Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 24, 2023 | |
Document Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
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 | 2023 | |
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 | 93,417,155 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Operating revenues | $ 1,352 | $ 1,675.3 | $ 4,127.2 | $ 5,042.7 |
Operating expenses: | ||||
Purchased transportation | 540 | 735 | 1,634.9 | 2,254 |
Salaries, wages, and benefits | 340.4 | 356 | 1,003.7 | 1,034.4 |
Fuel and fuel taxes | 115.7 | 133.4 | 325.5 | 390.9 |
Depreciation and amortization | 96.8 | 88.2 | 281.8 | 258.3 |
Operating supplies and expenses—net | 138.5 | 149.7 | 427 | 392 |
Insurance and related expenses | 26.6 | 26.5 | 77 | 78 |
Other general expenses | 47.3 | 41.1 | 112.2 | 178 |
Total operating expenses | 1,305.3 | 1,529.9 | 3,862.1 | 4,585.6 |
Income from operations | 46.7 | 145.4 | 265.1 | 457.1 |
Other expenses (income): | ||||
Interest income | (1.6) | (0.8) | (6.3) | (1.5) |
Interest expense | 3.3 | 2.1 | 10.1 | 7.1 |
Other income—net | (1.1) | (23.6) | (17.3) | (12.3) |
Total other expenses (income)—net | 0.6 | (22.3) | (13.5) | (6.7) |
Income before income taxes | 46.1 | 167.7 | 278.6 | 463.8 |
Provision for income taxes | 10.5 | 41.9 | 67.5 | 116.1 |
Net income | 35.6 | 125.8 | 211.1 | 347.7 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment—net | (0.2) | (0.1) | 0.4 | 0 |
Net unrealized losses on marketable securities—net of tax | (0.5) | (1.3) | (0.4) | (3.9) |
Total other comprehensive loss—net | (0.7) | (1.4) | 0 | (3.9) |
Comprehensive income | $ 34.9 | $ 124.4 | $ 211.1 | $ 343.8 |
Weighted average common shares outstanding | 176.9 | 178 | 177.7 | 177.9 |
Basic earnings per share | $ 0.20 | $ 0.71 | $ 1.19 | $ 1.95 |
Weighted average diluted shares outstanding | 177.7 | 178.7 | 178.5 | 178.6 |
Diluted earnings per share | $ 0.20 | $ 0.70 | $ 1.18 | $ 1.95 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 58.5 | $ 385.7 |
Marketable securities | 56.4 | 45.9 |
Trade accounts receivable—net of allowance of $16.8 million and $13.7 million, respectively | 612.1 | 643.7 |
Other receivables | 72.8 | 21.3 |
Current portion of lease receivables—net of allowance of $0.9 million and $1.3 million, respectively | 102.7 | 111.2 |
Inventories—net | 113.8 | 53 |
Prepaid expenses and other current assets | 130.7 | 89.5 |
Total current assets | 1,147 | 1,350.3 |
Property and equipment: | ||
Transportation equipment | 3,707.6 | 3,410.7 |
Land, buildings, and improvements | 227.9 | 219 |
Other property and equipment | 179.3 | 174.1 |
Total property and equipment | 4,114.8 | 3,803.8 |
Less accumulated depreciation | 1,557.2 | 1,523.8 |
Net property and equipment | 2,557.6 | 2,280 |
Lease receivables | 142.3 | 163.1 |
Internal use software and other noncurrent assets | 400.6 | 296.6 |
Goodwill | 332.8 | 228.2 |
Total noncurrent assets | 3,433.3 | 2,967.9 |
Total Assets | 4,580.3 | 4,318.2 |
Current Liabilities: | ||
Trade accounts payable | 281.1 | 276.7 |
Accrued salaries, wages, and benefits | 74 | 97.8 |
Claims accruals—current | 76 | 75.5 |
Current maturities of debt and finance lease obligations | 70.5 | 73.3 |
Other current liabilities | 109 | 113.6 |
Total current liabilities | 610.6 | 636.9 |
Noncurrent Liabilities: | ||
Long-term debt and finance lease obligations | 218.5 | 141.8 |
Claims accruals—noncurrent | 96.9 | 95.2 |
Deferred income taxes | 589.8 | 538.2 |
Other noncurrent liabilities | 107.4 | 68.9 |
Total noncurrent liabilities | 1,012.6 | 844.1 |
Total Liabilities | 1,623.2 | 1,481 |
Shareholders’ Equity: | ||
Additional paid-in capital | 1,592.8 | 1,584.4 |
Retained earnings | 1,420.3 | 1,257.8 |
Accumulated other comprehensive loss | (5) | (5) |
Treasury stock, value | (51) | 0 |
Total Shareholders' Equity | 2,957.1 | 2,837.2 |
Total Liabilities and Shareholders’ Equity | 4,580.3 | 4,318.2 |
Preferred Stock | ||
Shareholders’ Equity: | ||
Preferred stock | 0 | 0 |
Class A Common Shares | ||
Shareholders’ Equity: | ||
Common stock | 0 | 0 |
Class B Common Stock | ||
Shareholders’ Equity: | ||
Common stock | $ 0 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Net cash provided by operating activities | ||
Net income | $ 211.1 | $ 347.7 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 281.8 | 258.3 |
Gains on sales of property and equipment—net | (29.2) | (75.2) |
Proceeds from lease receipts | 57.7 | 62.3 |
Deferred income taxes | 51.7 | 72.4 |
Long-term incentive and share-based compensation expense | 13.4 | 12.6 |
Gains on investments in equity securities—net | (20.5) | (15.8) |
Other noncash items—net | 0.8 | (15.2) |
Changes in operating assets and liabilities: | ||
Receivables | (5) | (26.5) |
Other assets | (39.9) | (53.8) |
Payables | (24.5) | 5 |
Claims reserves and other receivables—net | 0.4 | 6.3 |
Other liabilities | (11.7) | 0.2 |
Net cash provided by operating activities | 486.1 | 578.3 |
Investing Activities: | ||
Purchases of transportation equipment | (500.6) | (321.1) |
Purchases of other property and equipment | (33.9) | (38.4) |
Proceeds from sale of property and equipment | 106.2 | 101.1 |
Proceeds from sale of off-lease inventory | 24.1 | 19.9 |
Purchases of lease equipment | (95) | (80.4) |
Proceeds from marketable securities | 5.2 | 4.2 |
Purchases of marketable securities | (16.2) | (4.6) |
Investments in equity securities and equity method investment | (17.1) | (24.1) |
Investment in note receivable | (10) | 0 |
Acquisition of businesses, net of cash acquired | (239.5) | (28.1) |
Net cash used in investing activities | (776.8) | (371.5) |
Financing Activities: | ||
Proceeds from Lines of Credit | 166 | 0 |
Repayments of Lines of Credit | (75) | 0 |
Proceeds from Issuance of Long-Term Debt | 50 | 0 |
Payments of debt and finance lease obligations | (72.8) | (61.3) |
Dividends paid | (47.7) | (41.4) |
Repurchases of common stock | (51) | 0 |
Other financing activities | (6) | 0.8 |
Net cash used in financing activities | (36.5) | (101.9) |
Net increase (decrease) in cash and cash equivalents | (327.2) | 104.9 |
Cash and Cash Equivalents: | ||
Cash and cash equivalents, beginning balance | 385.7 | 244.8 |
Cash and cash equivalents, ending balance | 58.5 | 349.7 |
Noncash investing and financing activity: | ||
Transportation and lease equipment purchases in accounts payable | 40.3 | 50.4 |
Dividends declared but not yet paid | 17 | 16.1 |
Sale of assets in exchange for notes receivable | 0 | 2.3 |
Noncash equity investment | 3.3 | 0 |
Cash paid during the period for: | ||
Interest | 7.8 | 8.3 |
Income taxes—net of refunds | $ 65.1 | $ 38 |
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) | Treasury Stock |
Balance at Dec. 31, 2021 | $ 2,423.8 | $ 0 | $ 1,566 | $ 857.8 | $ 0 | $ 0 | ||
Increase (Decrease) in Stockholders' Equity | ||||||||
Net income | 92.1 | 0 | 0 | 92.1 | 0 | 0 | ||
Other comprehensive (loss) income | (1.5) | 0 | 0 | 0 | (1.5) | 0 | ||
Share-based compensation expense | 5.4 | 0 | 5.4 | 0 | 0 | 0 | ||
Dividends declared per share | $ 0.08 | $ 0.08 | ||||||
Dividends declared | (14.9) | 0 | 0 | (14.9) | 0 | 0 | ||
Share issuances | 0.1 | 0 | 0.1 | 0 | 0 | 0 | ||
Exercise of employee stock options | 2.3 | 0 | 2.3 | 0 | 0 | 0 | ||
Shares withheld for employee taxes | (2.4) | 0 | (2.4) | 0 | 0 | 0 | ||
Balance at Mar. 31, 2022 | 2,504.9 | 0 | 1,571.4 | 935 | (1.5) | 0 | ||
Balance at Dec. 31, 2021 | 2,423.8 | 0 | 1,566 | 857.8 | 0 | 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) | 0 | ||
Balance at Mar. 31, 2022 | 2,504.9 | 0 | 1,571.4 | 935 | (1.5) | 0 | ||
Increase (Decrease) in Stockholders' Equity | ||||||||
Net income | 129.8 | 0 | 0 | 129.8 | 0 | 0 | ||
Other comprehensive (loss) income | (1) | 0 | 0 | 0 | (1) | 0 | ||
Share-based compensation expense | 3.4 | 0 | 3.4 | 0 | 0 | 0 | ||
Dividends declared per share | 0.08 | 0.08 | ||||||
Dividends declared | (14.2) | 0 | 0 | (14.2) | 0 | 0 | ||
Exercise of employee stock options | 0.9 | 0 | 0.9 | 0 | 0 | 0 | ||
Balance at Jun. 30, 2022 | 2,623.8 | 0 | 1,575.7 | 1,050.6 | (2.5) | 0 | ||
Increase (Decrease) in Stockholders' Equity | ||||||||
Net income | 125.8 | 0 | 0 | 125.8 | 0 | 0 | ||
Other comprehensive (loss) income | (1.4) | 0 | 0 | 0 | (1.4) | 0 | ||
Share-based compensation expense | 4.1 | 0 | 4.1 | 0 | 0 | 0 | ||
Dividends declared per share | 0.08 | 0.08 | ||||||
Dividends declared | (14.4) | 0 | 0 | (14.4) | 0 | 0 | ||
Balance at Sep. 30, 2022 | 2,737.9 | 0 | 1,579.8 | 1,162 | (3.9) | 0 | ||
Balance at Dec. 31, 2022 | 2,837.2 | 0 | 1,584.4 | 1,257.8 | (5) | 0 | ||
Increase (Decrease) in Stockholders' Equity | ||||||||
Net income | 98 | 0 | 0 | 98 | 0 | 0 | ||
Other comprehensive (loss) income | 0.8 | 0 | 0 | 0 | 0.8 | 0 | ||
Share-based compensation expense | 5.1 | 0 | 5.1 | 0 | 0 | 0 | ||
Dividends declared per share | 0.09 | 0.09 | ||||||
Dividends declared | (16.4) | 0 | 0 | (16.4) | 0 | 0 | ||
Share issuances | 0.1 | 0 | 0.1 | 0 | 0 | 0 | ||
Exercise of employee stock options | 0.1 | 0 | 0.1 | 0 | 0 | 0 | ||
Shares withheld for employee taxes | (6.1) | 0 | (6.1) | 0 | 0 | 0 | ||
Balance at Mar. 31, 2023 | 2,918.8 | 0 | 1,583.6 | 1,339.4 | (4.2) | 0 | ||
Balance at Dec. 31, 2022 | 2,837.2 | 0 | 1,584.4 | 1,257.8 | (5) | 0 | ||
Increase (Decrease) in Stockholders' Equity | ||||||||
