 Term Loan A-2, and 2021 Term Loan A-3 were net of $0.3 million, $0.4 million, and $1.6 million in deferred loan costs, respectively. 3 The Company also had outstanding letters of credit of $99.0 million and $64.0 million under the 2021 Revolver, primarily related to workers' compensation and self-insurance liabilities at June 30, 2022 and December 31, 2021, respectively. Credit Agreements 2021 Debt Agreement — On September 3, 2021, the Company entered into the $2.3 billion 2021 Debt Agreement (an unsecured credit facility), with a group of banks, replacing the 2017 Debt Agreement and the July 2021 Term Loan. The following table presents the key terms of the 2021 Debt Agreement: 2021 Term Loan A-1 2021 Term Loan A-2 2021 Term Loan A-3 2021 Revolver 2 2021 Debt Agreement Terms (Dollars in thousands) Maximum borrowing capacity $200,000 $200,000 $800,000 $1,100,000 Final maturity date December 3, 2022 September 3, 2024 September 3, 2026 September 3, 2026 Interest rate margin reference rate BSBY BSBY BSBY BSBY Interest rate minimum margin 1 0.75% 0.75% 0.88% 0.88% Interest rate maximum margin 1 1.38% 1.38% 1.50% 1.50% Minimum principal payment — amount $— $— $10,000 $— Minimum principal payment — frequency Once Once Quarterly Once Minimum principal payment — commencement date December 3, 2022 September 3, 2024 September 30, 2024 September 3, 2026 1 The interest rate margin for the 2021 Term Loans and 2021 Revolver is based on the Company's consolidated leverage ratio. As of June 30, 2022, interest accrued at 1.83% on the 2021 Term Loans and 1.95% on the 2021 Revolver. 2 The commitment fee for the unused portion of the 2021 Revolver is based on the Company's consolidated leverage ratio, and ranges from 0.1% to 0.2%. As of June 30, 2022, commitment fees on the unused portion of the 2021 Revolver accrued at 0.1% and outstanding letter of credit fees accrued at 1.0%. Pursuant to the 2021 Debt Agreement, the 2021 Revolver and the 2021 Term Loans contain certain financial covenants with respect to a maximum net leverage ratio and a minimum consolidated interest coverage ratio. The 2021 Debt Agreement provides flexibility regarding the use of proceeds from asset sales, payment of dividends, stock repurchases, and equipment financing. In addition to the financial covenants, the 2021 Debt Agreement includes usual and customary events of default for a facility of this nature and provides that, upon the occurrence and continuation of an event of default, payment of all amounts payable under the 2021 Debt Agreement may be accelerated, and the lenders' commitments may be terminated. The 2021 Debt Agreement contains certain usual and customary restrictions and covenants relating to, among other things, dividends (which are restricted only if a default or event of default occurs and is continuing or would result therefrom), liens, affiliate transactions, and other indebtedness. As of June 30, 2022, the Company was in compliance with the covenants under the 2021 Debt Agreement. Borrowings under the 2021 Debt Agreement are made by Knight-Swift Transportation Holdings Inc. and are guaranteed by certain of the Company's domestic subsidiaries (other than its captive insurance subsidiaries, driving academy subsidiary, and bankruptcy-remote special purpose subsidiary). ACT's Prudential Notes — The 2021 Prudential Notes allow ACT to borrow up to $125.0 million, less amounts currently outstanding with Prudential Capital Group, provided that certain financial ratios are maintained. The 2021 Prudential Notes have interest rates ranging fro m 4.05% to 4.40% a nd various maturity dates ranging from October 2023 through January 2028. The 2021 Prudential Notes are unsecured and contain usual and customary restrictions on, among other things, the ability to make certain payments to stockholders, similar to the provisions of the Company's 2021 Debt Agreement. As of June 30, 2022 , ACT had $87.9 million available under the agreement. Fair Value Measurement — See Note 12 for fair value disclosures regarding the Company's debt instruments.

Defined Benefit Pension Plan

Defined Benefit Pension Plan	6 Months Ended
	Jun. 30, 2022
Retirement Benefits [Abstract]
Defined Benefit Pension Plan	Defined Benefit Pension Plan Net periodic pension income and benefits paid during the quarter-to-date and year-to-date periods ended June 30, 2022 were immaterial. Assumptions A weighted-average discount rate of 4.33% was used to determine benefit obligations as of June 30, 2022. The following weighted-average assumptions were used to determine net periodic pension cost: Quarter-to-Date June 30, Year-to-Date June 30, 2022 2022 Discount rate 3.38 % 2.89 % Expected long-term rate of return on pension plan assets 6.00 % 6.00 % Refer to Note 12 for additional information regarding fair value measurements of the Company's investments.

Commitments

Commitments	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Purchase Commitments	Purchase Commitments As of June 30, 2022, the Company had outstanding commitments to purchase revenue equipment of $554.6 million in the remainder of 2022 ($419.0 million of which were tractor commitments), $87.8 million in 2023 ($79.6 million of which were tractor commitments), and none thereafter. These purchases may be financed through any combination of finance leases, operating leases, debt, proceeds from sales of existing equipment, and cash flows from operations. As of June 30, 2022, the Company had outstanding commitments to purchase facilities and non-revenue equipment of $47.3 million in the remainder of 2022, $14.2 million from 2023 through 2024, $1.2 million from 2025 through 2026, and none thereafter. Factors such as costs and opportunities for future terminal expansions may change the amount of such expenditures.

Contingencies and Legal Proceed

Contingencies and Legal Proceedings	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Legal Proceedings	Contingencies and Legal Proceedings Legal Proceedings Information is provided below regarding the nature, status, and contingent loss amounts, if any, associated with the Company's pending legal matters. There are inherent uncertainties in these legal matters, some of which are beyond management's control, making the ultimate outcomes difficult to predict. Moreover, management's views and estimates related to these matters may change in the future, as new events and circumstances arise and the matters continue to develop. The Company has made accruals with respect to its legal matters where appropriate, which are included in "Accrued liabilities" in the condensed consolidated balance sheets. The Company has recorded an aggregate accrual of approximately $15.9 million, relating to the Company's outstanding legal proceedings as of June 30, 2022. Based on management's present knowledge of the facts and (in certain cases) advice of outside counsel, management does not believe that loss contingencies arising from pending matters are likely to have a material adverse effect on the Company's overall financial position, operating results, or cash flows after taking into account any existing accruals. However, actual outcomes could be material to the Company's financial position, operating results, or cash flows for any particular period. EMPLOYEE COMPENSATION AND PAY PRACTICES MATTERS California Wage, Meal, and Rest Class Actions The plaintiffs generally allege one or more of the following: that the Company 1) failed to pay the California minimum wage; 2) failed to provide proper meal and rest periods; 3) failed to timely pay wages upon separation from employment; 4) failed to pay for all hours worked; 5) failed to pay overtime; 6) failed to properly reimburse work-related expenses; and 7) failed to provide accurate wage statements. Plaintiff(s) Defendant(s) Date instituted Court or agency currently pending in John Burnell 1 Swift Transportation Co., Inc March 22, 2010 United States District Court for the Central District of California James R. Rudsell 1 Swift Transportation Co. of Arizona, LLC and Swift Transportation Company April 5, 2012 United States District Court for the Central District of California Recent Developments and Current Status In April 2019, the parties reached settlement of this matter. In January 2020, the court granted final approval of the settlement. Two objectors appealed the court’s decision granting final approval of the settlement. The likelihood that a loss has been incurred is probable and estimable, and the loss has accordingly been accrued as of June 30, 2022. INDEPENDENT CONTRACTOR MATTERS Ninth Circuit Independent Contractor Misclassification Class Action The putative class alleges that Swift misclassified independent contractors as independent contractors, instead of employees, in violation of the Fair Labor Standards Act and various state laws. The lawsuit also raises certain related issues with respect to the lease agreements that certain independent contractors have entered into with Interstate Equipment Leasing, LLC. The putative class seeks unpaid wages, liquidated damages, interest, other costs, and attorneys' fees. Plaintiff(s) Defendant(s) Date instituted Court or agency currently pending in Joseph Sheer, Virginia Van Dusen, Jose Motolinia, Vickii Schwalm, Peter Wood 1 Swift Transportation Co., Inc., Interstate Equipment Leasing, Inc., Jerry Moyes, and Chad Killebrew December 22, 2009 United States District Court of Arizona and Ninth Circuit Court of Appeals Recent Developments and Current Status In January 2020, the court granted final approval of the settlement in this matter. In March 2020, the Company paid the settlement amount approved by the court. As of June 30, 2022, the Company has an accrual for anticipated costs associated with finalizing this matter. 1 Individually and on behalf of all others similarly situated. Self Insurance Effective March 1, 2022, ACT retains a $10.0 million self-insured retention per occurrence, as compared to the previous policy period, which included $2.0 million per occurrence with a $5.0 million annual corridor deductible subject to a $10.0 million three-year policy term aggregate cap. This was the only material change related to our self insurance policies during the first half of 2022.

