Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Dec. 31, 2019 |
Dec. 31, 2018 |
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Trade allowance | $ 3.4 | $ 6.8 |
Allowance for lease receivables | $ 0.6 | $ 0.5 |
Class A Common Shares | ||
Common stock, par value (usd per share) | $ 0 | $ 0 |
Common stock, shares authorized (shares) | 250,000,000 | 250,000,000 |
Common stock, shares issued (shares) | 83,029,500 | 83,029,500 |
Common stock, shares outstanding (shares) | 83,029,500 | 83,029,500 |
Class B Common Stock | ||
Common stock, par value (usd per share) | $ 0 | $ 0 |
Common stock, shares authorized (shares) | 750,000,000 | 750,000,000 |
Common stock, shares issued (shares) | 94,837,673 | 94,593,588 |
Common stock, shares outstanding (shares) | 94,088,025 | 93,969,268 |
Consolidated Statements Shareholders' Equity (Parenthetical) - $ / shares |
12 Months Ended | ||
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Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
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Statement of Stockholders' Equity [Abstract] | |||
Dividends declared per share | $ 0.24 | $ 0.24 | $ 0.20 |
Summary of Significant Accounting Policies |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations We are a leading transportation and logistics services company providing a broad portfolio of premier truckload, intermodal, and logistics solutions and operating one of the largest for-hire trucking fleets in North America. Principles of Consolidation and Basis of Presentation Our consolidated financial statements have been prepared in conformity with GAAP and include all of our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates We make estimates and assumptions that affect assets, liabilities, the disclosure of contingent liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these estimates. Cash and Cash Equivalents Cash in excess of current operating requirements is invested in short-term, highly liquid investments. We consider all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. Receivables and Allowance for Doubtful Accounts Our trade accounts receivable and lease receivables are recorded net of an allowance for uncollectible accounts and revenue adjustments. The allowance is based on historical experience and an aging analysis, as well as any known trends or uncertainties related to customer billing and account collectability. The adequacy of our allowance is reviewed at least quarterly. Receivables are reserved when it is probable that amounts related to the receivable will not be collected. In circumstances where we are aware of a specific customer's inability to meet its financial obligations, a specific reserve is recorded against amounts due to reduce the net receivable to the amount reasonably expected to be collected. Bad debt expense is included in other general expenses in the consolidated statements of comprehensive income. Inventory Our inventories consist of tractors and trailing equipment owned by our equipment leasing company to be sold or leased to independent contractors, as well as parts, tires, supplies, and fuel. These inventories are valued at the lower of cost or market using specific identification or average cost. The following table shows the components of our inventory balances as of December 31:
Investments in Marketable Securities Our marketable securities are classified as available-for-sale and carried at fair value in current assets on the consolidated balance sheets. Our portfolio of securities has maturities ranging from 3 months to 82 months. While our intent is to hold our securities to maturity, sudden changes in the market or to our liquidity needs may cause us to sell certain securities in advance of their maturity date. Any unrealized gains and losses, net of tax, are included as a component of accumulated other comprehensive income on our consolidated balance sheets, unless we determine that an unrealized loss is other-than-temporary. If we determine that an unrealized loss is other-than-temporary, we recognize the loss in earnings. Cost basis is determined using the specific identification method. Fair Value Fair value focuses on 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. Property and Equipment Property and equipment are recorded at cost. Depreciation is calculated using the straight-line method based on the estimated useful lives and residual values. Generally, the estimated useful lives are as follows:
Salvage values, when applicable, generally don't exceed 25% of original cost for tractors and trailing equipment and reflect any agreements with tractor suppliers for residual or trade-in values for certain new equipment. Long-lived assets require an impairment review when events or circumstances indicate that the carrying amount may not be recoverable. We base our evaluation of other long-lived assets on the presence of impairment indicators such as the future economic benefit of the assets, any historical or future profitability measurements, and other external market conditions or factors. The carrying amount of tangible long-lived assets held and used is considered not recoverable if the carrying amount exceeds the undiscounted sum of cash flows expected to result from the use and eventual disposition of the asset. If the carrying amount is not recoverable, the impairment loss is measured as the excess of the asset's carrying amount over its fair value. Gains and losses on the sale or other disposition of equipment are based on the difference between the proceeds received less costs to sell and the net book value of the assets disposed. Gains and losses are recognized at the time of the sale or disposition and are classified in operating supplies and expenses in the consolidated statements of comprehensive income. Assets Held for Sale Assets held for sale consist of revenue equipment and are included in prepaid expenses and other current assets in the consolidated balance sheets. Reclassification to assets held for sale occurs when the required criteria, as defined by ASC 360, Property, Plant and Equipment, are satisfied. Assets held for sale are evaluated for impairment when transferred to held for sale status or as impairment indicators are present. The carrying amount of assets held for sale is not recoverable if the carrying amount exceeds the fair value less estimated costs to sell the asset. An impairment loss is recorded for the excess of the asset’s carrying amount over the fair value less estimated costs to sell. Impairment losses are recorded in operating supplies and expenses in the consolidated statements of comprehensive income. For the year ended December 31, 2019, total impairment losses were $42.4 million, which included a $28.1 million impairment related to the shutdown of our FTFM service offering and an $11.5 million impairment related to a bulk sale of tractors. Impairment losses for the years ended December 31, 2018 and 2017 were $0.3 million and $1.4 million, respectively. As of December 31, 2019 and 2018, assets held for sale, net of impairment, by segment were as follows:
Goodwill and Other Intangible Assets Goodwill and other intangible assets with indefinite lives are tested for impairment annually in October, or more frequently if impairment indicators exist. Intangible assets with definite lives are reviewed for impairment if impairment indicators are present and at least annually. The carrying amount of a reporting unit's goodwill is considered not recoverable, and an impairment loss is recorded if the carrying amount of the reporting unit exceeds the reporting unit's fair value, as determined based on the combination of an income approach and a market approach. See Note 6, Goodwill and Other Intangible Assets, for more information on our goodwill and other intangible assets. Revenue Recognition Through December 31, 2017, we recorded transportation revenue at the time of delivery. Beginning in 2018, we implemented ASU 2014-09, Revenue from Contracts with Customers, which is codified as ASC 606 and replaces ASC 605, Revenue Recognition. With the adoption of ASC 606, we began recognizing revenue during the delivery period based on relative transit time in each reporting period, with expenses recognized as incurred. Accordingly, a portion of the total revenue that will be billed to the customer once a load is delivered is recognized in each reporting period based on the percentage of the freight pickup and delivery service that has been completed at the end of the reporting period. See Note 2, Revenue Recognition, for more information on the adoption of ASC 606. When we use third-party carriers, we generally record revenues on the gross basis at amounts charged to our customers because we are the primary obligor, we are a principal in the transaction, we invoice our customers and retain all credit risks, and we maintain discretion over pricing. Additionally, we are responsible for selection of third-party transportation providers to the extent used to satisfy customer freight requirements. We record revenues net of pass-through taxes in our consolidated statements of comprehensive income. For the years ended December 31, 2019 and 2018, no customer accounted for more than 10% of our consolidated revenues. We had one customer who accounted for slightly more than 10% of our consolidated revenues in 2017. Income Taxes Income taxes are accounted for under the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as income or expense in the period that includes the enactment date. We record valuation allowances for deferred tax assets to the extent we believe these assets are not more likely than not to be realized through the reversal of existing taxable temporary differences, projected future taxable income, or tax-planning strategies. We record a liability for unrecognized tax benefits when the benefits of tax positions taken on a tax return are not more likely than not to be sustained upon audit. Interest and penalties related to uncertain tax positions are classified as income tax expense in the consolidated statements of comprehensive income. Earnings Per Share We compute basic earnings per share by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the