Net income | 211.1 | |||||||
Balance at Sep. 30, 2023 | 2,957.1 | 0 | 1,592.8 | 1,420.3 | (5) | 51 | ||
Balance at Mar. 31, 2023 | 2,918.8 | 0 | 1,583.6 | 1,339.4 | (4.2) | 0 | ||
Increase (Decrease) in Stockholders' Equity | ||||||||
Net income | 77.5 | 0 | 0 | 77.5 | 0 | 0 | ||
Other comprehensive (loss) income | (0.1) | 0 | 0 | 0 | (0.1) | 0 | ||
Share-based compensation expense | 4.4 | 0 | 4.4 | 0 | 0 | 0 | ||
Dividends declared per share | 0.09 | 0.09 | ||||||
Dividends declared | (16.1) | 0 | 0 | (16.1) | 0 | 0 | ||
Repurchases of common stock | (36.1) | 0 | 0 | 0 | 0 | (36.1) | ||
Balance at Jun. 30, 2023 | 2,948.4 | 0 | 1,588 | 1,400.8 | (4.3) | 36.1 | ||
Increase (Decrease) in Stockholders' Equity | ||||||||
Net income | 35.6 | 0 | 0 | 35.6 | 0 | 0 | ||
Other comprehensive (loss) income | (0.7) | 0 | 0 | 0 | (0.7) | 0 | ||
Share-based compensation expense | 4.8 | 0 | 4.8 | 0 | 0 | 0 | ||
Dividends declared per share | $ 0.09 | $ 0.09 | ||||||
Dividends declared | (16.1) | 0 | 0 | (16.1) | 0 | 0 | ||
Repurchases of common stock | (14.9) | 0 | 0 | 0 | 0 | (14.9) | ||
Balance at Sep. 30, 2023 | $ 2,957.1 | $ 0 | $ 1,592.8 | $ 1,420.3 | $ (5) | $ 51 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) - Parenthetical - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Trade accounts receivable allowance | $ 16.8 | $ 13.7 |
Lease receivables allowance | $ 0.9 | $ 1.3 |
Preferred Stock | ||
Preferred stock, par value (usd per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (shares) | 50,000,000 | 50,000,000 |
Preferred stock, shares outstanding (shares) | 0 | 0 |
Preferred stock, shares issued (shares) | 0 | 0 |
Class A Common Shares | ||
Common stock, par value (usd per share) | $ 0 | $ 0 |
Common stock, shares authorized (shares) | 250,000,000 | 250,000,000 |
Common stock, shares outstanding (shares) | 83,029,500 | 83,029,500 |
Common stock, shares issued (shares) | 83,029,500 | 83,029,500 |
Class B Common Stock | ||
Common stock, par value (usd per share) | $ 0 | $ 0 |
Common stock, shares authorized (shares) | 750,000,000 | 750,000,000 |
Common stock, shares outstanding (shares) | 93,567,035 | 94,993,144 |
Common stock, shares issued (shares) | 93,949,391 | 95,655,907 |
Treasury Stock | ||
Treasury stock, common, shares | 1,869,474 | 0 |
General
General | 9 Months Ended |
Sep. 30, 2023 | |
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 an array of capabilities and resources that leverage artificial intelligence, data science, and analytics to provide innovative solutions that coordinate the timely, safe, and effective movement of customer products. The Company offers truckload, intermodal, and logistics services to a diverse customer base throughout the continental U.S., Canada, and Mexico. 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, 2022. 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. Government Grants We have received funding from various California state organizations to be used towards the electrification of a portion of our fleet, inclusive of battery electric vehicles (“BEVs”) and charging stations. As there is no specific guidance under GAAP, we have elected to account for such grants under IAS 20, Accounting for Government Grants and Disclosure of Government Assistance , using the gross presentation model for the balance sheet and the net presentation model for the income statement. In accordance with IAS 20’s net presentation model, government grants can be offset against the related expenditures on the income statement when there is reasonable assurance that (1) the recipient will comply with the relevant conditions and (2) the grant will be received. For the three and nine months ended September 30, 2023, the Company placed assets in service that were covered by grants from the Environmental Protection Agency’s Targeted Airshed Grant (administered by the California Air Resources Board) and the South Coast Air Quality Management District’s Joint Electric Truck Scaling Initiative. Under the former, funds were paid directly to the manufacturer and reflected as a reduction in the invoiced amount, and under the latter, the Company paid the full amount up front and will apply for reimbursement of qualified expenses. As of September 30, 2023, the Company believes the above conditions have been met and during the three and nine months ended September 30, 2023, depreciation and amortization expense was reduced by $0.5 million and $0.7 million, respectively, in the consolidated statements of comprehensive income. As of September 30, 2023, the Company’s consolidated balance sheets included $16.1 million of grant receivables within other receivables and $2.3 million and $13.8 million in deferred grant income within other current liabilities and other noncurrent liabilities, respectively. 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, 2023 and 2022, we recognized $6.4 million and $11.4 million of net gains on the sale of property and equipment, respectively, and for the nine months ended September 30, 2023 and 2022, we recognized $29.2 million and $75.2 million of net gains on the sale of property and equipment, respectively. Net gains during 2022 were primarily related to the sale of the Company’s Canadian facility. New Accounting Pronouncements |
Business Combinations and Asset
Business Combinations and Asset Acquisitions | 3 Months Ended |
Sep. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | ACQUISITIONS M&M Transport Services, LLC On August 1, 2023 (“Acquisition Date”), we acquired 100% of the membership interest in M&M for $243.1 million, inclusive of cash and other working capital adjustments. M&M is a dedicated trucking company located primarily in New England with nearly 500 tractors and 1,900 trailers which we believe complements our dedicated operations. The acquisition of M&M 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 value 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 transportation equipment were based on an independent appraisal, giving consideration to the highest and best use of the assets with key assumptions based on the market approach. The assistance of an independent third-party valuation firm was used to determine the estimated fair values and useful lives of finite-lived intangible assets including customer relationships and trademarks. Valuation methods used were the multi-period excess earnings method and relief from royalty method for customer relationships and trademarks, respectively. Non-compete agreements were recorded based on amount paid at closing. The excess of the purchase price over the estimated fair values of assets acquired and liabilities assumed was recorded as goodwill within the Truckload reporting 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 consist of fees incurred for advisory, legal, and accounting services were $0.9 million and were included in other general expenses in the Company’s consolidated statements of comprehensive income for the three and nine months ended September 30, 2023. 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. Provisional amounts include items related to working capital adjustments, intangibles, indemnification assets and liabilities, and deferred taxes. During the measurement period, which is up to one year from the acquisition date, we may adjust provisional amounts that were recognized at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date. We anticipate finalizing the determination of the fair value no later than July 31, 2024. The preliminary purchase price allocation for M&M, which may be adjusted as we finalize our fair value estimates and provisional amounts, was as follows: Recognized amounts of identifiable assets acquired and liabilities assumed (in millions) August 1, 2023 Cash and cash equivalents $ 3.6 Trade accounts receivable—net of allowance 15.1 Prepaid expenses and other current assets 3.0 Net property and equipment 77.8 Internal use software and other noncurrent assets 56.9 Goodwill 104.6 Total assets acquired 261.0 Trade accounts payable 1.4 Accrued salaries, wages, and benefits 5.3 Claims accruals—current 1.8 Other current liabilities 4.2 Other noncurrent liabilities 5.2 Total liabilities assumed 17.9 Net assets acquired $ 243.1 The following unaudited pro forma revenues give effect to the acquisition had it been effective January 1, 2022. Combined unaudited pro forma operating revenues of the Company and M&M would have been approximately $1,361.6 million and $4,197.8 million during the three and nine months ended September 30, 2023, respectively, and $1,705.8 million, and $5,134.2 million during the three and nine months ended September 30, 2022, respectively, and our earnings for the same periods would not have been materially different. deBoer Transportation, Inc. We acquired 100% of the outstanding equity of deBoer on June 7, 2022 for a final purchase price of approximately $34.6 million inclusive of certain cash and net working capital adjustments. The purchase price allocation for deBoer was considered final as of December 31, 2022 and resulted in $6.1 million of goodwill being recorded within the Truckload reportable segment. deBoer was a regional, dedicated carrier headquartered in Blenker, WI, and the acquisition provided us the opportunity to expand our tractor and trailer fleet primarily within our dedicated Truckload operations. Operating results for deBoer are included in our consolidated results of operations from the acquisition date through July 2022 when their operations ceased and drivers and equipment were deployed within our Truckload segment. Midwest Logistics Systems, Ltd. On December 31, 2021, we acquired 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 dedicated carrier in the central U.S. that complements our growing dedicated operations. The aggregate purchase price of the acquisition was approximately $268.8 million inclusive of certain net working capital and other post-acquisition adjustments. The purchase price allocation for MLS was considered final as of December 31, 2022 and resulted in $104.3 million of goodwill being recorded within the Truckload reportable segment. Operating results for MLS are included in our consolidated results of operations beginning January 1, 2022. |
