Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2020	Oct. 23, 2020
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
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	2020
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001692063
Current Fiscal Year End Date	--12-31
Class A Common Shares
Document Information
Entity Common Stock, Shares Outstanding		83,029,500
Class B Common Stock
Document Information
Entity Common Stock, Shares Outstanding		94,311,653

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Operating revenues	$ 1,135.7	$ 1,183.9	$ 3,287.6	$ 3,590.7
Operating expenses:
Purchased transportation	501.0	511.7	1,417.7	1,488.8
Salaries, wages, and benefits	259.2	257.3	771.4	856.6
Fuel and fuel taxes	49.5	70.6	152.5	221.6
Depreciation and amortization	74.2	74.1	216.3	222.4
Operating supplies and expenses	144.6	139.1	395.7	418.3
Insurance and related expenses	17.4	24.4	74.9	78.0
Other general expenses	26.0	27.3	78.0	90.3
Goodwill impairment charge	0.0	0.0	0.0	34.6
Restructuring—net	0.5	50.4	(0.5)	50.4
Total operating expenses	1,072.4	1,154.9	3,106.0	3,461.0
Income from operations	63.3	29.0	181.6	129.7
Other expenses (income):
Interest income	(0.6)	(2.0)	(2.9)	(6.6)
Interest expense	3.4	3.8	10.5	13.1
Other expenses (income)—net	0.4	0.5	(7.1)	1.2
Total other expenses	3.2	2.3	0.5	7.7
Income before income taxes	60.1	26.7	181.1	122.0
Provision for income taxes	15.6	7.0	46.3	30.9
Net income	44.5	19.7	134.8	91.1
Other comprehensive income (loss):
Foreign currency translation gain (loss)	0.5	(0.3)	(0.2)	(0.2)
Net unrealized gain (loss) on marketable securities—net of tax	(0.1)	0.0	0.1	0.7
Total other comprehensive income (loss)	0.4	(0.3)	(0.1)	0.5
Comprehensive income	$ 44.9	$ 19.4	$ 134.7	$ 91.6
Weighted average common shares outstanding	177.3	177.1	177.2	177.1
Basic earnings per common share	$ 0.25	$ 0.11	$ 0.76	$ 0.51
Weighted average diluted shares outstanding	177.7	177.3	177.5	177.3
Diluted earnings per common share	$ 0.25	$ 0.11	$ 0.76	$ 0.51

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Current Assets:
Cash and cash equivalents	$ 768.5	$ 551.6
Marketable securities	45.6	48.3
Trade accounts receivable—net of allowance of $3.3 million and $3.4 million, respectively	489.0	465.8
Other receivables	21.8	28.9
Current portion of lease receivables—net of allowance of $0.9 million and $0.6 million, respectively	96.7	121.5
Inventories	57.2	71.9
Prepaid expenses and other current assets	104.2	117.7
Total current assets	1,583.0	1,405.7
Property and equipment:
Transportation equipment	2,878.6	2,790.1
Land, buildings, and improvements	201.8	199.3
Other property and equipment	166.5	162.7
Total property and equipment	3,246.9	3,152.1
Less: Accumulated depreciation	1,423.2	1,300.5
Net property and equipment	1,823.7	1,851.6
Lease receivables—noncurrent	118.6	109.4
Capitalized software and other noncurrent assets	200.6	165.9
Goodwill	127.7	127.5
Total noncurrent assets	2,270.6	2,254.4
Total Assets	3,853.6	3,660.1
Current Liabilities:
Trade accounts payable	288.3	207.7
Accrued salaries, wages, and benefits	77.2	63.8
Claims accruals—current	39.0	42.0
Current maturities of debt and finance lease obligations	0.4	55.5
Dividends payable	11.8	10.8
Other current liabilities	99.9	85.4
Total current liabilities	516.6	465.2
Noncurrent Liabilities:
Long-term debt and finance lease obligations	306.4	305.8
Claims accruals—noncurrent	142.1	118.7
Deferred income taxes	446.2	449.0
Other noncurrent liabilities	99.8	85.0
Total noncurrent liabilities	994.5	958.5
Total liabilities	1,511.1	1,423.7
Shareholders' Equity:
Additional paid-in capital	1,548.8	1,542.7
Retained earnings	793.7	693.6
Accumulated other comprehensive income	0.0	0.1
Total Shareholders' Equity	2,342.5	2,236.4
Total Liabilities and Shareholders' Equity	3,853.6	3,660.1
Trade accounts receivable allowance	3.3	3.4
Lease receivables allowance	0.9	0.6
Class A Common Shares
Shareholders' Equity:
Common stock	$ 0.0	$ 0.0
Common stock, par value (usd per share)	$ 0	$ 0
Common stock, shares authorized (shares)	250,000,000	250,000,000
Common stock, shares issued (shares)	83,029,500	83,029,500
Common stock, shares outstanding (shares)	83,029,500	83,029,500
Class B Common Stock
Shareholders' Equity:
Common stock	$ 0.0	$ 0.0
Common stock, par value (usd per share)	$ 0	$ 0
Common stock, shares authorized (shares)	750,000,000	750,000,000
Common stock, shares issued (shares)	95,157,777	94,837,673
Common stock, shares outstanding (shares)	94,309,795	94,088,025

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating Activities:
Net income	$ 134.8	$ 91.1
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	216.3	222.4
Goodwill impairment charge	0.0	34.6
Losses (gains) on sales of property and equipment—net	5.4	(2.6)
Impairment on assets held for sale	3.9	11.8
Proceeds from lease receipts	53.2	59.6
Deferred income taxes	(2.8)	(4.3)
Long-term incentive and share-based compensation expense	5.4	3.4
Noncash restructuring—net	(0.6)	43.3
Other noncash items	(6.4)	2.9
Changes in operating assets and liabilities:
Receivables	(17.2)	82.2
Other assets	(32.9)	(31.1)
Payables	49.6	0.3
Claims reserves and other receivables—net	16.6	(1.1)
Other liabilities	43.8	(42.2)
Net cash provided by operating activities	469.1	470.3
Investing Activities:
Purchases of transportation equipment	(131.7)	(308.6)
Purchases of other property and equipment	(38.7)	(42.8)
Proceeds from sale of property and equipment	55.5	38.8
Proceeds from sale of off-lease inventory	17.9	15.0
Purchases of lease equipment	(63.3)	(62.7)
Proceeds from marketable securities	19.2	13.2
Purchases of marketable securities	(16.9)	(8.5)
Investment in equity securities	(5.0)	0.0
Net cash used in investing activities	(163.0)	(355.6)
Financing Activities:
Payments of debt and finance lease obligations	(55.5)	(5.7)
Payments of deferred consideration related to acquisition	0.0	(18.7)
Dividends paid	(33.7)	(31.9)
Net cash used in financing activities	(89.2)	(56.3)
Net increase in cash and cash equivalents	216.9	58.4
Cash and Cash Equivalents:
Beginning of period	551.6	378.7
End of period	768.5	437.1
Noncash Investing and Financing Activity:
Equipment and inventory purchases in accounts payable	50.2	15.5
Dividends declared but not yet paid	11.8	10.9
Cash Paid During the Period For:
Interest	11.3	12.4
Income taxes—net of refunds	$ 45.5	$ 42.6

Consolidated Statements Shareholders' Equity - USD ($) $ in Millions	Total	Class A Common Shares	Class B Common Stock	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Balance at Dec. 31, 2018	$ 2,132.3			$ 0.0	$ 1,544.0	$ 589.3	$ (1.0)
Increase (Decrease) in Stockholders' Equity
Net income	36.9			0.0	0.0	36.9	0.0
Other comprehensive income (loss)	0.7			0.0	0.0	0.0	0.7
Share-based compensation expense (benefit)	2.0			0.0	2.0	0.0	0.0
Dividends declared	(10.7)			0.0	0.0	(10.7)	0.0
Dividends declared per share		$ 0.06	$ 0.06
Shares withheld for employee taxes	(1.2)			0.0	(1.2)	0.0	0.0
Balance at Mar. 31, 2019	2,160.0			0.0	1,544.8	615.5	(0.3)
Balance at Dec. 31, 2018	2,132.3			0.0	1,544.0	589.3	(1.0)
Increase (Decrease) in Stockholders' Equity
Net income	91.1
Balance at Sep. 30, 2019	2,192.2			0.0	1,544.5	648.2	(0.5)
Balance at Mar. 31, 2019	2,160.0			0.0	1,544.8	615.5	(0.3)
Increase (Decrease) in Stockholders' Equity
Net income	34.5			0.0	0.0	34.5	0.0
Other comprehensive income (loss)	0.1			0.0	0.0	0.0	0.1
Share-based compensation expense (benefit)	1.6			0.0	1.6	0.0	0.0
Dividends declared	(11.0)			0.0	0.0	(11.0)	0.0
Dividends declared per share		0.06	0.06
Share issuances	0.2			0.0	0.2	0.0	0.0
Balance at Jun. 30, 2019	2,185.4			0.0	1,546.6	639.0	(0.2)
Increase (Decrease) in Stockholders' Equity
Net income	19.7			0.0	0.0	19.7	0.0
Other comprehensive income (loss)	(0.3)			0.0	0.0	0.0	(0.3)
Share-based compensation expense (benefit)	(2.2)			0.0	(2.2)	0.0	0.0
Dividends declared	(10.5)			0.0	0.0	(10.5)	0.0
Dividends declared per share		0.06	0.06
Share issuances	0.1			0.0	0.1	0.0	0.0
Balance at Sep. 30, 2019	2,192.2			0.0	1,544.5	648.2	(0.5)
Balance at Dec. 31, 2019	2,236.4			0.0	1,542.7	693.6	0.1
Increase (Decrease) in Stockholders' Equity
Net income	43.8			0.0	0.0	43.8	0.0
Other comprehensive income (loss)	(1.1)			0.0	0.0	0.0	(1.1)
Share-based compensation expense (benefit)	1.9			0.0	1.9	0.0	0.0
Dividends declared	(11.7)			0.0	0.0	(11.7)	0.0
Dividends declared per share		0.065	0.065
Share issuances	0.1			0.0	0.1	0.0	0.0
Shares withheld for employee taxes	(0.9)			0.0	(0.9)	0.0	0.0
Balance at Mar. 31, 2020	2,268.5			0.0	1,543.8	725.7	(1.0)
Balance at Dec. 31, 2019	2,236.4			0.0	1,542.7	693.6	0.1
Increase (Decrease) in Stockholders' Equity
Net income	134.8
Balance at Sep. 30, 2020	2,342.5			0.0	1,548.8	793.7	0.0
Balance at Mar. 31, 2020	2,268.5			0.0	1,543.8	725.7	(1.0)
Increase (Decrease) in Stockholders' Equity
Net income	46.5			0.0	0.0	46.5	0.0
Other comprehensive income (loss)	0.6			0.0	0.0	0.0	0.6
Share-based compensation expense (benefit)	1.1			0.0	1.1	0.0	0.0
Dividends declared	(11.4)			0.0	0.0	(11.4)	0.0
Dividends declared per share		0.065	0.065
Share issuances	0.1			0.0	0.1	0.0	0.0
Exercise of employee stock options	0.4			0.0	0.4	0.0	0.0
Balance at Jun. 30, 2020	2,305.8			0.0	1,545.4	760.8	(0.4)
Increase (Decrease) in Stockholders' Equity
Net income	44.5			0.0	0.0	44.5	0.0
Other comprehensive income (loss)	0.4			0.0	0.0	0.0	0.4
Share-based compensation expense (benefit)	2.2			0.0	2.2	0.0	0.0
Dividends declared	(11.6)			0.0	0.0	(11.6)	0.0
Dividends declared per share		$ 0.065	$ 0.065
Exercise of employee stock options	1.2			0.0	1.2	0.0	0.0
Balance at Sep. 30, 2020	$ 2,342.5			$ 0.0	$ 1,548.8	$ 793.7	$ 0.0