reporting period. Diluted earnings per share reflect the potential dilution that could occur if holders of unvested restricted and performance share units or options exercised or converted their holdings into common stock. Awards that would have an antidilutive impact are excluded from the calculation and have been deemed immaterial. As disclosed in Note 3, IPO, our IPO of shares of Class B Common Stock was effective in April 2017. In connection with the offering, we subsequently sold additional shares of common stock. Share-based Compensation We have share-based compensation plans covering certain employees, including officers and directors. We account for share-based compensation using the fair value recognition provisions of current accounting standards for share-based payments. We grant restricted share units, restricted shares, performance share units, performance shares, and nonqualified stock options. We recognize compensation expense over the requisite service periods within each award. See Note 13, Share-Based Compensation, for more information about our plans. Claims Accruals We are self-insured for loss of and damage to our owned and leased revenue equipment. We purchase insurance coverage for a portion of expenses related to employee injuries, vehicular accidents, and cargo damage. Certain insurance arrangements include a level of self-insurance (deductible) coverage applicable to each claim. We have excess policies to limit our exposure to catastrophic claim costs. The amounts of self-insurance change from time to time based on measurement dates, policy expiration dates, and claim type. Our claims accrual policy for all self-insured claims is to recognize a liability at the time of the incident based on our analysis of the nature and severity of the claims and analyses provided by third-party claims administrators, as well as legal, economic, and regulatory factors. The ultimate cost of a claim develops over time as additional information regarding the nature, timing, and extent of damages claimed becomes available. Accordingly, we use an actuarial method to develop current claim information to derive an estimate of our ultimate claim liability. This process involves the use of loss-development factors based on our historical claims experience and includes a contractual premium adjustment factor, if applicable. In doing so, the recorded liability considers future claims growth and provides an allowance for incurred-but-not-reported claims. We do not discount our estimated losses. At December 31, 2019 and 2018, we had an accrual of $143.5 million and $156.0 million, respectively, for estimated claims net of reinsurance receivables. In addition, we are required to pay certain advanced deposits and monthly premiums. At December 31, 2019 and 2018, we had an aggregate prepaid insurance asset of $8.1 million and $9.2 million, respectively, which represented prefunded premiums and deposits. Accounting Standards Issued but Not Yet Adopted In August 2018, the FASB issued ASU 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which 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. ASU 2018-15 was effective for us as of January 1, 2020. We adopted this standard on a prospective basis, and it did not have a material impact on our consolidated financial statements or disclosures. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments, which required companies to use a forward-looking, expected loss model to estimate credit losses on various types of financial assets and net investments in leases. It also required additional disclosures related to credit quality of trade and other receivables, including information related to management’s estimate of credit allowances. In November 2018, this was further updated with the issuance of ASU 2018-19, which excluded receivables from operating leases from the scope. We adopted this standard on January 1, 2020 for our available-for-sale debt securities, net investment in leases, contract assets, trade accounts receivable, and reinsurance receivables and it did not have a material impact on our consolidated financial statements.
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Revenue Recognition | REVENUE RECOGNITION We implemented ASU 2014-09, Revenue from Contracts with Customers, which is codified as ASC 606 as of January 1, 2018 and replaced ASC 605, Revenue Recognition. We used the modified retrospective approach for adoption, which required us to record the cumulative effect of the transition through retained earnings as of January 1, 2018. Retained earnings increased by $7.3 million upon adoption. The adjustment related only to contracts that were not completed as of January 1, 2018. The following tables show the amount by which financial statement lines were affected by the adoption of the new standard. The changes relate to the recognition of transportation revenue over time rather than at delivery, as explained below under the Transportation heading.
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, and each type of service is further described below.
