Schneider National (SNDR) 10-Q 27 Oct 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2022	Oct. 21, 2022
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-38054
Entity Registrant Name	Schneider National, Inc.
Entity Incorporation, State or Country Code	WI
Entity Tax Identification Number	39-1258315
Entity Address, Address Line One	3101 South Packerland Drive
Entity Address, City or Town	Green Bay
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	54313
City Area Code	920
Local Phone Number	592-2000
Title of 12(b) Security	Class B common stock, no par value
Trading Symbol	SNDR
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
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001692063
Current Fiscal Year End Date	--12-31
Class A Common Shares
Document Information
Entity Common Stock, Shares Outstanding		83,029,500
Class B Common Stock
Document Information
Entity Common Stock, Shares Outstanding		94,982,780

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Operating revenues	$ 1,675.3	$ 1,444.5	$ 5,042.7	$ 4,033.9
Operating expenses:
Purchased transportation	735	692.3	2,254	1,900.4
Salaries, wages, and benefits	356	290.2	1,034.4	832.9
Fuel and fuel taxes	133.4	70.3	390.9	204.1
Depreciation and amortization	88.2	74.2	258.3	220.5
Operating supplies and expenses—net	149.7	108.7	392	362
Insurance and related expenses	26.5	19.3	78	60.7
Other general expenses	41.1	35.8	178	97.6
Total operating expenses	1,529.9	1,290.8	4,585.6	3,678.2
Income from operations	145.4	153.7	457.1	355.7
Other expenses (income):
Interest income	(0.8)	(0.6)	(1.5)	(1.8)
Interest expense	2.1	3.3	7.1	9.7
Other expenses (income)—net	(23.6)	4	(12.3)	(14.8)
Total other expenses (income)—net	(22.3)	6.7	(6.7)	(6.9)
Income before income taxes	167.7	147	463.8	362.6
Provision for income taxes	41.9	37	116.1	91.3
Net income	125.8	110	347.7	271.3
Other comprehensive income (loss):
Foreign currency translation adjustment—net	(0.1)	(0.1)	0	0.1
Net unrealized loss on marketable securities—net of tax	(1.3)	(0.2)	(3.9)	(0.6)
Total other comprehensive loss—net	(1.4)	(0.3)	(3.9)	(0.5)
Comprehensive income	$ 124.4	$ 109.7	$ 343.8	$ 270.8
Weighted average common shares outstanding	178	177.7	177.9	177.5
Basic earnings per share	$ 0.71	$ 0.62	$ 1.95	$ 1.53
Weighted average diluted shares outstanding	178.7	177.9	178.6	177.8
Diluted earnings per share	$ 0.70	$ 0.62	$ 1.95	$ 1.53

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Current Assets:
Cash and cash equivalents	$ 349.7	$ 244.8
Marketable securities	44.6	49.3
Trade accounts receivable—net of allowance of $10.9 million and $5.2 million, respectively	729.7	705.4
Other receivables	31.3	35.9
Current portion of lease receivables—net of allowance of $1.4 million and $1.1 million, respectively	112.7	110.6
Inventories	43.1	27.4
Prepaid expenses and other current assets	97.2	75.1
Total current assets	1,408.3	1,248.5
Property and equipment:
Transportation equipment	3,346.3	3,056.2
Land, buildings, and improvements	217.3	215.7
Other property and equipment	176.1	175.1
Total property and equipment	3,739.7	3,447
Less accumulated depreciation	1,538.6	1,396
Net property and equipment	2,201.1	2,051
Lease receivables	168.8	160.1
Internal use software and other noncurrent assets	299.4	237.2
Goodwill	228.3	240.5
Total noncurrent assets	2,897.6	2,688.8
Total Assets	4,305.9	3,937.3
Current Liabilities:
Trade accounts payable	374.9	331.7
Accrued salaries, wages, and benefits	96.5	104.5
Claims accruals—current	75	83.9
Current maturities of debt and finance lease obligations	72.6	61.4
Other current liabilities	115.2	108.7
Total current liabilities	734.2	690.2
Noncurrent Liabilities:
Long-term debt and finance lease obligations	140.1	208.9
Claims accruals—noncurrent	94.4	88.5
Deferred income taxes	528.9	451
Other noncurrent liabilities	70.4	74.9
Total noncurrent liabilities	833.8	823.3
Total Liabilities	1,568	1,513.5
Shareholders’ Equity:
Additional paid-in capital	1,579.8	1,566
Retained earnings	1,162	857.8
Accumulated other comprehensive loss	(3.9)	0
Total Shareholders' Equity	2,737.9	2,423.8
Total Liabilities and Shareholders’ Equity	4,305.9	3,937.3
Supplemental Income Statement Elements
Trade accounts receivable allowance	10.9	5.2
Lease receivables allowance	1.4	1.1
Preferred Stock
Shareholders’ Equity:
Preferred stock	$ 0	$ 0
Preferred stock, par value (usd per share)	$ 0	$ 0
Preferred stock, shares authorized (shares)	50,000,000	50,000,000
Preferred stock, shares issued (shares)	0	0
Preferred stock, shares outstanding (shares)	0	0
Class A Common Shares
Shareholders’ Equity:
Common stock	$ 0	$ 0
Common stock, par value (usd per share)	$ 0	$ 0
Common stock, shares authorized (shares)	250,000,000	250,000,000
Common stock, shares issued (shares)	83,029,500	83,029,500
Common stock, shares outstanding (shares)	83,029,500	83,029,500
Class B Common Stock
Shareholders’ Equity:
Common stock	$ 0	$ 0
Common stock, par value (usd per share)	$ 0	$ 0
Common stock, shares authorized (shares)	750,000,000	750,000,000
Common stock, shares issued (shares)	95,643,248	95,701,868
Common stock, shares outstanding (shares)	94,980,485	94,626,740

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Net cash provided by operating activities
Net income	$ 347.7	$ 271.3
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	258.3	220.5
Gains on sales of property and equipment—net	(75.2)	(48)
Proceeds from lease receipts	62.3	54.7
Deferred income taxes	72.4	21.6
Long-term incentive and share-based compensation expense	12.6	11.3
Gains on investment in equity securities—net	(15.8)	(17.1)
Other noncash items—net	(15.2)	0.6
Changes in operating assets and liabilities:
Receivables	(26.5)	(112.3)
Other assets	(53.8)	(53.3)
Payables	5	68
Claims reserves and other receivables—net	6.3	1.1
Other liabilities	0.2	(22.4)
Net cash provided by operating activities	578.3	396
Investing Activities:
Purchases of transportation equipment	(321.1)	(296.9)
Purchases of other property and equipment	(38.4)	(33.4)
Proceeds from sale of property and equipment	101.1	145.2
Proceeds from sale of off-lease inventory	19.9	13.2
Purchases of lease equipment	(80.4)	(72.8)
Proceeds from marketable securities	4.2	11.7
Purchases of marketable securities	(4.6)	(11.6)
Investments in equity securities	(24.1)	(5)
Acquisition of businesses, net of cash acquired	(28.1)	0
Net cash used in investing activities	(371.5)	(249.6)
Financing Activities:
Payments of debt and finance lease obligations	(61.3)	(0.5)
Dividends paid	(41.4)	(37.2)
Other financing activities	0.8	0
Net cash used in financing activities	(101.9)	(37.7)
Net increase in cash and cash equivalents	104.9	108.7
Cash and Cash Equivalents:
Cash and cash equivalents, beginning balance	244.8	395.5
Cash and cash equivalents, ending balance	349.7	504.2
Noncash investing and financing activity:
Transportation and lease equipment purchases in accounts payable	50.4	43.7
Dividends declared but not yet paid	16.1	14
Sale of assets in exchange for notes receivable	2.3	0
Cash paid during the period for:
Interest	8.3	10
Income taxes—net of refunds	$ 38	$ 77.7