Share Repurchase Plans

Share Repurchase Plans	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Share Repurchase Plans	Share Repurchase Plans On November 30, 2020, the Company announced that the Board approved the repurchase of up to $250.0 million worth of the Company's outstanding common stock (the "2020 Knight-Swift Share Repurchase Plan"). On April 25, 2022, the Company announced that the Board approved the repurchase of up to $350.0 million of the Company's outstanding common stock (the "2022 Knight-Swift Share Repurchase Plan"). With the adoption of the 2022 Knight-Swift Share Repurchase Plan, the Company terminated the 2020 Knight-Swift Share Repurchase Plan, which had approximately $42.8 million of authorized purchases remaining upon termination. The following table presents the Company's repurchases of its common stock under the respective share repurchase plans, excluding advisory fees: Share Repurchase Plan Quarter-to-Date June 30, 2022 Year-to-Date June 30, 2022 Board Approval Date Authorized Amount Shares Amount Shares Amount (shares and dollars in thousands) November 24, 2020 1 $250,000 98 $ 5,101 2,821 $ 149,982 April 19, 2022 1 $350,000 3,180 $ 149,959 3,180 $ 149,959 3,278 $ 155,060 6,001 $ 299,941 Quarter-to-Date June 30, 2021 Year-to-Date June 30, 2021 November 24, 2020 1 $250,000 — $ — 1,303 $ 53,661 1 $200.0 million remained available under the 2022 Knight-Swift Repurchase Plan as of June 30, 2022. $192.8 million remained available under the 2020 Knight-Swift Share Repurchase Plan as of December 31, 2021

Weighted Average Shares Outstan

Weighted Average Shares Outstanding	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Weighted Average Shares Outstanding	Weighted Average Shares Outstanding Earnings per share, basic and diluted, as presented in the condensed consolidated statements of comprehensive income, are calculated by dividing net income attributable to Knight-Swift by the respective weighted average common shares outstanding during the period. The following table reconciles basic weighted average shares outstanding to diluted weighted average shares outstanding: Quarter-to-Date June 30, Year-to-Date June 30, 2022 2021 2022 2021 (In thousands) Basic weighted average common shares outstanding 162,365 165,577 163,863 165,751 Dilutive effect of equity awards 801 1,008 938 999 Diluted weighted average common shares outstanding 163,166 166,585 164,801 166,750 Anti-dilutive shares excluded from diluted earnings per share 1 575 31 341 47 1 Shares were excluded from the dilutive-effect calculation because the outstanding awards' exercise prices were greater than the average market price of the Company's common stock for the periods presented.

Fair Value Measurement

Fair Value Measurement	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurement	Fair Value Measurement The following table presents the carrying amounts and estimated fair values of the Company's major categories of financial assets and liabilities: June 30, 2022 December 31, 2021 Condensed Consolidated Balance Sheets Caption Carrying Estimated Carrying Estimated (In thousands) Financial Assets: Equity method investments Other long-term assets $ 96,098 $ 96,098 $ 75,769 $ 75,769 Investments in equity securities Other long-term assets 15,859 15,859 74,201 74,201 Convertible note Other current assets 10,736 10,736 10,141 10,141 Financial Liabilities: 2021 Term Loan A-1, due December 2022 1 Finance lease liabilities and long-term debt $ 169,853 $ 170,000 $ 199,676 $ 200,000 2021 Term Loan A-2, due September, 2024 1 Long-term debt – less current portion 199,681 200,000 199,607 200,000 2021 Term Loan A-3, due September 2026 1 Long-term debt – less current portion 798,528 800,000 798,352 800,000 2021 Revolver, due September 2026 Revolving line of credit 129,000 129,000 260,000 260,000 2021 Prudential Notes 2 Finance lease liabilities and long-term debt 39,113 39,184 47,265 47,354 2021 RSA, due April 2024 3 Accounts receivable securitization 278,594 279,000 278,483 279,000 Contingent consideration Accrued liabilities, Other long-term liabilities 14,817 14,817 13,100 13,100 1 As of June 30, 2022, the carrying amounts of the 2021 Term Loan A-1, 2021 Term Loan A-2, and 2021 Term Loan A-3 were net of $0.1 million, $0.3 million, and $1.5 million in deferred loan costs, respectively. As of December 31, 2021, the carrying amounts of the 2021 Term Loan A-1, 2021 Term Loan A-2, and 2021 Term Loan A-3 were net of $0.3 million, $0.4 million, and $1.6 million in deferred loan costs, respectively. 2 As of June 30, 2022, the carrying amount of the 2021 Prudential Notes was net of $0.1 million i n deferred loan costs and included $2.0 million in fair value adjustments. As of December 31, 2021, the carrying amount of the 2021 Prudential Notes was net of $0.1 million in deferred loan costs and included $2.4 million in fair value adjustments. 3 The carrying amount of the 2021 RSA was net of $0.4 million and $0.5 million in deferred loan costs as of June 30, 2022 and December 31, 2021, respectively . Recurring Fair Value Measurements (Assets) — The following table depicts the level in the fair value hierarchy of the inputs used to estimate the fair value of assets measured on a recurring basis as of June 30, 2022 and December 31, 2021: Fair Value Measurements at Reporting Date Using Estimated Fair Value Level 1 Inputs Level 2 Inputs Level 3 Inputs Unrealized Gain (Loss) Position (In thousands) As of June 30, 2022 Convertible notes 1 $ 10,736 $ — $ — $ 10,736 $ 736 Investments in equity securities 2 15,859 15,859 — — (42,888) As of December 31, 2021 Convertible notes 1 $ 10,141 $ — $ — $ 10,141 $ 141 Investments in equity securities 2 74,201 74,201 — — 14,456 1 Convertible notes — The condensed consolidated statements of comprehensive income include the fair value activities from the Company's convertible notes within "Other (expenses) income, net". The estimated fair value is based on probability-weighted discounted cash flow analysis of the corresponding pay-off/redemption. • Quarter-to-date Gain (Loss) Activities: During the quarter ended June 30, 2022, the Company recognized $0.3 million of unrealized gains associated with a $10.0 million face value convertible note entered into in November of 2021. During the quarter ended June 30, 2021, the Company recognized an unrealized gain on its convertible note with Embark of $12.6 million. The Embark convertible note balance is excluded from the June 30, 2022 and December 31, 2021 convertible notes balances in the table above, as it was converted to an equity security in November of 2021. • Year-to-date Gain (Loss) Activities: During the year-to-date period ended June 30, 2022, the Company recognized $0.6 million of unrealized gains associated with the $10.0 million face value convertible note, discussed above. During the year-to-date period ended June 30, 2021, the Company recognized an unrealized gain on its convertible note with Embark of $12.6 million. 2 Investments in equity securities — The condensed consolidated statements of comprehensive income include the fair value activities from the Company's investments in equity securities within "Other (expenses) income, net". The estimated fair value is based on quoted prices in active markets that are readily and regularly obtainable. • Quarter-to-date Gain (Loss) Activities: During the quarter ended June 30, 2022, the Company recognized a loss of $30.7 million, consisting of $35.1 million in unrealized losses, primarily from mark-to-market adjustments of the Company's equity investment in Embark. This was partially offset by $4.4 million in realized gains from the Company's other investments in equity securities. During the quarter ended June 30, 2021, the Company recognized a loss of $1.5 million from its other investments in equity securities, which consisted of $2.3 million in unrealized losses, partially offset by $0.8 million in realized gains. • Year-to-date Gain (Loss) Activities: During the year-to-date period ended June 30, 2022, the Company recognized a loss of $51.5 million, which consisted of $55.9 million in unrealized losses, primarily from mark-to-market adjustments of the Company's investment in Embark. This was partially offset by $4.4 million in realized gains from the Company's other investments in equity securities. During the year-to-date period ended June 30, 2021, the Company recognized an $8.9 million gain from its investments in equity securities, which consisted of $4.6 million in unrealized gains and $4.3 million in realized gains from its other equity investments. Recurring Fair Value Measurements (Liabilities) — The following table depicts the level in the fair value hierarchy of the inputs used to estimate the fair value of liabilities measured on a recurring basis as of June 30, 2022 and December 31, 2021: Fair Value Measurements at Reporting Date Using Estimated Fair Value Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Gain (Loss) (In thousands) As of June 30, 2022 Contingent consideration 1 $ 14,817 $ — $ — $ 14,817 $ — As of December 31, 2021 Contingent consideration 1 $ 13,100 $ — $ — $ 13,100 $ — 1 Contingent consideration is associated with acquisitions and investments. The Company did not recognize any gains (losses) during the quarter or year-to-date periods ended June 30, 2022 and 2021 related to the revaluation of these liabilities. Refer to Note 3 for information regarding material components of these liabilities. Nonrecurring Fair Value Measurements (Assets) — The following table depicts the level in the fair value hierarchy of the inputs used to estimate fair value of assets measured on a nonrecurring basis as of June 30, 2022 and December 31, 2021: Fair Value Measurements at Reporting Date Using Estimated Fair Value Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Loss (In thousands) As of June 30, 2022 Buildings 1 $ — $ — $ — $ — $ (810) As of December 31, 2021 Equipment 2 $ — $ — $ — $ — $ (299) 1 Reflects the non-cash impairment of building improvements (within the non-reportable segments). 2 Reflects the non-cash impairment of certain revenue equipment held for sale (within the non-reportable segments and the Truckload segment). Nonrecurring Fair Value Measurements (Liabilities) — As of June 30, 2022 and December 31, 2021, the Company had no major categories of liabilities estimated at fair value that were measured on a nonrecurring basis. Gain on Sale of Revenue Equipment — Net gains on disposals, including disposals of property and equipment classified as assets held for sale, are reported in "Miscellaneous operating expenses" in the condensed consolidated statements of comprehensive income. The Company recorded net gains on disposals of: • $23.0 million and $15.1 million for the quarter-to-date periods ended June 30, 2022 and 2021, respectively. • $57.8 million and $25.6 million for the year-to-date periods ended June 30, 2022 and 2021, respectively. Fair Value of Pension Plan Assets — The following table sets forth by level the fair value hierarchy of ACT's pension plan financial assets accounted for at fair value on a recurring basis. Assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. ACT's assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and their placement within the fair value hierarchy levels. Fair Value Measurements at Reporting Date Using: Estimated Level 1 Inputs Level 2 Inputs Level 3 Inputs (In thousands) As of June 30, 2022 US equity funds $ 12,352 $ 12,352 $ — $ — International equity funds 5,200 5,200 — — Fixed income funds 37,404 37,404 — — Cash and cash equivalents 936 936 — — Total pension plan assets $ 55,892 $ 55,892 $ — $ — As of December 31, 2021 US equity funds $ 14,877 $ 14,877 $ — $ — International equity funds 6,304 6,304 — — Fixed income funds 47,873 47,873 — — Cash and cash equivalents 1,413 1,413 — — Total pension plan assets $ 70,467 $ 70,467 $ — $ —