Leases (Notes)
Leases (Notes) | 9 Months Ended |
Sep. 30, 2023 | |
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 and finance leases include transportation, office, yard, warehouse, and other 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. In conjunction with our acquisition of M&M, the Company entered into nine related party leases. The leases are for the use of shop, warehouse, office, and drop yard locations throughout the country. The leases run through 2026 and the related lease payments are not material. Additional information related to our leases is as follows: Nine Months Ended (in millions) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 27.0 $ 24.6 Operating cash flows for finance leases 0.3 0.1 Financing cash flows for finance leases 2.8 1.3 Right-of-use assets obtained in exchange for new lease liabilities Operating leases $ 38.6 $ 17.8 Finance leases 5.7 3.8 As of September 30, 2023, we had signed leases that had not yet commenced totaling $1.2 million. These leases will commence during the remainder 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, 2023 and December 31, 2022, investments in lease receivables were as follows: (in millions) September 30, 2023 December 31, 2022 Future minimum payments to be received on leases $ 178.2 $ 198.4 Guaranteed residual lease values 113.2 126.1 Total minimum lease payments to be received 291.4 324.5 Unearned income (46.4) (50.2) Net investment in leases $ 245.0 $ 274.3 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, 2023 was $61.4 million, which includes both current and future lease payments. Lease payments on our lease receivables 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, 2023, our lease payments past due were $3.2 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) 2023 2022 2023 2022 Revenue $ 50.7 $ 53.1 $ 161.3 $ 146.2 Cost of goods sold (43.0) (43.5) (136.4) (121.0) Operating profit $ 7.7 $ 9.6 $ 24.9 $ 25.2 Interest income on lease receivable $ 9.0 $ 9.4 $ 27.7 $ 27.3 |
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 and finance leases include transportation, office, yard, warehouse, and other 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. In conjunction with our acquisition of M&M, the Company entered into nine related party leases. The leases are for the use of shop, warehouse, office, and drop yard locations throughout the country. The leases run through 2026 and the related lease payments are not material. Additional information related to our leases is as follows: Nine Months Ended (in millions) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 27.0 $ 24.6 Operating cash flows for finance leases 0.3 0.1 Financing cash flows for finance leases 2.8 1.3 Right-of-use assets obtained in exchange for new lease liabilities Operating leases $ 38.6 $ 17.8 Finance leases 5.7 3.8 As of September 30, 2023, we had signed leases that had not yet commenced totaling $1.2 million. These leases will commence during the remainder 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, 2023 and December 31, 2022, investments in lease receivables were as follows: (in millions) September 30, 2023 December 31, 2022 Future minimum payments to be received on leases $ 178.2 $ 198.4 Guaranteed residual lease values 113.2 126.1 Total minimum lease payments to be received 291.4 324.5 Unearned income (46.4) (50.2) Net investment in leases $ 245.0 $ 274.3 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, 2023 was $61.4 million, which includes both current and future lease payments. Lease payments on our lease receivables 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, 2023, our lease payments past due were $3.2 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) 2023 2022 2023 2022 Revenue $ 50.7 $ 53.1 $ 161.3 $ 146.2 Cost of goods sold (43.0) (43.5) (136.4) (121.0) Operating profit $ 7.7 $ 9.6 $ 24.9 $ 25.2 Interest income on lease receivable $ 9.0 $ 9.4 $ 27.7 $ 27.3 |
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 and finance leases include transportation, office, yard, warehouse, and other 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. In conjunction with our acquisition of M&M, the Company entered into nine related party leases. The leases are for the use of shop, warehouse, office, and drop yard locations throughout the country. The leases run through 2026 and the related lease payments are not material. Additional information related to our leases is as follows: Nine Months Ended (in millions) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 27.0 $ 24.6 Operating cash flows for finance leases 0.3 0.1 Financing cash flows for finance leases 2.8 1.3 Right-of-use assets obtained in exchange for new lease liabilities Operating leases $ 38.6 $ 17.8 Finance leases 5.7 3.8 As of September 30, 2023, we had signed leases that had not yet commenced totaling $1.2 million. These leases will commence during the remainder 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, 2023 and December 31, 2022, investments in lease receivables were as follows: (in millions) September 30, 2023 December 31, 2022 Future minimum payments to be received on leases $ 178.2 $ 198.4 Guaranteed residual lease values 113.2 126.1 Total minimum lease payments to be received 291.4 324.5 Unearned income (46.4) (50.2) Net investment in leases $ 245.0 $ 274.3 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, 2023 was $61.4 million, which includes both current and future lease payments. Lease payments on our lease receivables 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, 2023, our lease payments past due were $3.2 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) 2023 2022 2023 2022 Revenue $ 50.7 $ 53.1 $ 161.3 $ 146.2 Cost of goods sold (43.0) (43.5) (136.4) (121.0) Operating profit $ 7.7 $ 9.6 $ 24.9 $ 25.2 Interest income on lease receivable $ 9.0 $ 9.4 $ 27.7 $ 27.3 |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2023 | |
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. Beginning on August 1, 2023, M&M revenues 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) 2023 2022 2023 2022 Transportation $ 1,253.4 $ 1,551.1 $ 3,823.5 $ 4,663.2 Logistics Management 45.2 66.5 135.9 221.1 Other 53.4 57.7 167.8 158.4 Total operating revenues $ 1,352.0 $ 1,675.3 $ 4,127.2 $ 5,042.7 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, 2023 Expected to be recognized within one year Transportation $ 27.8 Logistics Management 18.5 Expected to be recognized after one year Transportation 43.3 Logistics Management 17.9 Total $ 107.5 This disclosure does not include revenues 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, 2023 December 31, 2022 Other current assets—Contract assets $ 30.4 $ 27.0 Other current liabilities—Contract liabilities 0.6 2.6 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. There was no revenue recorded for freight movements in exchange for non-monetary consideration for the three and nine months ended September 30, 2023. During the three and nine months ended September 30, 2022, $2.3 million and $15.6 million was recorded for these services. |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023 December 31, 2022 Equity investment in TuSimple (1) 1 $ 0.6 $ 0.6 Marketable securities (2) 2 56.4 45.9 (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 $178.8 million and $199.1 million as of September 30, 2023 and December 31, 2022, respectively. The carrying value of the Company’s debt was $185.0 million and $205.0 million as of September 30, 2023 and December 31, 2022, 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, trade accounts payable, and amounts outstanding under revolving credit agreements approximate fair values. As part of the acquisition of M&M on August 1, 2023, 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, 2023 | |