Consolidated Statements Shareho

Consolidated Statements Shareholders' Equity - USD ($) $ in Millions	Total	Class A Common Shares	Class B Common Stock	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Balance at Dec. 31, 2020	$ 2,055.5			$ 0	$ 1,552.2	$ 502.5	$ 0.8
Increase (Decrease) in Stockholders' Equity
Net income	54.8			0	0	54.8	0
Other comprehensive (loss) income	(0.7)			0	0	0	(0.7)
Share-based compensation expense	4.5			0	4.5	0	0
Dividends declared per share		$ 0.07	$ 0.07
Dividends declared	(12.6)			0	0	(12.6)	0
Share issuances	0.1			0	0.1	0	0
Exercise of employee stock options	0.7			0	0.7	0	0
Shares withheld for employee taxes	(2.4)			0	(2.4)	0	0
Balance at Mar. 31, 2021	2,099.9			0	1,555.1	544.7	0.1
Balance at Dec. 31, 2020	2,055.5			0	1,552.2	502.5	0.8
Increase (Decrease) in Stockholders' Equity
Net income	271.3
Balance at Sep. 30, 2021	2,299.1			0	1,562.6	736.2	0.3
Balance at Mar. 31, 2021	2,099.9			0	1,555.1	544.7	0.1
Increase (Decrease) in Stockholders' Equity
Net income	106.5			0	0	106.5	0
Other comprehensive (loss) income	0.5			0	0	0	0.5
Share-based compensation expense	3.3			0	3.3	0	0
Dividends declared per share		0.07	0.07
Dividends declared	(12.5)			0	0	(12.5)	0
Share issuances	0.7			0	0.7	0	0
Balance at Jun. 30, 2021	2,198.4			0	1,559.1	638.7	0.6
Increase (Decrease) in Stockholders' Equity
Net income	110			0	0	110	0
Other comprehensive (loss) income	(0.3)			0	0	0	(0.3)
Share-based compensation expense	3.4			0	3.4	0	0
Dividends declared per share		0.07	0.07
Dividends declared	(12.5)			0	0	(12.5)	0
Share issuances	0.1			0	0.1	0	0
Balance at Sep. 30, 2021	2,299.1			0	1,562.6	736.2	0.3
Balance at Dec. 31, 2021	2,423.8			0	1,566	857.8	0
Increase (Decrease) in Stockholders' Equity
Net income	92.1			0	0	92.1	0
Other comprehensive (loss) income	(1.5)			0	0	0	(1.5)
Share-based compensation expense	5.4			0	5.4	0	0
Dividends declared per share		0.08	0.08
Dividends declared	(14.9)			0	0	(14.9)	0
Share issuances	0.1			0	0.1	0	0
Exercise of employee stock options	2.3			0	2.3	0	0
Shares withheld for employee taxes	(2.4)			0	(2.4)	0	0
Balance at Mar. 31, 2022	2,504.9			0	1,571.4	935	(1.5)
Balance at Dec. 31, 2021	2,423.8			0	1,566	857.8	0
Increase (Decrease) in Stockholders' Equity
Net income	347.7
Balance at Sep. 30, 2022	2,737.9			0	1,579.8	1,162	(3.9)
Balance at Mar. 31, 2022	2,504.9			0	1,571.4	935	(1.5)
Increase (Decrease) in Stockholders' Equity
Net income	129.8			0	0	129.8	0
Other comprehensive (loss) income	(1)			0	0	0	(1)
Share-based compensation expense	3.4			0	3.4	0	0
Dividends declared per share		0.08	0.08
Dividends declared	(14.2)			0	0	(14.2)	0
Exercise of employee stock options	0.9			0	0.9	0	0
Balance at Jun. 30, 2022	2,623.8			0	1,575.7	1,050.6	(2.5)
Increase (Decrease) in Stockholders' Equity
Net income	125.8			0	0	125.8	0
Other comprehensive (loss) income	(1.4)			0	0	0	(1.4)
Share-based compensation expense	4.1			0	4.1	0	0
Dividends declared per share		$ 0.08	$ 0.08
Dividends declared	(14.4)			0	0	(14.4)	0
Balance at Sep. 30, 2022	$ 2,737.9			$ 0	$ 1,579.8	$ 1,162	$ (3.9)

General

General	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	GENERAL Nature of Operations Schneider National, Inc. and its subsidiaries (together “Schneider,” the “Company,” “we,” “us,” or “our”) are among the largest providers of surface transportation and logistics solutions in North America. We offer a multimodal portfolio of services and possess an array of capabilities and resources that leverage artificial intelligence, data science, and analytics to provide innovative solutions that coordinate the movement of customer products timely, safely, and effectively. The Company offers truckload, intermodal, and logistics services to a diverse customer base throughout the continental United States, Canada, and Mexico, thus adding value to their supply chains. Principles of Consolidation and Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in conformity with GAAP and the rules and regulations of the SEC applicable to quarterly reports on Form 10-Q. Therefore, these consolidated financial statements and footnotes do not include all disclosures required by GAAP for annual financial statements and should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2021. Financial results for an interim period are not necessarily indicative of the results for a full year. All intercompany transactions have been eliminated in consolidation. In the opinion of management, these statements reflect all adjustments (consisting only of normal, recurring adjustments) necessary for the fair presentation of our financial results for the interim periods presented. Property and Equipment Gains and losses on property and equipment are recognized at the time of sale or disposition and are classified in operating supplies and expenses—net on the consolidated statements of comprehensive income. For the three months ended September 30, 2022 and 2021, we recognized $11.4 million and $32.0 million of net gains on the sale of property and equipment, respectively, and for the nine months ended September 30, 2022 and 2021, we recognized $75.2 million and $48.0 million of net gains on the sale of property and equipment, respectively. Net gains during the nine months ended September 30, 2022 were primarily related to the sale of the Company’s Canadian facility. Accounting Standards Recently Adopted In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance

Business Combinations and Asset

Business Combinations and Asset Acquisitions	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions	ACQUISITIONS deBoer Transportation, Inc. We entered into a Securities Purchase Agreement, dated June 7, 2022, to acquire 100% of the outstanding equity of deBoer, a regional, dedicated carrier headquartered in Blenker, WI. The acquisition provided Schneider the opportunity to expand our tractor and trailer fleet primarily within our dedicated Truckload operations, as well as our company driver capacity. During the third quarter, the Company successfully transitioned equipment and employees from deBoer to Schneider, deBoer operations ceased, and drivers and equipment were deployed primarily within our Truckload segment. The aggregate purchase price of the acquisition was approximately $34.6 million inclusive of certain cash and net working capital adjustments, and the assets acquired consisted primarily of rolling stock. The acquisition was accounted for under the acquisition method of accounting, which requires that assets acquired and liabilities assumed be recognized on the consolidated balance sheets at their fair values as of the acquisition date. The fair values of consideration transferred and net assets acquired were determined using Level 3 inputs, and the excess of the purchase price over the estimated fair value of the net assets resulted in $7.7 million of goodwill being recorded within the Truckload reportable segment at the time of acquisition. During the third quarter of 2022, $0.9 million of purchase price adjustments were made relating to deferred taxes and certain working capital amounts resulting in an adjusted goodwill balance of $6.8 million as of September 30, 2022. Certain amounts recorded in connection with the acquisition are still considered preliminary as we continue to gather the necessary information to finalize our fair value estimates and provisional amounts. Acquisition-related costs, which consisted of fees incurred for advisory, legal, and accounting services, were $0.1 million and $0.3 million for the three and nine months ended September 30, 2022, respectively, and were included in other general expenses in the Company’s consolidated statements of comprehensive income. Operating results for deBoer are included in our consolidated results of operations from the acquisition date. Pro forma information for this acquisition is not provided as it did not have a material impact on the Company’s consolidated operating results. Midwest Logistics Systems, Ltd. We entered into a Securities Purchase Agreement, dated December 31, 2021, to acquire 100% of the outstanding equity of MLS, a dedicated trucking company based in Celina, OH, and certain affiliated entities holding assets comprising substantially all of MLS’s business. MLS is a premier dedicated carrier in the central U.S. that we believe complements our growing dedicated operations. The aggregate purchase price of the acquisition was approximately $268.8 million inclusive of $5.7 million in net working capital and other post-acquisition adjustments received in the second quarter of 2022 and a deferred payment of $3.2 million made in January 2022. Proceeds from the total purchase consideration were used to settle $26.9 million of MLS’s outstanding debt as of the acquisition date. The acquisition of MLS was accounted for under the acquisition method of accounting, which requires that assets acquired and liabilities assumed be recognized on the consolidated balance sheets at their fair values as of the acquisition date. These inputs represent Level 3 measurements in the fair value hierarchy and required significant judgments and estimates at the time of valuation. Fair value estimates of acquired property and equipment were based on an independent appraisal, giving consideration to the highest and best use of the assets. Key assumptions used in the transportation equipment appraisals were based on the market approach, while key assumptions used in the land, buildings and improvements, and other property and equipment appraisals were based on a combination of the income (direct capitalization) and sales comparison approaches, as appropriate. The excess of the purchase price over the estimated fair values of assets acquired and liabilities assumed was recorded as goodwill within the Truckload reportable segment. The goodwill is attributable to expected synergies and growth opportunities within our dedicated business and is expected to be deductible for tax purposes. Acquisition-related costs, which consisted of fees incurred for advisory, legal, and accounting services, were $1.9 million and were included in other general expenses in the Company’s consolidated statements of comprehensive income for the year ended December 31, 2021. The following table summarizes the preliminary purchase price allocation for MLS, including any adjustments during the measurement period. Recognized amounts of identifiable assets acquired and liabilities assumed (in millions) December 31, 2021 Adjustments Adjusted December 31, 2021 Opening Balance Sheet Cash and cash equivalents $ — $ 1.8 $ 1.8 Trade accounts receivable—net of allowance 18.6 (6.1) 12.5 Other receivables 0.9 1.5 2.4 Prepaid expenses and other current assets 1.6 — 1.6 Net property and equipment 148.9 (0.8) 148.1 Internal use software and other noncurrent assets — 11.7 11.7 Goodwill 122.7 (19.0) 103.7 Total assets acquired 292.7 (10.9) 281.8 Trade accounts payable 1.8 1.6 3.4 Accrued salaries, wages, and benefits 1.7 0.9 2.6 Claims accruals—current 7.5 (3.0) 4.5 Other current liabilities 7.2 (3.9) 3.3 Deferred income taxes — (1.1) (1.1) Other noncurrent liabilities — 0.3 0.3 Total liabilities assumed 18.2 (5.2) 13.0 Net assets acquired $ 274.5 $ (5.7) $ 268.8 The above adjustments made during the measurement period were primarily related to working capital, property and equipment, leases, claims accruals, deferred taxes, and intangible assets. The fair values of identifiable intangible assets, including customer relationships and trademarks, were based on valuations using income-based approaches. No material statement of comprehensive income effects were identified with these adjustments. While we may continue to adjust provisional amounts through December 31, 2022, we do not anticipate any material adjustments. Combined unaudited pro forma operating revenues of the Company and MLS would have been approximately $1,495.0 million, and $4,189.0 million, during the three and nine months ended September 30, 2021, respectively, and our earnings for the same periods would not have been materially different.