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Quarter-to-Date June 30, Year-to-Date June 30, 2022 2021 2022 2021 Provided by Knight-Swift Received by Knight-Swift Provided by Knight-Swift Received by Knight-Swift Provided by Knight-Swift Received by Knight-Swift Provided by Knight-Swift Received by Knight-Swift (In thousands) Facility and Equipment Leases: Certain affiliates 1 $ — $ 108 $ — $ 88 $ — $ 186 $ — $ 145 Other Services: Certain affiliates 1 $ 33 $ 9 $ 7 $ 9 $ 38 $ 18 $ 13 $ 18 June 30, 2022 December 31, 2021 Receivable Payable Receivable Payable (In thousands) Certain affiliates 1 $ 23 $ 61 $ 14 $ 44 1 "Certain affiliates" includes entities that are associated with various board members and executives and require approval by the Board prior to completing transactions. Transactions with these entities generally include freight services, facility and equipment leases, equipment sales, and other services.

Information by Segment and Geog

Information by Segment and Geography	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Information by Segment and Geography	Financial Information by Segment and Geography Segment Information Quarter-to-Date June 30, Year-to-Date June 30, 2022 2021 2022 2021 Revenue: (In thousands) Truckload $ 1,188,809 $ 985,858 $ 2,269,340 $ 1,948,805 LTL 283,847 — 538,972 — Logistics 248,662 166,737 530,701 285,624 Intermodal 132,871 115,378 242,093 222,444 Subtotal $ 1,854,189 $ 1,267,973 $ 3,581,106 $ 2,456,873 Non-reportable segments 128,112 66,795 245,751 117,464 Intersegment eliminations (21,170) (19,067) (38,737) (35,622) Total revenue $ 1,961,131 $ 1,315,701 $ 3,788,120 $ 2,538,715 Quarter-to-Date June 30, Year-to-Date June 30, 2022 2021 2022 2021 Operating income (loss): (In thousands) Truckload $ 206,296 $ 168,457 $ 411,413 $ 326,940 LTL 43,767 — 70,144 — Logistics 43,749 14,356 83,350 21,933 Intermodal 14,172 5,812 29,342 9,269 Subtotal $ 307,984 $ 188,625 $ 594,249 $ 358,142 Non-reportable segments 17,794 2,490 29,615 (4,768) Operating income $ 325,778 $ 191,115 $ 623,864 $ 353,374 Quarter-to-Date June 30, Year-to-Date June 30, 2022 2021 2022 2021 Depreciation and amortization of property and equipment: (In thousands) Truckload $ 112,719 $ 105,206 $ 223,068 $ 207,091 LTL 15,321 — 30,581 — Logistics 546 289 1,142 497 Intermodal 4,236 3,940 8,100 7,758 Subtotal $ 132,822 $ 109,435 $ 262,891 $ 215,346 Non-reportable segments 14,660 14,171 29,635 28,175 Depreciation and amortization of property and equipment $ 147,482 $ 123,606 $ 292,526 $ 243,521 Geographical Information In the aggregate, total revenue from the Company's international operations was less than 5.0% of consolidated total revenue for the quarter and year-to-date periods ended June 30, 2022 and 2021. Additionally, long-lived assets on the Company's international subsidiary balance sheets were less than 5.0% of consolidated total assets as of June 30, 2022 and December 31, 2021.

Introduction and Basis of Pre_2

Introduction and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	In management's opinion, these condensed consolidated financial statements were prepared in accordance with GAAP and include all adjustments necessary (consisting of normal recurring adjustments) for the fair statement of the periods presented.

Recently Issued Accounting Pr_2

Recently Issued Accounting Pronouncements (Tables)	6 Months Ended
	Jun. 30, 2022
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recently Issued Accounting Pronouncements	Date Issued Reference Description Expected Adoption Date and Method Financial Statement Impact March 2022 ASU No. 2022-02: Financial Instruments – Credit Losses (ASC 326), Troubled Debt Restructurings and Vintage Disclosures The amendments in this ASU require that a creditor incorporates troubled debt restructurings into the allowance for credit losses and disclose current-period gross writeoffs by year of origination for financing receivables and net investments in leases. January 2023, Prospective Currently under evaluation, but not expected to be material June 2022 ASU No. 2022-03: Fair Value Measurements (ASC 820), Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security, and not considered in measuring fair value. January 2024, Prospective No material impact

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2022
Business Combinations [Abstract]
Business Acquisition, Pro Forma Information	The following unaudited pro forma information combines the historical operations of the Company and ACT giving effect to the ACT Acquisition, and related transactions as if consummated on January 1, 2020. Quarter-to-Date June 30, Year-to-Date June 30, 2021 2021 (in thousands, except per share data) Total revenue $ 1,515,793 $ 2,928,025 Net income attributable to Knight-Swift 165,096 304,285 Earnings per share – diluted 0.99 1.82

Accounts Receivable Securitiz_2

Accounts Receivable Securitization (Tables)	6 Months Ended
	Jun. 30, 2022
Transfers and Servicing [Abstract]
Schedule of Servicing Liabilities at Fair Value [Table Text Block]	The following table summarizes the key terms of the 2021 RSA (dollars in thousands): Effective date April 23, 2021 Final maturity date April 23, 2024 Borrowing capacity $400,000 Accordion option 1 $100,000 Unused commitment fee rate 2 20 to 40 basis points Program fees on outstanding balances 3 one month LIBOR + 82.5 basis points 1 The accordion option increases the maximum borrowing capacity, subject to participation of the purchasers. 2 The 2021 RSA commitment fees rate are based on the percentage of the maximum borrowing capacity utilized. 3 As identified within the 2021 RSA, the lender can trigger an amendment by identifying and deciding upon a replacement for LIBOR. Availability under the 2021 RSA is calculated as follows: June 30, 2022 December 31, 2021 (In thousands) Borrowing base, based on eligible receivables $ 400,000 $ 400,000 Less: outstanding borrowings 1 (279,000) (279,000) Less: outstanding letters of credit (65,300) (65,300) Availability under accounts receivable securitization facilities $ 55,700 $ 55,700 1 Outstanding borrowings are included in "Accounts receivable securitization" in the condensed consolidated balance sheets and are offset by deferred loan costs of $0.4 million as of June 30, 2022 and $0.5 million as of December 31, 2021. Interest accrued on the aggregate principal balance at a rate of 1.9% and 0.9% as of June 30, 2022 and December 31, 2021, respectively.

Debt And Financing (Tables)

Debt And Financing (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule of Debt Balances by Instrument	Other than the Company's accounts receivable securitization as discussed in Note 5, the Company's long-term debt consisted of the following: June 30, 2022 December 31, 2021 (In thousands) 2021 Term Loan A-1, due December 3, 2022, net 1 2 $ 169,853 $ 199,676 2021 Term Loan A-2, due September 3, 2024, net 1 2 199,681 199,607 2021 Term Loan A-3, due September 3, 2026, net 1 2 798,528 798,352 Prudential Notes, net 1 39,113 47,265 Other 4,062 5,069 Total long-term debt, including current portion 1,211,237 1,249,969 Less: current portion of long-term debt (182,620) (212,417) Long-term debt, less current portion $ 1,028,617 $ 1,037,552 June 30, 2022 December 31, 2021 (In thousands) Total long-term debt, including current portion $ 1,211,237 $ 1,249,969 2021 Revolver, due September 3, 2026 1 3 129,000 260,000 Long-term debt, including revolving line of credit $ 1,340,237 $ 1,509,969 1 Refer to Note 12 for information regarding the fair value of debt. 2 As of June 30, 2022, the carrying amounts of the 2021 Term Loan A-1, 2021 Term Loan A-2, and 2021 Term Loan A-3 were net of $0.1 million, $0.3 million, and $1.5 million in deferred loan costs, respectively. As of December 31, 2021, the carrying amounts of the 2021 Term Loan A-1, 2021 Term Loan A-2, and 2021 Term Loan A-3 were net of $0.3 million, $0.4 million, and $1.6 million in deferred loan costs, respectively. 3 The Company also had outstanding letters of credit of $99.0 million and $64.0 million under the 2021 Revolver, primarily related to workers' compensation and self-insurance liabilities at June 30, 2022 and December 31, 2021, respectively.
Schedule of Long-term Debt Instruments	The following table presents the key terms of the 2021 Debt Agreement: 2021 Term Loan A-1 2021 Term Loan A-2 2021 Term Loan A-3 2021 Revolver 2 2021 Debt Agreement Terms (Dollars in thousands) Maximum borrowing capacity $200,000 $200,000 $800,000 $1,100,000 Final maturity date December 3, 2022 September 3, 2024 September 3, 2026 September 3, 2026 Interest rate margin reference rate BSBY BSBY BSBY BSBY Interest rate minimum margin 1 0.75% 0.75% 0.88% 0.88% Interest rate maximum margin 1 1.38% 1.38% 1.50% 1.50% Minimum principal payment — amount $— $— $10,000 $— Minimum principal payment — frequency Once Once Quarterly Once Minimum principal payment — commencement date December 3, 2022 September 3, 2024 September 30, 2024 September 3, 2026 1 The interest rate margin for the 2021 Term Loans and 2021 Revolver is based on the Company's consolidated leverage ratio. As of June 30, 2022, interest accrued at 1.83% on the 2021 Term Loans and 1.95% on the 2021 Revolver. 2 The commitment fee for the unused portion of the 2021 Revolver is based on the Company's consolidated leverage ratio, and ranges from 0.1% to 0.2%. As of June 30, 2022, commitment fees on the unused portion of the 2021 Revolver accrued at 0.1% and outstanding letter of credit fees accrued at 1.0%.

