Schneider National (SNDR) 10-Q 1 Aug 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Jul. 26, 2024
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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	2024
Document Fiscal Period Focus	Q2
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		92,185,677

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Operating revenues	$ 1,316.7	$ 1,346.5	$ 2,635.7	$ 2,775.2
Operating expenses:
Purchased transportation	493.3	531.8	1,002	1,094.9
Salaries, wages, and benefits	352.3	325.5	707.4	663.3
Fuel and fuel taxes	100.7	96.8	208.4	209.8
Depreciation and amortization	102.5	93.2	205.3	185
Operating supplies and expenses—net	157.2	140.6	310.8	288.5
Insurance and related expenses	33.2	25.7	64.3	50.4
Other general expenses	26.5	29.1	57.8	64.9
Total operating expenses	1,265.7	1,242.7	2,556	2,556.8
Income from operations	51	103.8	79.7	218.4
Other expenses (income):
Interest income	(0.9)	(2.6)	(1.7)	(4.7)
Interest expense	4.3	2.4	8.3	6.8
Other expenses (income)—net	0.6	0.8	1.4	(16.2)
Total other expense (income)—net	4	0.6	8	(14.1)
Income before income taxes	47	103.2	71.7	232.5
Provision for income taxes	11.7	25.7	17.9	57
Net income	35.3	77.5	53.8	175.5
Other comprehensive income (loss):
Foreign currency translation adjustment—net	(0.4)	0.3	(0.4)	0.6
Net unrealized gains (losses) on marketable securities—net of tax	0.1	(0.4)	(0.1)	0.1
Total other comprehensive income (loss)—net	(0.3)	(0.1)	(0.5)	0.7
Comprehensive income	$ 35	$ 77.4	$ 53.3	$ 176.2
Weighted average common shares outstanding	175.5	178.1	175.7	178.1
Basic earnings per share	$ 0.20	$ 0.44	$ 0.31	$ 0.99
Weighted average diluted shares outstanding	175.8	178.7	176.2	178.9
Diluted earnings per share	$ 0.20	$ 0.43	$ 0.31	$ 0.98

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 103.2	$ 102.4
Marketable securities	54	57.2
Trade accounts receivable—net of allowance of $7.8 million and $15.0 million, respectively	551.7	575.7
Other receivables	39.5	61.9
Current portion of lease receivables—net of allowance of $0.9 million and $1.0 million, respectively	86.8	93.3
Inventories—net	91.1	117.9
Prepaid expenses and other current assets	124.1	102.5
Total current assets	1,050.4	1,110.9
Property and equipment:
Transportation equipment	3,850.2	3,781
Land, buildings, and improvements	228.6	226.1
Other property and equipment	182.8	180.2
Total property and equipment	4,261.6	4,187.3
Less accumulated depreciation	1,670.9	1,605.6
Net property and equipment	2,590.7	2,581.7
Lease receivables	132.2	130.2
Internal use software and other noncurrent assets	442.9	402.7
Goodwill	331.7	331.7
Total noncurrent assets	3,497.5	3,446.3
Total Assets	4,547.9	4,557.2
Current Liabilities:
Trade accounts payable	218	241.3
Accrued salaries, wages, and benefits	79.1	66.7
Claims accruals—current	112.1	89.2
Current maturities of debt and finance lease obligations	139.2	104.5
Other current liabilities	110.9	104.5
Total current liabilities	659.3	606.2
Noncurrent Liabilities:
Long-term debt and finance lease obligations	125.8	197.6
Claims accruals—noncurrent	130.4	92.7
Deferred income taxes	577.3	595.7
Other noncurrent liabilities	103.5	108.2
Total noncurrent liabilities	937	994.2
Total Liabilities	1,596.3	1,600.4
Shareholders’ Equity:
Additional paid-in capital	1,596.1	1,595.2
Retained earnings	1,452.1	1,431.9
Accumulated other comprehensive loss	(3.9)	(3.4)
Treasury stock, value	(92.7)	(66.9)
Total Shareholders' Equity	2,951.6	2,956.8
Total Liabilities and Shareholders’ Equity	4,547.9	4,557.2
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	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Net cash provided by operating activities
Net income	$ 53.8	$ 175.5
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	205.3	185
Gains on sales of property and equipment—net	(2.3)	(22.8)
Proceeds from lease receipts	31.1	38.8
Deferred income taxes	(18.4)	29.5
Long-term incentive and share-based compensation expense	5.2	8.9
(Gains) losses on investments in equity securities—net	0.2	(17.7)
Other noncash items—net	1.2	0.7
Changes in operating assets and liabilities:
Receivables	47.8	5.5
Other assets	(34)	(44.8)
Claims reserves and receivables—net	14.3	2
Payables	(37.8)	(36)
Other liabilities	13.8	(21.4)
Net cash provided by operating activities	280.2	303.2
Investing Activities:
Purchases of transportation equipment	(220.4)	(344.4)
Purchases of other property and equipment	(19.4)	(25.3)
Proceeds from sale of property and equipment	58.2	71.6
Proceeds from sale of off-lease inventory	21.8	13.7
Purchases of lease equipment	(20.9)	(54.1)
Proceeds from government grants	2.1	0
Proceeds from marketable securities	5	4
Purchases of marketable securities	(1.9)	(12.8)
Investments in equity securities and equity method investment	(0.1)	(6.8)
Investment in note receivable	(2.5)	(10)
Net cash used in investing activities	(178.1)	(364.1)
Financing Activities:
Proceeds from lines of credit	65	0
Repayments of lines of credit	(100)	0
Payments of debt and finance lease obligations	(2.3)	(1.7)
Dividends paid	(33.3)	(31.8)
Repurchases of common stock	(25.8)	(36.1)
Other financing activities	(4.9)	(6)
Net cash used in financing activities	(101.3)	(75.6)
Net increase (decrease) in cash and cash equivalents	0.8	(136.5)
Cash and Cash Equivalents:
Cash and cash equivalents, beginning balance	102.4	385.7
Cash and cash equivalents, ending balance	103.2	249.2
Noncash investing and financing activity:
Transportation and lease equipment purchases in accounts payable	23.3	47.8
Dividends declared but not yet paid	17.2	16.9
Sale of assets in exchange for notes receivable	1.5	0
Noncash equity method investment	0	3.3
Cash paid (refunded) during the period for:
Interest	7.8	4.1
Income taxes—net of refunds	$ (3.1)	$ 49.2