Leases (Notes)

Leases (Notes)	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Finance Leases	LEASES As Lessee We lease real estate and equipment under operating and finance leases. Our real estate operating leases include operating centers, distribution warehouses, offices, and drop yards. Our non-real estate operating leases and finance leases include transportation, office, yard, and warehouse equipment, in addition to truck washes. The majority of our leases include an option to extend the lease, and a small number include an option to terminate the lease early, which may include a termination payment. Additional information related to our leases is as follows: Nine Months Ended (in millions) 2022 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 24.6 $ 23.3 Operating cash flows for finance leases 0.1 — Financing cash flows for finance leases 1.3 0.5 Right-of-use assets obtained in exchange for new lease liabilities Operating leases $ 17.8 $ 23.7 Finance leases 3.8 1.2 As of September 30, 2022, we had signed leases that had not yet commenced totaling $23.7 million. These leases will commence during the remainder of 2022 or the beginning of 2023 and have lease terms of one As Lessor We finance various types of transportation-related equipment for independent third parties under lease contracts, which are generally for one As of September 30, 2022 and December 31, 2021, investments in lease receivables were as follows: (in millions) September 30, 2022 December 31, 2021 Future minimum payments to be received on leases $ 204.6 $ 193.9 Guaranteed residual lease values 128.2 123.3 Total minimum lease payments to be received 332.8 317.2 Unearned income (51.3) (46.5) Net investment in leases $ 281.5 $ 270.7 Prior to entering a lease contract, we assess the credit quality of the potential lessee using credit checks and other relevant factors, ensuring that the inherent credit risk is consistent with our existing lease portfolio. Given our leases have fully guaranteed residual values and we can take possession of the transportation-related equipment in the event of default, we do not categorize net investment in leases by different credit quality indicators upon origination. We monitor our lease portfolio weekly by tracking amounts past due, days past due, and outstanding maintenance account balances, including performing subsequent credit checks as needed. Our net investment in leases with any portion past due as of September 30, 2022 was $39.5 million, which includes both current and future lease payments. Lease payments are generally due on a weekly basis and are classified as past due when the weekly payment is not received by its due date. As of September 30, 2022, our lease payments past due were $3.9 million. The table below provides additional information on our sales-type leases. Revenue and cost of goods sold are recorded in operating revenues and operating supplies and expenses—net in the consolidated statements of comprehensive income, respectively. Three Months Ended Nine Months Ended (in millions) 2022 2021 2022 2021 Revenue $ 53.1 $ 57.2 $ 146.2 $ 169.8 Cost of goods sold (43.5) (49.0) (121.0) (146.1) Operating profit $ 9.6 $ 8.2 $ 25.2 $ 23.7 Interest income on lease receivable $ 9.4 $ 8.5 $ 27.3 $ 23.6
Operating Leases	LEASES As Lessee We lease real estate and equipment under operating and finance leases. Our real estate operating leases include operating centers, distribution warehouses, offices, and drop yards. Our non-real estate operating leases and finance leases include transportation, office, yard, and warehouse equipment, in addition to truck washes. The majority of our leases include an option to extend the lease, and a small number include an option to terminate the lease early, which may include a termination payment. Additional information related to our leases is as follows: Nine Months Ended (in millions) 2022 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 24.6 $ 23.3 Operating cash flows for finance leases 0.1 — Financing cash flows for finance leases 1.3 0.5 Right-of-use assets obtained in exchange for new lease liabilities Operating leases $ 17.8 $ 23.7 Finance leases 3.8 1.2 As of September 30, 2022, we had signed leases that had not yet commenced totaling $23.7 million. These leases will commence during the remainder of 2022 or the beginning of 2023 and have lease terms of one As Lessor We finance various types of transportation-related equipment for independent third parties under lease contracts, which are generally for one As of September 30, 2022 and December 31, 2021, investments in lease receivables were as follows: (in millions) September 30, 2022 December 31, 2021 Future minimum payments to be received on leases $ 204.6 $ 193.9 Guaranteed residual lease values 128.2 123.3 Total minimum lease payments to be received 332.8 317.2 Unearned income (51.3) (46.5) Net investment in leases $ 281.5 $ 270.7 Prior to entering a lease contract, we assess the credit quality of the potential lessee using credit checks and other relevant factors, ensuring that the inherent credit risk is consistent with our existing lease portfolio. Given our leases have fully guaranteed residual values and we can take possession of the transportation-related equipment in the event of default, we do not categorize net investment in leases by different credit quality indicators upon origination. We monitor our lease portfolio weekly by tracking amounts past due, days past due, and outstanding maintenance account balances, including performing subsequent credit checks as needed. Our net investment in leases with any portion past due as of September 30, 2022 was $39.5 million, which includes both current and future lease payments. Lease payments are generally due on a weekly basis and are classified as past due when the weekly payment is not received by its due date. As of September 30, 2022, our lease payments past due were $3.9 million. The table below provides additional information on our sales-type leases. Revenue and cost of goods sold are recorded in operating revenues and operating supplies and expenses—net in the consolidated statements of comprehensive income, respectively. Three Months Ended Nine Months Ended (in millions) 2022 2021 2022 2021 Revenue $ 53.1 $ 57.2 $ 146.2 $ 169.8 Cost of goods sold (43.5) (49.0) (121.0) (146.1) Operating profit $ 9.6 $ 8.2 $ 25.2 $ 23.7 Interest income on lease receivable $ 9.4 $ 8.5 $ 27.3 $ 23.6
Sales-type Leases	LEASES As Lessee We lease real estate and equipment under operating and finance leases. Our real estate operating leases include operating centers, distribution warehouses, offices, and drop yards. Our non-real estate operating leases and finance leases include transportation, office, yard, and warehouse equipment, in addition to truck washes. The majority of our leases include an option to extend the lease, and a small number include an option to terminate the lease early, which may include a termination payment. Additional information related to our leases is as follows: Nine Months Ended (in millions) 2022 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 24.6 $ 23.3 Operating cash flows for finance leases 0.1 — Financing cash flows for finance leases 1.3 0.5 Right-of-use assets obtained in exchange for new lease liabilities Operating leases $ 17.8 $ 23.7 Finance leases 3.8 1.2 As of September 30, 2022, we had signed leases that had not yet commenced totaling $23.7 million. These leases will commence during the remainder of 2022 or the beginning of 2023 and have lease terms of one As Lessor We finance various types of transportation-related equipment for independent third parties under lease contracts, which are generally for one As of September 30, 2022 and December 31, 2021, investments in lease receivables were as follows: (in millions) September 30, 2022 December 31, 2021 Future minimum payments to be received on leases $ 204.6 $ 193.9 Guaranteed residual lease values 128.2 123.3 Total minimum lease payments to be received 332.8 317.2 Unearned income (51.3) (46.5) Net investment in leases $ 281.5 $ 270.7 Prior to entering a lease contract, we assess the credit quality of the potential lessee using credit checks and other relevant factors, ensuring that the inherent credit risk is consistent with our existing lease portfolio. Given our leases have fully guaranteed residual values and we can take possession of the transportation-related equipment in the event of default, we do not categorize net investment in leases by different credit quality indicators upon origination. We monitor our lease portfolio weekly by tracking amounts past due, days past due, and outstanding maintenance account balances, including performing subsequent credit checks as needed. Our net investment in leases with any portion past due as of September 30, 2022 was $39.5 million, which includes both current and future lease payments. Lease payments are generally due on a weekly basis and are classified as past due when the weekly payment is not received by its due date. As of September 30, 2022, our lease payments past due were $3.9 million. The table below provides additional information on our sales-type leases. Revenue and cost of goods sold are recorded in operating revenues and operating supplies and expenses—net in the consolidated statements of comprehensive income, respectively. Three Months Ended Nine Months Ended (in millions) 2022 2021 2022 2021 Revenue $ 53.1 $ 57.2 $ 146.2 $ 169.8 Cost of goods sold (43.5) (49.0) (121.0) (146.1) Operating profit $ 9.6 $ 8.2 $ 25.2 $ 23.7 Interest income on lease receivable $ 9.4 $ 8.5 $ 27.3 $ 23.6

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer	REVENUE RECOGNITION Disaggregated Revenues The majority of our revenues are related to transportation and have similar characteristics. MLS and deBoer revenues since the acquisition dates are included within Transportation revenues, consistent with the remainder of our Truckload segment. The following table summarizes our revenues by type of service. Three Months Ended Nine Months Ended Disaggregated Revenues (in millions) 2022 2021 2022 2021 Transportation $ 1,551.1 $ 1,326.3 $ 4,663.2 $ 3,700.4 Logistics Management 66.5 56.4 221.1 149.7 Other 57.7 61.8 158.4 183.8 Total operating revenues $ 1,675.3 $ 1,444.5 $ 5,042.7 $ 4,033.9 Quantitative Disclosure The following table provides information related to transactions and expected timing of revenue recognition for performance obligations that are fixed in nature and relate to contracts with terms greater than one year as of the date shown. Remaining Performance Obligations (in millions) September 30, 2022 Expected to be recognized within one year Transportation $ 16.9 Logistics Management 10.8 Expected to be recognized after one year Transportation 28.9 Logistics Management 9.7 Total $ 66.3 This disclosure does not include revenue related to performance obligations that are part of a contract with an original expected duration of one year or less, nor does it include expected consideration related to performance obligations for which the Company elects to recognize revenue in the amount it has a right to invoice (e.g., usage-based pricing terms). The following table provides information related to contract balances associated with our contracts with customers as of the dates shown. Contract Balances (in millions) September 30, 2022 December 31, 2021 Other current assets—Contract assets $ 36.2 $ 33.8 Other current liabilities—Contract liabilities 4.0 3.2 We generally receive payment within 40 days of completion of performance obligations. Contract assets in the table above relate to revenue in transit at the end of the reporting period. Contract liabilities relate to amounts that customers paid in advance of the associated services. Non-monetary Consideration Occasionally we provide freight movements to customers in exchange for non-monetary services. The fair value of non-monetary consideration on these freight movements is included in operating revenues on the consolidated statements of comprehensive income and consists primarily of transportation equipment. The amount of operating revenues recorded for these services was $2.3 million and $15.6 million during the three and nine months ended September 30, 2022, respectively, and $1.3 million during the three and nine months ended September 30, 2021.