Defined Benefit Pension Plan (T

Defined Benefit Pension Plan (Tables)	6 Months Ended
	Jun. 30, 2022
Retirement Benefits [Abstract]
Defined Benefit Plan, Assumptions	The following weighted-average assumptions were used to determine net periodic pension cost: Quarter-to-Date June 30, Year-to-Date June 30, 2022 2022 Discount rate 3.38 % 2.89 % Expected long-term rate of return on pension plan assets 6.00 % 6.00 %

Contingencies and Legal Proce_2

Contingencies and Legal Proceedings (Tables)	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Loss Contingencies by Contingency	EMPLOYEE COMPENSATION AND PAY PRACTICES MATTERS California Wage, Meal, and Rest Class Actions The plaintiffs generally allege one or more of the following: that the Company 1) failed to pay the California minimum wage; 2) failed to provide proper meal and rest periods; 3) failed to timely pay wages upon separation from employment; 4) failed to pay for all hours worked; 5) failed to pay overtime; 6) failed to properly reimburse work-related expenses; and 7) failed to provide accurate wage statements. Plaintiff(s) Defendant(s) Date instituted Court or agency currently pending in John Burnell 1 Swift Transportation Co., Inc March 22, 2010 United States District Court for the Central District of California James R. Rudsell 1 Swift Transportation Co. of Arizona, LLC and Swift Transportation Company April 5, 2012 United States District Court for the Central District of California Recent Developments and Current Status In April 2019, the parties reached settlement of this matter. In January 2020, the court granted final approval of the settlement. Two objectors appealed the court’s decision granting final approval of the settlement. The likelihood that a loss has been incurred is probable and estimable, and the loss has accordingly been accrued as of June 30, 2022. INDEPENDENT CONTRACTOR MATTERS Ninth Circuit Independent Contractor Misclassification Class Action The putative class alleges that Swift misclassified independent contractors as independent contractors, instead of employees, in violation of the Fair Labor Standards Act and various state laws. The lawsuit also raises certain related issues with respect to the lease agreements that certain independent contractors have entered into with Interstate Equipment Leasing, LLC. The putative class seeks unpaid wages, liquidated damages, interest, other costs, and attorneys' fees. Plaintiff(s) Defendant(s) Date instituted Court or agency currently pending in Joseph Sheer, Virginia Van Dusen, Jose Motolinia, Vickii Schwalm, Peter Wood 1 Swift Transportation Co., Inc., Interstate Equipment Leasing, Inc., Jerry Moyes, and Chad Killebrew December 22, 2009 United States District Court of Arizona and Ninth Circuit Court of Appeals Recent Developments and Current Status In January 2020, the court granted final approval of the settlement in this matter. In March 2020, the Company paid the settlement amount approved by the court. As of June 30, 2022, the Company has an accrual for anticipated costs associated with finalizing this matter. 1 Individually and on behalf of all others similarly situated.

Share Repurchase Plans (Tables)

Share Repurchase Plans (Tables)	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Schedule of Share Repurchases	The following table presents the Company's repurchases of its common stock under the respective share repurchase plans, excluding advisory fees: Share Repurchase Plan Quarter-to-Date June 30, 2022 Year-to-Date June 30, 2022 Board Approval Date Authorized Amount Shares Amount Shares Amount (shares and dollars in thousands) November 24, 2020 1 $250,000 98 $ 5,101 2,821 $ 149,982 April 19, 2022 1 $350,000 3,180 $ 149,959 3,180 $ 149,959 3,278 $ 155,060 6,001 $ 299,941 Quarter-to-Date June 30, 2021 Year-to-Date June 30, 2021 November 24, 2020 1 $250,000 — $ — 1,303 $ 53,661 1 $200.0 million remained available under the 2022 Knight-Swift Repurchase Plan as of June 30, 2022. $192.8 million remained available under the 2020 Knight-Swift Share Repurchase Plan as of December 31, 2021

Weighted Average Shares Outst_2

Weighted Average Shares Outstanding (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Calculation Of Basic And Diluted Earnings Per Share Attributable To Stockholders	The following table reconciles basic weighted average shares outstanding to diluted weighted average shares outstanding: Quarter-to-Date June 30, Year-to-Date June 30, 2022 2021 2022 2021 (In thousands) Basic weighted average common shares outstanding 162,365 165,577 163,863 165,751 Dilutive effect of equity awards 801 1,008 938 999 Diluted weighted average common shares outstanding 163,166 166,585 164,801 166,750 Anti-dilutive shares excluded from diluted earnings per share 1 575 31 341 47 1 Shares were excluded from the dilutive-effect calculation because the outstanding awards' exercise prices were greater than the average market price of the Company's common stock for the periods presented.