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, 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	175.5
Balance at Jun. 30, 2023	2,948.4			0	1,588	1,400.8	(4.3)	(36.1)
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)
Balance at Dec. 31, 2023	2,956.8			0	1,595.2	1,431.9	(3.4)	(66.9)
Increase (Decrease) in Stockholders' Equity
Net income	18.5			0	0	18.5	0	0
Other comprehensive (loss) income	(0.2)			0	0	0	(0.2)	0
Share-based compensation expense	1.5			0	1.5	0	0	0
Dividends declared per share		0.095	0.095
Dividends declared	(16.7)			0	0	(16.7)	0	0
Repurchases of common stock	(13)			0	0	0	0	(13)
Exercise of employee stock options	1.5			0	1.5	0	0	0
Shares withheld for employee taxes	(6.4)			0	(6.4)	0	0	0
Balance at Mar. 31, 2024	2,942			0	1,591.8	1,433.7	(3.6)	(79.9)
Balance at Dec. 31, 2023	2,956.8			0	1,595.2	1,431.9	(3.4)	(66.9)
Increase (Decrease) in Stockholders' Equity
Net income	53.8
Balance at Jun. 30, 2024	2,951.6			0	1,596.1	1,452.1	(3.9)	(92.7)
Balance at Mar. 31, 2024	2,942			0	1,591.8	1,433.7	(3.6)	(79.9)
Increase (Decrease) in Stockholders' Equity
Net income	35.3			0	0	35.3	0	0
Other comprehensive (loss) income	(0.3)			0	0	0	(0.3)	0
Share-based compensation expense	4.3			0	4.3	0	0	0
Dividends declared per share		$ 0.095	$ 0.095
Dividends declared	(16.9)			0	0	(16.9)	0	0
Repurchases of common stock	(12.8)			0	0	0	0	(12.8)
Balance at Jun. 30, 2024	$ 2,951.6			$ 0	$ 1,596.1	$ 1,452.1	$ (3.9)	$ (92.7)

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) - Parenthetical - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Trade accounts receivable allowance	$ 7.8	$ 15
Lease receivables allowance	$ 0.9	$ 1
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)	92,301,573	92,931,242
Common stock, shares issued (shares)	95,965,392	95,796,669
Treasury Stock
Treasury stock, common, shares	3,649,140	2,505,267

General

General	6 Months Ended
	Jun. 30, 2024
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, 2023. 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. New Accounting Pronouncements On November 27, 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures . This ASU provides additional guidance on reportable segment disclosures, including information on significant segment expenses and other items provided to the CODM by reportable segment and the title and position of the CODM. Additionally, annual segment disclosures currently reported under ASC 280 are now required for all interim periods. This standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We believe this standard will impact our disclosures but will not impact our consolidated financial statements. On December 14, 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures

Business Combinations and Asset

Business Combinations and Asset Acquisitions	3 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [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 $243.8 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 values as of the Acquisition Date. These inputs represent Level 3 measurements in the fair value hierarchy and required significant judgments and estimates at the time of valuation. Fair value estimates of acquired 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 not material and were included in other general expenses in the Company’s consolidated statements of comprehensive income for the three and six months ended June 30, 2024. The following table summarizes the final purchase price allocation for M&M, including adjustments during the measurement period. Recognized amounts of identifiable assets acquired and liabilities assumed (in millions) August 1, 2023 Adjustments Adjusted Cash and cash equivalents $ 3.6 $ — $ 3.6 Trade accounts receivable—net of allowance 15.1 — 15.1 Prepaid expenses and other current assets 3.0 — 3.0 Net property and equipment 77.8 — 77.8 Internal use software and other noncurrent assets 56.9 0.5 57.4 Goodwill 104.6 (1.1) 103.5 Total assets acquired 261.0 (0.6) 260.4 Trade accounts payable 1.4 — 1.4 Accrued salaries, wages, and benefits 5.3 — 5.3 Claims accruals—current 1.8 — 1.8 Other current liabilities 4.2 (1.3) 2.9 Other noncurrent liabilities 5.2 — 5.2 Total liabilities assumed 17.9 (1.3) 16.6 Net assets acquired $ 243.1 $ 0.7 $ 243.8 The above adjustments made during the measurement period were primarily related to working capital, accrued taxes, and intangible assets. No material adjustments were made during the three and six months ended June 30, 2024. The following unaudited pro forma revenues give effect to the acquisition had it been effective January 1, 2023. Combined unaudited pro forma operating revenues of the Company and M&M would have been approximately $1,376.8 million and $2,836.3 million during the three and six months ended June 30, 2023, respectively, and our earnings for the same periods would not have been materially different.

Leases (Notes)

Leases (Notes)	6 Months Ended
	Jun. 30, 2024
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: Six Months Ended (in millions) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 19.6 $ 18.0 Operating cash flows for finance leases 0.3 0.2 Financing cash flows for finance leases 2.2 1.7 Right-of-use assets obtained in exchange for new lease liabilities Operating leases $ 16.7 $ 29.8 Finance leases 0.2 2.7 As of June 30, 2024, we had a signed lease that had not yet commenced totaling $0.1 million. The lease will commence in August 2024 and have a lease term of three years. As Lessor We finance various types of transportation-related equipment for independent third parties under lease contracts, which are generally for one As of June 30, 2024 and December 31, 2023, investments in lease receivables were as follows: (in millions) June 30, 2024 December 31, 2023 Future minimum payments to be received on leases $ 165.0 $ 161.8 Guaranteed residual lease values 98.0 103.9 Total minimum lease payments to be received 263.0 265.7 Unearned income (44.0) (42.2) Net investment in leases $ 219.0 $ 223.5 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 June 30, 2024 was $55.9 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 June 30, 2024, our lease payments past due were $3.0 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 Six Months Ended (in millions) 2024 2023 2024 2023 Revenue $ 60.1 $ 49.8 $ 118.0 $ 110.6 Cost of goods sold (54.1) (42.0) (104.9) (93.4) Operating profit $ 6.0 $ 7.8 $ 13.1 $ 17.2 Interest income on lease receivable $ 7.8 $ 9.3 $ 15.5 $ 18.7
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: Six Months Ended (in millions) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 19.6 $ 18.0 Operating cash flows for finance leases 0.3 0.2 Financing cash flows for finance leases 2.2 1.7 Right-of-use assets obtained in exchange for new lease liabilities Operating leases $ 16.7 $ 29.8 Finance leases 0.2 2.7 As of June 30, 2024, we had a signed lease that had not yet commenced totaling $0.1 million. The lease will commence in August 2024 and have a lease term of three years. As Lessor We finance various types of transportation-related equipment for independent third parties under lease contracts, which are generally for one As of June 30, 2024 and December 31, 2023, investments in lease receivables were as follows: (in millions) June 30, 2024 December 31, 2023 Future minimum payments to be received on leases $ 165.0 $ 161.8 Guaranteed residual lease values 98.0 103.9 Total minimum lease payments to be received 263.0 265.7 Unearned income (44.0) (42.2) Net investment in leases $ 219.0 $ 223.5 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 June 30, 2024 was $55.9 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 June 30, 2024, our lease payments past due were $3.0 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 Six Months Ended (in millions) 2024 2023 2024 2023 Revenue $ 60.1 $ 49.8 $ 118.0 $ 110.6 Cost of goods sold (54.1) (42.0) (104.9) (93.4) Operating profit $ 6.0 $ 7.8 $ 13.1 $ 17.2 Interest income on lease receivable $ 7.8 $ 9.3 $ 15.5 $ 18.7
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: Six Months Ended (in millions) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 19.6 $ 18.0 Operating cash flows for finance leases 0.3 0.2 Financing cash flows for finance leases 2.2 1.7 Right-of-use assets obtained in exchange for new lease liabilities Operating leases $ 16.7 $ 29.8 Finance leases 0.2 2.7 As of June 30, 2024, we had a signed lease that had not yet commenced totaling $0.1 million. The lease will commence in August 2024 and have a lease term of three years. As Lessor We finance various types of transportation-related equipment for independent third parties under lease contracts, which are generally for one As of June 30, 2024 and December 31, 2023, investments in lease receivables were as follows: (in millions) June 30, 2024 December 31, 2023 Future minimum payments to be received on leases $ 165.0 $ 161.8 Guaranteed residual lease values 98.0 103.9 Total minimum lease payments to be received 263.0 265.7 Unearned income (44.0) (42.2) Net investment in leases $ 219.0 $ 223.5 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 June 30, 2024 was $55.9 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 June 30, 2024, our lease payments past due were $3.0 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 Six Months Ended (in millions) 2024 2023 2024 2023 Revenue $ 60.1 $ 49.8 $ 118.0 $ 110.6 Cost of goods sold (54.1) (42.0) (104.9) (93.4) Operating profit $ 6.0 $ 7.8 $ 13.1 $ 17.2 Interest income on lease receivable $ 7.8 $ 9.3 $ 15.5 $ 18.7