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value	FAIR VALUE Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability. Inputs to valuation techniques used to measure fair value fall into three broad levels (Levels 1, 2, and 3) as follows: Level 1 —Observable inputs that reflect quoted prices for identical assets or liabilities in active markets that we have the ability to access at the measurement date. Level 2 —Observable inputs, other than quoted prices included in Level 1, for the asset or liability or prices for similar assets and liabilities. Level 3 —Unobservable inputs reflecting the reporting entity’s estimates of the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The table below sets forth the Company’s financial assets that are measured at fair value on a recurring, monthly basis in accordance with ASC 820. Fair Value (in millions) Level in Fair September 30, 2022 December 31, 2021 Equity investment in TuSimple (1) 1 $ 2.7 $ 12.7 Marketable securities (2) 2 44.6 49.3 (1) Our equity investment in TuSimple is classified as Level 1 in the fair value hierarchy as shares of TuSimple’s Class A common stock are traded on the NASDAQ. See Note 6, Investments, for additional information. (2) Marketable securities are classified as Level 2 in the fair value hierarchy as they are valued based on quoted prices for similar assets in active markets or quoted prices for identical or similar assets in markets that are not active. See Note 6, Investments , for additional information. The fair value of the Company’s debt was $197.3 million and $276.7 million as of September 30, 2022 and December 31, 2021, respectively. The carrying value of the Company’s debt was $205.0 million and $265.0 million as of September 30, 2022 and December 31, 2021, respectively. The fair value of our debt was calculated using a fixed rate debt portfolio with similar terms and maturities, which is based on the borrowing rates available to us in the applicable period. This valuation used Level 2 inputs. The recorded values of cash, trade accounts receivable, lease receivables, and trade accounts payable approximate fair values. As part of the MLS and deBoer acquisitions, certain assets acquired and liabilities assumed were recorded at their fair values as of the acquisition date. Refer to Note 2, Acquisitions, for further details.

Investments

Investments	9 Months Ended
	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Investments	INVESTMENTS Marketable Securities Our marketable securities are classified as available-for-sale and carried at fair value in current assets on the consolidated balance sheets. While our intent is to hold our securities to maturity, sudden changes in the market or our liquidity needs may cause us to sell certain securities in advance of their maturity date. Any unrealized gains and losses, net of tax, are included as a component of accumulated other comprehensive income on the consolidated balance sheets, unless we determine that the amortized cost basis is not recoverable. If we determine that the amortized cost basis of the impaired security is not recoverable, we recognize the credit loss by increasing the allowance for those losses. We did not have an allowance for credit losses on our marketable securities as of September 30, 2022 or December 31, 2021. Cost basis is determined using the specific identification method. The following table presents the maturities and values of our marketable securities as of the dates shown. September 30, 2022 December 31, 2021 (in millions, except maturities in months) Maturities Amortized Cost Fair Value Amortized Cost Fair Value U.S. treasury and government agencies 14 to 101 $ 20.0 $ 17.2 $ 19.9 $ 19.6 Corporate debt securities 2 to 60 17.0 15.8 20.3 20.4 State and municipal bonds 4 to 157 12.4 11.6 9.1 9.3 Total marketable securities $ 49.4 $ 44.6 $ 49.3 $ 49.3 Equity Investments without Readily Determinable Fair Values The Company’s primary strategic equity investments without readily determinable fair values include PSI, a provider of telematics and fleet management tools, MLSI, a transportation technology development company, and ChemDirect, a business to business digital marketplace for the chemical industry. These investments are being accounted for under ASC 321, Investments - Equity Securities, using the measurement alternative, and their combined values as of September 30, 2022 and December 31, 2021 were $86.0 million and $36.2 million, respectively. If the Company identifies observable price changes for identical or similar securities of the same issuer, the equity security is measured at fair value as of the date the observable transaction occurred using Level 3 inputs. As of September 30, 2022, our cumulative upward adjustments were $52.0 million. The following table summarizes the activity related to these equity investments during the periods presented. Three Months Ended Nine Months Ended (in millions) 2022 2021 2022 2021 Investment in equity securities $ 20.0 $ — $ 24.0 $ — Upward adjustments (1) 25.8 9.0 25.8 9.0 (1) Our updated investment values in 2022 and 2021 were determined using the backsolve method, a valuation approach that primarily uses an option pricing model to value shares based on the price paid for recently issued shares. Equity Investments with Readily Determinable Fair Values In 2021, the Company purchased a $5.0 million non-controlling interest in TuSimple, a global self-driving technology company. Upon completion of its IPO in April 2021, our investment in TuSimple was converted into Class A common shares and is now being accounted for under ASC 321, Investments - Equity Securities . In the three and nine months ended September 30, 2022, the Company recognized a pre-tax net gain of $0.1 million and a pre-tax net loss of $10.0 million on its investment in TuSimple, respectively. In the three and nine months ended September 30, 2021, the Company recognized a pre-tax net loss of $12.1 million and a pre-tax net gain of $8.1 million, respectively. See Note 5, Fair Value , for additional information on the fair value of our investment in TuSimple. All of our equity investments are included in other noncurrent assets on the consolidated balance sheets with subsequent gains or losses recognized within other expenses (income)—net on the consolidated statements of comprehensive income.

Goodwill and Other Intangibles

Goodwill and Other Intangibles	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangibles Disclosure	GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill represents the excess of the purchase price of acquisitions over the fair value of the identifiable net assets acquired. The following table shows changes to our goodwill balances by segment during the period ended September 30, 2022. (in millions) Truckload Logistics Total Balance at December 31, 2021 $ 226.3 $ 14.2 $ 240.5 Acquisition (see Note 2) 7.7 — 7.7 Acquisition adjustments (see Note 2) (19.9) — (19.9) Balance at September 30, 2022 $ 214.1 $ 14.2 $ 228.3 During the nine months ended September 30, 2022, we recorded goodwill in conjunction with the acquisition of deBoer, and during the three and nine months ended September 30, 2022, we made measurement period adjustments related to the acquisitions of deBoer and MLS, both of which were recorded within the Truckload segment. Refer to Note 2, Acquisitions, for further details. At September 30, 2022 and December 31, 2021, we had accumulated goodwill impairment charges of $53.2 million, which consisted of $34.6 million and $18.6 million in our Truckload segment and Other, respectively. The identifiable finite lived intangible assets other than goodwill listed below are included in internal use software and other noncurrent assets on the consolidated balance sheets and relate to the acquisition of MLS. Our customer relationships and trademarks are amortized over a weighted-average amortization period of ten years. Refer to Note 2, Acquisitions, for further details. September 30, 2022 (in millions) Gross Accumulated Amortization Net Customer relationships $ 3.2 $ 0.2 $ 3.0 Trademarks 6.8 0.5 6.3 Total intangible assets $ 10.0 $ 0.7 $ 9.3 Amortization expense for intangible assets was $0.2 million and $0.7 million for the three and nine months ended September 30, 2022, respectively. Estimated future amortization expense related to intangible assets is as follows: (in millions) Remaining 2022 $ 0.3 2023 1.0 2024 1.0 2025 1.0 2026 1.0 2027 and thereafter 5.0 Total $ 9.3

Debt and Credit Facilities

Debt and Credit Facilities	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt and Credit Facilities	DEBT AND CREDIT FACILITIES As of September 30, 2022 and December 31, 2021, debt included the following: (in millions) September 30, 2022 December 31, 2021 Unsecured senior notes: principal maturities ranging from 2023 through 2025; interest payable in semiannual installments through the same timeframe; weighted average interest rate of 3.90% and 3.61% for 2022 and 2021, respectively $ 205.0 $ 265.0 Current maturities (70.0) (60.0) Long-term debt $ 135.0 $ 205.0 Our Credit Agreement (the “2018 Credit Facility”) provides borrowing capacity of $250.0 million and allows us to request an increase in total commitment up to $150.0 million, for a total potential commitment of $400.0 million through August 2023. The agreement also provides a sublimit of $100.0 million to be used for the issuance of letters of credit. We had no outstanding borrowings under this agreement as of September 30, 2022 or December 31, 2021. Standby letters of credit under this agreement amounted to $0.1 million and $3.9 million for September 30, 2022 and December 31, 2021, respectively, and were primarily related to the requirements of certain of our real estate leases. The Company plans to renew the 2018 Credit Facility Agreement in the fourth quarter of 2022. W e also have a Receivables Purchase Agreement (the “2021 Receivables Purchase Agreement”), which allows us to borrow funds against quali fying trade receivables at rates based on one-month LIBOR up to $150.0 million and provides for the issuance of standby letters of credit through July 2024. We had no outstanding borrowings under this facility at September 30, 2022 or December 31, 2021. At September 30, 2022 and December 31, 2021, standby letters of credit under this agreement amounted to $77.1 million and $70.3 million, respectively, and were primarily related to the requirements of certain of our insurance obligations.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXESOur effective income tax rate was 25.0% and 25.2% for the three months ended September 30, 2022 and 2021, respectively, and 25.0% and 25.2% for the nine months ended September 30, 2022 and 2021, respectively. In determining the quarterly provision for income taxes, we use an estimated annual effective tax rate adjusted for discrete items. This rate is based on our expected annual income, statutory tax rates, and best estimates of nontaxable and nondeductible income and expense items.