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value by Balance Sheet Grouping	The following table presents the carrying amounts and estimated fair values of the Company's major categories of financial assets and liabilities: June 30, 2022 December 31, 2021 Condensed Consolidated Balance Sheets Caption Carrying Estimated Carrying Estimated (In thousands) Financial Assets: Equity method investments Other long-term assets $ 96,098 $ 96,098 $ 75,769 $ 75,769 Investments in equity securities Other long-term assets 15,859 15,859 74,201 74,201 Convertible note Other current assets 10,736 10,736 10,141 10,141 Financial Liabilities: 2021 Term Loan A-1, due December 2022 1 Finance lease liabilities and long-term debt $ 169,853 $ 170,000 $ 199,676 $ 200,000 2021 Term Loan A-2, due September, 2024 1 Long-term debt – less current portion 199,681 200,000 199,607 200,000 2021 Term Loan A-3, due September 2026 1 Long-term debt – less current portion 798,528 800,000 798,352 800,000 2021 Revolver, due September 2026 Revolving line of credit 129,000 129,000 260,000 260,000 2021 Prudential Notes 2 Finance lease liabilities and long-term debt 39,113 39,184 47,265 47,354 2021 RSA, due April 2024 3 Accounts receivable securitization 278,594 279,000 278,483 279,000 Contingent consideration Accrued liabilities, Other long-term liabilities 14,817 14,817 13,100 13,100 1 As of June 30, 2022, the carrying amounts of the 2021 Term Loan A-1, 2021 Term Loan A-2, and 2021 Term Loan A-3 were net of $0.1 million, $0.3 million, and $1.5 million in deferred loan costs, respectively. As of December 31, 2021, the carrying amounts of the 2021 Term Loan A-1, 2021 Term Loan A-2, and 2021 Term Loan A-3 were net of $0.3 million, $0.4 million, and $1.6 million in deferred loan costs, respectively. 2 As of June 30, 2022, the carrying amount of the 2021 Prudential Notes was net of $0.1 million i n deferred loan costs and included $2.0 million in fair value adjustments. As of December 31, 2021, the carrying amount of the 2021 Prudential Notes was net of $0.1 million in deferred loan costs and included $2.4 million in fair value adjustments. 3 The carrying amount of the 2021 RSA was net of $0.4 million and $0.5 million in deferred loan costs as of June 30, 2022 and December 31, 2021, respectively .
Recurring Fair Value Measurements (Assets)	The following table depicts the level in the fair value hierarchy of the inputs used to estimate the fair value of assets measured on a recurring basis as of June 30, 2022 and December 31, 2021: Fair Value Measurements at Reporting Date Using Estimated Fair Value Level 1 Inputs Level 2 Inputs Level 3 Inputs Unrealized Gain (Loss) Position (In thousands) As of June 30, 2022 Convertible notes 1 $ 10,736 $ — $ — $ 10,736 $ 736 Investments in equity securities 2 15,859 15,859 — — (42,888) As of December 31, 2021 Convertible notes 1 $ 10,141 $ — $ — $ 10,141 $ 141 Investments in equity securities 2 74,201 74,201 — — 14,456 1 Convertible notes — The condensed consolidated statements of comprehensive income include the fair value activities from the Company's convertible notes within "Other (expenses) income, net". The estimated fair value is based on probability-weighted discounted cash flow analysis of the corresponding pay-off/redemption. • Quarter-to-date Gain (Loss) Activities: During the quarter ended June 30, 2022, the Company recognized $0.3 million of unrealized gains associated with a $10.0 million face value convertible note entered into in November of 2021. During the quarter ended June 30, 2021, the Company recognized an unrealized gain on its convertible note with Embark of $12.6 million. The Embark convertible note balance is excluded from the June 30, 2022 and December 31, 2021 convertible notes balances in the table above, as it was converted to an equity security in November of 2021. • Year-to-date Gain (Loss) Activities: During the year-to-date period ended June 30, 2022, the Company recognized $0.6 million of unrealized gains associated with the $10.0 million face value convertible note, discussed above. During the year-to-date period ended June 30, 2021, the Company recognized an unrealized gain on its convertible note with Embark of $12.6 million. 2 Investments in equity securities — The condensed consolidated statements of comprehensive income include the fair value activities from the Company's investments in equity securities within "Other (expenses) income, net". The estimated fair value is based on quoted prices in active markets that are readily and regularly obtainable. • Quarter-to-date Gain (Loss) Activities: During the quarter ended June 30, 2022, the Company recognized a loss of $30.7 million, consisting of $35.1 million in unrealized losses, primarily from mark-to-market adjustments of the Company's equity investment in Embark. This was partially offset by $4.4 million in realized gains from the Company's other investments in equity securities. During the quarter ended June 30, 2021, the Company recognized a loss of $1.5 million from its other investments in equity securities, which consisted of $2.3 million in unrealized losses, partially offset by $0.8 million in realized gains. • Year-to-date Gain (Loss) Activities: During the year-to-date period ended June 30, 2022, the Company recognized a loss of $51.5 million, which consisted of $55.9 million in unrealized losses, primarily from mark-to-market adjustments of the Company's investment in Embark. This was partially offset by $4.4 million in realized gains from the Company's other investments in equity securities. During the year-to-date period ended June 30, 2021, the Company recognized an $8.9 million gain from its investments in equity securities, which consisted of $4.6 million in unrealized gains and $4.3 million in realized gains from its other equity investments. Fair Value Measurements at Reporting Date Using: Estimated Level 1 Inputs Level 2 Inputs Level 3 Inputs (In thousands) As of June 30, 2022 US equity funds $ 12,352 $ 12,352 $ — $ — International equity funds 5,200 5,200 — — Fixed income funds 37,404 37,404 — — Cash and cash equivalents 936 936 — — Total pension plan assets $ 55,892 $ 55,892 $ — $ — As of December 31, 2021 US equity funds $ 14,877 $ 14,877 $ — $ — International equity funds 6,304 6,304 — — Fixed income funds 47,873 47,873 — — Cash and cash equivalents 1,413 1,413 — — Total pension plan assets $ 70,467 $ 70,467 $ — $ —
Recurring Fair Value Measurements (Liabilities)	The following table depicts the level in the fair value hierarchy of the inputs used to estimate the fair value of liabilities measured on a recurring basis as of June 30, 2022 and December 31, 2021: Fair Value Measurements at Reporting Date Using Estimated Fair Value Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Gain (Loss) (In thousands) As of June 30, 2022 Contingent consideration 1 $ 14,817 $ — $ — $ 14,817 $ — As of December 31, 2021 Contingent consideration 1 $ 13,100 $ — $ — $ 13,100 $ — 1 Contingent consideration is associated with acquisitions and investments. The Company did not recognize any gains (losses) during the quarter or year-to-date periods ended June 30, 2022 and 2021 related to the revaluation of these liabilities. Refer to Note 3 for information regarding material components of these liabilities.
Nonrecurring Fair Value Measurements (Assets)	The following table depicts the level in the fair value hierarchy of the inputs used to estimate fair value of assets measured on a nonrecurring basis as of June 30, 2022 and December 31, 2021: Fair Value Measurements at Reporting Date Using Estimated Fair Value Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Loss (In thousands) As of June 30, 2022 Buildings 1 $ — $ — $ — $ — $ (810) As of December 31, 2021 Equipment 2 $ — $ — $ — $ — $ (299) 1 Reflects the non-cash impairment of building improvements (within the non-reportable segments).

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Quarter-to-Date June 30, Year-to-Date June 30, 2022 2021 2022 2021 Provided by Knight-Swift Received by Knight-Swift Provided by Knight-Swift Received by Knight-Swift Provided by Knight-Swift Received by Knight-Swift Provided by Knight-Swift Received by Knight-Swift (In thousands) Facility and Equipment Leases: Certain affiliates 1 $ — $ 108 $ — $ 88 $ — $ 186 $ — $ 145 Other Services: Certain affiliates 1 $ 33 $ 9 $ 7 $ 9 $ 38 $ 18 $ 13 $ 18 June 30, 2022 December 31, 2021 Receivable Payable Receivable Payable (In thousands) Certain affiliates 1 $ 23 $ 61 $ 14 $ 44 1 "Certain affiliates" includes entities that are associated with various board members and executives and require approval by the Board prior to completing transactions. Transactions with these entities generally include freight services, facility and equipment leases, equipment sales, and other services.

Information by Segment and Ge_2

Information by Segment and Geography (Tables)	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Summary Of Financial Information By Segments	Quarter-to-Date June 30, Year-to-Date June 30, 2022 2021 2022 2021 Revenue: (In thousands) Truckload $ 1,188,809 $ 985,858 $ 2,269,340 $ 1,948,805 LTL 283,847 — 538,972 — Logistics 248,662 166,737 530,701 285,624 Intermodal 132,871 115,378 242,093 222,444 Subtotal $ 1,854,189 $ 1,267,973 $ 3,581,106 $ 2,456,873 Non-reportable segments 128,112 66,795 245,751 117,464 Intersegment eliminations (21,170) (19,067) (38,737) (35,622) Total revenue $ 1,961,131 $ 1,315,701 $ 3,788,120 $ 2,538,715 Quarter-to-Date June 30, Year-to-Date June 30, 2022 2021 2022 2021 Operating income (loss): (In thousands) Truckload $ 206,296 $ 168,457 $ 411,413 $ 326,940 LTL 43,767 — 70,144 — Logistics 43,749 14,356 83,350 21,933 Intermodal 14,172 5,812 29,342 9,269 Subtotal $ 307,984 $ 188,625 $ 594,249 $ 358,142 Non-reportable segments 17,794 2,490 29,615 (4,768) Operating income $ 325,778 $ 191,115 $ 623,864 $ 353,374 Quarter-to-Date June 30, Year-to-Date June 30, 2022 2021 2022 2021 Depreciation and amortization of property and equipment: (In thousands) Truckload $ 112,719 $ 105,206 $ 223,068 $ 207,091 LTL 15,321 — 30,581 — Logistics 546 289 1,142 497 Intermodal 4,236 3,940 8,100 7,758 Subtotal $ 132,822 $ 109,435 $ 262,891 $ 215,346 Non-reportable segments 14,660 14,171 29,635 28,175 Depreciation and amortization of property and equipment $ 147,482 $ 123,606 $ 292,526 $ 243,521

Introduction and Basis of Pre_3

Introduction and Basis of Presentation (Details)					6 Months Ended
	Dec. 06, 2021	Jul. 05, 2021	Jun. 01, 2021	Feb. 01, 2021	Jun. 30, 2022 Vehicle Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operational tractors in fleet					18,010
Number of company tractors					16,165
Number of independent contractor tractors					1,845
Number of trailers					72,111
Number of LTL tractors					3,110
Number of LTL trailers					8,352
Number of intermodal tractors					603
Number of intermodal containers					11,259
Number of reportable segments | Segment					4
MME
Business Acquisition [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired	100%
Business Acquisition, Effective Date of Acquisition	Dec. 06, 2021
ACT
Business Acquisition [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired		100%
Business Acquisition, Effective Date of Acquisition		Jul. 05, 2021
UTXL [Member]
Business Acquisition [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired			100%
Business Acquisition, Effective Date of Acquisition			Jun. 01, 2021
Eleos [Member]
Business Acquisition [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired				79.44%
Business Acquisition, Effective Date of Acquisition				Feb. 01, 2021

Recently Issued Accounting Pr_3

Recently Issued Accounting Pronouncements (Details)	6 Months Ended
	Jun. 30, 2022
Accounting Standards Update 2022-02 [Member]
Recently Issued Accounting Pronouncements [Line Items]
New Accounting Pronouncement Financial Statement Impact	The amendments in this ASU require that a creditor incorporates troubled debt restructurings into the allowance for credit losses and disclose current-period gross writeoffs by year of origination for financing receivables and net investments in leases.
New Accounting Pronouncement Adoption Method and Date	January 2023, Prospective
New Accounting Pronouncement Financial Statement Impact	Currently under evaluation, but not expected to be material
Accounting Standards Update 2022-03
Recently Issued Accounting Pronouncements [Line Items]
New Accounting Pronouncement Financial Statement Impact	The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security, and not considered in measuring fair value.
New Accounting Pronouncement Adoption Method and Date	January 2024, Prospective
New Accounting Pronouncement Financial Statement Impact	No material impact