General	9 Months Ended
General	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	GENERAL Nature of Operations In this report, when we refer to “the Company,” “us,” “we,” “our,” “ours,” or “Schneider,” we are referring to Schneider National, Inc. and its subsidiaries. Schneider is a transportation service organization headquartered in Green Bay, Wisconsin and has three reportable segments focused on providing truckload, intermodal, and logistics solutions. 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. These consolidated financial statements 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, 2019. 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. COVID-19 The Company has taken steps to mitigate the potential risks posed by COVID-19. We provide an essential service to our customers and have taken additional measures to keep our associates safe and minimize unnecessary risk of exposure to COVID-19, including precautions for our associates and owner-operators who work in the field. We have implemented work from home policies where appropriate and imposed travel limitations on employees. Management makes estimates and assumptions that affect reported amounts and disclosures included in its financial statements and accompanying notes and assesses certain accounting matters that require consideration of forecasted financial information. Due to limited visibility into future freight demand and ongoing uncertainties, we are unable to predict the impact COVID-19 will have on our future financial position and operating results. Accounting Standards Issued but Not Yet Adopted In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, which reduces complexity in accounting for income taxes by eliminating certain exceptions to the general principles in Topic 740 and clarifying and amending existing guidance to improve consistent application among reporting entities. ASU 2019-12 is effective for us as of January 1, 2021 with early adoption permitted. We do not believe the adoption of this ASU will have a material impact on our consolidated financial statements and related disclosures and plan to adopt as of January 1, 2021. Accounting Standards Recently Adopted We adopted ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which was effective as of March 12, 2020 through December 31, 2022, when the reference rate replacement activity is expected to be complete. This guidance offers optional expedients and exceptions for applying GAAP to transactions, including contract modifications, hedging relationships, and the sale or transfer of debt securities classified as held-to-maturity affected by reference rate reform, if certain criteria are met. The adoption of this ASU did not have a material impact on our consolidated financial statements and related disclosures. We adopted ASU 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which amends ASC 350, as of January 1, 2020 on a prospective basis. This standard aligned the capitalization requirements for implementation costs incurred in a hosting arrangement that is a service contract with the existing capitalization requirements for implementation costs incurred to develop or obtain internal-use software. The adoption did not have a material impact on our consolidated financial statements or disclosures. We adopted ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments, which is codified in ASC 326, as of January 1, 2020. The guidance replaced the incurred loss model with a methodology that reflects expected credit losses over the life of the financial assets held at the reporting date based on historical experience, as well as considerations of current conditions and reasonable and supportable forecasts. This new model for estimating our expected credit losses was implemented for our trade accounts receivable (Note 2, Trade Accounts Receivable and Allowance), net investment in leases (Note 3, Leases), and available-for-sale debt securities (Note 6, Investments), and did not result in a material impact to our consolidated financial statements or disclosures upon adoption.

Trade Accounts Receivable and Allowance (Notes)

9 Months Ended

Sep. 30, 2020

Receivables [Abstract]

Trade Accounts Receivable and Allowance

TRADE ACCOUNTS RECEIVABLE AND ALLOWANCE

Our trade accounts receivable is recorded net of an allowance for doubtful accounts and revenue adjustments. The allowance is based on an aging analysis using historical experience, as well as any known and expected trends or uncertainties related to customer billing and account collectability. The adequacy of our allowance is reviewed at least quarterly, and reserves for receivables not expected to be collected are established. In circumstances where we are aware of a customer's inability to meet its financial obligations, a specific reserve is recorded to reduce the net receivable to the amount we reasonably expect to collect. Bad debt expense is included in other general expenses in the consolidated statements of comprehensive income.

The following table shows changes to our allowance for doubtful accounts for the three and nine months ended September 30, 2020. Excluded from the amounts below is the portion of the allowance recorded for revenue adjustments, as that portion is not credit-related nor due to a customer’s inability to meet its financial obligations.


	Three Months Ended		Nine Months Ended
(in millions)	September 30, 2020
Balance at beginning of period	$	1.4	$	0.9
Charges to expense	0.1		1.2
Write-offs	(0.6)		(1.3)
Recoveries	0.2		0.3
Balance at end of period	$	1.1	$	1.1

Leases (Notes)

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Finance Leases

LEASES

As Lessee

We lease real estate, transportation equipment, and office equipment under operating and finance leases. Our real estate operating leases include operating centers, distribution warehouses, offices, and drop yards. Our finance leases include office equipment, warehouse equipment, and truck washes. The majority of our leases include an option to extend the lease, and a small number include an option to terminate the lease early, which may include a termination payment.

Additional information related to our leases is as follows:


	Nine Months Ended September 30,
(in millions)	2020		2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	26.3	$	26.7
Operating cash flows from finance leases	0.1		0.2
Financing cash flows from finance leases	0.5		2.0

Right-of-use assets obtained in exchange for new lease liabilities
Operating leases	$	21.6	$	20.6
Finance leases	0.8		—

As Lessor

We finance various types of transportation-related equipment for independent third parties under lease contracts which are generally for one year to five years and accounted for as sales-type leases with fully guaranteed residual values. Our leases contain an option for the lessee to return, extend, or purchase the equipment at the end of the lease term for the guaranteed contract residual amount. This contract residual amount is estimated to approximate the fair value of the equipment. Lease payments primarily include base rentals and guaranteed residual values.

As of September 30, 2020 and December 31, 2019, the investments in lease receivables were as follows:


(in millions)	September 30, 2020		December 31, 2019
Future minimum payments to be received on leases	$	144.5	$	135.0
Guaranteed residual lease values	105.6		126.6
Total minimum lease payments to be received	250.1		261.6
Unearned income	(34.8)		(30.7)
Net investment in leases	215.3		230.9

Current maturities of lease receivables	97.6		122.1
Allowance for doubtful accounts	(0.9)		(0.6)
Current portion of lease receivables—net of allowance	96.7		121.5

Lease receivables—noncurrent	$	118.6	$	109.4

Before entering into a lease contract, we assess the credit quality of the potential lessee through the use of credit checks and other relevant factors, ensuring that their inherent credit risk is consistent with our existing lease portfolio. We monitor the credit quality of our lease portfolio weekly by tracking amounts past due, days past due, and outstanding maintenance account balances, including running subsequent credit checks as needed. The following table presents our net investment in leases, which includes both current and future lease payments as of September 30, 2020 by amounts past due, our primary ongoing credit quality indicator, and lease origination year.


	Net Investment in Leases by Lease Origination Year (in millions)
Amounts Past Due (in ones)	2020		2019		2018		2017		2016		Prior		Total
Greater than $3,000	$	3.5	$	1.7	$	0.9	$	—	$	—	$	—	$	6.1
Between $2,999 and $1,500	4.9		2.1		1.3		0.5		—		—		8.8
Less than $1,499	14.9		7.1		3.4		1.0		0.1		0.1		26.6
Total	$	23.3	$	10.9	$	5.6	$	1.5	$	0.1	$	0.1	$	41.5

Lease payments are generally due on a weekly basis and are classified as past due when payment is not received by the due date. The following table presents an aging analysis of lease payments owed to us and classified as past due as of September 30, 2020.