Common Equity

Common Equity	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Common Equity	COMMON EQUITY Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2022 and 2021, respectively. Three Months Ended Nine Months Ended (in millions, except per share data) 2022 2021 2022 2021 Numerator: Net income available to common shareholders $ 125.8 $ 110.0 $ 347.7 $ 271.3 Denominator: Weighted average common shares outstanding 178.0 177.7 177.9 177.5 Dilutive effect of share-based awards and options outstanding 0.7 0.2 0.7 0.3 Weighted average diluted common shares outstanding (1) 178.7 177.9 178.6 177.8 Basic earnings per common share $ 0.71 $ 0.62 $ 1.95 $ 1.53 Diluted earnings per common share 0.70 0.62 1.95 1.53 (1) Weighted average diluted common shares outstanding may not sum due to rounding. The calculation of diluted earnings per share excluded 0.3 million share-based awards and options that had an anti-dilutive effect for the three and nine months ended September 30, 2022 and 0.8 million share-based awards and options that had an anti-dilutive effect for the three and nine months ended September 30, 2021, respectively. Subsequent Event - Dividends Declared In October of 2022, the Board of Directors declared a quarterly cash dividend for the fourth fiscal quarter of 2022 in the amount of $0.08 per share to holders of our Class A and Class B common stock. The dividend is payable to shareholders of record at the close of business on December 9, 2022 and will be paid on January 10, 2023.

Share-based Compensation

Share-based Compensation	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Share-based Payment Arrangement	SHARE-BASED COMPENSATIONWe grant various equity-based awards relating to Class B common stock to employees under our 2017 Omnibus Incentive Plan (“the Plan”). These awards have historically consisted of restricted shares, restricted stock units (“RSUs”), performance-based restricted shares (“performance shares”), performance-based restricted stock units (“PSUs”), and non-qualified stock options. Performance shares and PSUs granted prior to 2021 are earned based on attainment of threshold performance of earnings and return on capital targets. Beginning with grants in 2021, in addition to achievement of earnings and return on capital targets, a multiplier is applied to performance share and PSU achievement based on relative total shareholder return (“rTSR”) against peers over the performance period.Share-based compensation expense was $3.8 million and $3.1 million for the three months ended September 30, 2022 and 2021, respectively, and $11.9 million and $10.2 million for the nine months ended September 30, 2022 and 2021, respectively. We recognize share-based compensation expense over the awards’ vesting period. As of September 30, 2022, we had $25.3 million of pre-tax unrecognized compensation cost related to outstanding share-based compensation awards expected to be recognized over a weighted average period of 2.1 years.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES We record liabilities for claims against the Company based on our best estimate of expected losses. The primary claims arising for the Company through its trucking, intermodal, and logistics operations consist of accident-related claims for personal injury, collision, and comprehensive compensation, in addition to workers’ compensation, property damage, cargo, and wage and benefit claims. We maintain excess liability insurance with licensed insurance carriers for liability in excess of amounts we self-insure, which serves to largely offset the Company’s liability associated with these claims, with the exception of wage and benefit claims for which we self-insure. We review our accruals periodically to ensure that the aggregate amounts of our accruals are appropriate at any period after consideration of available insurance coverage. Although we expect that our claims accruals will continue to vary based on future developments, assuming that we are able to continue to obtain and maintain excess liability insurance coverage for such claims, we do not anticipate that such accruals will, in any period, materially impact our operating results. At September 30, 2022, our firm commitments to purchase transportation equipment totaled $508.0 million. During the first quarter of 2022, the Company recorded a $5.2 million charge as a result of an adverse audit assessment by a state jurisdiction over the applicability of sales tax for prior periods on rolling stock equipment used within that state. The charge is included within operating supplies and expenses—net on the consolidated statements of comprehensive income for the nine months ended September 30, 2022. The Company filed a request for appeal of the audit assessment with the state jurisdiction. As previously disclosed, a representative of the former owners of WSL filed a lawsuit alleging that we did not fulfill certain obligations under the purchase and sale agreement and claiming that the former owners of WSL were entitled to damages including an additional payment of $40.0 million under an earn-out arrangement. On April 25, 2022, the Delaware Superior Court entered judgment in favor of the former owners of WSL, awarding $40.0 million in compensatory damages, plus prejudgment interest and the former owners’ attorneys’ fees, and the Company recorded an estimated total charge of $59.0 million in its results of operations as of March 31, 2022. During the second quarter of 2022, the Company settled with the former owners of WSL for a total of $57.0 million, which was subsequently paid during the third quarter of 2022, and included

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Segment Reporting	SEGMENT REPORTING We have three reportable segments – Truckload, Intermodal, and Logistics – which are based primarily on the services each segment provides. As of December 31, 2021, our operating segments within the Truckload reportable segment were VTL and Bulk. The operating results of MLS, a standalone operating segment, have been aggregated into the Truckload reportable segment as it shares similar economic characteristics with our other Truckload operating segments and meets the other aggregation criteria described in ASC 280. The operating results of deBoer are also included within the Truckload reportable segment from the date of acquisition through when their operations ceased in July and their assets were deployed throughout the business. VTL delivers truckload quantities over irregular routes and customer freight with dedicated contracts using dry van and specialty trailers. Bulk transports key inputs to manufacturing processes, such as specialty chemicals, using specialty trailers. MLS provides dedicated truckload services focusing primarily on freight with consistent routes. The CODM reviews revenues for each segment without the inclusion of fuel surcharge revenues. For segment purposes, any fuel surcharge revenues earned are recorded as a reduction of the segment’s fuel expenses. Income from operations at the segment level reflects the measure presented to the CODM for each segment. Separate balance sheets are not prepared by segment, and as a result, assets are not separately identifiable by segment. All transactions between reportable segments are eliminated in consolidation. Substantially all of our revenues and assets were generated or located within the U.S. The following tables summarize our segment information. Inter-segment revenues were immaterial for all segments, with the exception of Other, which included revenues from insurance premiums charged to other segments for workers’ compensation, auto, and other types of insurance. Inter-segment revenues included in Other revenues below were $19.0 million and $16.0 million for the three months ended September 30, 2022 and 2021, respectively, and $53.4 million and $46.1 million for the nine months ended September 30, 2022, and 2021 respectively. Revenues by Segment Three Months Ended Nine Months Ended (in millions) 2022 2021 2022 2021 Truckload $ 571.2 $ 484.4 $ 1,691.2 $ 1,411.3 Intermodal 334.7 295.7 971.9 825.5 Logistics 464.2 474.6 1,531.2 1,261.2 Other 97.3 98.0 274.2 284.9 Fuel surcharge 233.5 114.4 648.5 314.8 Inter-segment eliminations (25.6) (22.6) (74.3) (63.8) Operating revenues $ 1,675.3 $ 1,444.5 $ 5,042.7 $ 4,033.9 Income (Loss) from Operations by Segment Three Months Ended Nine Months Ended (in millions) 2022 2021 2022 2021 Truckload $ 83.2 $ 85.1 $ 283.3 $ 197.0 Intermodal 31.1 45.7 112.3 100.6 Logistics 27.9 22.1 117.1 55.0 Other 3.2 0.8 (55.6) 3.1 Income from operations $ 145.4 $ 153.7 $ 457.1 $ 355.7 Depreciation and Amortization by Segment Three Months Ended Nine Months Ended (in millions) 2022 2021 2022 2021 Truckload $ 62.8 $ 52.1 $ 183.6 $ 157.1 Intermodal 14.6 12.4 42.4 35.5 Logistics — 0.1 0.1 0.2 Other 10.8 9.6 32.2 27.7 Depreciation and amortization $ 88.2 $ 74.2 $ 258.3 $ 220.5

General (Policies)

General (Policies)	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of OperationsSchneider National, Inc. and its subsidiaries (together “Schneider,” the “Company,” “we,” “us,” or “our”) are among the largest providers of surface transportation and logistics solutions in North America. We offer a multimodal portfolio of services and possess an array of capabilities and resources that leverage artificial intelligence, data science, and analytics to provide innovative solutions that coordinate the movement of customer products timely, safely, and effectively. The Company offers truckload, intermodal, and logistics services to a diverse customer base throughout the continental United States, Canada, and Mexico, thus adding value to their supply chains.
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in conformity with GAAP and the rules and regulations of the SEC applicable to quarterly reports on Form 10-Q. Therefore, these consolidated financial statements and footnotes do not include all disclosures required by GAAP for annual financial statements and should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2021. Financial results for an interim period are not necessarily indicative of the results for a full year. All intercompany transactions have been eliminated in consolidation. In the opinion of management, these statements reflect all adjustments (consisting only of normal, recurring adjustments) necessary for the fair presentation of our financial results for the interim periods presented.
Property and Equipment	Property and Equipment Gains and losses on property and equipment are recognized at the time of sale or disposition and are classified in operating supplies and expenses—net on the consolidated statements of comprehensive income. For the three months ended September 30, 2022 and 2021, we recognized $11.4 million and $32.0 million of net gains on the sale of property and equipment, respectively, and for the nine months ended September 30, 2022 and 2021, we recognized $75.2 million and $48.0 million of net gains on the sale of property and equipment, respectively. Net gains during the nine months ended September 30, 2022 were primarily related to the sale of the Company’s Canadian facility.
Accounting Standards Recently Adopted	Accounting Standards Recently Adopted In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance