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, 2023 or December 31, 2022. 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, 2023 December 31, 2022 (in millions, except maturities in months) Maturities Amortized Cost Fair Value Amortized Cost Fair Value U.S. treasury and government agencies 2 to 89 months $ 25.9 $ 23.1 $ 21.9 $ 19.3 Corporate debt securities 7 to 115 months 20.0 18.9 16.0 14.9 State and municipal bonds 9 to 181 months 15.5 14.4 12.4 11.7 Total marketable securities $ 61.4 $ 56.4 $ 50.3 $ 45.9 Equity Investments without Readily Determinable Fair Values The Company’s primary strategic equity investments without readily determinable fair values include Platform Science, Inc., 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, 2023 and December 31, 2022 were $121.3 million and $86.0 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. In addition to our investment in MLSI, we also hold a $10.0 million note receivable from MLSI as of September 30, 2023. The note was funded during the first quarter of 2023, is subject to interest over its term, and matures in March 2030. As of September 30, 2023, our cumulative upward adjustments were $69.5 million. The following table summarizes the activity related to these equity investments during the periods presented. Three Months Ended Nine Months Ended (in millions) 2023 2022 2023 2022 Investment in equity securities $ 10.3 $ 20.0 $ 15.3 $ 24.0 Upward adjustments (1) 2.3 25.8 20.0 25.8 (1) Our updated investment value in 2023 was determined using a hybrid backsolve method, a valuation approach incorporating both IPO and M&A scenarios to estimate the value based on 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 . Our pre-tax net losses were not material for the three and nine months ended September 30, 2023. In the three and nine months ended September 30, 2022, the Company recognized pre-tax net gains of $0.1 million and pre-tax net losses of $10.0 million, respectively. See Note 5, Fair Value , for additional information on the fair value of our investment in TuSimple. Equity Method Investment In the second quarter of 2023, the Company invested $5.0 million consisting primarily of internal use software and cash in exchange for a 50% non-controlling ownership interest in Scope 23 LLC, an entity that provides a platform for shippers to track and manage their greenhouse gas emissions. Our interest is being accounted for under ASC 323, Investments - Equity Method and Joint Ventures. For the three months ended September 30, 2023, activity was not material, and for the nine months ended September 30, 2023, we recorded losses in the amount of $0.5 million. The carrying value of our investment was $4.5 million as of September 30, 2023. All of our equity investments, as well as our note receivable from MLSI, are included in internal use software and other noncurrent assets on the consolidated balance sheets. Gains or losses on our equity investments are 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, 2023 | |
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, 2023. (in millions) Truckload Logistics Total Balance at December 31, 2022 $ 214.0 $ 14.2 $ 228.2 Acquisition (see Note 2) 104.6 — 104.6 Balance at September 30, 2023 $ 318.6 $ 14.2 $ 332.8 During the nine months ended September 30, 2023, we recorded goodwill in conjunction with the acquisition of M&M, which was recorded within the Truckload segment. Refer to Note 2, Acquisitions, for further details. As of both September 30, 2023 and December 31, 2022, our Truckload segment had accumulated goodwill impairment charges of $34.6 million. During the nine months ended September 30, 2023, we recorded $40.4 million of customer relationships, $4.1 million of trademarks, and $5.2 million of non-compete agreements related to the acquisition of M&M. The weighted-average amortization period is 15.0 years for customer relationships and trademarks and 5.0 years for non-compete agreements for a total weighted-average amortization period of 13.9 years. Refer to Note 2, Acquisitions, for further details. September 30, 2023 December 31, 2022 (in millions) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Customer relationships $ 43.6 $ 1.0 $ 42.6 $ 3.2 $ 0.3 $ 2.9 Trademarks 10.9 1.2 9.7 6.8 0.7 6.1 Non-compete agreements 5.2 0.2 5.0 — — — Total intangible assets $ 59.7 $ 2.4 $ 57.3 $ 10.0 $ 1.0 $ 9.0 Amortization expense for intangible assets was $0.9 million and $1.4 million for the three and nine months ended September 30, 2023, respectively, and $0.2 million and $0.7 million for the three and nine months ended September 30, 2022. Estimated future amortization expense related to intangible assets is as follows: (in millions) September 30, 2023 Remaining 2023 $ 1.3 2024 5.0 2025 5.0 2026 5.0 2027 5.0 2028 and thereafter 36.0 Total $ 57.3 |
Debt and Credit Facilities
Debt and Credit Facilities | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt and Credit Facilities | DEBT AND CREDIT FACILITIES As of September 30, 2023 and December 31, 2022, debt included the following: (in millions) September 30, 2023 December 31, 2022 Unsecured senior notes: principal maturities ranging from 2024 through 2025; interest payable in semiannual installments through the same timeframe; weighted average interest rate of 3.59% and 3.93% for 2023 and 2022, respectively $ 135.0 $ 205.0 Unsecured senior notes: principal payable August 2028; interest payable in semiannual installments through same timeframe; interest at a fixed rate of 5.63%. 50.0 — Total principal outstanding 185.0 205.0 Current maturities — (70.0) Long-term debt $ 185.0 $ 135.0 Our Credit Agreement (the “2022 Credit Facility”) provides borrowing capacity of $250.0 million and allows us to request an additional increase in total commitment by up to $150.0 million, for a total potential commitment of $400.0 million through November 2027. The agreement also provides a sublimit of $100.0 million to be used for the issuance of letters of credit. We had borrowings of $25.0 million outstanding under this agreement as of September 30, 2023 and none outstanding on December 31, 2022. Balances are included within long-term debt and finance lease obligations on the consolidated balance sheets. Standby letters of credit under this agreement amounted to $0.1 million as of both September 30, 2023 and December 31, 2022 and were primarily related to the requirements of certain of our real estate leases. We also have a Receivables Purchase Agreement (the “2021 Receivables Purchase Agreement”), which allows us to borrow funds against qualifying trade receivables at rates based on one-month Term SOFR up to $150.0 million and provides for the issuance of standby letters of credit through July 2024. Borrowings under this agreement were $66.0 million as of September 30, 2023. There were no outstanding borrowings on December 31, 2022. Borrowings under this agreement are included within current maturities of debt and finance lease obligations on the consolidated balance sheets. As of September 30, 2023 and December 31, 2022, standby letters of credit under this agreement amounted to $81.4 million and $77.1 million, respectively, and were primarily related to the requirements of certain of our insurance obligations. Our combined available capacity under our Credit Agreement and our Receivables Purchase Agreement as of September 30, 2023 was $227.5 million. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXESOur effective income tax rate was 22.8% and 25.0% for the three months ended September 30, 2023 and 2022, respectively, and 24.2% and 25.0% for the nine months ended September 30, 2023 and 2022, 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, 2023 | |
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, 2023 and 2022, respectively. Three Months Ended Nine Months Ended (in millions, except per share data) 2023 2022 2023 2022 Numerator: Net income available to common shareholders $ 35.6 $ 125.8 $ 211.1 $ 347.7 Denominator: Weighted average common shares outstanding 176.9 178.0 177.7 177.9 Dilutive effect of share-based awards and options outstanding 0.9 0.7 0.8 0.7 Weighted average diluted common shares outstanding (1) 177.7 178.7 178.5 178.6 Basic earnings per common share $ 0.20 $ 0.71 $ 1.19 $ 1.95 Diluted earnings per common share 0.20 0.70 1.18 1.95 (1) Weighted average diluted common shares outstanding may not sum due to rounding. The calculation of diluted earnings per share excluded 0.1 million and 0.3 million share-based awards and options that had an anti-dilutive effect for the three and nine months ended September 30, 2023 and 0.3 million share-based awards and options that had an anti-dilutive effect for the three and nine months ended September 30, 2022, respectively. Common Shares Outstanding As of both September 30, 2023 and December 31, 2022, we had 83,029,500 shares of Class A common stock outstanding. There were no changes to the number of shares of Class A common stock outstanding for the three and nine months ended September 30, 2023 and 2022. The following table shows changes to our Class B common shares outstanding for the three and nine months ended September 30, 2023 and 2022. Three Months Ended Nine Months Ended 2023 2022 2023 2022 Outstanding at beginning of period 94,064,251 94,978,340 94,993,144 94,626,740 Repurchases of common stock (497,435) — (1,869,474) — Share issuances 219 2,145 681,642 305,538 Exercise of employee stock options — — 6,000 140,328 Shares withheld for employee taxes — — (244,277) (92,121) Outstanding at end of period 93,567,035 94,980,485 93,567,035 94,980,485 In January 2023, our Board approved a share repurchase program under which the Company is authorized to repurchase up to $150.0 million of its Class A and/or Class B common shares. The program does not obligate the Company to repurchase a minimum number of shares and is intended to help offset the dilutive effect of equity grants to employees over time. Under this program, the Company may repurchase shares in privately negotiated and/or open market transactions. As of September 30, 2023, the Company has repurchased $50.6 million of the $150.0 million authorized under the repurchase program. Subsequent Event - Dividends Declared In October of 2023, the Board of Directors declared a quarterly cash dividend for the fourth fiscal quarter of 2023 in the amount of $0.09 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 8, 2023 and will be paid on January 8, 2024. |