(in millions)	September 30, 2020
1-29 days	$	1.3
30-59 days	0.5
60-89 days	0.3
90 days or greater	0.4
Total past due	$	2.5

Our lease receivables are recorded net of an allowance for doubtful accounts based on an aging analysis to reserve amounts expected to be uncollectible. The terms of the lease agreements generally give us the ability to take possession of the underlying asset in the event of default. We may incur credit losses in excess of recorded allowances if the full amount of anticipated proceeds from the sale or re-lease of the asset supporting the third party’s financial obligation, which can be impacted by economic conditions, is not realized.

Accrued interest on leases is included within lease receivables on the consolidated balance sheets and was not material as of September 30, 2020 and December 31, 2019. Leases are generally placed on nonaccrual status (nonaccrual of interest and other fees) when a payment becomes 90 days past due or upon notification of bankruptcy, death, or other instances management concludes collectability is not reasonably assured. The accrual of interest and other fees resumes when all payments are less than 60 days past due. At both September 30, 2020 and December 31, 2019, our net investment in leases on nonaccrual status were not material.

The table below provides additional information on our sales-type leases.


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2020		2019		2020		2019
Revenue	$	50.8	$	50.9	$	150.2	$	159.8
Cost of goods sold	(45.8)		(46.8)		(135.5)		(144.0)
Operating profit	$	5.0	$	4.1	$	14.7	$	15.8

Interest income on lease receivable	$	6.5	$	7.0	$	19.7	$	20.4

Operating Leases

LEASES

As Lessee

We lease real estate, transportation equipment, and office equipment under operating and finance leases. Our real estate operating leases include operating centers, distribution warehouses, offices, and drop yards. Our finance leases include office equipment, warehouse equipment, and truck washes. The majority of our leases include an option to extend the lease, and a small number include an option to terminate the lease early, which may include a termination payment.

Additional information related to our leases is as follows:


	Nine Months Ended September 30,
(in millions)	2020		2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	26.3	$	26.7
Operating cash flows from finance leases	0.1		0.2
Financing cash flows from finance leases	0.5		2.0

Right-of-use assets obtained in exchange for new lease liabilities
Operating leases	$	21.6	$	20.6
Finance leases	0.8		—

As Lessor

We finance various types of transportation-related equipment for independent third parties under lease contracts which are generally for one year to five years and accounted for as sales-type leases with fully guaranteed residual values. Our leases contain an option for the lessee to return, extend, or purchase the equipment at the end of the lease term for the guaranteed contract residual amount. This contract residual amount is estimated to approximate the fair value of the equipment. Lease payments primarily include base rentals and guaranteed residual values.

As of September 30, 2020 and December 31, 2019, the investments in lease receivables were as follows:


(in millions)	September 30, 2020		December 31, 2019
Future minimum payments to be received on leases	$	144.5	$	135.0
Guaranteed residual lease values	105.6		126.6
Total minimum lease payments to be received	250.1		261.6
Unearned income	(34.8)		(30.7)
Net investment in leases	215.3		230.9

Current maturities of lease receivables	97.6		122.1
Allowance for doubtful accounts	(0.9)		(0.6)
Current portion of lease receivables—net of allowance	96.7		121.5

Lease receivables—noncurrent	$	118.6	$	109.4

Before entering into a lease contract, we assess the credit quality of the potential lessee through the use of credit checks and other relevant factors, ensuring that their inherent credit risk is consistent with our existing lease portfolio. We monitor the credit quality of our lease portfolio weekly by tracking amounts past due, days past due, and outstanding maintenance account balances, including running subsequent credit checks as needed. The following table presents our net investment in leases, which includes both current and future lease payments as of September 30, 2020 by amounts past due, our primary ongoing credit quality indicator, and lease origination year.


	Net Investment in Leases by Lease Origination Year (in millions)
Amounts Past Due (in ones)	2020		2019		2018		2017		2016		Prior		Total
Greater than $3,000	$	3.5	$	1.7	$	0.9	$	—	$	—	$	—	$	6.1
Between $2,999 and $1,500	4.9		2.1		1.3		0.5		—		—		8.8
Less than $1,499	14.9		7.1		3.4		1.0		0.1		0.1		26.6
Total	$	23.3	$	10.9	$	5.6	$	1.5	$	0.1	$	0.1	$	41.5

Lease payments are generally due on a weekly basis and are classified as past due when payment is not received by the due date. The following table presents an aging analysis of lease payments owed to us and classified as past due as of September 30, 2020.


(in millions)	September 30, 2020
1-29 days	$	1.3
30-59 days	0.5
60-89 days	0.3
90 days or greater	0.4
Total past due	$	2.5

Our lease receivables are recorded net of an allowance for doubtful accounts based on an aging analysis to reserve amounts expected to be uncollectible. The terms of the lease agreements generally give us the ability to take possession of the underlying asset in the event of default. We may incur credit losses in excess of recorded allowances if the full amount of anticipated proceeds from the sale or re-lease of the asset supporting the third party’s financial obligation, which can be impacted by economic conditions, is not realized.

Accrued interest on leases is included within lease receivables on the consolidated balance sheets and was not material as of September 30, 2020 and December 31, 2019. Leases are generally placed on nonaccrual status (nonaccrual of interest and other fees) when a payment becomes 90 days past due or upon notification of bankruptcy, death, or other instances management concludes collectability is not reasonably assured. The accrual of interest and other fees resumes when all payments are less than 60 days past due. At both September 30, 2020 and December 31, 2019, our net investment in leases on nonaccrual status were not material.

The table below provides additional information on our sales-type leases.


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2020		2019		2020		2019
Revenue	$	50.8	$	50.9	$	150.2	$	159.8
Cost of goods sold	(45.8)		(46.8)		(135.5)		(144.0)
Operating profit	$	5.0	$	4.1	$	14.7	$	15.8

Interest income on lease receivable	$	6.5	$	7.0	$	19.7	$	20.4

Sales-type Leases

LEASES

As Lessee

We lease real estate, transportation equipment, and office equipment under operating and finance leases. Our real estate operating leases include operating centers, distribution warehouses, offices, and drop yards. Our finance leases include office equipment, warehouse equipment, and truck washes. The majority of our leases include an option to extend the lease, and a small number include an option to terminate the lease early, which may include a termination payment.

Additional information related to our leases is as follows:


	Nine Months Ended September 30,
(in millions)	2020		2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	26.3	$	26.7
Operating cash flows from finance leases	0.1		0.2
Financing cash flows from finance leases	0.5		2.0

Right-of-use assets obtained in exchange for new lease liabilities
Operating leases	$	21.6	$	20.6
Finance leases	0.8		—

As Lessor

We finance various types of transportation-related equipment for independent third parties under lease contracts which are generally for one year to five years and accounted for as sales-type leases with fully guaranteed residual values. Our leases contain an option for the lessee to return, extend, or purchase the equipment at the end of the lease term for the guaranteed contract residual amount. This contract residual amount is estimated to approximate the fair value of the equipment. Lease payments primarily include base rentals and guaranteed residual values.

As of September 30, 2020 and December 31, 2019, the investments in lease receivables were as follows:


(in millions)	September 30, 2020		December 31, 2019
Future minimum payments to be received on leases	$	144.5	$	135.0
Guaranteed residual lease values	105.6		126.6
Total minimum lease payments to be received	250.1		261.6
Unearned income	(34.8)		(30.7)
Net investment in leases	215.3		230.9

Current maturities of lease receivables	97.6		122.1
Allowance for doubtful accounts	(0.9)		(0.6)
Current portion of lease receivables—net of allowance	96.7		121.5

Lease receivables—noncurrent	$	118.6	$	109.4

Before entering into a lease contract, we assess the credit quality of the potential lessee through the use of credit checks and other relevant factors, ensuring that their inherent credit risk is consistent with our existing lease portfolio. We monitor the credit quality of our lease portfolio weekly by tracking amounts past due, days past due, and outstanding maintenance account balances, including running subsequent credit checks as needed. The following table presents our net investment in leases, which includes both current and future lease payments as of September 30, 2020 by amounts past due, our primary ongoing credit quality indicator, and lease origination year.


	Net Investment in Leases by Lease Origination Year (in millions)
Amounts Past Due (in ones)	2020		2019		2018		2017		2016		Prior		Total
Greater than $3,000	$	3.5	$	1.7	$	0.9	$	—	$	—	$	—	$	6.1
Between $2,999 and $1,500	4.9		2.1		1.3		0.5		—		—		8.8
Less than $1,499	14.9		7.1		3.4		1.0		0.1		0.1		26.6
Total	$	23.3	$	10.9	$	5.6	$	1.5	$	0.1	$	0.1	$	41.5

Lease payments are generally due on a weekly basis and are classified as past due when payment is not received by the due date. The following table presents an aging analysis of lease payments owed to us and classified as past due as of September 30, 2020.


(in millions)	September 30, 2020
1-29 days	$	1.3
30-59 days	0.5
60-89 days	0.3
90 days or greater	0.4
Total past due	$	2.5

Our lease receivables are recorded net of an allowance for doubtful accounts based on an aging analysis to reserve amounts expected to be uncollectible. The terms of the lease agreements generally give us the ability to take possession of the underlying asset in the event of default. We may incur credit losses in excess of recorded allowances if the full amount of anticipated proceeds from the sale or re-lease of the asset supporting the third party’s financial obligation, which can be impacted by economic conditions, is not realized.

Accrued interest on leases is included within lease receivables on the consolidated balance sheets and was not material as of September 30, 2020 and December 31, 2019. Leases are generally placed on nonaccrual status (nonaccrual of interest and other fees) when a payment becomes 90 days past due or upon notification of bankruptcy, death, or other instances management concludes collectability is not reasonably assured. The accrual of interest and other fees resumes when all payments are less than 60 days past due. At both September 30, 2020 and December 31, 2019, our net investment in leases on nonaccrual status were not material.