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($) $ in Thousands						3 Months Ended		6 Months Ended
	Jun. 30, 2022	Dec. 06, 2021	Jul. 05, 2021	Jun. 01, 2021	Feb. 01, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill	$ 3,518,589					$ 3,518,589		$ 3,518,589		$ 3,515,135
Total revenue						1,961,131	$ 1,315,701	3,788,120	$ 2,538,715
Net income						219,442	153,135	427,730	282,978
Amortization of Intangible Assets						16,215	$ 11,984	32,381	$ 23,733
MME
Business Acquisition [Line Items]
Business Acquisition, Effective Date of Acquisition		Dec. 06, 2021
Business Acquisition, Percentage of Voting Interests Acquired		100%
Business Combination, Consideration Transferred	165,700
MME | Revision of Prior Period, Adjustment [Member]
Business Acquisition [Line Items]
Net Working Capital Adjustment	1,300					1,300		1,300
Deferred tax liabilities	(2,200)					(2,200)		(2,200)
Goodwill	3,500					3,500		3,500
ACT
Business Acquisition [Line Items]
Business Acquisition, Effective Date of Acquisition			Jul. 05, 2021
Business Acquisition, Percentage of Voting Interests Acquired			100%
Total revenue						245,200		462,900
Net income						26,600		42,700
Amortization of Intangible Assets						3,500		7,000
UTXL [Member]
Business Acquisition [Line Items]
Business Acquisition, Effective Date of Acquisition				Jun. 01, 2021
Business Acquisition, Percentage of Voting Interests Acquired				100%
Eleos [Member]
Business Acquisition [Line Items]
Business Acquisition, Effective Date of Acquisition					Feb. 01, 2021
Business Acquisition, Percentage of Voting Interests Acquired					79.44%
Contingent consideration (annual payment) [Member] | UTXL [Member]
Business Acquisition [Line Items]
Business Combination, Contingent Consideration, Liability, Current	$ 5,000					$ 5,000		$ 5,000

Acquisitions - Tables (Details)

Acquisitions - Tables (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Business Combinations [Abstract]
Business Acquisition, Pro Forma Revenue	$ 1,515,793	$ 2,928,025
Business Acquisition, Pro Forma Net Income (Loss)	$ 165,096	$ 304,285
Business Acquisition, Pro Forma Earnings Per Share, Diluted	$ 0.99	$ 1.82

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Income Tax Contingency [Line Items]
Effective tax rate	24.70%	25.30%	24.80%	25.50%
Deferred Tax Assets, Valuation Allowance	$ 0		$ 0
Decrease in Unrecognized Tax Benefits is Reasonably Possible	0.3		0.3
Accrued interest and penalties	$ 0.1		$ 0.1		$ 0.1
Year subject to examination			2017
State and Local Jurisdiction [Member] | Minimum [Member]
Income Tax Contingency [Line Items]
Year under income tax examination			2014
State and Local Jurisdiction [Member] | Maximum [Member]
Income Tax Contingency [Line Items]
Year under income tax examination			2019

Accounts Receivable Securitiz_3

Accounts Receivable Securitization (Details) - 2021 RSA - USD ($) $ in Thousands		Jun. 30, 2022	Dec. 31, 2021	Apr. 23, 2021
Servicing Liabilities at Fair Value [Line Items]
Effective date				Apr. 23, 2021
Final maturity date				Apr. 23, 2024
Receivables Sales Agreement, Borrowing Capacity				$ 400,000
Accordion Option Accounts Receivable Securitization	[1]			$ 100,000
Unused commitment fee rate	[2]			20 to 40 basis points
Program fees on outstanding balances	[3]			one month LIBOR + 82.5 basis points
Borrowing base, based on eligible receivables		$ 400,000	$ 400,000
Accounts receivable securitization	[4]	(279,000)	(279,000)
Letters of Credit Outstanding, Amount		(65,300)	(65,300)
Availability under accounts receivable securitization facilities		55,700	55,700
Deferred loan costs		$ 400	$ 500
Debt Instrument, Interest Rate During Period		1.90%	0.90%
[1]The accordion option increases the maximum borrowing capacity, subject to participation of the purchasers.[2]The 2021 RSA commitment fees rate are based on the percentage of the maximum borrowing capacity utilized.[3]As identified within the 2021 RSA, the lender can trigger an amendment by identifying and deciding upon a replacement for LIBOR.[4] Outstanding borrowings are included in "Accounts receivable securitization" in the condensed consolidated balance sheets and are offset by deferred loan costs of $0.4 million as of June 30, 2022 and $0.5 million as of December 31, 2021. Interest accrued on the aggregate principal balance at a rate of 1.9% and 0.9% as of June 30, 2022 and December 31, 2021, respectively.

Debt And Financing (Details)

Debt And Financing (Details) - USD ($) $ in Thousands		Jun. 30, 2022	Sep. 03, 2021	Dec. 31, 2021
Debt Instrument [Line Items]
Long-Term Debt		$ 1,211,237		$ 1,249,969
Less: current portion of long-term debt		(182,620)		(212,417)
Long-term debt – less current portion		1,028,617		1,037,552
Revolving line of credit		129,000		260,000
Long-term Debt		1,340,237		1,509,969
2021 Term Loan A-1
Debt Instrument [Line Items]
Long-Term Debt	[1],[2]	169,853		199,676
Line of Credit Facility, Maximum Borrowing Capacity			$ 200,000
Final maturity date			Dec. 03, 2022
Program fees on outstanding balances			BSBY
Minimum principal payment — amount			$ 0
Minimum principal payment — frequency			Once
Minimum principal payment — commencement date			Dec. 03, 2022
2021 Term Loan A-1 | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	[2]		0.75%
2021 Term Loan A-1 | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	[2]		1.38%
2021 Term Loan A-2
Debt Instrument [Line Items]
Long-Term Debt	[1],[2]	199,681		199,607
Line of Credit Facility, Maximum Borrowing Capacity			$ 200,000
Final maturity date			Sep. 03, 2024
Program fees on outstanding balances			BSBY
Minimum principal payment — amount			$ 0
Minimum principal payment — frequency			Once
Minimum principal payment — commencement date			Sep. 03, 2024
2021 Term Loan A-2 | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	[2]		0.75%
2021 Term Loan A-2 | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	[2]		1.38%
2021 Term Loan A-3
Debt Instrument [Line Items]
Long-Term Debt	[1],[2]	798,528		798,352
Line of Credit Facility, Maximum Borrowing Capacity			$ 800,000
Final maturity date			Sep. 03, 2026
Program fees on outstanding balances			BSBY
Minimum principal payment — amount			$ 10,000
Minimum principal payment — frequency			Quarterly
Minimum principal payment — commencement date			Sep. 30, 2024
2021 Term Loan A-3 | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	[2]		0.88%
2021 Term Loan A-3 | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	[2]		1.50%
2021 Prudential Notes
Debt Instrument [Line Items]
Long-Term Debt	[2]	39,113		47,265
Debt Instrument, Unused Borrowing Capacity, Amount		87,900
2021 Prudential Notes | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			4.05%
2021 Prudential Notes | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			4.40%
Other Debt
Debt Instrument [Line Items]
Secured Debt, Other		4,062		5,069
2021 Revolver
Debt Instrument [Line Items]
Letters of Credit Outstanding, Amount		$ 99,000		64,000
Line of Credit Facility, Maximum Borrowing Capacity			$ 1,100,000
Final maturity date			Sep. 03, 2026
Program fees on outstanding balances			BSBY
Minimum principal payment — amount			$ 0
Minimum principal payment — frequency			Once
Minimum principal payment — commencement date			Sep. 03, 2026
Debt Instrument, Interest Rate During Period		1.95%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.10%
Line of Credit Facility, Commitment Fee Percentage		1%
2021 Revolver | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	[2],[3]		0.88%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage			0.10%
2021 Revolver | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	[2],[3]		1.50%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage			0.20%
2021 Term Loans
Debt Instrument [Line Items]
Debt Instrument, Interest Rate During Period		1.83%
Line of Credit | 2021 Revolver
Debt Instrument [Line Items]
Revolving line of credit	[2],[4]	$ 129,000		260,000
Loans Payable [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity			$ 2,300,000
Loans Payable [Member] | 2021 Term Loan A-1
Debt Instrument [Line Items]
Deferred loan costs		100		300
Loans Payable [Member] | 2021 Term Loan A-2
Debt Instrument [Line Items]
Deferred loan costs		300		400
Loans Payable [Member] | 2021 Term Loan A-3
Debt Instrument [Line Items]
Deferred loan costs		$ 1,500		$ 1,600
Loans Payable [Member] | 2021 Prudential Notes
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity			$ 125,000
[1] As of June 30, 2022, the carrying amounts of the 2021 Term Loan A-1, 2021 Term Loan A-2, and 2021 Term Loan A-3 were net of $0.1 million, $0.3 million, and $1.5 million in deferred loan costs, respectively. As of December 31, 2021, the carrying amounts of the 2021 Term Loan A-1, 2021 Term Loan A-2, and 2021 Term Loan A-3 were net of $0.3 million, $0.4 million, and $1.6 million in deferred loan costs, respectively.