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2024
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 Six Months Ended Disaggregated Revenues (in millions) 2024 2023 2024 2023 Transportation $ 1,211.7 $ 1,253.1 $ 2,429.1 $ 2,570.1 Logistics Management 51.3 40.9 101.9 90.7 Other 53.7 52.5 104.7 114.4 Total operating revenues $ 1,316.7 $ 1,346.5 $ 2,635.7 $ 2,775.2 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) June 30, 2024 Expected to be recognized within one year Transportation $ 31.8 Logistics Management 14.0 Expected to be recognized after one year Transportation 41.4 Logistics Management 10.7 Total $ 97.9 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) June 30, 2024 December 31, 2023 Other current assets—Contract assets $ 28.3 $ 23.7 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. We had no contract liabilities related to amounts customers paid in advance of the associated services as of June 30, 2024 and December 31, 2023.

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 December 31, 2023 Equity investment in TuSimple (1) 1 $ 0.1 $ 0.3 Marketable securities (2) 2 54.0 57.2 (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 an Over the Counter (“OTC”) market beginning February 8, 2024 and the NASDAQ prior to that date. 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 $183.4 million and $183.2 million as of June 30, 2024 and December 31, 2023, respectively. The carrying value of the Company’s debt was $185.0 million as of June 30, 2024 and December 31, 2023. 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	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 or December 31, 2023. 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. June 30, 2024 December 31, 2023 (in millions, except maturities in months) Maturities Amortized Cost Fair Value Amortized Cost Fair Value U.S. treasury and government agencies 2 to 80 months $ 25.0 $ 22.8 $ 24.9 $ 22.9 Corporate debt securities 1 to 106 months 17.9 17.3 20.0 19.2 State and municipal bonds 9 to 172 months 14.4 13.9 15.5 15.1 Total marketable securities $ 57.3 $ 54.0 $ 60.4 $ 57.2 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 June 30, 2024 and December 31, 2023 were $121.8 million. If the Company identifies observable price changes for identical or similar securities of the same issuer, the equity security is measured at fair value as of the date the observable transaction occurred using Level 3 inputs. As of June 30, 2024, our cumulative upward adjustments were $72.0 million. In addition to our investment in MLSI, we hold a $10.0 million note receivable from MLSI as of June 30, 2024 and 2023. The note was funded during the first quarter of 2023, is subject to interest over its term, and matures in March 2030. We also hold a $2.5 million note receivable in Platform Science as of June 30, 2024. This note was executed and funded during the second quarter of 2024, is subject to interest over its term, and matures in March 2027. We had no additional investments or upward adjustments for the three and six months ended June 30, 2024 or three months ended June 30, 2023. We recorded an additional investment of $5.0 million and an upward adjustment of $17.7 million in the first quarter of 2023. 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 net investment activity was not material for the three and six months ended June 30, 2024 and 2023. 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 and six months ended June 30, 2024 and 2023, activity was not material. The carrying value of our investment was $4.8 million as of June 30, 2024. All of our equity investments, as well as our notes receivable from MLSI and Platform Science, Inc., 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	6 Months Ended
	Jun. 30, 2024
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. Our goodwill balance as of June 30, 2024 and December 31, 2023 was $331.7 million and was comprised of $317.5 million and $14.2 million in our Truckload and Logistics segments, respectively. As of both June 30, 2024 and December 31, 2023, our Truckload segment had accumulated goodwill impairment charges of $34.6 million. The identifiable finite lived intangible assets listed below are included in internal use software and other noncurrent assets on the consolidated balance sheets and relate to the acquisitions of MLS and 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. June 30, 2024 December 31, 2023 (in millions) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Customer relationships $ 43.5 $ 3.3 $ 40.2 $ 43.5 $ 1.8 $ 41.7 Trademarks 10.9 2.0 8.9 10.9 1.5 9.4 Non-compete agreements 5.4 1.0 4.4 5.4 0.4 5.0 Total intangible assets $ 59.8 $ 6.3 $ 53.5 $ 59.8 $ 3.7 $ 56.1 Amortization expense for intangible assets was $1.3 million and $0.2 million for the three months ended June 30, 2024 and 2023, respectively, and $2.6 million and $0.5 million for the six months ended June 30, 2024 and 2023, respectively. Estimated future amortization expense related to intangible assets is as follows: (in millions) June 30, 2024 Remaining 2024 $ 2.4 2025 5.0 2026 5.0 2027 5.0 2028 4.6 2029 and thereafter 31.5 Total $ 53.5