Share-based Compensation
Share-based Compensation | 9 Months Ended |
Sep. 30, 2023 | |
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, RSUs, performance-based restricted shares (“performance shares”), PSUs, and non-qualified stock options. Performance shares and PSUs granted are earned based on attainment of threshold performance of earnings and return on capital targets, in addition to a multiplier applied based on rTSR against peers over the performance period.Share-based compensation expense was $4.4 million and $3.8 million for the three months ended September 30, 2023 and 2022, respectively, and $13.3 million and $11.9 million for the nine months ended September 30, 2023 and 2022, respectively. We recognize share-based compensation expense over the awards’ vesting period. As of September 30, 2023, we had $23.4 million of pre-tax unrecognized compensation cost related to outstanding share-based compensation awards expected to be recognized over a weighted average period of 1.9 years. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
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. As of September 30, 2023, our firm commitments to purchase transportation equipment totaled $232.5 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 Company filed a request for appeal of the audit assessment with the state jurisdiction, and during the second quarter of 2023, a ruling was made in favor of the state resulting in an additional $2.9 million in interest and penalties being recorded by the Company. The Company filed another request for appeal during the third quarter of 2023. Both the initial charge and the additional interest and penalties incurred are recorded within operating supplies and expenses—net on the consolidated statements of comprehensive income. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting | SEGMENT REPORTINGWe have three reportable segments – Truckload, Intermodal, and Logistics – which are based primarily on the services each segment provides. As of December 31, 2022, our operating segments within the Truckload reportable segment were VTL, Bulk, and MLS. The operating results of M&M have been aggregated into the Truckload reportable segment as of August 1, 2023, as it shares similar economic characteristics with our other Truckload operating segments and meets the other aggregation criteria described in ASC 280. 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. In November 2022, the Company executed a management buyout agreement to sell its Asia operations. While Asia met the definition of an operating segment, it did not meet the quantitative threshold for separate disclosure, and the results were included in “Other” in the tables below during 2022. 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 $15.6 million and $19.0 million for the three months ended September 30, 2023 and 2022, respectively, and $50.0 million and $53.4 million for the nine months ended September 30, 2023 and 2022. Revenues by Segment Three Months Ended Nine Months Ended (in millions) 2023 2022 2023 2022 Truckload $ 535.3 $ 571.2 $ 1,605.0 $ 1,691.2 Intermodal 263.0 334.7 790.1 971.9 Logistics 326.0 464.2 1,051.6 1,531.2 Other 78.4 97.3 249.5 274.2 Fuel surcharge 172.6 233.5 507.4 648.5 Inter-segment eliminations (23.3) (25.6) (76.4) (74.3) Operating revenues $ 1,352.0 $ 1,675.3 $ 4,127.2 $ 5,042.7 Income (Loss) from Operations by Segment Three Months Ended Nine Months Ended (in millions) 2023 2022 2023 2022 Truckload $ 24.5 $ 83.2 $ 151.9 $ 283.3 Intermodal 11.1 31.1 64.8 112.3 Logistics 8.5 27.9 39.8 117.1 Other 2.6 3.2 8.6 (55.6) Income from operations $ 46.7 $ 145.4 $ 265.1 $ 457.1 Depreciation and Amortization by Segment Three Months Ended Nine Months Ended (in millions) 2023 2022 2023 2022 Truckload $ 70.2 $ 62.8 $ 205.4 $ 183.6 Intermodal 13.3 14.6 39.8 42.4 Logistics — — 0.1 0.1 Other 13.3 10.8 36.5 32.2 Depreciation and amortization $ 96.8 $ 88.2 $ 281.8 $ 258.3 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||||||
Net income | $ 35.6 | $ 77.5 | $ 98 | $ 125.8 | $ 129.8 | $ 92.1 | $ 211.1 | $ 347.7 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Non-Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
General (Policies)
General (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
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 an array of capabilities and resources that leverage artificial intelligence, data science, and analytics to provide innovative solutions that coordinate the timely, safe, and effective movement of customer products. The Company offers truckload, intermodal, and logistics services to a diverse customer base throughout the continental U.S., Canada, and Mexico. |
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, 2022. 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. |
Government Assistance | Government Grants We have received funding from various California state organizations to be used towards the electrification of a portion of our fleet, inclusive of battery electric vehicles (“BEVs”) and charging stations. As there is no specific guidance under GAAP, we have elected to account for such grants under IAS 20, Accounting for Government Grants and Disclosure of Government Assistance , using the gross presentation model for the balance sheet and the net presentation model for the income statement. In accordance with IAS 20’s net presentation model, government grants can be offset against the related expenditures on the income statement when there is reasonable assurance that (1) the recipient will comply with the relevant conditions and (2) the grant will be received. For the three and nine months ended September 30, 2023, the Company placed assets in service that were covered by grants from the Environmental Protection Agency’s Targeted Airshed Grant (administered by the California Air Resources Board) and the South Coast Air Quality Management District’s Joint Electric Truck Scaling Initiative. Under the former, funds were paid directly to the manufacturer and reflected as a reduction in the invoiced amount, and under the latter, the Company paid the full amount up front and will apply for reimbursement of qualified expenses. As of September 30, 2023, the Company believes the above conditions have been met and during the three and nine months ended September 30, 2023, depreciation and amortization expense was reduced by $0.5 million and $0.7 million, respectively, in the consolidated statements of comprehensive income. As of September 30, 2023, the Company’s consolidated balance sheets included $16.1 million of grant receivables within other receivables and $2.3 million and $13.8 million in deferred grant income within other current liabilities and other noncurrent liabilities, respectively. |
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, 2023 and 2022, we recognized $6.4 million and $11.4 million of net gains on the sale of property and equipment, respectively, and for the nine months ended September 30, 2023 and 2022, we recognized $29.2 million and $75.2 million of net gains on the sale of property and equipment, respectively. Net gains during 2022 were primarily related to the sale of the Company’s Canadian facility. |
New accounting pronouncements | New Accounting PronouncementsOn July 26, 2023, the SEC adopted amendments intended to enhance and standardize disclosures related to cybersecurity. The amendments require timely disclosure of material cybersecurity incidents and annual disclosures related to cybersecurity risk management, strategy, and governance. These annual disclosures will be required beginning with reports for fiscal years ending after December 15, 2023. We do not believe the adoption of this standard will have a material impact on our consolidated financial statements or disclosures. |
Business Combinations and Ass_2
Business Combinations and Asset Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of recognized identified assets acquired and liabilities assumed | The preliminary purchase price allocation for M&M, which may be adjusted as we finalize our fair value estimates and provisional amounts, was as follows: Recognized amounts of identifiable assets acquired and liabilities assumed (in millions) August 1, 2023 Cash and cash equivalents $ 3.6 Trade accounts receivable—net of allowance 15.1 Prepaid expenses and other current assets 3.0 Net property and equipment 77.8 Internal use software and other noncurrent assets 56.9 Goodwill 104.6 Total assets acquired 261.0 Trade accounts payable 1.4 Accrued salaries, wages, and benefits 5.3 Claims accruals—current 1.8 Other current liabilities 4.2 Other noncurrent liabilities 5.2 Total liabilities assumed 17.9 Net assets acquired $ 243.1 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Schedule of Lease Information | Additional information related to our leases is as follows: Nine Months Ended (in millions) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 27.0 $ 24.6 Operating cash flows for finance leases 0.3 0.1 Financing cash flows for finance leases 2.8 1.3 Right-of-use assets obtained in exchange for new lease liabilities Operating leases $ 38.6 $ 17.8 Finance leases 5.7 3.8 |