Defined Benefit Pension Plan (D

Defined Benefit Pension Plan (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
Retirement Benefits [Abstract]
Discount Rate (Point in Time)	4.33%	4.33%
Discount Rate (Period of Time)	3.38%	2.89%
Expected long-term rate of return on pension plan assets	6%	6%

Purchase Commitments (Details)

Purchase Commitments (Details) $ in Millions	Jun. 30, 2022 USD ($)
Capital Addition Purchase Commitments Total Revenue Equipment [Member]
Long-term Purchase Commitment [Line Items]
Purchase Obligation, to be Paid, Year One	$ 554.6
Purchase Obligation, to be Paid, Year Two	87.8
Purchase Obligation, to be Paid, Year Three	0
Purchase Obligation, Due in Fourth and Fifth Year	0
Purchase Obligation, Due after Fifth Year	0
Capital Addition Purchase Commitments of Tractors [Member]
Long-term Purchase Commitment [Line Items]
Purchase Obligation, to be Paid, Year One	419
Purchase Obligation, to be Paid, Year Two	79.6
Capital Addition Purchase Commitments Non revenue equipment [Member]
Long-term Purchase Commitment [Line Items]
Purchase Obligation, Future Minimum Payments, Remainder of Fiscal Year	47.3
Purchase Obligation, Due in Second and Third Year	14.2
Purchase Obligation, Due in Fourth and Fifth Year	1.2
Purchase Obligation, Due after Fifth Year	$ 0

Contingencies and Legal Proce_3

Contingencies and Legal Proceedings (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Loss contingency accrual	$ 15.9
Employee Compensation and Pay Practices Matters [Member] | California Wage, Meal, and Rest Class Action [Member]
Loss Contingencies [Line Items]
Loss contingency, allegations	The plaintiffs generally allege one or more of the following: that the Company 1) failed to pay the California minimum wage; 2) failed to provide proper meal and rest periods; 3) failed to timely pay wages upon separation from employment; 4) failed to pay for all hours worked; 5) failed to pay overtime; 6) failed to properly reimburse work-related expenses; and 7) failed to provide accurate wage statements.
Loss contingency, opinion of counsel	In April 2019, the parties reached settlement of this matter. In January 2020, the court granted final approval of the settlement. Two objectors appealed the court’s decision granting final approval of the settlement. The likelihood that a loss has been incurred is probable and estimable, and the loss has accordingly been accrued as of June 30, 2022.
Employee Compensation and Pay Practices Matters [Member] | California Wage, Meal, and Rest Class Action [Member] | California Wage, Meal, and Rest Class Action 1 [Member]
Loss Contingencies [Line Items]
Loss contingency, name of plaintiffs	John Burnell 1	[1]
Loss contingency, name of defendant	Swift Transportation Co., Inc
Lawsuit filing date	March 22, 2010
Loss contingency, domicile of litigation	United States District Court for the Central District of California
Employee Compensation and Pay Practices Matters [Member] | California Wage, Meal, and Rest Class Action [Member] | California Wage, Meal, and Rest Class Action 2 [Member]
Loss Contingencies [Line Items]
Loss contingency, name of plaintiffs	James R. Rudsell 1	[1]
Loss contingency, name of defendant	Swift Transportation Co. of Arizona, LLC and Swift Transportation Company
Lawsuit filing date	April 5, 2012
Loss contingency, domicile of litigation	United States District Court for the Central District of California
Independent Contractor Matters [Member] | Ninth circuit owner operator misclassification class action 1 [Member]
Loss Contingencies [Line Items]
Loss contingency, allegations	The putative class alleges that Swift misclassified independent contractors as independent contractors, instead of employees, in violation of the Fair Labor Standards Act and various state laws. The lawsuit also raises certain related issues with respect to the lease agreements that certain independent contractors have entered into with Interstate Equipment Leasing, LLC. The putative class seeks unpaid wages, liquidated damages, interest, other costs, and attorneys' fees.
Loss contingency, name of plaintiffs	Joseph Sheer, Virginia Van Dusen, Jose Motolinia, Vickii Schwalm, Peter Wood 1	[1]
Loss contingency, name of defendant	Swift Transportation Co., Inc., Interstate Equipment Leasing, Inc., Jerry Moyes, and Chad Killebrew
Lawsuit filing date	December 22, 2009
Loss contingency, domicile of litigation	United States District Court of Arizona and Ninth Circuit Court of Appeals
Loss contingency, opinion of counsel	In January 2020, the court granted final approval of the settlement in this matter. In March 2020, the Company paid the settlement amount approved by the court. As of June 30, 2022, the Company has an accrual for anticipated costs associated with finalizing this matter.
[1]Individually and on behalf of all others similarly situated.

Self Insurance (Details)

Self Insurance (Details) - ACT - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Jun. 30, 2022
Loss Contingencies [Line Items]
Self Insurance Retention	$ 2	$ 10
Insurance Aggregate Deductible Amount	5
Maximum [Member]
Loss Contingencies [Line Items]
Insurance Aggregate Deductible Amount	$ 10

Share Repurchase Plans (Details

Share Repurchase Plans (Details) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended			6 Months Ended
		Jun. 30, 2022		Jun. 30, 2021	Jun. 30, 2022		Jun. 30, 2021	Apr. 19, 2022	Dec. 31, 2021	Nov. 24, 2020
Class of Stock [Line Items]
Share repurchase, shares	[1]	3,278			6,001
Company shares repurchased		$ 155,060	[1]		$ 299,941	[1]	$ 53,661
Knight-Swift Share Repurchase Plan, November 24, 2020
Class of Stock [Line Items]
Share repurchase plan, authorized amount, value										$ 250,000
Share repurchase plan, remaining authorized amount, value								$ 42,800	$ 192,800
Share repurchase, shares	[1]	98		0	2,821		1,303
Company shares repurchased	[1]	$ 5,101		$ 0	$ 149,982		$ 53,661
Knight-Swift Share Repurchase Plan, April 25, 2022
Class of Stock [Line Items]
Share repurchase plan, authorized amount, value								$ 350,000
Share repurchase plan, remaining authorized amount, value		$ 200,000			$ 200,000
Share repurchase, shares	[1]	3,180			3,180
Company shares repurchased	[1]	$ 149,959			$ 149,959
[1]$200.0 million remained available under the 2022 Knight-Swift Repurchase Plan as of June 30, 2022. $192.8 million remained available under the 2020 Knight-Swift Share Repurchase Plan as of December 31, 2021

Weighted Average Shares Outst_3

Weighted Average Shares Outstanding (Details) - shares shares in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Basic weighted average common shares outstanding		162,365	165,577	163,863	165,751
Dilutive effect of equity awards		801	1,008	938	999
Diluted weighted average common shares outstanding		163,166	166,585	164,801	166,750
Anti-dilutive shares excluded from diluted earnings per share	[1]	575	31	341	47
[1]Shares were excluded from the dilutive-effect calculation because the outstanding awards' exercise prices were greater than the average market price of the Company's common stock for the periods presented.

Fair Value Measurement - Estima

Fair Value Measurement - Estimated Fair Values (Details) - USD ($) $ in Thousands		Jun. 30, 2022	Dec. 31, 2021
Financial Assets:
Equity method investments		$ 96,098	$ 75,769
Equity method investments (Estimated Fair Value)		96,098	75,769
Investments in equity securities		15,859	74,201
Convertible note		10,736	10,141
Financial Liabilities:
Term loan Carrying Value		1,340,237	1,509,969
Revolving line of credit		129,000	260,000
Accounts receivable securitization		278,594	278,483
Business Combination, Contingent Consideration, Liability		14,817	13,100
2021 Term Loan A-1
Financial Liabilities:
Term loan Carrying Value	[1]	169,853	199,676
Term loan, Fair Value	[1]	170,000	200,000
2021 Term Loan A-2
Financial Liabilities:
Term loan Carrying Value	[1]	199,681	199,607
Term loan, Fair Value	[1]	200,000	200,000
2021 Term Loan A-3
Financial Liabilities:
Term loan Carrying Value	[1]	798,528	798,352
Term loan, Fair Value	[1]	800,000	800,000
2021 Revolver
Financial Liabilities:
Revolving line of credit		129,000	260,000
2021 Prudential Notes
Financial Liabilities:
Term loan Carrying Value	[2]	39,113	47,265
Term loan, Fair Value	[2]	39,184	47,354
Debt Instrument, Fair Value Disclosure		2,000	2,400
Deferred loan costs		100	100
2021 RSA
Financial Liabilities:
Accounts receivable securitization	[3]	278,594	278,483
Debt Instrument, Fair Value Disclosure	[3]	279,000	279,000
Deferred loan costs		$ 400	$ 500
[1] As of June 30, 2022, the carrying amounts of the 2021 Term Loan A-1, 2021 Term Loan A-2, and 2021 Term Loan A-3 were net of $0.1 million, $0.3 million, and $1.5 million in deferred loan costs, respectively. As of December 31, 2021, the carrying amounts of the 2021 Term Loan A-1, 2021 Term Loan A-2, and 2021 Term Loan A-3 were As of June 30, 2022, the carrying amount of the 2021 Prudential Notes was net of $0.1 million i n deferred loan costs and included $2.0 million in fair value adjustments. As of December 31, 2021, the carrying amount of the 2021 Prudential Notes was net of $0.1 million in deferred loan costs and included $2.4 million in fair value adjustments. The carrying amount of the 2021 RSA was net of $0.4 million and $0.5 million in deferred loan costs as of June 30, 2022 and December 31, 2021, respectively .