Transportation Transportation revenues relate to the Truckload and Intermodal reportable segments, as well as to our brokerage business, which is included in the Logistics reportable segment. In the Transportation portfolio, our service obligation to customers is satisfied over time. We do not believe there is a significant impact on the nature, amount, timing, and uncertainty of revenue or cash flows based on the mode of transportation. The economic factors that impact our transportation revenue are generally consistent across these modes given the relatively short-term nature of each contract. For the majority of our transportation business, the “contract with a customer” is identified as an individual order under a negotiated agreement. Some consideration is variable in that a final transaction price is uncertain and is susceptible to factors outside of the Company's influence, such as the weather or the accumulation of accessorial charges. Pricing information is supplied by the rate schedules that accompany negotiated contracts. Transportation orders are short-term in nature and generally have terms of significantly less than one year. They do not include significant financing components. A small portion of revenues in our transportation business relate to fixed payments in our Truckload segment. These payments are due regardless of volumes, and in these arrangements, the master agreement rather than the individual order may be considered the “contract.” See the Remaining Performance Obligations table below for more information on fixed payments. Prior to the adoption of ASC 606, we recognized revenue from transportation services when we completed our obligation to the customer, upon delivery. In accordance with ASC 606, we now recognize revenue over the period transportation services are provided to the customer, including service performed as of the end of the reporting period for loads currently in transit, in order to recognize the value that is transferred to a customer over the course of the transportation service. We determine revenue in transit using the input method, under which revenue is recognized based on time lapsed from the departure date (start of transportation services) to the arrival date (completion of transportation services). Measurement of revenue in transit requires the application of significant judgment. We calculate the estimated percentage of an order's transit time that is complete at period end, and we apply that percentage of completion to the order's estimated revenue. In certain transportation arrangements, an unrelated party contributes a specified service to our customer. For example, we contract with third-party carriers to perform transportation services on behalf of our customers in our brokerage business, and we use third-party rail carriers in our Intermodal segment. In situations that include the contributions of third parties, we act as principal in the arrangement, and, accordingly, we recognize gross revenues from these transactions. Logistics Management Logistics Management revenues relate to our Supply Chain Management and Import/Export Services operating segments, both of which are included in our Logistics reportable segment. Within this portfolio, the key service we provide to the customer is management of freight shipping and/or storage. The “contracts” in our Logistics Management portfolio are the negotiated agreements, which contain both fixed and variable components. The variability of revenues is driven by volumes and transactions, which are known as of an invoice date. See the Remaining Performance Obligations table below for additional information. Supply Chain Management and Import/Export Services contracts typically have terms that extend beyond one year, and they do not include financing components. Prior to the adoption of ASC 606, we recognized revenue under these contracts over time, based on pricing terms within the arrangements. Our recognition model remains the same under the new standard, as we have elected to use the right to invoice practical expedient, which reflects the fact that a customer obtains the benefit associated with logistics services as they are provided (output method). In our Supply Chain Management business, we subcontract third parties to perform a portion of the services. We are responsible for ensuring the services are performed and that they are acceptable to the customer, and we are, therefore, considered to be the principal in these arrangements. Other Other revenues relate to activities that are out of scope for purposes of ASC 606, including our leasing and captive insurance businesses. Quantitative Disclosure The following table provides information related to transactions and expected timing of revenue recognition related to performance obligations that are fixed in nature and relate to contracts with terms greater than one year as of date shown:
This disclosure 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.
We generally receive payment within 40 days of completion of performance obligations. Contract assets in the table above relate to revenue in transit at the end of the reporting period. Contract liabilities relate to amounts that customers paid in advance of the associated service. For certain of our contracts, we incur upfront costs to fulfill the master agreement, including driver recruiting and equipment relocation, that are capitalized and amortized straight-line over the master contract term, which has been deemed to be the period of benefit. These costs usually relate to dedicated transportation arrangements. The following table presents the amounts capitalized for contract fulfillment costs as of the dates shown.
Amortization of capitalized contract fulfillment costs was as shown:
Impairment losses on capitalized contract fulfillment costs for the periods ended December 31, 2019 and December 31, 2018 were immaterial. Practical Expedients We elected to use the following practical expedients that are available under ASC 606: (i) not to adjust the promised amount of consideration for the effects of a significant financing component when we expect, at contract inception, that the period between our transfer of a promised service to a customer and when the customer pays for that service will be one year or less; (ii) to apply the new revenue standard to a portfolio of contracts (or performance obligations) with similar characteristics, as we reasonably expect that the effects on the consolidated financial statements of applying this guidance to the portfolio would not differ materially from applying this guidance to the individual contracts (or performance obligations) within that portfolio; and (iii) to recognize revenue in the Logistics Management portfolio in the amount of consideration to which we have a right to invoice, that corresponds directly with the value to the customer of the service completed to date.