Debt and Credit Facilities

Debt and Credit Facilities	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt and Credit Facilities	DEBT AND CREDIT FACILITIES As of June 30, 2024 and December 31, 2023, debt included the following: (in millions) June 30, 2024 December 31, 2023 Unsecured senior notes: principal maturities ranging from 2024 through 2028; interest payable in semiannual installments through the same timeframe; weighted average interest rate of 3.96% and 3.68% for 2024 and 2023, respectively. $ 185.0 $ 185.0 Credit agreement: matures November 2027; variable rate interest payments due monthly based on the Term SOFR; weighted-average interest rate of 6.43% and 6.43% for 2024 and 2023, respectively. — 45.0 Receivables purchase agreement: matures May 2027; variable rate interest payments due monthly based on the Term SOFR; weighted-average interest rate of 6.29% and 6.28% 2024 and 2023, respectively. 70.0 60.0 Total debt and credit facilities 255.0 290.0 Current maturities (135.0) (100.0) Long-term debt $ 120.0 $ 190.0 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, inclusive of a $100.0 million sublimit to be used for the issuance of letters of credit. 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 $0.4 million as of June 30, 2024 and December 31, 2023 and were primarily related to the requirements of certain of our real estate leases. During the second quarter of 2024, we renewed our Receivables Purchase Agreement (the “2024 Receivables Purchase Agreement”), which allows us to borrow funds against qualifying trade receivables at rates based on the one-month Term SOFR up to $200.0 million through May 2027, inclusive of a $100.0 million sublimit to be used for the issuance of letters of credit. Our previous agreement, the “2021 Receivables Purchase Agreement,” allowed us to borrow up to $150.0 million against qualifying trade receivables at rates based on the one-month Term SOFR and had a maturity date of July 2024. Borrowings under the 2024 Receivables Purchase Agreement were included within long-term debt and finance lease obligations as of June 30, 2024. As of December 31, 2023, borrowings under the 2021 Receivables Purchase Agreement were included within our current maturities of debt and finance lease obligations due to the pending maturity date. As of June 30, 2024 and December 31, 2023, standby letters of credit under these agreements amounted to $73.9 million and $81.4 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 June 30, 2024 was $305.7 million.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXESOur effective income tax rate was 25.0% and 24.9% for the three months ended June 30, 2024 and 2023, respectively, and 25.0% and 24.5% for the six months ended June 30, 2024 and 2023, 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	6 Months Ended
	Jun. 30, 2024
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 six months ended June 30, 2024 and 2023, respectively. Three Months Ended Six Months Ended (in millions, except per share data) 2024 2023 2024 2023 Numerator: Net income available to common shareholders $ 35.3 $ 77.5 $ 53.8 $ 175.5 Denominator: Weighted average common shares outstanding 175.5 178.1 175.7 178.1 Dilutive effect of share-based awards and options outstanding 0.3 0.6 0.5 0.8 Weighted average diluted common shares outstanding (1) 175.8 178.7 176.2 178.9 Basic earnings per common share $ 0.20 $ 0.44 $ 0.31 $ 0.99 Diluted earnings per common share 0.20 0.43 0.31 0.98 (1) Weighted average diluted common shares outstanding may not sum due to rounding. The calculation of diluted earnings per share excluded 0.7 million and 0.3 million share-based awards and options that had an anti-dilutive effect for the three and six months ended June 30, 2024 and 0.3 million and 0.5 million share-based awards and options that had an anti-dilutive effect for the three and six months ended June 30, 2023, respectively. Common Shares Outstanding As of both June 30, 2024 and December 31, 2023, 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 six months ended June 30, 2024 and 2023. The following table shows changes to our Class B common shares outstanding for the three and six months ended June 30, 2024 and 2023. Three Months Ended Six Months Ended 2024 2023 2024 2023 Outstanding at beginning of period 92,844,330 95,388,727 92,931,242 94,993,144 Repurchases of common stock (581,106) (1,372,039) (1,143,873) (1,372,039) Share issuances 38,349 47,563 698,133 681,423 Exercise of employee stock options — — 71,529 6,000 Shares withheld for employee taxes — — (255,458) (244,277) Outstanding at end of period 92,301,573 94,064,251 92,301,573 94,064,251 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 June 30, 2024, the Company has repurchased $91.9 million of the $150.0 million authorized under the repurchase program. Subsequent Event - Dividends Declared In July of 2024, the Board declared a quarterly cash dividend for the third fiscal quarter of 2024 in the amount of $0.095 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 September 13, 2024 and will be paid on October 8, 2024.

Share-based Compensation

Share-based Compensation	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Share-based Payment Arrangement	SHARE-BASED COMPENSATION We 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 capita l targets, in addition to a multiplier applied based on rTSR against peers over the performance period. Share-based compensation expense was $3.9 million and $4.1 million for the three months ended June 30, 2024 and 2023, respectively, and $5.1 million and $8.9 million for the six months ended June 30, 2024 and 2023, respectively. We recognize share-based compensation expense over the awards’ vesting period. As of June 30, 2024, we had $24.4 million

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024, our firm commitments to purchase transportation equipment totaled $156.8 million. During the first quarter of 2022, the Company recorded a $5.2 million charge as a result of adverse audit assessments by a state tax authority 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 to cover all periods audited. The Company filed a petition request with the state Appellate Tax Board in January 2024 covering periods at appeals. The initial charge, as well as the additional interest and penalties incurred were recorded within operating supplies and expenses—net on the consolidated statements of comprehensive income.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Segment Reporting	SEGMENT REPORTING We have three reportable segments – Truckload, Intermodal, and Logistics – which are based primarily on the services each segment provides. As of January 1, 2023, our operating segments within the Truckload reportable segment were VTL, Bulk, and MLS. As a result of expanding our dedicated business through recent acquisitions, in the fourth quarter of 2023, we reorganized the operating segments within Truckload into Dedicated, which includes MLS and M&M; Van Network; and Bulk. The three operating segments are aggregated because they have similar economic characteristics with our other Truckload operating segments and meet the other aggregation criteria described in ASC 280. Dedicated provides truckload services primarily focused on freight with consistent routes often based on long-term contracts, Van Network consists of irregular routes, and Bulk delivers key inputs for manufacturing processes, such as specialty chemicals using specialty trailers. 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 within Other include 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 $24.4 million and $16.2 million for the three months ended June 30, 2024 and 2023, respectively, and $49.6 million and $34.4 million for the six months ended June 30, 2024 and 2023, respectively. Revenues by Segment Three Months Ended Six Months Ended (in millions) 2024 2023 2024 2023 Truckload $ 540.3 $ 532.7 $ 1,078.4 $ 1,069.7 Intermodal 253.1 261.0 500.3 527.1 Logistics 318.8 343.4 643.7 725.6 Other 95.6 78.9 189.9 171.1 Fuel surcharge 148.8 155.6 304.7 334.8 Inter-segment eliminations (39.9) (25.1) (81.3) (53.1) Operating revenues $ 1,316.7 $ 1,346.5 $ 2,635.7 $ 2,775.2 Income (Loss) from Operations by Segment Three Months Ended Six Months Ended (in millions) 2024 2023 2024 2023 Truckload $ 30.7 $ 64.8 $ 45.6 $ 127.4 Intermodal 14.6 23.7 21.6 53.7 Logistics 11.2 12.8 16.6 31.3 Other (5.5) 2.5 (4.1) 6.0 Income from operations $ 51.0 $ 103.8 $ 79.7 $ 218.4 Depreciation and Amortization by Segment Three Months Ended Six Months Ended (in millions) 2024 2023 2024 2023 Truckload $ 75.0 $ 68.0 $ 150.3 $ 135.2 Intermodal 13.4 13.4 26.9 26.5 Logistics — — — 0.1 Other 14.1 11.8 28.1 23.2 Depreciation and amortization $ 102.5 $ 93.2 $ 205.3 $ 185.0