Fair Value Measurement - Recurr

Fair Value Measurement - Recurring and Nonrecurring Measurements (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended			12 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022		Jun. 30, 2021	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible note		$ 10,736		$ 10,736			$ 10,141
Investment Owned, Face Amount		10,000		10,000
Debt and Equity Securities, Gain (Loss)				(50,937)		$ 8,858
Business Combination, Contingent Consideration, Liability		14,817		14,817			13,100
Gain (Loss) on Disposition of Property Plant Equipment				57,808		25,592
Equipment [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (Loss) on Disposition of Property Plant Equipment		23,000	$ 15,100	57,800		25,600
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible note	[1]	10,736		10,736			10,141
Gross Unrealized Gains	[1]	736		736
Gain (Loss) on Investments		300		600			141	[1]
Assets, Fair Value Disclosure	[2]	15,859		15,859			74,201
Fair Value, Option, Changes in Fair Value, Gain (Loss)	[2]			(42,888)			14,456
Debt and Equity Securities, Gain (Loss)		(30,700)	(1,500)	(51,500)		8,900
Debt and Equity Securities, Unrealized Gain (Loss)		(35,100)	(2,300)	(55,900)		4,600
Debt and Equity Securities, Realized Gain (Loss)		4,400	800	4,400		4,300
Business Combination, Contingent Consideration, Liability	[3]	14,817		14,817			13,100
Contingent Consideration Gain (Loss)		0	$ 0	0	[3]	$ 0	0	[3]
Total pension plan assets		55,892		55,892			70,467
Fair Value, Recurring [Member] | Embark
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt and Equity Securities, Unrealized Gain (Loss)		12,600		12,600
Fair Value, Recurring [Member] | US equity funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total pension plan assets		12,352		12,352			14,877
Fair Value, Recurring [Member] | International equity funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total pension plan assets		5,200		5,200			6,304
Fair Value, Recurring [Member] | Fixed income funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total pension plan assets		37,404		37,404			47,873
Fair Value, Recurring [Member] | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total pension plan assets		936		936			1,413
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible note	[1]	0		0			0
Assets, Fair Value Disclosure	[2]	15,859		15,859			74,201
Business Combination, Contingent Consideration, Liability	[3]	0		0			0
Total pension plan assets		55,892		55,892			70,467
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US equity funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total pension plan assets		12,352		12,352			14,877
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | International equity funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total pension plan assets		5,200		5,200			6,304
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Fixed income funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total pension plan assets		37,404		37,404			47,873
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total pension plan assets		936		936			1,413
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible note	[1]	0		0			0
Assets, Fair Value Disclosure	[2]	0		0			0
Business Combination, Contingent Consideration, Liability	[3]	0		0			0
Total pension plan assets		0		0			0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US equity funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total pension plan assets		0		0			0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | International equity funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total pension plan assets		0		0			0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Fixed income funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total pension plan assets		0		0			0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total pension plan assets		0		0			0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible note	[1]	10,736		10,736			10,141
Assets, Fair Value Disclosure	[2]	0		0			0
Business Combination, Contingent Consideration, Liability	[3]	14,817		14,817			13,100
Total pension plan assets		0		0			0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US equity funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total pension plan assets		0		0			0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | International equity funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total pension plan assets		0		0			0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed income funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total pension plan assets		0		0			0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total pension plan assets		0		0			0
Fair Value, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial and Nonfinancial Liabilities, Fair Value Disclosure		0		0			0
Building and Building Improvements | Fair Value, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property, Plant, and Equipment, Fair Value Disclosure	[4]	$ 0		0
Total Losses, nonrecurring assets	[4]			$ (810)
Equipment [Member] | Fair Value, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property, Plant, and Equipment, Fair Value Disclosure	[5]						0
Total Losses, nonrecurring assets	[5]						(299)
Equipment [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property, Plant, and Equipment, Fair Value Disclosure	[5]						0
Equipment [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property, Plant, and Equipment, Fair Value Disclosure	[5]						0
Equipment [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property, Plant, and Equipment, Fair Value Disclosure	[5]						$ 0
[1] Convertible notes — The condensed consolidated statements of comprehensive income include the fair value activities from the Company's convertible notes within "Other (expenses) income, net". The estimated fair value is based on probability-weighted discounted cash flow analysis of the corresponding pay-off/redemption. • Quarter-to-date Gain (Loss) Activities: During the quarter ended June 30, 2022, the Company recognized $0.3 million of unrealized gains associated with a $10.0 million face value convertible note entered into in November of 2021. During the quarter ended June 30, 2021, the Company recognized an unrealized gain on its convertible note with Embark of $12.6 million. The Embark convertible note balance is excluded from the June 30, 2022 and December 31, 2021 convertible notes balances in the table above, as it was converted to an equity security in November of 2021. • Year-to-date Gain (Loss) Activities: During the year-to-date period ended June 30, 2022, the Company recognized $0.6 million of unrealized gains associated with the $10.0 million face value convertible note, discussed above. During the year-to-date period ended June 30, 2021, the Company recognized an unrealized gain on its convertible note with Embark of $12.6 million. Investments in equity securities — The condensed consolidated statements of comprehensive income include the fair value activities from the Company's investments in equity securities within "Other (expenses) income, net". The estimated fair value is based on quoted prices in active markets that are readily and regularly obtainable. • Quarter-to-date Gain (Loss) Activities: During the quarter ended June 30, 2022, the Company recognized a loss of $30.7 million, consisting of $35.1 million in unrealized losses, primarily from mark-to-market adjustments of the Company's equity investment in Embark. This was partially offset by $4.4 million in realized gains from the Company's other investments in equity securities. During the quarter ended June 30, 2021, the Company recognized a loss of $1.5 million from its other investments in equity securities, which consisted of $2.3 million in unrealized losses, partially offset by $0.8 million in realized gains. • Year-to-date Gain (Loss) Activities: During the year-to-date period ended June 30, 2022, the Company recognized a loss of $51.5 million, which consisted of $55.9 million in unrealized losses, primarily from mark-to-market adjustments of the Company's investment in Embark. This was partially offset by $4.4 million in realized gains from the Company's other investments in equity securities. During the year-to-date period ended June 30, 2021, the Company recognized an $8.9 million gain from its investments in equity securities, which consisted of $4.6 million in unrealized gains and $4.3 million in realized gains from its other equity investments.

Related Party Transactions (Det

Related Party Transactions (Details) - Certain Affiliates [Member] - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Receivable	[1]	$ 23		$ 23		$ 14
Payable	[1]	61		61		$ 44
Facility and Equipment Leases [Member]
Related Party Transaction [Line Items]
Provided by Knight-Swift	[1]	0	$ 0	0	$ 0
Received by Knight-Swift	[1]	108	88	186	145
Other Services [Member]
Related Party Transaction [Line Items]
Provided by Knight-Swift	[1]	33	7	38	13
Received by Knight-Swift	[1]	$ 9	$ 9	$ 18	$ 18
[1]"Certain affiliates" includes entities that are associated with various board members and executives and require approval by the Board prior to completing transactions. Transactions with these entities generally include freight services, facility and equipment leases, equipment sales, and other services.

Information by Segment and Ge_3

Information by Segment and Geography - Segment Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Total revenue	$ 1,961,131	$ 1,315,701	$ 3,788,120	$ 2,538,715
Operating income (loss)	325,778	191,115	623,864	353,374
Depreciation and amortization of property and equipment	147,482	123,606	292,526	243,521
Operating Segments [Member]
Segment Reporting Information [Line Items]
Total revenue	1,854,189	1,267,973	3,581,106	2,456,873
Operating income (loss)	307,984	188,625	594,249	358,142
Depreciation and amortization of property and equipment	132,822	109,435	262,891	215,346
Operating Segments [Member] | Truckload [Member]
Segment Reporting Information [Line Items]
Total revenue	1,188,809	985,858	2,269,340	1,948,805
Operating income (loss)	206,296	168,457	411,413	326,940
Depreciation and amortization of property and equipment	112,719	105,206	223,068	207,091
Operating Segments [Member] | LTL
Segment Reporting Information [Line Items]
Total revenue	283,847	0	538,972	0
Operating income (loss)	43,767	0	70,144	0
Depreciation and amortization of property and equipment	15,321	0	30,581	0
Operating Segments [Member] | Logistics [Member]
Segment Reporting Information [Line Items]
Total revenue	248,662	166,737	530,701	285,624
Operating income (loss)	43,749	14,356	83,350	21,933
Depreciation and amortization of property and equipment	546	289	1,142	497
Operating Segments [Member] | Intermodal [Member]
Segment Reporting Information [Line Items]
Total revenue	132,871	115,378	242,093	222,444
Operating income (loss)	14,172	5,812	29,342	9,269
Depreciation and amortization of property and equipment	4,236	3,940	8,100	7,758
Non-reportable segments [Member]
Segment Reporting Information [Line Items]
Total revenue	128,112	66,795	245,751	117,464
Operating income (loss)	17,794	2,490	29,615	(4,768)
Depreciation and amortization of property and equipment	14,660	14,171	29,635	28,175
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Total revenue	$ (21,170)	$ (19,067)	$ (38,737)	$ (35,622)

Information by Segment and Ge_4

Information by Segment and Geography - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Segment Reporting [Abstract]
Percentages Of Foreign Operations Consolidated Revenue	5%	5%	5%	5%
Long lived assets of foreign operations	5%		5%		5%