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Fair Value | FAIR VALUE The Company early adopted ASU 2018-13, Fair Value Measurement (Topic 820): Disclosures Framework - Changes to the Disclosure Requirements for Fair Value Measurement in the fourth quarter of 2019. This ASU removes, modifies, and adds to existing fair value measurement disclosure requirements. As a result, the Company removed its disclosures surrounding transfers between Level 1 and Level 2 fair value instruments and added additional disclosures of the range and weighted average of significant unobservable inputs used to determine the fair value of Level 3 measurements. The table below sets forth the Company’s financial assets and liabilities that are measured at fair value on a recurring basis in accordance with ASC 820.
The fair value of the Company's debt was $368.5 million and $398.4 million as of December 31, 2019 and December 31, 2018, respectively. The carrying value of the Company's debt was $360.0 million and $405.0 million as of December 31, 2019 and December 31, 2018, 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. We measure non-financial assets such as goodwill, intangible assets, assets held for sale, and other long-lived assets at fair value when there is an indicator of impairment and only when we recognize an impairment loss. The table below sets forth the Company’s financial assets that were measured at fair value on a non-recurring basis during 2019.
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Investments |
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Investments Schedule [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | INVESTMENTS Marketable Securities The following table presents the values of our marketable securities as of the dates shown:
Gross realized gains and losses on marketable securities were not material for the years ended December 31, 2019, 2018, and 2017. Net unrealized gains on marketable securities, net of tax, were $1.1 million for the year ended December 31, 2019. Net unrealized losses and gains were not material for the years ended December 31, 2018, and 2017, respectively. We did not have any other-than-temporary impairments for the years ended December 31, 2019, 2018, and 2017. Ownership Interest in Platform Science, Inc. In 2018, we acquired a 30% ownership interest in PSI in exchange for granting PSI a non-exclusive license to our proprietary telematics mobile software that was developed to enable driver productivity and ensure regulatory compliance. Our ownership interest in PSI 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. The fair value of the ownership interest as of December 31, 2018 was determined to be $3.5 million through an independent valuation and is recorded in other income in the consolidated statements of comprehensive income. As of December 31, 2019, there have been no transactions that would indicate that the value of our ownership interest in PSI changed.
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Goodwill and Other Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill represents the excess of the purchase price of our acquisitions over the fair value of the identifiable net assets acquired. The following table shows changes to our goodwill balances by segment during the years ended December 31, 2019 and December 31, 2018.
At December 31, 2019 and 2018, we had accumulated goodwill impairment charges of $42.6 million and $8.0 million, respectively. Goodwill is tested for impairment at least annually using the discounted cash flow, guideline public company, and guideline merged and acquired company methods to calculate the fair values of our reporting units. Key inputs used in the discounted cash flow approach include growth rates for sales and operating profit, perpetuity growth assumptions, and discount rates. As interest rates rise, the calculated fair values of our reporting units will decrease, which could impact the results of our goodwill impairment tests. In the fourth quarter of 2018, annual impairment tests were performed on all four of our reporting units with goodwill. As a result of the testing performed, an impairment loss of $2.0 million was recorded for our Asia reporting unit as the discounted cash flows expected to be generated by this reporting unit were not sufficient to recover its carrying value. During the second quarter of 2019, a triggering event occurred as results from our FTFM reporting unit continued to be less than projected, despite sustained investments and operational changes designed to improve efficiencies. Because of this triggering event, an impairment test was performed for the FTFM reporting unit. As a result of the testing performed, an impairment loss of $34.6 million was recorded for our FTFM reporting unit as the discounted cash flows expected to be generated by this reporting unit were not sufficient to recover its carrying value. This represented all of the goodwill related to the FTFM reporting unit. In the fourth quarter of 2019, annual impairment tests were performed on all three of our remaining reporting units with goodwill. No impairments resulted from these tests. The identifiable intangible assets other than goodwill listed below are included in capitalized software and other noncurrent assets on the consolidated balance sheets.
As part of the shutdown of our FTFM service offering in 2019, we wrote-off the gross carrying amount of the customer lists and trade name obtained through the WSL acquisition. An impairment charge of $6.5 million was recorded for the unamortized value of the customer lists within the Truckload segment. The impairment charge is included in the consolidated statements of comprehensive income within restructuring charges. Refer to Note 18, Restructuring Charges, for additional details. Amortization expense for intangible assets was $0.7 million, $1.4 million and $1.5 million for the years ended December 31, 2019, 2018, and 2017, respectively. Accumulated amortization in the table above includes foreign currency translation related to a customer list.