Business Combinations and Ass_2

Business Combinations and Asset Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the preliminary purchase price allocation for MLS, including any adjustments during the measurement period. Recognized amounts of identifiable assets acquired and liabilities assumed (in millions) December 31, 2021 Adjustments Adjusted December 31, 2021 Opening Balance Sheet Cash and cash equivalents $ — $ 1.8 $ 1.8 Trade accounts receivable—net of allowance 18.6 (6.1) 12.5 Other receivables 0.9 1.5 2.4 Prepaid expenses and other current assets 1.6 — 1.6 Net property and equipment 148.9 (0.8) 148.1 Internal use software and other noncurrent assets — 11.7 11.7 Goodwill 122.7 (19.0) 103.7 Total assets acquired 292.7 (10.9) 281.8 Trade accounts payable 1.8 1.6 3.4 Accrued salaries, wages, and benefits 1.7 0.9 2.6 Claims accruals—current 7.5 (3.0) 4.5 Other current liabilities 7.2 (3.9) 3.3 Deferred income taxes — (1.1) (1.1) Other noncurrent liabilities — 0.3 0.3 Total liabilities assumed 18.2 (5.2) 13.0 Net assets acquired $ 274.5 $ (5.7) $ 268.8

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Schedule of Lease Information	Additional information related to our leases is as follows: Nine Months Ended (in millions) 2022 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 24.6 $ 23.3 Operating cash flows for finance leases 0.1 — Financing cash flows for finance leases 1.3 0.5 Right-of-use assets obtained in exchange for new lease liabilities Operating leases $ 17.8 $ 23.7 Finance leases 3.8 1.2
Schedule of Investment In Lease Receivables	As of September 30, 2022 and December 31, 2021, investments in lease receivables were as follows: (in millions) September 30, 2022 December 31, 2021 Future minimum payments to be received on leases $ 204.6 $ 193.9 Guaranteed residual lease values 128.2 123.3 Total minimum lease payments to be received 332.8 317.2 Unearned income (51.3) (46.5) Net investment in leases $ 281.5 $ 270.7
Schedule of Sales-type Lease Income	The table below provides additional information on our sales-type leases. Revenue and cost of goods sold are recorded in operating revenues and operating supplies and expenses—net in the consolidated statements of comprehensive income, respectively. Three Months Ended Nine Months Ended (in millions) 2022 2021 2022 2021 Revenue $ 53.1 $ 57.2 $ 146.2 $ 169.8 Cost of goods sold (43.5) (49.0) (121.0) (146.1) Operating profit $ 9.6 $ 8.2 $ 25.2 $ 23.7 Interest income on lease receivable $ 9.4 $ 8.5 $ 27.3 $ 23.6

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table summarizes our revenues by type of service. Three Months Ended Nine Months Ended Disaggregated Revenues (in millions) 2022 2021 2022 2021 Transportation $ 1,551.1 $ 1,326.3 $ 4,663.2 $ 3,700.4 Logistics Management 66.5 56.4 221.1 149.7 Other 57.7 61.8 158.4 183.8 Total operating revenues $ 1,675.3 $ 1,444.5 $ 5,042.7 $ 4,033.9
Remaining Performance Obligations	The following table provides information related to transactions and expected timing of revenue recognition for performance obligations that are fixed in nature and relate to contracts with terms greater than one year as of the date shown. Remaining Performance Obligations (in millions) September 30, 2022 Expected to be recognized within one year Transportation $ 16.9 Logistics Management 10.8 Expected to be recognized after one year Transportation 28.9 Logistics Management 9.7 Total $ 66.3
Contract Balances	The following table provides information related to contract balances associated with our contracts with customers as of the dates shown. Contract Balances (in millions) September 30, 2022 December 31, 2021 Other current assets—Contract assets $ 36.2 $ 33.8 Other current liabilities—Contract liabilities 4.0 3.2

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Assets Measured on Recurring Basis	The table below sets forth the Company’s financial assets that are measured at fair value on a recurring, monthly basis in accordance with ASC 820. Fair Value (in millions) Level in Fair September 30, 2022 December 31, 2021 Equity investment in TuSimple (1) 1 $ 2.7 $ 12.7 Marketable securities (2) 2 44.6 49.3 (1) Our equity investment in TuSimple is classified as Level 1 in the fair value hierarchy as shares of TuSimple’s Class A common stock are traded on the NASDAQ. See Note 6, Investments, for additional information. (2) Marketable securities are classified as Level 2 in the fair value hierarchy as they are valued based on quoted prices for similar assets in active markets or quoted prices for identical or similar assets in markets that are not active. See Note 6, Investments , for additional information.

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Schedule of Marketable Securities	The following table presents the maturities and values of our marketable securities as of the dates shown. September 30, 2022 December 31, 2021 (in millions, except maturities in months) Maturities Amortized Cost Fair Value Amortized Cost Fair Value U.S. treasury and government agencies 14 to 101 $ 20.0 $ 17.2 $ 19.9 $ 19.6 Corporate debt securities 2 to 60 17.0 15.8 20.3 20.4 State and municipal bonds 4 to 157 12.4 11.6 9.1 9.3 Total marketable securities $ 49.4 $ 44.6 $ 49.3 $ 49.3
Equity Investments without Readily Determinable Fair Values	As of September 30, 2022, our cumulative upward adjustments were $52.0 million. The following table summarizes the activity related to these equity investments during the periods presented. Three Months Ended Nine Months Ended (in millions) 2022 2021 2022 2021 Investment in equity securities $ 20.0 $ — $ 24.0 $ — Upward adjustments (1) 25.8 9.0 25.8 9.0 (1) Our updated investment values in 2022 and 2021 were determined using the backsolve method, a valuation approach that primarily uses an option pricing model to value shares based on the price paid for recently issued shares.

Goodwill (Tables)

Goodwill (Tables)	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Carrying Amount of Goodwill	The following table shows changes to our goodwill balances by segment during the period ended September 30, 2022. (in millions) Truckload Logistics Total Balance at December 31, 2021 $ 226.3 $ 14.2 $ 240.5 Acquisition (see Note 2) 7.7 — 7.7 Acquisition adjustments (see Note 2) (19.9) — (19.9) Balance at September 30, 2022 $ 214.1 $ 14.2 $ 228.3
Schedule of Finite-Lived Intangible Assets	The identifiable finite lived intangible assets other than goodwill listed below are included in internal use software and other noncurrent assets on the consolidated balance sheets and relate to the acquisition of MLS. Our customer relationships and trademarks are amortized over a weighted-average amortization period of ten years. Refer to Note 2, Acquisitions, for further details. September 30, 2022 (in millions) Gross Accumulated Amortization Net Customer relationships $ 3.2 $ 0.2 $ 3.0 Trademarks 6.8 0.5 6.3 Total intangible assets $ 10.0 $ 0.7 $ 9.3
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Estimated future amortization expense related to intangible assets is as follows: (in millions) Remaining 2022 $ 0.3 2023 1.0 2024 1.0 2025 1.0 2026 1.0 2027 and thereafter 5.0 Total $ 9.3

Debt and Credit Facilities (Tab

Debt and Credit Facilities (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Summary of Debt	As of September 30, 2022 and December 31, 2021, debt included the following: (in millions) September 30, 2022 December 31, 2021 Unsecured senior notes: principal maturities ranging from 2023 through 2025; interest payable in semiannual installments through the same timeframe; weighted average interest rate of 3.90% and 3.61% for 2022 and 2021, respectively $ 205.0 $ 265.0 Current maturities (70.0) (60.0) Long-term debt $ 135.0 $ 205.0

Common Equity (Tables)

Common Equity (Tables)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Calculation of Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2022 and 2021, respectively. Three Months Ended Nine Months Ended (in millions, except per share data) 2022 2021 2022 2021 Numerator: Net income available to common shareholders $ 125.8 $ 110.0 $ 347.7 $ 271.3 Denominator: Weighted average common shares outstanding 178.0 177.7 177.9 177.5 Dilutive effect of share-based awards and options outstanding 0.7 0.2 0.7 0.3 Weighted average diluted common shares outstanding (1) 178.7 177.9 178.6 177.8 Basic earnings per common share $ 0.71 $ 0.62 $ 1.95 $ 1.53 Diluted earnings per common share 0.70 0.62 1.95 1.53 (1) Weighted average diluted common shares outstanding may not sum due to rounding.