Schedule of Investment In Lease Receivables | As of September 30, 2023 and December 31, 2022, investments in lease receivables were as follows: (in millions) September 30, 2023 December 31, 2022 Future minimum payments to be received on leases $ 178.2 $ 198.4 Guaranteed residual lease values 113.2 126.1 Total minimum lease payments to be received 291.4 324.5 Unearned income (46.4) (50.2) Net investment in leases $ 245.0 $ 274.3 |
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) 2023 2022 2023 2022 Revenue $ 50.7 $ 53.1 $ 161.3 $ 146.2 Cost of goods sold (43.0) (43.5) (136.4) (121.0) Operating profit $ 7.7 $ 9.6 $ 24.9 $ 25.2 Interest income on lease receivable $ 9.0 $ 9.4 $ 27.7 $ 27.3 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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) 2023 2022 2023 2022 Transportation $ 1,253.4 $ 1,551.1 $ 3,823.5 $ 4,663.2 Logistics Management 45.2 66.5 135.9 221.1 Other 53.4 57.7 167.8 158.4 Total operating revenues $ 1,352.0 $ 1,675.3 $ 4,127.2 $ 5,042.7 |
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, 2023 Expected to be recognized within one year Transportation $ 27.8 Logistics Management 18.5 Expected to be recognized after one year Transportation 43.3 Logistics Management 17.9 Total $ 107.5 |
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, 2023 December 31, 2022 Other current assets—Contract assets $ 30.4 $ 27.0 Other current liabilities—Contract liabilities 0.6 2.6 |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023 December 31, 2022 Equity investment in TuSimple (1) 1 $ 0.6 $ 0.6 Marketable securities (2) 2 56.4 45.9 (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, 2023 | |
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, 2023 December 31, 2022 (in millions, except maturities in months) Maturities Amortized Cost Fair Value Amortized Cost Fair Value U.S. treasury and government agencies 2 to 89 months $ 25.9 $ 23.1 $ 21.9 $ 19.3 Corporate debt securities 7 to 115 months 20.0 18.9 16.0 14.9 State and municipal bonds 9 to 181 months 15.5 14.4 12.4 11.7 Total marketable securities $ 61.4 $ 56.4 $ 50.3 $ 45.9 |
Equity Investments without Readily Determinable Fair Values | As of September 30, 2023, our cumulative upward adjustments were $69.5 million. The following table summarizes the activity related to these equity investments during the periods presented. Three Months Ended Nine Months Ended (in millions) 2023 2022 2023 2022 Investment in equity securities $ 10.3 $ 20.0 $ 15.3 $ 24.0 Upward adjustments (1) 2.3 25.8 20.0 25.8 (1) Our updated investment value in 2023 was determined using a hybrid backsolve method, a valuation approach incorporating both IPO and M&A scenarios to estimate the value based on recently issued shares. |
Goodwill (Tables)
Goodwill (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Carrying Amount of Goodwill | 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, 2023. (in millions) Truckload Logistics Total Balance at December 31, 2022 $ 214.0 $ 14.2 $ 228.2 Acquisition (see Note 2) 104.6 — 104.6 Balance at September 30, 2023 $ 318.6 $ 14.2 $ 332.8 |
Schedule of Finite-Lived Intangible Assets | During the nine months ended September 30, 2023, we recorded $40.4 million of customer relationships, $4.1 million of trademarks, and $5.2 million of non-compete agreements related to the acquisition of M&M. The weighted-average amortization period is 15.0 years for customer relationships and trademarks and 5.0 years for non-compete agreements for a total weighted-average amortization period of 13.9 years. Refer to Note 2, Acquisitions, for further details. September 30, 2023 December 31, 2022 (in millions) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Customer relationships $ 43.6 $ 1.0 $ 42.6 $ 3.2 $ 0.3 $ 2.9 Trademarks 10.9 1.2 9.7 6.8 0.7 6.1 Non-compete agreements 5.2 0.2 5.0 — — — Total intangible assets $ 59.7 $ 2.4 $ 57.3 $ 10.0 $ 1.0 $ 9.0 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Estimated future amortization expense related to intangible assets is as follows: (in millions) September 30, 2023 Remaining 2023 $ 1.3 2024 5.0 2025 5.0 2026 5.0 2027 5.0 2028 and thereafter 36.0 Total $ 57.3 |
Debt and Credit Facilities (Tab
Debt and Credit Facilities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Summary of Debt | As of September 30, 2023 and December 31, 2022, debt included the following: (in millions) September 30, 2023 December 31, 2022 Unsecured senior notes: principal maturities ranging from 2024 through 2025; interest payable in semiannual installments through the same timeframe; weighted average interest rate of 3.59% and 3.93% for 2023 and 2022, respectively $ 135.0 $ 205.0 Unsecured senior notes: principal payable August 2028; interest payable in semiannual installments through same timeframe; interest at a fixed rate of 5.63%. 50.0 — Total principal outstanding 185.0 205.0 Current maturities — (70.0) Long-term debt $ 185.0 $ 135.0 |
Common Equity (Tables)
Common Equity (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023 and 2022, respectively. Three Months Ended Nine Months Ended (in millions, except per share data) 2023 2022 2023 2022 Numerator: Net income available to common shareholders $ 35.6 $ 125.8 $ 211.1 $ 347.7 Denominator: Weighted average common shares outstanding 176.9 178.0 177.7 177.9 Dilutive effect of share-based awards and options outstanding 0.9 0.7 0.8 0.7 Weighted average diluted common shares outstanding (1) 177.7 178.7 178.5 178.6 Basic earnings per common share $ 0.20 $ 0.71 $ 1.19 $ 1.95 Diluted earnings per common share 0.20 0.70 1.18 1.95 (1) Weighted average diluted common shares outstanding may not sum due to rounding. |
Schedule of Common Shares Outstanding Roll Forward | The following table shows changes to our Class B common shares outstanding for the three and nine months ended September 30, 2023 and 2022. Three Months Ended Nine Months Ended 2023 2022 2023 2022 Outstanding at beginning of period 94,064,251 94,978,340 94,993,144 94,626,740 Repurchases of common stock (497,435) — (1,869,474) — Share issuances 219 2,145 681,642 305,538 Exercise of employee stock options — — 6,000 140,328 Shares withheld for employee taxes — — (244,277) (92,121) Outstanding at end of period 93,567,035 94,980,485 93,567,035 94,980,485 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 $15.6 million and $19.0 million for the three months ended September 30, 2023 and 2022, respectively, and $50.0 million and $53.4 million for the nine months ended September 30, 2023 and 2022. Revenues by Segment Three Months Ended Nine Months Ended (in millions) 2023 2022 2023 2022 Truckload $ 535.3 $ 571.2 $ 1,605.0 $ 1,691.2 Intermodal 263.0 334.7 790.1 971.9 Logistics 326.0 464.2 1,051.6 1,531.2 Other 78.4 97.3 249.5 274.2 Fuel surcharge 172.6 233.5 507.4 648.5 Inter-segment eliminations (23.3) (25.6) (76.4) (74.3) Operating revenues $ 1,352.0 $ 1,675.3 $ 4,127.2 $ 5,042.7 Income (Loss) from Operations by Segment Three Months Ended Nine Months Ended (in millions) 2023 2022 2023 2022 Truckload $ 24.5 $ 83.2 $ 151.9 $ 283.3 Intermodal 11.1 31.1 64.8 112.3 Logistics 8.5 27.9 39.8 117.1 Other 2.6 3.2 8.6 (55.6) Income from operations $ 46.7 $ 145.4 $ 265.1 $ 457.1 Depreciation and Amortization by Segment Three Months Ended Nine Months Ended (in millions) 2023 2022 2023 2022 Truckload $ 70.2 $ 62.8 $ 205.4 $ 183.6 Intermodal 13.3 14.6 39.8 42.4 Logistics — — 0.1 0.1 Other 13.3 10.8 36.5 32.2 Depreciation and amortization $ 96.8 $ 88.2 $ 281.8 $ 258.3 |
General (Details)
General (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Government assistance, amount | $ 0.5 | $ 0.7 | ||
Grants receivable | 16.1 | 16.1 | ||
Deferred income, current | 2.3 | 2.3 | ||
Deferred income, noncurrent | 13.8 | 13.8 | ||
Gains on sales of property and equipment—net | $ 6.4 | $ 11.4 | $ 29.2 | $ 75.2 |
Business Combinations Asset Acq
Business Combinations Asset Acquisition - Assets and Liabilties (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Aug. 01, 2023 | Dec. 31, 2022 |
Business Acquisition | |||
Goodwill | $ 332.8 | $ 228.2 | |
M&M Transport Services, Inc. | |||
Business Acquisition | |||
Cash and cash equivalents | $ 3.6 | ||
Trade accounts receivable-net of allowance | 15.1 | ||
Prepaid expenses and other current assets | 3 | ||
Net property and equipment | 77.8 | ||
Internal use software and other noncurrent assets | 56.9 | ||
Goodwill | 104.6 | ||
Total assets acquired | 261 | ||
Trade accounts payable | 1.4 | ||
Accrued salaries, wages, and benefits | 5.3 | ||
Claims accruals | 1.8 | ||
Other current liabilities | 4.2 | ||
Other noncurrent liabilities | 5.2 | ||
Total liabilities assumed | 17.9 | ||
Net assets acquired | $ 243.1 |