The table below provides additional information on our sales-type leases.


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2020		2019		2020		2019
Revenue	$	50.8	$	50.9	$	150.2	$	159.8
Cost of goods sold	(45.8)		(46.8)		(135.5)		(144.0)
Operating profit	$	5.0	$	4.1	$	14.7	$	15.8

Interest income on lease receivable	$	6.5	$	7.0	$	19.7	$	20.4

Revenue Recognition

9 Months Ended

Sep. 30, 2020

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. The following table summarizes our revenues by type of service.


	Three Months Ended September 30,				Nine Months Ended September 30,
Disaggregated Revenues (in millions)	2020		2019		2020		2019
Transportation	$	1,036.5	$	1,093.9	$	3,015.9	$	3,297.7
Logistics management	41.3		32.3		102.2		120.1
Other	57.9		57.7		169.5		172.9
Total operating revenues	$	1,135.7	$	1,183.9	$	3,287.6	$	3,590.7

Quantitative Disclosures

The following table provides information for transactions and expected timing of revenue recognition related to performance obligations that are fixed in nature and pertain to contracts with terms greater than one year as of the date shown.


Remaining Performance Obligations (in millions)	September 30, 2020
Expected to be recognized within one year
Transportation	$	14.9
Logistics management	10.9
Expected to be recognized after one year
Transportation	52.2
Logistics management	13.1
Total	$	91.1

The information provided in the above table does not include revenue related to performance obligations that are part of a contract whose original expected duration is one year or less. In addition, this disclosure does not 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, 2020		December 31, 2019
Other current assets - Contract assets	$	28.5	$	17.6
Other current liabilities - Contract liabilities	0.6		—

We generally receive payment within 40 days of completing our 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 service.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Fair Value

9 Months Ended

Sep. 30, 2020

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, which is referred to as the exit price. 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 basis in accordance with ASC 820.


		Fair Value
(in millions)	Level in Fair Value Hierarchy	September 30, 2020		December 31, 2019
Marketable securities (1)	2	$	45.6	$	48.3

(1)Marketable securities 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 and are, therefore, classified as Level 2 in the fair value hierarchy. We measure our marketable securities on a recurring, monthly basis. See Note 6, Investments, for additional information on the fair value of our marketable securities.

The fair value of the Company's debt was $318.7 million and $368.5 million as of September 30, 2020 and December 31, 2019, respectively. The carrying value of the Company's debt was $305.0 million and $360.0 million as of September 30, 2020 and December 31, 2019, 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 year. This valuation used Level 2 inputs.

The recorded value of cash, trade accounts receivable, lease receivables, and trade accounts payable approximates fair value.

Our ownership interests in PSI and MLSI discussed in Note 6, Investments, do not have readily determinable fair values and are accounted for using the measurement alternative in ASC 321-10-35-2.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Investments

9 Months Ended

Sep. 30, 2020

Debt Securities, Available-for-sale [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.

With the adoption of ASU 2016-13, the guidance on reporting credit losses for available-for-sale debt securities was amended. Under this new guidance, credit losses are to be recorded through an allowance for credit losses rather than as a direct write-down to the security. As a result, 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. Cost basis is determined using the specific identification method.

When adopting this standard, we elected to continue to present the accrued interest receivable balance associated with our investments in marketable securities separate from the marketable securities line in the consolidated balance sheets. As of September 30, 2020, accrued interest receivable associated with our investments in marketable securities was not material and is included within other receivables on the consolidated balance sheets. We have elected the practical expedient provided under the guidance to exclude the applicable accrued interest from the amortized cost basis disclosure of our marketable securities. We have also elected not to measure an allowance for credit losses on our accrued interest receivable and to write off accrued interest receivable by reversing interest income when it is not considered collectible.

The following table presents the maturities and values of our marketable securities as of the dates shown.


	September 30, 2020					December 31, 2019
(in millions, except maturities in months)	Maturities	Amortized Cost		Fair Value		Amortized Cost		Fair Value
U.S. treasury and government agencies	6 to 94	$	13.7	$	13.8	$	16.5	$	17.0
Asset-backed securities	—	—		—		0.1		0.1
Corporate debt securities	11 to 84	20.3		21.1		15.1		15.4
State and municipal bonds	17 to 66	10.4		10.7		11.6		11.8
Other U.S. and non-U.S. government bonds	—	—		—		4.0		4.0
Total marketable securities		$	44.4	$	45.6	$	47.3	$	48.3

Gross realized gains and losses and net unrealized gains and losses, net of tax, on our marketable securities were not material for the three and nine months ended September 30, 2020 and 2019. Additionally, we did not have an allowance for credit losses on our marketable securities as of September 30, 2020 or any other-than-temporary impairments as of December 31, 2019, and our total unrealized gains and losses were not material as of September 30, 2020 and December 31, 2019.

Ownership Interest in Platform Science, Inc.

In 2018, the Company made a strategic decision to invest in PSI and acquired an ownership interest in exchange for granting them a non-exclusive license to our proprietary telematics mobile software that was developed to enable enhanced driver productivity and ensure regulatory compliance. Our ownership interest is being accounted for under ASC 321, Investments - Equity Securities using the measurement alternative and is recorded in other noncurrent assets on the consolidated balance sheets. During the first half of 2020, remeasurement events occurred which required the Company to revalue its interest in PSI. In the three months ended September 30, 2020, no events have occurred that would indicate that the value of our ownership interest in PSI has changed. The Company recognized pre-tax gains of $8.8 million on its investment in PSI in the nine months ended September 30, 2020, which were recorded within other income on the consolidated statements of comprehensive income. The fair value of our ownership interest as of September 30, 2020 and December 31, 2019 was $12.3 million and $3.5 million, respectively, and our ownership percentage was 12.6% as of September 30, 2020.

Ownership Interest in Mastery Logistics Systems, Inc.

On July 2, 2020, Schneider entered into a strategic partnership with MLSI, a transportation technology development company, which included an agreement that allows the Company to purchase a non-controlling interest in MLSI in two tranches. Schneider and MLSI are collaborating to develop a Transportation Management System using MLSI's SaaS technology which Schneider has also agreed to license. In the three months ended September 30, 2020, we paid MLSI $5.0 million for the initial tranche, and, in return, received shares of preferred stock of MLSI which represents a 5.3% ownership in MLSI. This investment is being accounted for under ASC 321, Investments - Equity Securities using the measurement alternative and is recorded in other noncurrent assets on the consolidated balance sheet. As of September 30, 2020, no events have occurred that would indicate that the value of our investment in MLSI has changed.

Subsequent Event - Additional Investment in Mastery Logistics Systems, Inc.

On October 14, 2020, the Company invested an additional $5.0 million in MLSI in exchange for preferred stock of MLSI. This additional investment completed the second tranche of the agreement and increased our total investment in MLSI to $10.0 million and our non-controlling ownership interest to 10.1%.

Goodwill

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill Disclosure

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 reportable segment during the period ended September 30, 2020.


(in millions)	Truckload		Logistics		Other		Total
Balance at December 31, 2019	$	103.6	$	14.2	$	9.7	$	127.5

Foreign currency translation gain	—		—		0.2		0.2
Balance at September 30, 2020	$	103.6	$	14.2	$	9.9	$	127.7

At September 30, 2020 and December 31, 2019, we had accumulated goodwill impairment charges of $42.6 million.

Debt and Credit Facilities

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Debt and Credit Facilities

DEBT AND CREDIT FACILITIES

As of September 30, 2020 and December 31, 2019, debt included the following:


(in millions)	September 30, 2020		December 31, 2019
Unsecured senior notes: principal payable at maturities ranging from 2021 through 2025; interest payable in semiannual installments through the same timeframe; weighted-average interest rate of 3.62% and 3.42% for 2020 and 2019, respectively.	$	305.0	$	360.0

Current maturities	—		(55.0)
Debt issuance costs	(0.2)		(0.4)
Long-term debt	$	304.8	$	304.6

Our Credit Agreement (the “2018 Credit Facility”) provides borrowing capacity of $250.0 million and allows us to request an increase in total commitment of up to $150.0 million, for a total potential commitment of $400.0 million through August 2023. The agreement also provides a sublimit of $100.0 million to be used for the issuance of letters of credit. We had no outstanding borrowings under this agreement as of September 30, 2020 or December 31, 2019. Standby letters of credit under this agreement amounted to $3.9 million and $3.8 million at September 30, 2020 and December 31, 2019, respectively, and were primarily related to the requirements of certain of our real estate leases.

We also have a Receivables Purchase Agreement (the “2018 Receivables Purchase Agreement”) that allows us to borrow funds against qualifying trade receivables at rates based on one-month LIBOR up to $200.0 million and provides for the issuance of standby letters of credit through September 2021. We had no outstanding borrowings under this facility at September 30, 2020 or December 31, 2019. At September 30, 2020 and December 31, 2019, standby letters of credit under this agreement amounted to $70.3 million and were primarily related to the requirements of certain of our insurance obligations. The Company plans to renew the 2018 Receivables Purchase Agreement prior to its expiration date.

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Our effective income tax rate was 26.0% and 26.2% for the three months ended September 30, 2020 and 2019, respectively, and 25.6% and 25.3% for the nine months ended September 30, 2020 and 2019, 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 items of income and expense. On March 27, 2020, President Trump signed into U.S. federal law the CARES Act aimed at providing emergency assistance and health care for individuals, families, and businesses affected by COVID-19 and generally supporting the U.S. economy. The CARES Act, among other things, includes provisions related to refundable payroll tax credits, deferment of the employer portion of social security payments, net operating loss carryback periods, modifications to the net interest deduction limitations, and technical corrections to tax depreciation methods for qualified improvement property. The Company took advantage of the cash deferral program available for payment of federal and state income taxes through the second quarter of 2020 and continues to take advantage of the cash deferral program available for payment of employer social security taxes. The deferred income tax payments were paid to the respective tax authorities in the third quarter of 2020. On August 8, 2020, President Trump signed an executive order, “Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster,” which gives employers the option to defer the employee portion of social security payments for certain individuals. Schneider is currently not electing to use the deferral option under this executive order.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Common Equity

9 Months Ended

Sep. 30, 2020

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, 2020 and 2019.