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 35.3	$ 18.5	$ 77.5	$ 98	$ 53.8	$ 175.5

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false

General (Policies)

General (Policies)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations
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, 2023. 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.
New Accounting Pronouncements	New Accounting Pronouncements On November 27, 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures . This ASU provides additional guidance on reportable segment disclosures, including information on significant segment expenses and other items provided to the CODM by reportable segment and the title and position of the CODM. Additionally, annual segment disclosures currently reported under ASC 280 are now required for all interim periods. This standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We believe this standard will impact our disclosures but will not impact our consolidated financial statements. On December 14, 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures

Business Combinations and Ass_2

Business Combinations and Asset Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of recognized identified assets acquired and liabilities assumed	Recognized amounts of identifiable assets acquired and liabilities assumed (in millions) August 1, 2023 Adjustments Adjusted Cash and cash equivalents $ 3.6 $ — $ 3.6 Trade accounts receivable—net of allowance 15.1 — 15.1 Prepaid expenses and other current assets 3.0 — 3.0 Net property and equipment 77.8 — 77.8 Internal use software and other noncurrent assets 56.9 0.5 57.4 Goodwill 104.6 (1.1) 103.5 Total assets acquired 261.0 (0.6) 260.4 Trade accounts payable 1.4 — 1.4 Accrued salaries, wages, and benefits 5.3 — 5.3 Claims accruals—current 1.8 — 1.8 Other current liabilities 4.2 (1.3) 2.9 Other noncurrent liabilities 5.2 — 5.2 Total liabilities assumed 17.9 (1.3) 16.6 Net assets acquired $ 243.1 $ 0.7 $ 243.8

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Schedule of Lease Information	Additional information related to our leases is as follows: Six Months Ended (in millions) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 19.6 $ 18.0 Operating cash flows for finance leases 0.3 0.2 Financing cash flows for finance leases 2.2 1.7 Right-of-use assets obtained in exchange for new lease liabilities Operating leases $ 16.7 $ 29.8 Finance leases 0.2 2.7
Schedule of Investment In Lease Receivables	As of June 30, 2024 and December 31, 2023, investments in lease receivables were as follows: (in millions) June 30, 2024 December 31, 2023 Future minimum payments to be received on leases $ 165.0 $ 161.8 Guaranteed residual lease values 98.0 103.9 Total minimum lease payments to be received 263.0 265.7 Unearned income (44.0) (42.2) Net investment in leases $ 219.0 $ 223.5
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 Six Months Ended (in millions) 2024 2023 2024 2023 Revenue $ 60.1 $ 49.8 $ 118.0 $ 110.6 Cost of goods sold (54.1) (42.0) (104.9) (93.4) Operating profit $ 6.0 $ 7.8 $ 13.1 $ 17.2 Interest income on lease receivable $ 7.8 $ 9.3 $ 15.5 $ 18.7

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table summarizes our revenues by type of service. Three Months Ended Six Months Ended Disaggregated Revenues (in millions) 2024 2023 2024 2023 Transportation $ 1,211.7 $ 1,253.1 $ 2,429.1 $ 2,570.1 Logistics Management 51.3 40.9 101.9 90.7 Other 53.7 52.5 104.7 114.4 Total operating revenues $ 1,316.7 $ 1,346.5 $ 2,635.7 $ 2,775.2
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) June 30, 2024 Expected to be recognized within one year Transportation $ 31.8 Logistics Management 14.0 Expected to be recognized after one year Transportation 41.4 Logistics Management 10.7 Total $ 97.9
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) June 30, 2024 December 31, 2023 Other current assets—Contract assets $ 28.3 $ 23.7

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 December 31, 2023 Equity investment in TuSimple (1) 1 $ 0.1 $ 0.3 Marketable securities (2) 2 54.0 57.2 (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 an Over the Counter (“OTC”) market beginning February 8, 2024 and the NASDAQ prior to that date. 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)	6 Months Ended
	Jun. 30, 2024
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. June 30, 2024 December 31, 2023 (in millions, except maturities in months) Maturities Amortized Cost Fair Value Amortized Cost Fair Value U.S. treasury and government agencies 2 to 80 months $ 25.0 $ 22.8 $ 24.9 $ 22.9 Corporate debt securities 1 to 106 months 17.9 17.3 20.0 19.2 State and municipal bonds 9 to 172 months 14.4 13.9 15.5 15.1 Total marketable securities $ 57.3 $ 54.0 $ 60.4 $ 57.2

Goodwill (Tables)

Goodwill (Tables)	6 Months Ended
	Jun. 30, 2024
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. Our goodwill balance as of June 30, 2024 and December 31, 2023 was $331.7 million and was comprised of $317.5 million and $14.2 million in our Truckload and Logistics segments, respectively. As of both June 30, 2024 and December 31, 2023, our Truckload segment had accumulated goodwill impairment charges of $34.6 million.
Schedule of Finite-Lived Intangible Assets	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. June 30, 2024 December 31, 2023 (in millions) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Customer relationships $ 43.5 $ 3.3 $ 40.2 $ 43.5 $ 1.8 $ 41.7 Trademarks 10.9 2.0 8.9 10.9 1.5 9.4 Non-compete agreements 5.4 1.0 4.4 5.4 0.4 5.0 Total intangible assets $ 59.8 $ 6.3 $ 53.5 $ 59.8 $ 3.7 $ 56.1
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Estimated future amortization expense related to intangible assets is as follows: (in millions) June 30, 2024 Remaining 2024 $ 2.4 2025 5.0 2026 5.0 2027 5.0 2028 4.6 2029 and thereafter 31.5 Total $ 53.5