Business Combinations and Ass_3
Business Combinations and Asset Acquisitions- Acquisition Details (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Aug. 01, 2023 | Jun. 07, 2022 | Dec. 31, 2021 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Business Acquisition | |||||||
Goodwill acquired during period | $ 104.6 | ||||||
Midwest Logistics Systems (MLS) | |||||||
Business Acquisition | |||||||
Date of acquisition | Dec. 31, 2021 | ||||||
Percentage of business acquired | 100% | ||||||
Fair value of consideration transferred | $ 268.8 | ||||||
Goodwill acquired during period | $ 104.3 | ||||||
deBoer Transportation, Inc. | |||||||
Business Acquisition | |||||||
Date of acquisition | Jun. 07, 2022 | ||||||
Percentage of business acquired | 100% | ||||||
Fair value of consideration transferred | $ 34.6 | ||||||
Goodwill acquired during period | $ 6.1 | ||||||
M&M Transport Services, Inc. | |||||||
Business Acquisition | |||||||
Date of acquisition | Aug. 01, 2023 | ||||||
Percentage of business acquired | 100% | ||||||
Fair value of consideration transferred | $ 243.1 | ||||||
Acquisition-related costs | $ 0.9 | 0.9 | |||||
Pro forma operating revenues | $ 1,361.6 | $ 1,705.8 | $ 4,197.8 | $ 5,134.2 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Leases - Lessee | ||
Leases not yet commenced | $ 1.2 | |
Leases - Lessor | ||
Lease payments | 291.4 | $ 324.5 |
Past due | ||
Leases - Lessor | ||
Lease payments | 3.2 | |
Past Due | ||
Leases - Lessor | ||
Net investment in leases | $ 61.4 | |
Minimum | ||
Leases - Lessee | ||
Lease terms of leases not yet commenced | 1 year | |
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, 2023 | Sep. 30, 2022 | |
Leases [Abstract] | ||
Operating cash flows for operating leases | $ 27 | $ 24.6 |
Operating cash flows for finance leases | 0.3 | 0.1 |
Financing cash flows for finance leases | 2.8 | 1.3 |
Right-of-use assets obtained in exchange for new operating lease liability | 38.6 | 17.8 |
Right-of-use assets obtained in exchange for new finance lease liability | $ 5.7 | $ 3.8 |
Leases - Summary of Investment
Leases - Summary of Investment in Lease Receivables (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Future minimum payments to be received on leases | $ 178.2 | $ 198.4 |
Guaranteed residual lease values | 113.2 | 126.1 |
Total minimum lease payments to be received | 291.4 | 324.5 |
Unearned income | (46.4) | (50.2) |
Net investment in leases | $ 245 | $ 274.3 |
Leases - Schedule of Sales-type
Leases - Schedule of Sales-type Lease Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Leases [Abstract] | ||||
Revenue | $ 50.7 | $ 53.1 | $ 161.3 | $ 146.2 |
Cost of goods sold | (43) | (43.5) | (136.4) | (121) |
Operating profit | 7.7 | 9.6 | 24.9 | 25.2 |
Interest income on lease receivable | $ 9 | $ 9.4 | $ 27.7 | $ 27.3 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation of Revenue | ||||
Operating revenues | $ 1,352 | $ 1,675.3 | $ 4,127.2 | $ 5,042.7 |
Transportation | ||||
Disaggregation of Revenue | ||||
Operating revenues | 1,253.4 | 1,551.1 | 3,823.5 | 4,663.2 |
Logistics Management | ||||
Disaggregation of Revenue | ||||
Operating revenues | 45.2 | 66.5 | 135.9 | 221.1 |
Other | ||||
Disaggregation of Revenue | ||||
Operating revenues | $ 53.4 | $ 57.7 | $ 167.8 | $ 158.4 |
Revenue Recognition - Revenue R
Revenue Recognition - Revenue Remaining Performance Obligation (Details) $ in Millions | Sep. 30, 2023 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Remaining Performance Obligation | $ 107.5 |
Expected to be recognized within one year | Transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Remaining Performance Obligation | 27.8 |
Expected to be recognized within one year | Logistics Management | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Remaining Performance Obligation | 18.5 |
Expected to be recognized after one year | Transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Remaining Performance Obligation | 43.3 |
Expected to be recognized after one year | Logistics Management | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Remaining Performance Obligation | $ 17.9 |
Revenue Recognition - Contract
Revenue Recognition - Contract Balances (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Revenue from Contract with Customer [Abstract] | ||
Contract assets | $ 30.4 | $ 27 |
Contract liabilities | $ 0.6 | $ 2.6 |
Revenue Recognition- Additional
Revenue Recognition- Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | ||||
Timing of payment after completion of performance obligations | 40 days | |||
Noncash consideration recorded as revenue | $ 0 | $ 2.3 | $ 0 | $ 15.6 |
Fair Value - Recurring Fair Val
Fair Value - Recurring Fair Value Measurements (Details) - Recurring fair value measurements - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Level 1 inputs | ||
Fair Value, Assets Measured on Recurring Basis | ||
Fair value of equity investment in TuSimple | $ 0.6 | $ 0.6 |
Level 2 inputs | ||
Fair Value, Assets Measured on Recurring Basis | ||
Fair value of marketable securities | $ 56.4 | $ 45.9 |
Fair Value - Debt Portfolio (De
Fair Value - Debt Portfolio (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Instrument | ||
Total principal outstanding | $ 185 | $ 205 |
Unsecured Senior Notes | ||
Debt Instrument | ||
Total principal outstanding | 135 | 205 |
Unsecured Senior Notes | Level 2 inputs | ||
Debt Instrument | ||
Fair value of debt | 178.8 | 199.1 |
Unsecured Senior Notes Series 2023A | ||
Debt Instrument | ||
Total principal outstanding | $ 50 | $ 0 |
Investments - Narrative (Detail
Investments - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Other Investments | ||
Credit loss allowance | $ 0 | $ 0 |
Value of investments without readily determinable fair values | 121.3 | $ 86 |
Mastery Logistics | Notes receivable | ||
Other Investments | ||
Notes receivable | $ 10 |
Investments - Schedule of Marke
Investments - Schedule of Marketable Securities (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Available for Sale Debt Securities | ||
Amortized cost | $ 61.4 | $ 50.3 |
US treasury and government agencies | ||
Available for Sale Debt Securities | ||
Amortized cost | 25.9 | 21.9 |
Corporate debt securities | ||
Available for Sale Debt Securities | ||
Amortized cost | 20 | 16 |
State and municipal bonds | ||
Available for Sale Debt Securities | ||
Amortized cost | 15.5 | 12.4 |
Current asset | ||
Available for Sale Debt Securities | ||
Fair value | 56.4 | 45.9 |
Current asset | US treasury and government agencies | ||
Available for Sale Debt Securities | ||
Fair value | 23.1 | 19.3 |
Current asset | Corporate debt securities | ||
Available for Sale Debt Securities | ||
Fair value | 18.9 | 14.9 |
Current asset | State and municipal bonds | ||
Available for Sale Debt Securities | ||
Fair value | $ 14.4 | $ 11.7 |
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 | Apr. 01, 2024 | |
Minimum | State and municipal bonds | ||
Available for Sale Debt Securities | ||
Maturity date | Jun. 01, 2024 | |
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 | Apr. 01, 2033 | |
Maximum | State and municipal bonds | ||
Available for Sale Debt Securities | ||
Maturity date | Oct. 01, 2038 |
Investments - Equity Investment
Investments - Equity Investments without Readily Determinable Fair Values (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Other Investments | ||||
Cumulative upward adjustments | $ 69.5 | $ 69.5 | ||
Investment in equity security | 10.3 | $ 20 | 15.3 | $ 24 |
Upward adjustments | $ 2.3 | $ 25.8 | $ 20 | $ 25.8 |
Investments - Investment in TuS
Investments - Investment in TuSimple (Details) - TuSimple - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2022 | Jan. 12, 2021 | |
Other Investments | |||
Investment in equity security | $ 5 | ||
Net loss on investment | $ 0.1 | $ 10 |
Investments - Equity Method Inv
Investments - Equity Method Investment (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Other Investments | |
Investment in equity method investment | $ 5 |
Income (Loss) from Equity Method Investments | (0.5) |
Equity Method Investments | $ 4.5 |
Scope 23 | |
Other Investments | |
Ownership interest in investment | 50% |
Intangibles- Schedule of Change
Intangibles- Schedule of Changes in Carrying Amount of Intangibles (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Finite-Lived Intangible Assets | ||
Gross carrying amount | $ 59.7 | $ 10 |
Accumulated amortization | 2.4 | 1 |
Net carrying amount | 57.3 | 9 |
Customer Relationships | ||
Finite-Lived Intangible Assets | ||
Gross carrying amount | 43.6 | 3.2 |
Accumulated amortization | 1 | 0.3 |
Net carrying amount | $ 42.6 | 2.9 |
Weighted average useful life | 15 years | |
Customer Relationships | Midwest Logistics Systems (MLS) | ||
Finite-Lived Intangible Assets | ||
Weighted average useful life | 13 years 10 months 24 days | |
Trademarks | ||
Finite-Lived Intangible Assets | ||
Gross carrying amount | $ 10.9 | 6.8 |
Accumulated amortization | 1.2 | 0.7 |
Net carrying amount | $ 9.7 | 6.1 |
Weighted average useful life | 15 years | |
Noncompete Agreements | ||
Finite-Lived Intangible Assets | ||
Gross carrying amount | $ 5.2 | 0 |
Accumulated amortization | 0.2 | 0 |
Net carrying amount | $ 5 | $ 0 |