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions, except per share data)	2020		2019		2020		2019
Numerator:
Net income available to common shareholders	$	44.5	$	19.7	$	134.8	$	91.1

Denominator:
Weighted average common shares outstanding	177.3		177.1		177.2		177.1
Dilutive effect of share-based awards and options outstanding	0.3		0.2		0.3		0.2
Weighted average diluted common shares outstanding (1)	177.7		177.3		177.5		177.3

Basic earnings per common share	$	0.25	$	0.11	$	0.76	$	0.51
Diluted earnings per common share	0.25		0.11		0.76		0.51

(1)Weighted average diluted common shares outstanding may not sum due to rounding.

The calculation of diluted earnings per share for the three and nine months ended September 30, 2020 and 2019 excluded an immaterial amount of share-based awards and options that had an anti-dilutive effect.

Subsequent Events - Special and Quarterly Dividends Declared

In October of 2020, the Board of Directors approved both a special dividend of $2.00 per share and a quarterly dividend of $0.065 per share to holders of our Class A and Class B common stock. The special dividend is payable in cash to shareholders of record at the close of business on November 9, 2020 and will be paid on November 19, 2020. The quarterly cash dividend for the fourth fiscal quarter of 2020 is payable to shareholders of record at the close of business on December 11, 2020 and will be paid on January 11, 2021.

Share-based Compensation	9 Months Ended
Share-based Compensation	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Share-based Payment Arrangement	SHARE-BASED COMPENSATIONWe grant various equity-based awards relating to Class B Common Stock under our 2017 Omnibus Incentive Plan (“the Plan”). These awards consist of the following: restricted shares, restricted stock units (“RSUs”), performance-based restricted shares (“Performance Shares”), performance-based restricted stock units (“PSUs”), and non-qualified stock options. Performance shares and PSUs are earned based on attainment of threshold performance of return on capital and earnings targets.Share-based compensation expense was $1.9 million and $4.4 million for the three and nine months ended September 30, 2020, respectively. During the three months ended September 30, 2019, we recognized a net benefit of $2.4 million. There was no share-based compensation expense for the nine months ended September 30, 2019. We recognize share-based compensation expense over the awards' vesting period. As of September 30, 2020, we had $15.3 million of pre-tax unrecognized compensation cost related to outstanding share-based compensation awards expected to be recognized over a weighted-average period of 2.6 years.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES In the ordinary course of conducting our business we become involved in certain legal matters and investigations including liability claims, taxes other than income taxes, contract disputes, employment, and other litigation matters. We accrue for anticipated costs to resolve matters that are probable and estimable. We believe the outcomes of these matters will not have a material impact on our business or our consolidated financial statements. 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 results of operations. At September 30, 2020, our firm commitments to purchase transportation equipment totaled $139.1 million. In October 2017, the representative of the former owners of WSL filed a lawsuit in the Delaware Court of Chancery which alleges that we have not fulfilled certain obligations under the purchase and sale agreement relating to the post-closing operations of the business, and as a result, the former owners claim they are entitled to an additional payment of $40.0 million. A trial date has been set for January 2021. We believe that we have strong defenses to this claim. A judgment by the Court against us could have a material adverse effect on our results of operations. In September 2020, the Company recorded a $13.1 million charge as a result of an adverse tax ruling in a dispute with the IRS over the applicability of excise taxes on certain tractors refurbished during tax years 2011 through 2013 and no longer in service. The charge includes interest and is included within operating supplies and expenses on the consolidated statements of comprehensive income for the three and nine months ended September 30, 2020.

Segment Reporting

9 Months Ended

Sep. 30, 2020

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.

The CODM reviews revenues for each segment exclusive 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. Intersegment revenues were immaterial for all segments, with the exception of Other, which includes revenues from insurance premiums charged to other segments for workers’ compensation, auto, and other types of insurance. Intersegment revenues included in Other revenues below were $11.9 million and $20.8 million for the three months ended September 30, 2020 and 2019, respectively, and $59.1 million and $66.8 million for the nine months ended September 30, 2020 and 2019, respectively.


Revenues by Segment	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2020		2019		2020		2019
Truckload	$	460.2	$	515.6	$	1,380.7	$	1,582.3
Intermodal	248.4		249.2		705.4		746.6
Logistics	284.4		236.1		754.9		707.0
Other	85.5		94.3		274.7		290.0
Fuel surcharge	73.0		114.2		244.7		350.2
Inter-segment eliminations	(15.8)		(25.5)		(72.8)		(85.4)
Operating revenues	$	1,135.7	$	1,183.9	$	3,287.6	$	3,590.7


Income (Loss) from Operations by Segment	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2020		2019		2020		2019
Truckload	$	45.6	$	(12.5)	$	122.7	$	18.6
Intermodal	23.0		25.1		50.3		75.5
Logistics	9.1		9.9		21.5		29.4
Other	(14.4)		6.5		(12.9)		6.2
Income from operations	$	63.3	$	29.0	$	181.6	$	129.7


Depreciation and Amortization Expense by Segment	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2020		2019		2020		2019
Truckload	$	53.6	$	53.2	$	157.1	$	161.5
Intermodal	11.9		11.3		34.4		33.2
Logistics	0.1		0.2		0.1		0.5
Other	8.6		9.4		24.7		27.2
Depreciation and amortization expense	$	74.2	$	74.1	$	216.3	$	222.4

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Restructuring

9 Months Ended

Sep. 30, 2020

Restructuring Activity

Restructuring

RESTRUCTURING

On July 29, 2019, the Company’s Board of Directors approved a structured shutdown of its FTFM service offering within its Truckload reportable segment which was substantially complete as of August 31, 2019. The restructuring activity was recorded within our Truckload reportable segment. Pre-tax losses of our FTFM service offering were $8.9 million for the three months ended September 30, 2019 and $34.2 million for the nine months ended September 30, 2019.

The activity associated with the shutdown is presented separately on the consolidated statements of comprehensive income within restructuring—net and is summarized below on a cumulative basis since July 29, 2019. Restructuring activity for the three and nine months ended September 30, 2020 was not material.


(in millions)	Cumulative
Impairment charges and losses on asset disposals—net	$	45.5
Receivable write-downs—net	3.1
Other costs	14.6
Total restructuring—net	$	63.2

As of September 30, 2020 and December 31, 2019, FTFM restructuring liabilities were classified as current liabilities on the consolidated balance sheets as follows:


(in millions)	Restructuring Liabilities
Balance at December 31, 2018	$	—
Restructuring—net	13.7
Cash payments	(8.6)
Balance at December 31, 2019	5.1
Restructuring—net	0.9
Cash payments	(1.5)
Balance at September 30, 2020	$	4.5

The required criteria, as defined by ASC 360, Property, Plant and Equipment, was satisfied as part of the shutdown of our FTFM service offering for reclassification of related transportation equipment into assets held for sale. As of September 30, 2020 and December 31, 2019, assets held for sale, net of impairment, within our Truckload segment were $23.5 million and $63.5 million, respectively, of which $14.0 million and $33.4 million related to the shutdown of our FTFM service offering, respectively. Assets held for sale, net of impairment, are included in prepaid expenses and other current assets in the consolidated balance sheets.

General (Policies)	9 Months Ended
General (Policies)	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations In this report, when we refer to “the Company,” “us,” “we,” “our,” “ours,” or “Schneider,” we are referring to Schneider National, Inc. and its subsidiaries. Schneider is a transportation service organization headquartered in Green Bay, Wisconsin and has three reportable segments focused on providing truckload, intermodal, and logistics solutions.
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. These consolidated financial statements 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, 2019. 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.
COVID-19	COVID-19 The Company has taken steps to mitigate the potential risks posed by COVID-19. We provide an essential service to our customers and have taken additional measures to keep our associates safe and minimize unnecessary risk of exposure to COVID-19, including precautions for our associates and owner-operators who work in the field. We have implemented work from home policies where appropriate and imposed travel limitations on employees. Management makes estimates and assumptions that affect reported amounts and disclosures included in its financial statements and accompanying notes and assesses certain accounting matters that require consideration of forecasted financial information. Due to limited visibility into future freight demand and ongoing uncertainties, we are unable to predict the impact COVID-19 will have on our future financial position and operating results.
Accounting Standards Issued but Not Yet Adopted and Recently Adopted	Accounting Standards Issued but Not Yet Adopted In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, which reduces complexity in accounting for income taxes by eliminating certain exceptions to the general principles in Topic 740 and clarifying and amending existing guidance to improve consistent application among reporting entities. ASU 2019-12 is effective for us as of January 1, 2021 with early adoption permitted. We do not believe the adoption of this ASU will have a material impact on our consolidated financial statements and related disclosures and plan to adopt as of January 1, 2021. Accounting Standards Recently Adopted We adopted ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which was effective as of March 12, 2020 through December 31, 2022, when the reference rate replacement activity is expected to be complete. This guidance offers optional expedients and exceptions for applying GAAP to transactions, including contract modifications, hedging relationships, and the sale or transfer of debt securities classified as held-to-maturity affected by reference rate reform, if certain criteria are met. The adoption of this ASU did not have a material impact on our consolidated financial statements and related disclosures. We adopted ASU 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which amends ASC 350, as of January 1, 2020 on a prospective basis. This standard aligned the capitalization requirements for implementation costs incurred in a hosting arrangement that is a service contract with the existing capitalization requirements for implementation costs incurred to develop or obtain internal-use software. The adoption did not have a material impact on our consolidated financial statements or disclosures. We adopted ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments, which is codified in ASC 326, as of January 1, 2020. The guidance replaced the incurred loss model with a methodology that reflects expected credit losses over the life of the financial assets held at the reporting date based on historical experience, as well as considerations of current conditions and reasonable and supportable forecasts. This new model for estimating our expected credit losses was implemented for our trade accounts receivable (Note 2, Trade Accounts Receivable and Allowance), net investment in leases (Note 3, Leases), and available-for-sale debt securities (Note 6, Investments), and did not result in a material impact to our consolidated financial statements or disclosures upon adoption.