Debt and Credit Facilities (Tab

Debt and Credit Facilities (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Summary of Debt	As of June 30, 2024 and December 31, 2023, debt included the following: (in millions) June 30, 2024 December 31, 2023 Unsecured senior notes: principal maturities ranging from 2024 through 2028; interest payable in semiannual installments through the same timeframe; weighted average interest rate of 3.96% and 3.68% for 2024 and 2023, respectively. $ 185.0 $ 185.0 Credit agreement: matures November 2027; variable rate interest payments due monthly based on the Term SOFR; weighted-average interest rate of 6.43% and 6.43% for 2024 and 2023, respectively. — 45.0 Receivables purchase agreement: matures May 2027; variable rate interest payments due monthly based on the Term SOFR; weighted-average interest rate of 6.29% and 6.28% 2024 and 2023, respectively. 70.0 60.0 Total debt and credit facilities 255.0 290.0 Current maturities (135.0) (100.0) Long-term debt $ 120.0 $ 190.0

Common Equity (Tables)

Common Equity (Tables)	6 Months Ended
	Jun. 30, 2024
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 six months ended June 30, 2024 and 2023, respectively. Three Months Ended Six Months Ended (in millions, except per share data) 2024 2023 2024 2023 Numerator: Net income available to common shareholders $ 35.3 $ 77.5 $ 53.8 $ 175.5 Denominator: Weighted average common shares outstanding 175.5 178.1 175.7 178.1 Dilutive effect of share-based awards and options outstanding 0.3 0.6 0.5 0.8 Weighted average diluted common shares outstanding (1) 175.8 178.7 176.2 178.9 Basic earnings per common share $ 0.20 $ 0.44 $ 0.31 $ 0.99 Diluted earnings per common share 0.20 0.43 0.31 0.98 (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 six months ended June 30, 2024 and 2023. Three Months Ended Six Months Ended 2024 2023 2024 2023 Outstanding at beginning of period 92,844,330 95,388,727 92,931,242 94,993,144 Repurchases of common stock (581,106) (1,372,039) (1,143,873) (1,372,039) Share issuances 38,349 47,563 698,133 681,423 Exercise of employee stock options — — 71,529 6,000 Shares withheld for employee taxes — — (255,458) (244,277) Outstanding at end of period 92,301,573 94,064,251 92,301,573 94,064,251

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Summary of Segment Reporting Information	The following tables summarize our segment information. Inter-segment revenues within Other include 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 $24.4 million and $16.2 million for the three months ended June 30, 2024 and 2023, respectively, and $49.6 million and $34.4 million for the six months ended June 30, 2024 and 2023, respectively. Revenues by Segment Three Months Ended Six Months Ended (in millions) 2024 2023 2024 2023 Truckload $ 540.3 $ 532.7 $ 1,078.4 $ 1,069.7 Intermodal 253.1 261.0 500.3 527.1 Logistics 318.8 343.4 643.7 725.6 Other 95.6 78.9 189.9 171.1 Fuel surcharge 148.8 155.6 304.7 334.8 Inter-segment eliminations (39.9) (25.1) (81.3) (53.1) Operating revenues $ 1,316.7 $ 1,346.5 $ 2,635.7 $ 2,775.2 Income (Loss) from Operations by Segment Three Months Ended Six Months Ended (in millions) 2024 2023 2024 2023 Truckload $ 30.7 $ 64.8 $ 45.6 $ 127.4 Intermodal 14.6 23.7 21.6 53.7 Logistics 11.2 12.8 16.6 31.3 Other (5.5) 2.5 (4.1) 6.0 Income from operations $ 51.0 $ 103.8 $ 79.7 $ 218.4 Depreciation and Amortization by Segment Three Months Ended Six Months Ended (in millions) 2024 2023 2024 2023 Truckload $ 75.0 $ 68.0 $ 150.3 $ 135.2 Intermodal 13.4 13.4 26.9 26.5 Logistics — — — 0.1 Other 14.1 11.8 28.1 23.2 Depreciation and amortization $ 102.5 $ 93.2 $ 205.3 $ 185.0

Business Combinations Asset Acq

Business Combinations Asset Acquisition - Assets and Liabilties (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Aug. 01, 2023
Business Acquisition
Goodwill	$ 331.7	$ 331.7
M&M Transport Services, Inc.
Business Acquisition
Cash and cash equivalents	3.6		$ 3.6
Trade accounts receivable-net of allowance	15.1		15.1
Prepaid expenses and other current assets	3		3
Net property and equipment	77.8		77.8
Internal use software and other noncurrent assets	57.4		56.9
Goodwill	103.5		104.6
Total assets acquired	260.4		261
Trade accounts payable	1.4		1.4
Accrued salaries, wages, and benefits	5.3		5.3
Claims accruals	1.8		1.8
Other current liabilities	2.9		4.2
Other noncurrent liabilities	5.2		5.2
Total liabilities assumed	16.6		17.9
Net assets acquired	243.8		$ 243.1
M&M Transport Services, Inc. | Purchase price adjustments
Business Acquisition
Cash and cash equivalents	0
Trade accounts receivable-net of allowance	0
Prepaid expenses and other current assets	0
Net property and equipment	0
Internal use software and other noncurrent assets	0.5
Goodwill	(1.1)
Total assets acquired	(0.6)
Trade accounts payable	0
Accrued salaries, wages, and benefits	0
Claims accruals	0
Other current liabilities	(1.3)
Other noncurrent liabilities	0
Total liabilities assumed	(1.3)
Net assets acquired	$ 0.7

Business Combinations and Ass_3

Business Combinations and Asset Acquisitions- Acquisition Details (Details) - M&M Transport Services, Inc. - USD ($) $ in Millions		3 Months Ended	6 Months Ended
	Aug. 01, 2023	Jun. 30, 2023	Jun. 30, 2023
Business Acquisition
Date of acquisition	Aug. 01, 2023
Percentage of business acquired	100%
Fair value of consideration transferred	$ 243.8
Pro forma operating revenues		$ 1,376.8	$ 2,836.3

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Leases - Lessee
Leases not yet commenced	$ 0.1
Leases - Lessor
Lease payments	263	$ 265.7
Past due
Leases - Lessor
Lease payments	3
Past Due
Leases - Lessor
Net investment in leases	$ 55.9
Minimum
Leases - Lessor
Terms of sales-type lease	1 year
Maximum
Leases - Lessee
Lease terms of leases not yet commenced	3 years
Leases - Lessor
Terms of sales-type lease	3 years

Leases - Schedule of Lease Info

Leases - Schedule of Lease Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating cash flows for operating leases	$ 19.6	$ 18
Operating cash flows for finance leases	0.3	0.2
Financing cash flows for finance leases	2.2	1.7
Right-of-use assets obtained in exchange for new operating lease liability	16.7	29.8
Right-of-use assets obtained in exchange for new finance lease liability	$ 0.2	$ 2.7