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Summary of Segment Reporting Information	The following tables summarize our segment information. Inter-segment revenues were immaterial for all segments, with the exception of Other, which included revenues from insurance premiums charged to other segments for workers’ compensation, auto, and other types of insurance. Inter-segment revenues included in Other revenues below were $19.0 million and $16.0 million for the three months ended September 30, 2022 and 2021, respectively, and $53.4 million and $46.1 million for the nine months ended September 30, 2022, and 2021 respectively. Revenues by Segment Three Months Ended Nine Months Ended (in millions) 2022 2021 2022 2021 Truckload $ 571.2 $ 484.4 $ 1,691.2 $ 1,411.3 Intermodal 334.7 295.7 971.9 825.5 Logistics 464.2 474.6 1,531.2 1,261.2 Other 97.3 98.0 274.2 284.9 Fuel surcharge 233.5 114.4 648.5 314.8 Inter-segment eliminations (25.6) (22.6) (74.3) (63.8) Operating revenues $ 1,675.3 $ 1,444.5 $ 5,042.7 $ 4,033.9 Income (Loss) from Operations by Segment Three Months Ended Nine Months Ended (in millions) 2022 2021 2022 2021 Truckload $ 83.2 $ 85.1 $ 283.3 $ 197.0 Intermodal 31.1 45.7 112.3 100.6 Logistics 27.9 22.1 117.1 55.0 Other 3.2 0.8 (55.6) 3.1 Income from operations $ 145.4 $ 153.7 $ 457.1 $ 355.7 Depreciation and Amortization by Segment Three Months Ended Nine Months Ended (in millions) 2022 2021 2022 2021 Truckload $ 62.8 $ 52.1 $ 183.6 $ 157.1 Intermodal 14.6 12.4 42.4 35.5 Logistics — 0.1 0.1 0.2 Other 10.8 9.6 32.2 27.7 Depreciation and amortization $ 88.2 $ 74.2 $ 258.3 $ 220.5

General (Details)

General (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Gains on sales of property and equipment—net	$ 11.4	$ 32	$ 75.2	$ 48

Business Combinations and Ass_3

Business Combinations and Asset Acquisitions- Acquisition Details (Details)	Jun. 07, 2022	Dec. 31, 2021
Midwest Logistics Systems (MLS)
Business Acquisition
Date of acquisition		Dec. 31, 2021
Percentage of business acquired		100%
deBoer Transportation, Inc.
Business Acquisition
Date of acquisition	Jun. 07, 2022
Percentage of business acquired	100%

Business Combinations and Ass_4

Business Combinations and Assets Acquisitions- Consideration Transferred (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Midwest Logistics Systems (MLS)
Business Acquisition
Fair value of consideration transferred	$ 268.8
Midwest Logistics Systems (MLS) | Deferred cash consideration
Business Acquisition
Fair value of consideration transferred	3.2
Midwest Logistics Systems (MLS) | Consideration for Debt Payments
Business Acquisition
Fair value of consideration transferred	26.9
Midwest Logistics Systems (MLS) | Net working capital adjustment
Business Acquisition
Fair value of consideration transferred	(5.7)
deBoer Transportation, Inc.
Business Acquisition
Fair value of consideration transferred	$ 34.6

Business Combinations and Ass_5

Business Combinations and Asset Acquisitions- Acquisition-Related Costs (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2021
Midwest Logistics Systems (MLS)
Business Acquisition
Acquisition-related costs			$ 1.9
deBoer Transportation, Inc.
Business Acquisition
Acquisition-related costs	$ 0.1	$ 0.3

Business Combinations and Ass_6

Business Combinations and Asset Acquisitions- Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Business Acquisition
Goodwill acquired during period	$ 7.7
Goodwill	228.3	$ 240.5
Truckload
Business Acquisition
Goodwill	214.1	226.3
Midwest Logistics Systems (MLS)
Business Acquisition
Cash and cash equivalents	1.8	0
Trade accounts receivable-net of allowance	12.5	18.6
Other receivables	2.4	0.9
Prepaid expenses and other current assets	1.6	1.6
Net property and equipment	148.1	148.9
Internal use software and other noncurrent assets	11.7	0
Goodwill	103.7	122.7
Total assets acquired	281.8	292.7
Trade accounts payable	3.4	1.8
Accrued salaries, wages, and benefits	2.6	1.7
Claims accruals-current	4.5	7.5
Other current liabilities	3.3	7.2
Deferred income taxes	(1.1)	0
Other noncurrent liabilities	0.3	0
Total liabilities assumed	13	18.2
Net asses acquired	268.8	$ 274.5
Midwest Logistics Systems (MLS) | Purchase price adjustments
Business Acquisition
Cash and cash equivalents	1.8
Trade accounts receivable-net of allowance	(6.1)
Other receivables	1.5
Prepaid expenses and other current assets	0
Net property and equipment	(0.8)
Internal use software and other noncurrent assets	11.7
Goodwill	(19)
Total assets acquired	(10.9)
Trade accounts payable	1.6
Accrued salaries, wages, and benefits	0.9
Claims accruals-current	(3)
Other current liabilities	(3.9)
Deferred income taxes	(1.1)
Other noncurrent liabilities	0.3
Total liabilities assumed	(5.2)
Net asses acquired	(5.7)
deBoer Transportation, Inc.
Business Acquisition
Goodwill	6.8
deBoer Transportation, Inc. | Truckload
Business Acquisition
Goodwill acquired during period	7.7
deBoer Transportation, Inc. | Purchase price adjustments
Business Acquisition
Goodwill	$ (0.9)

Business Combinations and Ass_7

Business Combinations and Asset Acquisitions- Pro Forma Disclosures (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Midwest Logistics Systems (MLS)
Business Acquisition
Pro forma operating revenues	$ 1,495	$ 4,189

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Leases - Lessee
Leases not yet commenced	$ 23.7
Leases - Lessor
Lease payments	332.8	$ 317.2
Past due
Leases - Lessor
Lease payments	3.9
Past Due
Leases - Lessor
Net investment in leases	$ 39.5
Minimum
Leases - Lessee
Lease terms of leases not yet commenced	1 year 2 months
Leases - Lessor
Terms of sales-type lease	1 year
Maximum
Leases - Lessee
Lease terms of leases not yet commenced	7 years
Leases - Lessor
Terms of sales-type lease	3 years

Leases - Schedule of Lease Info

Leases - Schedule of Lease Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Operating cash flows for operating leases	$ 24.6	$ 23.3
Operating cash flows for finance leases	0.1	0
Financing cash flows for finance leases	1.3	0.5
Right-of-use assets obtained in exchange for new operating lease liability	17.8	23.7
Right-of-use assets obtained in exchange for new finance lease liability	$ 3.8	$ 1.2

Leases - Summary of Investment

Leases - Summary of Investment in Lease Receivables (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Leases [Abstract]
Future minimum payments to be received on leases	$ 204.6	$ 193.9
Guaranteed residual lease values	128.2	123.3
Total minimum lease payments to be received	332.8	317.2
Unearned income	(51.3)	(46.5)
Net investment in leases	$ 281.5	$ 270.7

Leases - Schedule of Sales-type

Leases - Schedule of Sales-type Lease Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Revenue	$ 53.1	$ 57.2	$ 146.2	$ 169.8
Cost of goods sold	(43.5)	(49)	(121)	(146.1)
Operating profit	9.6	8.2	25.2	23.7
Interest income on lease receivable	$ 9.4	$ 8.5	$ 27.3	$ 23.6

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue
Operating revenues	$ 1,675.3	$ 1,444.5	$ 5,042.7	$ 4,033.9
Transportation
Disaggregation of Revenue
Operating revenues	1,551.1	1,326.3	4,663.2	3,700.4
Logistics Management
Disaggregation of Revenue
Operating revenues	66.5	56.4	221.1	149.7
Other
Disaggregation of Revenue
Operating revenues	$ 57.7	$ 61.8	$ 158.4	$ 183.8

Revenue Recognition - Revenue R

Revenue Recognition - Revenue Remaining Performance Obligation (Details) $ in Millions	Sep. 30, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Remaining Performance Obligation	$ 66.3
Expected to be recognized within one year | Transportation
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Remaining Performance Obligation	16.9
Expected to be recognized within one year | Logistics Management
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Remaining Performance Obligation	10.8
Expected to be recognized after one year | Transportation
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Remaining Performance Obligation	28.9
Expected to be recognized after one year | Logistics Management
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Remaining Performance Obligation	$ 9.7

Revenue Recognition - Contract

Revenue Recognition - Contract Balances (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Contract assets	$ 36.2	$ 33.8
Contract liabilities	$ 4	$ 3.2

Revenue Recognition- Additional

Revenue Recognition- Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Timing of payment after completion of performance obligations			40 days
Noncash consideration recorded as revenue	$ 2.3	$ 1.3	$ 15.6	$ 1.3

Fair Value - Recurring Fair Val

Fair Value - Recurring Fair Value Measurements (Details) - Recurring fair value measurements - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Level 1 inputs
Fair Value, Assets Measured on Recurring Basis
Fair value of equity investment in TuSimple	$ 2.7	$ 12.7
Level 2 inputs
Fair Value, Assets Measured on Recurring Basis
Fair value of marketable securities	$ 44.6	$ 49.3

Fair Value - Debt Portfolio (De

Fair Value - Debt Portfolio (Details) - Unsecured Senior Notes - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument
Total principal outstanding	$ 205	$ 265
Level 2 inputs
Debt Instrument
Fair value of debt	$ 197.3	$ 276.7

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Credit loss allowance	$ 0	$ 0
Value of investments without readily determinable fair values	$ 86	$ 36.2

Investments - Schedule of Marke

Investments - Schedule of Marketable Securities (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Available for Sale Debt Securities
Amortized cost	$ 49.4	$ 49.3
US treasury and government agencies
Available for Sale Debt Securities
Amortized cost	20	19.9
Corporate debt securities
Available for Sale Debt Securities
Amortized cost	17	20.3
State and municipal bonds
Available for Sale Debt Securities
Amortized cost	12.4	9.1
Current asset
Available for Sale Debt Securities
Fair value	44.6	49.3
Current asset | US treasury and government agencies
Available for Sale Debt Securities
Fair value	17.2	19.6
Current asset | Corporate debt securities
Available for Sale Debt Securities
Fair value	15.8	20.4
Current asset | State and municipal bonds
Available for Sale Debt Securities
Fair value	$ 11.6	$ 9.3
Minimum | US treasury and government agencies
Available for Sale Debt Securities
Maturity date	Nov. 30, 2023
Minimum | Corporate debt securities
Available for Sale Debt Securities
Maturity date	Nov. 01, 2022
Minimum | State and municipal bonds
Available for Sale Debt Securities
Maturity date	Jan. 01, 2023
Maximum | US treasury and government agencies
Available for Sale Debt Securities
Maturity date	Feb. 15, 2031
Maximum | Corporate debt securities
Available for Sale Debt Securities
Maturity date	Sep. 19, 2027
Maximum | State and municipal bonds
Available for Sale Debt Securities
Maturity date	Oct. 01, 2035