Trade Accounts Receivable and Allowance (Tables)

9 Months Ended

Sep. 30, 2020

Receivables [Abstract]

Trade Accounts Receivable Allowance for Doubtful Accounts Rollforward

The following table shows changes to our allowance for doubtful accounts for the three and nine months ended September 30, 2020. Excluded from the amounts below is the portion of the allowance recorded for revenue adjustments, as that portion is not credit-related nor due to a customer’s inability to meet its financial obligations.


	Three Months Ended		Nine Months Ended
(in millions)	September 30, 2020
Balance at beginning of period	$	1.4	$	0.9
Charges to expense	0.1		1.2
Write-offs	(0.6)		(1.3)
Recoveries	0.2		0.3
Balance at end of period	$	1.1	$	1.1

Leases (Tables)

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Schedule of Lease Information

Additional information related to our leases is as follows:


	Nine Months Ended September 30,
(in millions)	2020		2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	26.3	$	26.7
Operating cash flows from finance leases	0.1		0.2
Financing cash flows from finance leases	0.5		2.0

Right-of-use assets obtained in exchange for new lease liabilities
Operating leases	$	21.6	$	20.6
Finance leases	0.8		—

Schedule of Investment In Lease Receivables

As of September 30, 2020 and December 31, 2019, the investments in lease receivables were as follows:


(in millions)	September 30, 2020		December 31, 2019
Future minimum payments to be received on leases	$	144.5	$	135.0
Guaranteed residual lease values	105.6		126.6
Total minimum lease payments to be received	250.1		261.6
Unearned income	(34.8)		(30.7)
Net investment in leases	215.3		230.9

Current maturities of lease receivables	97.6		122.1
Allowance for doubtful accounts	(0.9)		(0.6)
Current portion of lease receivables—net of allowance	96.7		121.5

Lease receivables—noncurrent	$	118.6	$	109.4

Schedule of Net Investment in Leases by Credit Quality Indicator

The following table presents our net investment in leases, which includes both current and future lease payments as of September 30, 2020 by amounts past due, our primary ongoing credit quality indicator, and lease origination year.


	Net Investment in Leases by Lease Origination Year (in millions)
Amounts Past Due (in ones)	2020		2019		2018		2017		2016		Prior		Total
Greater than $3,000	$	3.5	$	1.7	$	0.9	$	—	$	—	$	—	$	6.1
Between $2,999 and $1,500	4.9		2.1		1.3		0.5		—		—		8.8
Less than $1,499	14.9		7.1		3.4		1.0		0.1		0.1		26.6
Total	$	23.3	$	10.9	$	5.6	$	1.5	$	0.1	$	0.1	$	41.5

Schedule of Lease Payments Past Due

The following table presents an aging analysis of lease payments owed to us and classified as past due as of September 30, 2020.


(in millions)	September 30, 2020
1-29 days	$	1.3
30-59 days	0.5
60-89 days	0.3
90 days or greater	0.4
Total past due	$	2.5

Schedule of Sales-type Lease Income

The table below provides additional information on our sales-type leases.


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2020		2019		2020		2019
Revenue	$	50.8	$	50.9	$	150.2	$	159.8
Cost of goods sold	(45.8)		(46.8)		(135.5)		(144.0)
Operating profit	$	5.0	$	4.1	$	14.7	$	15.8

Interest income on lease receivable	$	6.5	$	7.0	$	19.7	$	20.4

Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table summarizes our revenues by type of service.


	Three Months Ended September 30,				Nine Months Ended September 30,
Disaggregated Revenues (in millions)	2020		2019		2020		2019
Transportation	$	1,036.5	$	1,093.9	$	3,015.9	$	3,297.7
Logistics management	41.3		32.3		102.2		120.1
Other	57.9		57.7		169.5		172.9
Total operating revenues	$	1,135.7	$	1,183.9	$	3,287.6	$	3,590.7

Remaining Performance Obligations

The following table provides information for transactions and expected timing of revenue recognition related to performance obligations that are fixed in nature and pertain to contracts with terms greater than one year as of the date shown.


Remaining Performance Obligations (in millions)	September 30, 2020
Expected to be recognized within one year
Transportation	$	14.9
Logistics management	10.9
Expected to be recognized after one year
Transportation	52.2
Logistics management	13.1
Total	$	91.1

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, 2020		December 31, 2019
Other current assets - Contract assets	$	28.5	$	17.6
Other current liabilities - Contract liabilities	0.6		—

Recurring Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

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 basis in accordance with ASC 820.


		Fair Value
(in millions)	Level in Fair Value Hierarchy	September 30, 2020		December 31, 2019
Marketable securities (1)	2	$	45.6	$	48.3

(1)Marketable securities 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 and are, therefore, classified as Level 2 in the fair value hierarchy. We measure our marketable securities on a recurring, monthly basis. See Note 6, Investments, for additional information on the fair value of our marketable securities.

Investments (Tables)

9 Months Ended

Sep. 30, 2020

Debt Securities, Available-for-sale [Abstract]

Schedule of Marketable Securities

The following table presents the maturities and values of our marketable securities as of the dates shown.


	September 30, 2020					December 31, 2019
(in millions, except maturities in months)	Maturities	Amortized Cost		Fair Value		Amortized Cost		Fair Value
U.S. treasury and government agencies	6 to 94	$	13.7	$	13.8	$	16.5	$	17.0
Asset-backed securities	—	—		—		0.1		0.1
Corporate debt securities	11 to 84	20.3		21.1		15.1		15.4
State and municipal bonds	17 to 66	10.4		10.7		11.6		11.8
Other U.S. and non-U.S. government bonds	—	—		—		4.0		4.0
Total marketable securities		$	44.4	$	45.6	$	47.3	$	48.3

Goodwill (Tables)

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Carrying Amount of Goodwill

The following table shows changes to our goodwill balances by reportable segment during the period ended September 30, 2020.


(in millions)	Truckload		Logistics		Other		Total
Balance at December 31, 2019	$	103.6	$	14.2	$	9.7	$	127.5

Foreign currency translation gain	—		—		0.2		0.2
Balance at September 30, 2020	$	103.6	$	14.2	$	9.9	$	127.7

Debt and Credit Facilities (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Summary of Debt

As of September 30, 2020 and December 31, 2019, debt included the following:


(in millions)	September 30, 2020		December 31, 2019
Unsecured senior notes: principal payable at maturities ranging from 2021 through 2025; interest payable in semiannual installments through the same timeframe; weighted-average interest rate of 3.62% and 3.42% for 2020 and 2019, respectively.	$	305.0	$	360.0

Current maturities	—		(55.0)
Debt issuance costs	(0.2)		(0.4)
Long-term debt	$	304.8	$	304.6

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Common Equity (Tables)

9 Months Ended

Sep. 30, 2020

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, 2020 and 2019.


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions, except per share data)	2020		2019		2020		2019
Numerator:
Net income available to common shareholders	$	44.5	$	19.7	$	134.8	$	91.1

Denominator:
Weighted average common shares outstanding	177.3		177.1		177.2		177.1
Dilutive effect of share-based awards and options outstanding	0.3		0.2		0.3		0.2
Weighted average diluted common shares outstanding (1)	177.7		177.3		177.5		177.3

Basic earnings per common share	$	0.25	$	0.11	$	0.76	$	0.51
Diluted earnings per common share	0.25		0.11		0.76		0.51

(1)Weighted average diluted common shares outstanding may not sum due to rounding.

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Summary of Segment Reporting Information

The following tables summarize our segment information. Intersegment revenues were immaterial for all segments, with the exception of Other, which includes revenues from insurance premiums charged to other segments for workers’ compensation, auto, and other types of insurance. Intersegment revenues included in Other revenues below were $11.9 million and $20.8 million for the three months ended September 30, 2020 and 2019, respectively, and $59.1 million and $66.8 million for the nine months ended September 30, 2020 and 2019, respectively.


Revenues by Segment	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2020		2019		2020		2019
Truckload	$	460.2	$	515.6	$	1,380.7	$	1,582.3
Intermodal	248.4		249.2		705.4		746.6
Logistics	284.4		236.1		754.9		707.0
Other	85.5		94.3		274.7		290.0
Fuel surcharge	73.0		114.2		244.7		350.2
Inter-segment eliminations	(15.8)		(25.5)		(72.8)		(85.4)
Operating revenues	$	1,135.7	$	1,183.9	$	3,287.6	$	3,590.7


Income (Loss) from Operations by Segment	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2020		2019		2020		2019
Truckload	$	45.6	$	(12.5)	$	122.7	$	18.6
Intermodal	23.0		25.1		50.3		75.5
Logistics	9.1		9.9		21.5		29.4
Other	(14.4)		6.5		(12.9)		6.2
Income from operations	$	63.3	$	29.0	$	181.6	$	129.7


Depreciation and Amortization Expense by Segment	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2020		2019		2020		2019
Truckload	$	53.6	$	53.2	$	157.1	$	161.5
Intermodal	11.9		11.3		34.4		33.2
Logistics	0.1		0.2		0.1		0.5
Other	8.6		9.4		24.7		27.2
Depreciation and amortization expense	$	74.2	$	74.1	$	216.3	$	222.4

Restructuring (Tables)

9 Months Ended

Sep. 30, 2020

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Activity

The activity associated with the shutdown is presented separately on the consolidated statements of comprehensive income within restructuring—net and is summarized below on a cumulative basis since July 29, 2019. Restructuring activity for the three and nine months ended September 30, 2020 was not material.