Leases - Summary of Investment

Leases - Summary of Investment in Lease Receivables (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Future minimum payments to be received on leases	$ 165	$ 161.8
Guaranteed residual lease values	98	103.9
Total minimum lease payments to be received	263	265.7
Unearned income	(44)	(42.2)
Net investment in leases	$ 219	$ 223.5

Leases - Schedule of Sales-type

Leases - Schedule of Sales-type Lease Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Revenue	$ 60.1	$ 49.8	$ 118	$ 110.6
Cost of goods sold	(54.1)	(42)	(104.9)	(93.4)
Operating profit	6	7.8	13.1	17.2
Interest income on lease receivable	$ 7.8	$ 9.3	$ 15.5	$ 18.7

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue
Operating revenues	$ 1,316.7	$ 1,346.5	$ 2,635.7	$ 2,775.2
Transportation
Disaggregation of Revenue
Operating revenues	1,211.7	1,253.1	2,429.1	2,570.1
Logistics Management
Disaggregation of Revenue
Operating revenues	51.3	40.9	101.9	90.7
Other
Disaggregation of Revenue
Operating revenues	$ 53.7	$ 52.5	$ 104.7	$ 114.4

Revenue Recognition - Revenue R

Revenue Recognition - Revenue Remaining Performance Obligation (Details) $ in Millions	Jun. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Remaining Performance Obligation	$ 97.9
Expected to be recognized within one year | Transportation
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Remaining Performance Obligation	31.8
Expected to be recognized within one year | Logistics Management
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Remaining Performance Obligation	14
Expected to be recognized after one year | Transportation
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Remaining Performance Obligation	41.4
Expected to be recognized after one year | Logistics Management
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Remaining Performance Obligation	$ 10.7

Revenue Recognition - Contract

Revenue Recognition - Contract Balances (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract assets	$ 28.3	$ 23.7

Revenue Recognition- Additional

Revenue Recognition- Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Timing of payment after completion of performance obligations	40 days
Contract liabilities	$ 0	$ 0

Fair Value - Recurring Fair Val

Fair Value - Recurring Fair Value Measurements (Details) - Recurring fair value measurements - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Level 1 inputs
Fair Value, Assets Measured on Recurring Basis
Fair value of equity investment in TuSimple	$ 0.1	$ 0.3
Level 2 inputs
Fair Value, Assets Measured on Recurring Basis
Fair value of marketable securities	$ 54	$ 57.2

Fair Value - Debt Portfolio (De

Fair Value - Debt Portfolio (Details) - Unsecured Senior Notes - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument
Total principal outstanding	$ 185	$ 185
Level 2 inputs
Debt Instrument
Fair value of debt	$ 183.4	$ 183.2

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Other Investments
Credit loss allowance	$ 0	$ 0
Value of investments without readily determinable fair values	121.8	$ 121.8
Mastery Logistics | Notes receivable
Other Investments
Notes receivable	10		$ 10
Platform Science Inc. | Notes receivable
Other Investments
Notes receivable	$ 2.5

Investments - Schedule of Marke

Investments - Schedule of Marketable Securities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Available for Sale Debt Securities
Amortized cost	$ 57.3	$ 60.4
US treasury and government agencies
Available for Sale Debt Securities
Amortized cost	25	24.9
Corporate debt securities
Available for Sale Debt Securities
Amortized cost	17.9	20
State and municipal bonds
Available for Sale Debt Securities
Amortized cost	14.4	15.5
Current asset
Available for Sale Debt Securities
Fair value	54	57.2
Current asset | US treasury and government agencies
Available for Sale Debt Securities
Fair value	22.8	22.9
Current asset | Corporate debt securities
Available for Sale Debt Securities
Fair value	17.3	19.2
Current asset | State and municipal bonds
Available for Sale Debt Securities
Fair value	$ 13.9	$ 15.1
Minimum | US treasury and government agencies
Available for Sale Debt Securities
Maturity date	Nov. 30, 2024
Minimum | Corporate debt securities
Available for Sale Debt Securities
Maturity date	Jul. 26, 2024
Minimum | State and municipal bonds
Available for Sale Debt Securities
Maturity date	Mar. 01, 2025
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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other Investments
Cumulative upward adjustments	$ 72		$ 72
Investment in equity security	0	$ 0	0	$ 5
Upward adjustments	$ 0	$ 0	$ 0	$ 17.7

Investments - Investment in TuS

Investments - Investment in TuSimple (Details) $ in Millions	Jan. 12, 2021 USD ($)
Other Investments
Investment in equity security	$ 5

Investments - Equity Method Inv

Investments - Equity Method Investment (Details) $ in Millions	Jun. 30, 2024 USD ($)
Other Investments
Investment in equity method investment	$ 5
Equity Method Investments	$ 4.8
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	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets
Gross carrying amount	$ 59.8	$ 59.8
Accumulated amortization	6.3	3.7
Net carrying amount	$ 53.5	56.1
M&M Transport Services, Inc.
Finite-Lived Intangible Assets
Weighted average useful life	13 years 10 months 24 days
Customer Relationships
Finite-Lived Intangible Assets
Gross carrying amount	$ 43.5	43.5
Accumulated amortization	3.3	1.8
Net carrying amount	$ 40.2	41.7
Customer Relationships | M&M Transport Services, Inc.
Finite-Lived Intangible Assets
Weighted average useful life	15 years
Trademarks
Finite-Lived Intangible Assets
Gross carrying amount	$ 10.9	10.9
Accumulated amortization	2	1.5
Net carrying amount	$ 8.9	9.4
Trademarks | M&M Transport Services, Inc.
Finite-Lived Intangible Assets
Weighted average useful life	15 years
Noncompete Agreements
Finite-Lived Intangible Assets
Gross carrying amount	$ 5.4	5.4
Accumulated amortization	1	0.4
Net carrying amount	$ 4.4	$ 5
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	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets
Remaining 2024	$ 2.4
2025	5
2026	5
2027	5
2028	4.6
2029 and thereafter	31.5
Net carrying amount	$ 53.5	$ 56.1

Goodwill - Additional Informati

Goodwill - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Goodwill
Goodwill	$ 331.7	$ 331.7
Accumulated goodwill impairment charge	34.6	34.6
Truckload
Goodwill
Goodwill	317.5	317.5
Logistics
Goodwill
Goodwill	$ 14.2	$ 14.2

Intangibles- Additional Informa

Intangibles- Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Finite-Lived Intangible Assets
Amortization of intangible assets	$ 1.3	$ 0.2	$ 2.6	$ 0.5