Investments - Equity Investment

Investments - Equity Investments without Readily Determinable Fair Values (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Other Investments
Cumulative upward adjustments	$ 52		$ 52
Investment in equity security	20	$ 0	24	$ 0
Upward adjustments	$ 25.8	$ 9	$ 25.8	$ 9

Investments - Investment in TuS

Investments - Investment in TuSimple (Details) - TuSimple - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jan. 12, 2021
Other Investments
Investment in equity security					$ 5
Net loss on investment		$ 12.1	$ 10
Net gain on investment	$ 0.1			$ 8.1

Goodwill - Schedule of Changes

Goodwill - Schedule of Changes in Carrying Amount of Goodwill (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Goodwill
Beginning balance	$ 240.5
Goodwill acquired during period	7.7
Acquisition adjustments	(19.9)
Ending balance	228.3
deBoer Transportation, Inc.
Goodwill
Ending balance	6.8
Midwest Logistics Systems (MLS)
Goodwill
Beginning balance	122.7
Ending balance	103.7
Truckload
Goodwill
Beginning balance	226.3
Ending balance	214.1
Truckload | deBoer Transportation, Inc.
Goodwill
Goodwill acquired during period	7.7
Truckload | Midwest Logistics Systems (MLS) and deBoer Transportation, Inc.
Goodwill
Acquisition adjustments	(19.9)
Logistics
Goodwill
Beginning balance	14.2
Goodwill acquired during period	0
Acquisition adjustments	0
Ending balance	$ 14.2

Intangibles- Schedule of Change

Intangibles- Schedule of Changes in Carrying Amount of Intangibles (Details) - Midwest Logistics Systems (MLS) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Finite-Lived Intangible Assets
Gross carrying amount	$ 10
Accumulated amortization	0.7
Net carrying amount	9.3
Customer Relationships
Finite-Lived Intangible Assets
Gross carrying amount	3.2
Accumulated amortization	0.2
Net carrying amount	$ 3
Weighted average useful life	10 years
Trademarks
Finite-Lived Intangible Assets
Gross carrying amount	$ 6.8
Accumulated amortization	0.5
Net carrying amount	$ 6.3
Weighted average useful life	10 years

Intangibles- Future Amortizatio

Intangibles- Future Amortization Expense (Details) - Midwest Logistics Systems (MLS) $ in Millions	Sep. 30, 2022 USD ($)
Finite-Lived Intangible Assets
Remaining 2022	$ 0.3
2023	1
2024	1
2025	1
2026	1
2027 and thereafter	5
Net carrying amount	$ 9.3

Goodwill - Additional Informati

Goodwill - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Goodwill
Accumulated goodwill impairment charge	$ 53.2	$ 53.2
Truckload
Goodwill
Accumulated goodwill impairment charge	34.6	34.6
Other
Goodwill
Accumulated goodwill impairment charge	$ 18.6	$ 18.6

Intangibles- Additional Informa

Intangibles- Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Midwest Logistics Systems (MLS)
Finite-Lived Intangible Assets
Amortization of intangible assets	$ 0.2	$ 0.7

Debt and Credit Facilities - Su

Debt and Credit Facilities - Summary of Debt (Details) - Unsecured Senior Notes - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument
Frequency of payments	semiannual
Weighted-average interest rate	3.90%	3.61%
Total principal outstanding	$ 205	$ 265
Current maturities	(70)	(60)
Long-term debt	$ 135	$ 205
Minimum
Debt Instrument
Maturity year	2023
Maximum
Debt Instrument
Maturity year	2025

Debt and Credit Facilities - Ad

Debt and Credit Facilities - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Credit Facility
Debt Instrument
Current borrowing capacity	$ 250
Potential increase amount	150
Maximum borrowing capacity	$ 400
Expiration date	Aug. 06, 2023
Outstanding borrowings	$ 0	$ 0
Credit Facility | Standby Letters of Credit
Debt Instrument
Maximum borrowing capacity	100
Standby letters of credit	0.1	3.9
Receivables Purchase Agreement
Debt Instrument
Maximum borrowing capacity	$ 150
Expiration date	Jul. 30, 2024
Outstanding borrowings	$ 0	0
Receivables Purchase Agreement | Standby Letters of Credit
Debt Instrument
Standby letters of credit	$ 77.1	$ 70.3

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	25%	25.20%	25%	25.20%

Common Equity - Calculation of

Common Equity - Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Basic earnings per common share
Net income available to common shareholders	$ 125.8	$ 129.8	$ 92.1	$ 110	$ 106.5	$ 54.8	$ 347.7	$ 271.3
Weighted average common shares outstanding	178			177.7			177.9	177.5
Diluted earnings per common share
Dilutive effect of share-based awards and options outstanding	0.7			0.2			0.7	0.3
Weighted average diluted shares outstanding	178.7			177.9			178.6	177.8
Basic earnings per share	$ 0.71			$ 0.62			$ 1.95	$ 1.53
Diluted earnings per share	$ 0.70			$ 0.62			$ 1.95	$ 1.53
Anti-dilutive share-based awards and options excluded from computation of diluted earnings per share	0.3			0.8			0.3	0.8

Common Equity - Additional Info

Common Equity - Additional Information (Details) - $ / shares		3 Months Ended
	Oct. 20, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Class A Common Shares
Class of Stock
Dividends declared per share		$ 0.08	$ 0.08	$ 0.08	$ 0.07	$ 0.07	$ 0.07
Class A Common Shares | Subsequent Event | Quarterly Dividend Declared
Class of Stock
Dividends declared per share	$ 0.08
Class B Common Stock
Class of Stock
Dividends declared per share		$ 0.08	$ 0.08	$ 0.08	$ 0.07	$ 0.07	$ 0.07
Class B Common Stock | Subsequent Event | Quarterly Dividend Declared
Class of Stock
Dividends declared per share	$ 0.08

Share-based Compensation - Addi

Share-based Compensation - Additional Information (Details) - 2017 Omnibus Incentive Plan - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation expense	$ 3.8	$ 3.1	$ 11.9	$ 10.2
Pre-tax unrecognized compensation cost	$ 25.3		$ 25.3
Unrecognized compensation cost, period for recognition	2 years 1 month 6 days

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2022	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments to purchase transportation equipment		$ 508
Loss Contingencies
Loss contingency expense		5.2
WSL
Loss Contingencies
Loss contingency damages sought		40
Loss contingency damages awarded		40
Loss contingency expense	$ 59	57
Loss contingency accrual	$ 59
Loss contingency payment		$ 57

Segment Reporting - Additional

Segment Reporting - Additional Information (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) Segment	Sep. 30, 2021 USD ($)
Segment Reporting Information
Number of reportable segments | Segment			3
Operating revenues	$ 1,675.3	$ 1,444.5	$ 5,042.7	$ 4,033.9
Other
Segment Reporting Information
Operating revenues	97.3	98	274.2	284.9
Other | Other Insurance
Segment Reporting Information
Operating revenues	$ 19	$ 16	$ 53.4	$ 46.1

Segment Reporting - Revenue by

Segment Reporting - Revenue by Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information
Operating revenues	$ 1,675.3	$ 1,444.5	$ 5,042.7	$ 4,033.9
Intersegment Eliminations
Segment Reporting Information
Operating revenues	(25.6)	(22.6)	(74.3)	(63.8)
Truckload
Segment Reporting Information
Revenues (excluding fuel charge by segment)	571.2	484.4	1,691.2	1,411.3
Intermodal
Segment Reporting Information
Revenues (excluding fuel charge by segment)	334.7	295.7	971.9	825.5
Logistics
Segment Reporting Information
Revenues (excluding fuel charge by segment)	464.2	474.6	1,531.2	1,261.2
Other
Segment Reporting Information
Operating revenues	97.3	98	274.2	284.9
Fuel Surcharge
Segment Reporting Information
Operating revenues	$ 233.5	$ 114.4	$ 648.5	$ 314.8

Segment Reporting - Income From

Segment Reporting - Income From Operations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information
Income from operations	$ 145.4	$ 153.7	$ 457.1	$ 355.7
Truckload
Segment Reporting Information
Income from operations	83.2	85.1	283.3	197
Intermodal
Segment Reporting Information
Income from operations	31.1	45.7	112.3	100.6
Logistics
Segment Reporting Information
Income from operations	27.9	22.1	117.1	55
Other
Segment Reporting Information
Income from operations	$ 3.2	$ 0.8	$ (55.6)	$ 3.1

Segment Reporting - Depreciatio

Segment Reporting - Depreciation and Amortization Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information
Depreciation and amortization	$ 88.2	$ 74.2	$ 258.3	$ 220.5
Truckload
Segment Reporting Information
Depreciation and amortization	62.8	52.1	183.6	157.1
Intermodal
Segment Reporting Information
Depreciation and amortization	14.6	12.4	42.4	35.5
Logistics
Segment Reporting Information
Depreciation and amortization	0	0.1	0.1	0.2
Other
Segment Reporting Information
Depreciation and amortization	$ 10.8	$ 9.6	$ 32.2	$ 27.7