(in millions)	Cumulative
Impairment charges and losses on asset disposals—net	$	45.5
Receivable write-downs—net	3.1
Other costs	14.6
Total restructuring—net	$	63.2

Schedule of Restructuring Reserve

As of September 30, 2020 and December 31, 2019, FTFM restructuring liabilities were classified as current liabilities on the consolidated balance sheets as follows:


(in millions)	Restructuring Liabilities
Balance at December 31, 2018	$	—
Restructuring—net	13.7
Cash payments	(8.6)
Balance at December 31, 2019	5.1
Restructuring—net	0.9
Cash payments	(1.5)
Balance at September 30, 2020	$	4.5

Trade Accounts Receivable and Allowance - Trade Accounts Receivables Allowance for Doubtful Accounts Rollforward (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Financing Receivable, Allowance for Credit Loss
Balance at beginning of period	$ 1.4	$ 0.9
Charges to expense	0.1	1.2
Write-offs	(0.6)	(1.3)
Recoveries	0.2	0.3
Balance at end of period	$ 1.1	$ 1.1

Leases - Narrative (Details)	Sep. 30, 2020
Minimum
Leases
Terms of sales-type lease	1 year
Maximum
Leases
Terms of sales-type lease	5 years

Leases - Schedule of Lease Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Leases [Abstract]
Operating cash flows from operating leases	$ 26.3	$ 26.7
Operating cash flows from finance leases	0.1	0.2
Financing cash flows from finance leases	0.5	2.0
Right-of-use assets obtained in exchange for new operating lease liability	21.6	20.6
Right-of-use assets obtained in exchange for new finance lease liability	$ 0.8	$ 0.0

Leases - Summary of Investment in Lease Receivables (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Leases [Abstract]
Future minimum payments to be received on leases	$ 144.5	$ 135.0
Guaranteed residual lease values	105.6	126.6
Total minimum lease payments to be received	250.1	261.6
Unearned income	(34.8)	(30.7)
Net investment in leases	215.3	230.9
Current maturities of lease receivables	97.6	122.1
Allowance for doubtful accounts	(0.9)	(0.6)
Current portion of lease receivables—net of allowance	96.7	121.5
Lease receivables—noncurrent	$ 118.6	$ 109.4

Leases - Schedule of Net Investment in Leases by Credit Quality Indicator (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Sales-type Lease, Net Investment in Lease, Credit Quality Indicator
Net investment in leases	$ 215.3	$ 230.9
Greater than $3,000 past due
Sales-type Lease, Net Investment in Lease, Credit Quality Indicator
Net investment in leases - 2020 lease origination year	3.5
Net investment in leases - 2019 lease origination year	1.7
Net investment in leases - 2018 lease origination year	0.9
Net investment in leases - 2017 lease origination year	0.0
Net investment in leases - 2016 lease origination year	0.0
Net investment in leases - 2015 and prior lease origination year	0.0
Net investment in leases	6.1
Between $2,999 and $1,500 past due
Sales-type Lease, Net Investment in Lease, Credit Quality Indicator
Net investment in leases - 2020 lease origination year	4.9
Net investment in leases - 2019 lease origination year	2.1
Net investment in leases - 2018 lease origination year	1.3
Net investment in leases - 2017 lease origination year	0.5
Net investment in leases - 2016 lease origination year	0.0
Net investment in leases - 2015 and prior lease origination year	0.0
Net investment in leases	8.8
Less than $1,499 past due
Sales-type Lease, Net Investment in Lease, Credit Quality Indicator
Net investment in leases - 2020 lease origination year	14.9
Net investment in leases - 2019 lease origination year	7.1
Net investment in leases - 2018 lease origination year	3.4
Net investment in leases - 2017 lease origination year	1.0
Net investment in leases - 2016 lease origination year	0.1
Net investment in leases - 2015 and prior lease origination year	0.1
Net investment in leases	26.6
Total past due
Sales-type Lease, Net Investment in Lease, Credit Quality Indicator
Net investment in leases - 2020 lease origination year	23.3
Net investment in leases - 2019 lease origination year	10.9
Net investment in leases - 2018 lease origination year	5.6
Net investment in leases - 2017 lease origination year	1.5
Net investment in leases - 2016 lease origination year	0.1
Net investment in leases - 2015 and prior lease origination year	0.1
Net investment in leases	$ 41.5

Leases - Schedule of Lease Payments Past Due (Details) $ in Millions	Sep. 30, 2020 USD ($)
Sales-type lease
Lease payments past due	$ 2.5
1 to 29 days
Sales-type lease
Lease payments past due	1.3
30 to 59 days
Sales-type lease
Lease payments past due	0.5
60 to 89 days
Sales-type lease
Lease payments past due	0.3
90 days or greater
Sales-type lease
Lease payments past due	$ 0.4

Leases - Schedule of Sales-type Lease Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Leases [Abstract]
Revenue	$ 50.8	$ 50.9	$ 150.2	$ 159.8
Cost of goods sold	(45.8)	(46.8)	(135.5)	(144.0)
Operating profit	5.0	4.1	14.7	15.8
Interest income on lease receivable	$ 6.5	$ 7.0	$ 19.7	$ 20.4

Revenue Recognition Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue
Operating revenues	$ 1,135.7	$ 1,183.9	$ 3,287.6	$ 3,590.7
Transportation
Disaggregation of Revenue
Operating revenues	1,036.5	1,093.9	3,015.9	3,297.7
Logistics Management
Disaggregation of Revenue
Operating revenues	41.3	32.3	102.2	120.1
Other
Disaggregation of Revenue
Operating revenues	$ 57.9	$ 57.7	$ 169.5	$ 172.9

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Subparagraph (a)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

+ Details

Revenue Recognition Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Details) $ in Millions	Sep. 30, 2020 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Remaining Performance Obligation	$ 91.1
Expected to be recognized within one year \| Transportation
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Remaining Performance Obligation	14.9
Expected to be recognized within one year \| Logistics Management
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Remaining Performance Obligation	10.9
Expected to be recognized after one year \| Transportation
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Remaining Performance Obligation	52.2
Expected to be recognized after one year \| Logistics Management
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Remaining Performance Obligation	$ 13.1

Revenue Recognition Contract with Customer, Asset and Liability (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Contract assets	$ 28.5	$ 17.6
Contract liabilities	$ 0.6	$ 0.0

Fair Value Recurring Fair Value Measurements (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Recurring fair value measurements \| Level 2 inputs
Fair Value, Assets and Liabilities Measured on Recurring Basis
Fair value of marketable securities	$ 45.6	$ 48.3

Fair Value Debt Portfolio (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Level 2 inputs
Debt Instrument
Fair value of debt	$ 318.7	$ 368.5
Unsecured Senior Notes
Debt Instrument
Total principal outstanding	$ 305.0	$ 360.0

Investments - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Investments - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2019	Sep. 30, 2020
Available for Sale Debt Securities
Credit loss allowance		$ 0
Other-than-temporary impairment loss	$ 0

Investments - Schedule of Marketable Securities (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Available for Sale Debt Securities
Amortized cost	$ 44.4	$ 47.3
Fair value	45.6	48.3
U.S. treasury and government agencies
Available for Sale Debt Securities
Amortized cost	13.7	16.5
Asset-backed securities
Available for Sale Debt Securities
Amortized cost	0.0	0.1
Corporate debt securities
Available for Sale Debt Securities
Amortized cost	20.3	15.1
State and municipal bonds
Available for Sale Debt Securities
Amortized cost	10.4	11.6
Other U.S. and non-U.S. government bonds
Available for Sale Debt Securities
Amortized cost	0.0	4.0
Current Asset \| U.S. treasury and government agencies
Available for Sale Debt Securities
Fair value	13.8	17.0
Current Asset \| Asset-backed securities
Available for Sale Debt Securities
Fair value	0.0	0.1
Current Asset \| Corporate debt securities
Available for Sale Debt Securities
Fair value	21.1	15.4
Current Asset \| State and municipal bonds
Available for Sale Debt Securities
Fair value	10.7	11.8
Current Asset \| Other U.S. and non-U.S. government bonds
Available for Sale Debt Securities
Fair value	$ 0.0	$ 4.0
Minimum \| U.S. treasury and government agencies
Available for Sale Debt Securities
Maturity date	Mar. 31, 2021
Minimum \| Corporate debt securities
Available for Sale Debt Securities
Maturity date	Aug. 15, 2021
Minimum \| State and municipal bonds
Available for Sale Debt Securities
Maturity date	Feb. 01, 2022
Maximum \| U.S. treasury and government agencies
Available for Sale Debt Securities
Maturity date	Jul. 21, 2028
Maximum \| Corporate debt securities
Available for Sale Debt Securities
Maturity date	Sep. 15, 2027
Maximum \| State and municipal bonds
Available for Sale Debt Securities
Maturity date	Mar. 01, 2026