Debt and Credit Facilities - Su

Debt and Credit Facilities - Summary of Debt (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument
Total debt and credit facilities	$ 255	$ 290
Unsecured Senior Notes
Debt Instrument
Frequency of payments	semiannual
Weighted-average interest rate	3.96%	3.68%
Total principal outstanding	$ 185	$ 185
Current maturities	(135)	(100)
Long-term debt	$ 120	190
Unsecured Senior Notes | Minimum
Debt Instrument
Maturity year	2024
Unsecured Senior Notes | Maximum
Debt Instrument
Maturity year	2028
Credit Facility
Debt Instrument
Total principal outstanding	$ 0	$ 45
Debt, Weighted Average Interest Rate	6.43%	6.43%
Receivables Purchase Agreement
Debt Instrument
Short-Term Debt	$ 70	$ 60
Debt, Weighted Average Interest Rate	6.29%	6.28%

Debt and Credit Facilities - Ad

Debt and Credit Facilities - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument
Line of Credit Facility, Remaining Borrowing Capacity	$ 305.7
Credit Facility
Debt Instrument
Current borrowing capacity	250
Potential increase amount	$ 150
Line of Credit Facility, Expiration Date	Nov. 04, 2027
Maximum borrowing capacity	$ 400
Credit Facility | Standby Letters of Credit
Debt Instrument
Standby letters of credit	0.4	$ 0.4
Maximum borrowing capacity	$ 100
Receivables Purchase Agreement
Debt Instrument
Line of Credit Facility, Expiration Date	May 28, 2027
Maximum borrowing capacity	$ 200	150
Receivables Purchase Agreement | Standby Letters of Credit
Debt Instrument
Standby letters of credit	73.9	$ 81.4
Maximum borrowing capacity	$ 100

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	25%	24.90%	25%	24.50%

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				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Basic earnings per common share
Net income available to common shareholders	$ 35.3	$ 18.5	$ 77.5	$ 98	$ 53.8	$ 175.5
Weighted average common shares outstanding	175.5		178.1		175.7	178.1
Diluted earnings per common share
Dilutive effect of share-based awards and options outstanding	0.3		0.6		0.5	0.8
Weighted average diluted shares outstanding	175.8		178.7		176.2	178.9
Basic earnings per share	$ 0.20		$ 0.44		$ 0.31	$ 0.99
Diluted earnings per share	$ 0.20		$ 0.43		$ 0.31	$ 0.98

Common Equity - Schedule of com

Common Equity - Schedule of common shares outstanding (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
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	92,844,330	95,388,727	92,931,242	94,993,144
Repurchases of common stock	(581,106)	(1,372,039)	(1,143,873)	(1,372,039)
Share issuances	38,349	47,563	698,133	681,423
Exercise of employee stock options	0	0	71,529	6,000
Shares withheld for employee taxes	0	0	(255,458)	(244,277)
Common shares outstanding	92,301,573	94,064,251	92,301,573	94,064,251

Common Equity - Additional Info

Common Equity - Additional Information (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended				6 Months Ended
	Jul. 29, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Jan. 31, 2023
Class of Stock
Anti-dilutive share-based awards and options excluded from computation of diluted earnings per share		0.7		0.3		0.3	0.5
Stock repurchase program - amount authorized									$ 150
Treasury stock, value		$ 92.7				$ 92.7		$ 66.9
Repurchase Program 2023
Class of Stock
Treasury stock, value		$ 91.9				$ 91.9
Class A Common Shares
Class of Stock
Dividends declared per share		$ 0.095	$ 0.095	$ 0.09	$ 0.09
Class A Common Shares | Subsequent Event | Quarterly Dividend Declared
Class of Stock
Dividends declared per share	$ 0.095
Class B Common Stock
Class of Stock
Dividends declared per share		$ 0.095	$ 0.095	$ 0.09	$ 0.09
Class B Common Stock | Subsequent Event | Quarterly Dividend Declared
Class of Stock
Dividends declared per share	$ 0.095

Share-based Compensation - Addi

Share-based Compensation - Additional Information (Details) - 2017 Omnibus Incentive Plan - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation expense	$ 3.9	$ 4.1	$ 5.1	$ 8.9
Pre-tax unrecognized compensation cost	$ 24.4		$ 24.4
Unrecognized compensation cost, period for recognition	1 year 10 months 24 days

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments to purchase transportation equipment			$ 156.8
Loss Contingencies
Loss contingency expense	$ 2.9	$ 5.2

Segment Reporting - Additional

Segment Reporting - Additional Information (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) Segment	Jun. 30, 2023 USD ($)
Segment Reporting Information
Number of reportable segments | Segment			3
Operating revenues	$ 1,316.7	$ 1,346.5	$ 2,635.7	$ 2,775.2
Other | Other Insurance
Segment Reporting Information
Operating revenues	$ 24.4	$ 16.2	$ 49.6	$ 34.4

Segment Reporting - Revenue by

Segment Reporting - Revenue by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information
Operating revenues	$ 1,316.7	$ 1,346.5	$ 2,635.7	$ 2,775.2
Intersegment Eliminations
Segment Reporting Information
Operating revenues	(39.9)	(25.1)	(81.3)	(53.1)
Truckload | Operating Segments
Segment Reporting Information
Revenues (excluding fuel charge by segment)	540.3	532.7	1,078.4	1,069.7
Intermodal | Operating Segments
Segment Reporting Information
Revenues (excluding fuel charge by segment)	253.1	261	500.3	527.1
Logistics | Operating Segments
Segment Reporting Information
Revenues (excluding fuel charge by segment)	318.8	343.4	643.7	725.6
Other | Operating Segments
Segment Reporting Information
Operating revenues	95.6	78.9	189.9	171.1
Fuel Surcharge | Operating Segments
Segment Reporting Information
Operating revenues	$ 148.8	$ 155.6	$ 304.7	$ 334.8

Segment Reporting - Income From

Segment Reporting - Income From Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information
Income from operations	$ 51	$ 103.8	$ 79.7	$ 218.4
Truckload
Segment Reporting Information
Income from operations	30.7	64.8	45.6	127.4
Intermodal
Segment Reporting Information
Income from operations	14.6	23.7	21.6	53.7
Logistics
Segment Reporting Information
Income from operations	11.2	12.8	16.6	31.3
Other
Segment Reporting Information
Income from operations	$ (5.5)	$ 2.5	$ (4.1)	$ 6

Segment Reporting - Depreciatio

Segment Reporting - Depreciation and Amortization Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information
Depreciation and amortization	$ 102.5	$ 93.2	$ 205.3	$ 185
Truckload
Segment Reporting Information
Depreciation and amortization	75	68	150.3	135.2
Intermodal
Segment Reporting Information
Depreciation and amortization	13.4	13.4	26.9	26.5
Logistics
Segment Reporting Information
Depreciation and amortization	0	0	0	0.1
Other
Segment Reporting Information
Depreciation and amortization	$ 14.1	$ 11.8	$ 28.1	$ 23.2