Noncompete Agreements | M&M Transport Services, Inc. | ||
Finite-Lived Intangible Assets | ||
Weighted average useful life | 5 years |
Intangibles- Future Amortizatio
Intangibles- Future Amortization Expense (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets | ||
Remaining 2023 | $ 1.3 | |
2024 | 5 | |
2025 | 5 | |
2026 | 5 | |
2027 | 5 | |
2028 and thereafter | 36 | |
Net carrying amount | $ 57.3 | $ 9 |
Goodwill - Additional Informati
Goodwill - Additional Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Goodwill | ||
Goodwill | $ 332.8 | $ 228.2 |
Goodwill acquired during period | 104.6 | |
Truckload | ||
Goodwill | ||
Goodwill | 318.6 | 214 |
Goodwill acquired during period | 104.6 | |
Accumulated goodwill impairment charge | 34.6 | 34.6 |
Logistics | ||
Goodwill | ||
Goodwill | 14.2 | $ 14.2 |
Goodwill acquired during period | $ 0 |
Intangibles- Additional Informa
Intangibles- Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Finite-Lived Intangible Assets | ||||
Amortization of intangible assets | $ 0.9 | $ 0.2 | $ 1.4 | $ 0.7 |
M&M Transport Services, Inc. | ||||
Finite-Lived Intangible Assets | ||||
Finite-Lived Customer Relationships, Gross | 40.4 | 40.4 | ||
Finite-Lived Noncompete Agreements, Gross | 4.1 | 4.1 | ||
Finite-Lived Trademarks, Gross | $ 5.2 | $ 5.2 |
Debt and Credit Facilities - Su
Debt and Credit Facilities - Summary of Debt (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Debt Instrument | ||
Total principal outstanding | $ 185 | $ 205 |
Unsecured Senior Notes | ||
Debt Instrument | ||
Frequency of payments | semiannual | |
Weighted-average interest rate | 3.59% | 3.93% |
Total principal outstanding | $ 135 | $ 205 |
Current maturities | 0 | (70) |
Long-term debt | $ 185 | 135 |
Unsecured Senior Notes | Minimum | ||
Debt Instrument | ||
Maturity year | 2024 | |
Unsecured Senior Notes | Maximum | ||
Debt Instrument | ||
Maturity year | 2025 | |
Unsecured Senior Notes Series 2023A | ||
Debt Instrument | ||
Maturity year | 2028 | |
Frequency of payments | semiannual | |
Weighted-average interest rate | 5.63% | |
Total principal outstanding | $ 50 | $ 0 |
Debt and Credit Facilities - Ad
Debt and Credit Facilities - Additional Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Debt Instrument | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 227.5 | |
Credit Facility | ||
Debt Instrument | ||
Current borrowing capacity | 250 | |
Potential increase amount | $ 150 | |
Line of Credit Facility, Expiration Date | Nov. 04, 2027 | |
Outstanding borrowings | $ 25 | $ 0 |
Maximum borrowing capacity | 400 | |
Credit Facility | Standby Letters of Credit | ||
Debt Instrument | ||
Standby letters of credit | 0.1 | 0.1 |
Maximum borrowing capacity | $ 100 | |
Receivables Purchase Agreement | ||
Debt Instrument | ||
Line of Credit Facility, Expiration Date | Jul. 30, 2024 | |
Outstanding borrowings | $ 66 | 0 |
Maximum borrowing capacity | 150 | |
Receivables Purchase Agreement | Standby Letters of Credit | ||
Debt Instrument | ||
Standby letters of credit | $ 81.4 | $ 77.1 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 22.80% | 25% | 24.20% | 25% |
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, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Basic earnings per common share | ||||||||
Net income available to common shareholders | $ 35.6 | $ 77.5 | $ 98 | $ 125.8 | $ 129.8 | $ 92.1 | $ 211.1 | $ 347.7 |
Weighted average common shares outstanding | 176.9 | 178 | 177.7 | 177.9 | ||||
Diluted earnings per common share | ||||||||
Dilutive effect of share-based awards and options outstanding | 0.9 | 0.7 | 0.8 | 0.7 | ||||
Weighted average diluted shares outstanding | 177.7 | 178.7 | 178.5 | 178.6 | ||||
Basic earnings per share | $ 0.20 | $ 0.71 | $ 1.19 | $ 1.95 | ||||
Diluted earnings per share | $ 0.20 | $ 0.70 | $ 1.18 | $ 1.95 |
Common Equity - Schedule of com
Common Equity - Schedule of common shares outstanding (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Class A Common Shares | ||||
Class of Stock | ||||
Common shares outstanding | 83,029,500 | |||
Common shares outstanding | 83,029,500 | 83,029,500 | ||
Class B Common Stock | ||||
Class of Stock | ||||
Common shares outstanding | 94,064,251 | 94,978,340 | 94,993,144 | 94,626,740 |
Repurchases of common stock | (497,435) | 0 | (1,869,474) | 0 |
Share issuances | 219 | 2,145 | 681,642 | 305,538 |
Exercise of employee stock options | 0 | 0 | 6,000 | 140,328 |
Shares withheld for employee taxes | 0 | 0 | (244,277) | (92,121) |
Common shares outstanding | 93,567,035 | 94,980,485 | 93,567,035 | 94,980,485 |
Common Equity - Additional Info
Common Equity - Additional Information (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||||||||
Oct. 30, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jan. 31, 2023 | Dec. 31, 2022 | |
Class of Stock | |||||||||||
Anti-dilutive share-based awards and options excluded from computation of diluted earnings per share | 0.1 | 0.3 | 0.3 | 0.3 | |||||||
Stock repurchase program - amount authorized | $ 150 | ||||||||||
Treasury stock, value | $ 51 | $ 51 | $ 0 | ||||||||
Repurchase Program 2023 | |||||||||||
Class of Stock | |||||||||||
Treasury stock, value | $ 50.6 | $ 50.6 | |||||||||
Class A Common Shares | |||||||||||
Class of Stock | |||||||||||
Dividends declared per share | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.08 | $ 0.08 | $ 0.08 | |||||
Class A Common Shares | Subsequent Event | Quarterly Dividend Declared | |||||||||||
Class of Stock | |||||||||||
Dividends declared per share | $ 0.09 | ||||||||||
Class B Common Stock | |||||||||||
Class of Stock | |||||||||||
Dividends declared per share | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.08 | $ 0.08 | $ 0.08 | |||||
Class B Common Stock | Subsequent Event | Quarterly Dividend Declared | |||||||||||
Class of Stock | |||||||||||
Dividends declared per share | $ 0.09 |
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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Share-based compensation expense | $ 4.4 | $ 3.8 | $ 13.3 | $ 11.9 |
Pre-tax unrecognized compensation cost | $ 23.4 | $ 23.4 | ||
Unrecognized compensation cost, period for recognition | 1 year 10 months 24 days |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Commitments to purchase transportation equipment | $ 232.5 | ||
Loss Contingencies | |||
Loss contingency expense | $ 2.9 | $ 5.2 | |
WSL | |||
Loss Contingencies | |||
Loss contingency damages sought | $ 40 | ||
Loss contingency damages awarded | $ 40 | ||
Loss contingency expense | $ 57 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) Segment | Sep. 30, 2022 USD ($) | |
Segment Reporting Information | ||||
Number of reportable segments | Segment | 3 | |||
Operating revenues | $ 1,352 | $ 1,675.3 | $ 4,127.2 | $ 5,042.7 |
Other | Other Insurance | ||||
Segment Reporting Information | ||||
Operating revenues | $ 15.6 | $ 19 | $ 50 | $ 53.4 |
Segment Reporting - Revenue by
Segment Reporting - Revenue by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Segment Reporting Information | ||||
Operating revenues | $ 1,352 | $ 1,675.3 | $ 4,127.2 | $ 5,042.7 |
Intersegment Eliminations | ||||
Segment Reporting Information | ||||
Operating revenues | (23.3) | (25.6) | (76.4) | (74.3) |
Truckload | Operating Segments | ||||
Segment Reporting Information | ||||
Revenues (excluding fuel charge by segment) | 535.3 | 571.2 | 1,605 | 1,691.2 |
Intermodal | Operating Segments | ||||
Segment Reporting Information | ||||
Revenues (excluding fuel charge by segment) | 263 | 334.7 | 790.1 | 971.9 |
Logistics | Operating Segments | ||||
Segment Reporting Information | ||||
Revenues (excluding fuel charge by segment) | 326 | 464.2 | 1,051.6 | 1,531.2 |
Other | Operating Segments | ||||
Segment Reporting Information | ||||
Operating revenues | 78.4 | 97.3 | 249.5 | 274.2 |
Fuel Surcharge | Operating Segments | ||||
Segment Reporting Information | ||||
Operating revenues | $ 172.6 | $ 233.5 | $ 507.4 | $ 648.5 |
Segment Reporting - Income From
Segment Reporting - Income From Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Segment Reporting Information | ||||
Income from operations | $ 46.7 | $ 145.4 | $ 265.1 | $ 457.1 |
Truckload | ||||
Segment Reporting Information | ||||
Income from operations | 24.5 | 83.2 | 151.9 | 283.3 |
Intermodal | ||||
Segment Reporting Information | ||||
Income from operations | 11.1 | 31.1 | 64.8 | 112.3 |
Logistics | ||||
Segment Reporting Information | ||||
Income from operations | 8.5 | 27.9 | 39.8 | 117.1 |
Other | ||||
Segment Reporting Information | ||||
Income from operations | $ 2.6 | $ 3.2 | $ 8.6 | $ (55.6) |
Segment Reporting - Depreciatio
Segment Reporting - Depreciation and Amortization Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Segment Reporting Information | ||||
Depreciation and amortization | $ 96.8 | $ 88.2 | $ 281.8 | $ 258.3 |
Truckload | ||||
Segment Reporting Information | ||||
Depreciation and amortization | 70.2 | 62.8 | 205.4 | 183.6 |
Intermodal | ||||
Segment Reporting Information | ||||
Depreciation and amortization | 13.3 | 14.6 | 39.8 | 42.4 |
Logistics | ||||
Segment Reporting Information | ||||
Depreciation and amortization | 0 | 0 | 0.1 | 0.1 |
Other | ||||
Segment Reporting Information | ||||
Depreciation and amortization | $ 13.3 | $ 10.8 | $ 36.5 | $ 32.2 |