Investments - Investment in Platform Science, Inc. (Details) - Platform Science, Inc. - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Dec. 31, 2019
Other Investments
Gain on interest in investment	$ 0.0	$ 8.8
Value of ownership interest in investment	$ 12.3	$ 12.3	$ 3.5
Ownership interest in investment	12.60%	12.60%

Investments - Investment in Mastery Logistics (Details) - Mastery Logistics - USD ($) $ in Millions	Oct. 14, 2020	Sep. 30, 2020
Other Investments
Value of ownership interest in investment		$ 5.0
Ownership interest in investment		5.30%
Subsequent Event
Other Investments
Investment in equity security	$ 5.0
Value of ownership interest in investment	$ 10.0
Ownership interest in investment	10.10%

Goodwill - Schedule of Changes in Carrying Amount of Goodwill (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020 USD ($)
Goodwill
Beginning balance	$ 127.5
Foreign currency translation gain	0.2
Ending balance	127.7
Truckload
Goodwill
Beginning balance	103.6
Foreign currency translation gain	0.0
Ending balance	103.6
Logistics
Goodwill
Beginning balance	14.2
Foreign currency translation gain	0.0
Ending balance	14.2
Other
Goodwill
Beginning balance	9.7
Foreign currency translation gain	0.2
Ending balance	$ 9.9

Goodwill - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Accumulated goodwill impairment charge	$ 42.6	$ 42.6

Debt and Credit Facilities - Summary of Debt (Details) - Unsecured Senior Notes - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument
Frequency of payments	semiannual	semiannual
Weighted-average interest rate	3.62%	3.42%
Total principal outstanding	$ 305.0	$ 360.0
Current maturities	0.0	(55.0)
Debt issuance costs	(0.2)	(0.4)
Long-term debt	$ 304.8	$ 304.6
Maximum
Debt Instrument
Maturity year	2025	2025
Minimum
Debt Instrument
Maturity year	2021

Debt and Credit Facilities - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Credit Facility
Debt Instrument
Maximum borrowing capacity	$ 250.0
Potential increase amount	150.0
Potential maximum borrowing capacity	$ 400.0
Expiration date	Aug. 06, 2023
Outstanding borrowings	$ 0.0	$ 0.0
Credit Facility \| Standby Letters of Credit
Debt Instrument
Maximum borrowing capacity	100.0
Standby letters of credit	3.9	3.8
Receivables Purchase Agreement
Debt Instrument
Maximum borrowing capacity	$ 200.0
Expiration date	Sep. 03, 2021
Outstanding borrowings	$ 0.0	0.0
Receivables Purchase Agreement \| Standby Letters of Credit
Debt Instrument
Standby letters of credit	$ 70.3	$ 70.3

Income Taxes - Additional Information (Details)	3 Months Ended		9 Months Ended
Income Taxes - Additional Information (Details)	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Effective income tax rate	26.00%	26.20%	25.60%	25.30%

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, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Basic earnings per common share
Net income available to common shareholders	$ 44.5	$ 46.5	$ 43.8	$ 19.7	$ 34.5	$ 36.9	$ 134.8	$ 91.1
Weighted average common shares outstanding	177.3			177.1			177.2	177.1
Basic earnings per common share	$ 0.25			$ 0.11			$ 0.76	$ 0.51
Diluted earnings per common share
Dilutive effect of share-based awards and options outstanding	0.3			0.2			0.3	0.2
Weighted average diluted shares outstanding	177.7			177.3			177.5	177.3
Diluted earnings per common share	$ 0.25			$ 0.11			$ 0.76	$ 0.51

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1448-109256

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22595-107794

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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=120380238&loc=d3e4984-109258

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Common Equity - Additional Information (Details) - $ / shares		3 Months Ended
	Oct. 26, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Class A Common Shares
Class of Stock
Dividends declared per share		$ 0.065	$ 0.065	$ 0.065	$ 0.06	$ 0.06	$ 0.06
Class A Common Shares \| Subsequent Event \| Special Dividend Declared
Class of Stock
Dividends declared per share	$ 2.00
Class A Common Shares \| Subsequent Event \| Quarterly Dividend Declared
Class of Stock
Dividends declared per share	0.065
Class B Common Stock
Class of Stock
Dividends declared per share		$ 0.065	$ 0.065	$ 0.065	$ 0.06	$ 0.06	$ 0.06
Class B Common Stock \| Subsequent Event \| Special Dividend Declared
Class of Stock
Dividends declared per share	2.00
Class B Common Stock \| Subsequent Event \| Quarterly Dividend Declared
Class of Stock
Dividends declared per share	$ 0.065

Share-based Compensation Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Share-based compensation expense (benefit)	$ 1,900,000	$ (2,400,000)	$ 4,400,000	$ 0
Pre-tax unrecognized compensation cost	$ 15,300,000		$ 15,300,000
Unrecognized compensation cost, period for recognition	2 years 7 months 6 days

Commitments and Contingencies - Additional Information (Details) $ in Millions	3 Months Ended
	Sep. 30, 2020 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Commitments to purchase transportation equipment	$ 139.1
Loss Contingencies
Litigation settlement expense	13.1
WSL \| Maximum
Loss Contingencies
Loss contingency estimate	40.0
WSL \| Minimum
Loss Contingencies
Loss contingency estimate	$ 0.0

Segment Reporting - Additional Information (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($) Segment	Sep. 30, 2019 USD ($)
Segment Reporting Information
Number of reportable segments \| Segment			3
Operating revenues	$ 1,135.7	$ 1,183.9	$ 3,287.6	$ 3,590.7
Other
Segment Reporting Information
Operating revenues	85.5	94.3	274.7	290.0
Other \| Other Insurance
Segment Reporting Information
Operating revenues	$ 11.9	$ 20.8	$ 59.1	$ 66.8

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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Segment Reporting - Revenue by Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information
Operating revenues	$ 1,135.7	$ 1,183.9	$ 3,287.6	$ 3,590.7
Intersegment Eliminations
Segment Reporting Information
Operating revenues	(15.8)	(25.5)	(72.8)	(85.4)
Truckload
Segment Reporting Information
Revenues (excluding fuel charge by segment)	460.2	515.6	1,380.7	1,582.3
Intermodal
Segment Reporting Information
Revenues (excluding fuel charge by segment)	248.4	249.2	705.4	746.6
Logistics
Segment Reporting Information
Revenues (excluding fuel charge by segment)	284.4	236.1	754.9	707.0
Other
Segment Reporting Information
Operating revenues	85.5	94.3	274.7	290.0
Fuel Surcharge
Segment Reporting Information
Operating revenues	$ 73.0	$ 114.2	$ 244.7	$ 350.2

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Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

+ Details

Segment Reporting - Income From Operations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information
Income from operations	$ 63.3	$ 29.0	$ 181.6	$ 129.7
Truckload
Segment Reporting Information
Income from operations	45.6	(12.5)	122.7	18.6
Intermodal
Segment Reporting Information
Income from operations	23.0	25.1	50.3	75.5
Logistics
Segment Reporting Information
Income from operations	9.1	9.9	21.5	29.4
Other
Segment Reporting Information
Income from operations	$ (14.4)	$ 6.5	$ (12.9)	$ 6.2

Segment Reporting - Depreciation and Amortization Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information
Depreciation and amortization	$ 74.2	$ 74.1	$ 216.3	$ 222.4
Truckload
Segment Reporting Information
Depreciation and amortization	53.6	53.2	157.1	161.5
Intermodal
Segment Reporting Information
Depreciation and amortization	11.9	11.3	34.4	33.2
Logistics
Segment Reporting Information
Depreciation and amortization	0.1	0.2	0.1	0.5
Other
Segment Reporting Information
Depreciation and amortization	$ 8.6	$ 9.4	$ 24.7	$ 27.2

Restructuring - Narrative (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended	9 Months Ended
Restructuring - Narrative (Details) - USD ($) $ in Millions	Aug. 31, 2019	Jul. 31, 2019	Sep. 30, 2019	Sep. 30, 2019	Sep. 30, 2020	Dec. 31, 2019
Restructuring Activity
Restructuring, initiation date		Jul. 29, 2019
Restructuring, completion date	Aug. 31, 2019
FTFM pre-tax losses			$ 8.9	$ 34.2
Truckload
Restructuring Activity
Assets held-for-sale					$ 23.5	$ 63.5
FTFM service offering shutdown
Restructuring Activity
Assets held-for-sale					$ 14.0	$ 33.4

Restructuring - Schedule of Restructuring Activity (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended	14 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Sep. 30, 2020
Restructuring Activity
Restructuring—net	$ 0.5	$ 50.4	$ (0.5)	$ 50.4
Truckload
Restructuring Activity
Restructuring—net						$ 63.2
Truckload \| Impairment charges and losses on asset disposals—net
Restructuring Activity
Restructuring—net						45.5
Truckload \| Receivables write-downs—net
Restructuring Activity
Restructuring—net						3.1
Truckload \| Other costs
Restructuring Activity
Restructuring—net			$ 0.9		$ 13.7	$ 14.6

Restructuring - Schedule of Restructuring Reserve (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended	14 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Sep. 30, 2020	Dec. 31, 2018
Restructuring Activity
Restructuring—net	$ 0.5	$ 50.4	$ (0.5)	$ 50.4
Cash payments			(1.5)		$ (8.6)
Restructuring reserve	$ 4.5		4.5		5.1	$ 4.5	$ 0.0
Truckload
Restructuring Activity
Restructuring—net						63.2
Truckload \| Impairment charges and losses on asset disposals—net
Restructuring Activity
Restructuring—net						45.5
Truckload \| Receivables write-downs—net
Restructuring Activity
Restructuring—net						3.1
Truckload \| Other costs
Restructuring Activity
Restructuring—net			$ 0.9		$ 13.7	$ 14.6