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Debt and Credit Facilities |
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Debt and Credit Facilities | DEBT AND CREDIT FACILITIES As of December 31, 2019 and 2018, debt included the following:
Scheduled principal payments of debt subsequent to December 31, 2019 are as follows:
Our Credit Agreement (the “2018 Credit Facility”) provides borrowing capacity of $250.0 million and allows us to request an increase in total commitment by 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 December 31, 2019 or 2018. Standby letters of credit under this agreement amounted to $3.8 million and $3.9 million at December 31, 2019 and 2018, 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 December 31, 2019 or 2018. At December 31, 2019 and 2018, standby letters of credit under this agreement amounted to $70.3 million and $65.3 million, respectively, and were primarily related to the requirements of certain of our insurance obligations. The credit agreements contain various financial and other covenants, including required minimum consolidated net worth, consolidated net debt, limitations on indebtedness, transactions with affiliates, shareholder debt, and restricted payments. The credit agreements and senior notes contain change of control provisions pursuant to which a change of control is defined to mean the Schneider family no longer owns more than 50% of the combined voting power of our capital shares. A change of control event causes an immediate termination of unused commitments under the credit agreements and requires repayment of all outstanding borrowings plus accrued interest and fees. The senior notes require us to provide notice to the note holders offering prepayment of the outstanding principal along with interest accrued to the date of prepayment. The prepayment date is required to be within 20 to 60 days from the date of notice. At December 31, 2019, the Company was in compliance with all financial covenants.
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Leases |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance Leases | LEASES We adopted ASU 2016-02, Leases, which is codified in ASC 842, as of January 1, 2019. We elected the optional transition method as part of utilizing the modified retrospective approach in applying the new lease standard and have recognized right-of-use assets and lease liabilities as of January 1, 2019. Prior period amounts were not adjusted and will continue to be reported under ASC 840. Adoption of the new standard resulted in the initial recording of right-of-use lease assets and related lease liabilities of $80.6 million and $85.2 million, respectively. As of December 31, 2019, right-of-use lease assets and related lease liabilities were $75.5 million and $82.6 million, respectively. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of the future lease payments over the term. Schneider's incremental borrowing rates are used as the discount rates for leases and are determined based on U.S. Treasury rates plus an applicable margin to arrive at all-in rates. Schneider uses multiple discount rates based on lease terms, functional currency, and other economic factors. The operating lease right-of-use asset also includes accrued lease expense resulting from the straight-line accounting under prior accounting methods, which is now being amortized over the remaining life of the lease. In addition, we elected the package of practical expedients provided under the guidance. The practical expedient package applies to leases that commenced prior to adoption of the new standard and permits companies not to reassess whether existing or expired contracts are or contain a lease, the lease classification, and any initial direct costs for any existing leases. We also elected the practical expedient related to land easements, allowing us to carry forward the accounting treatment of our existing agreements for land easements, none of which were material as of January 1, 2019. 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 relate almost entirely to office equipment. A majority of our leases include an option to extend the lease, and a small number of our leases include an option to early terminate the lease, which may include a termination payment. If we are reasonably certain to exercise an option to extend a lease, the extension period is included as part of the right-of-use asset and lease liability. For our real estate leases, we have elected to apply the recognition requirement to leases of twelve months or less, therefore, an operating lease right-of-use asset and liability will be recognized for all these leases. For our equipment leases, we have elected to not apply the recognition requirements to leases of twelve months or less. These leases will be expensed on a straight-line basis and no operating lease right-of-use asset or liability will be recorded. We have also elected to not separate the different components within the contract for our leases; therefore, all fixed costs associated with the lease are included in the right-of-use asset and the operating lease liability. This often relates to the requirement for us to pay a proportionate share of real estate taxes, insurance, common area maintenance, and other operating costs in addition to a base or fixed rent. Some of our leases have variable payment amounts, and the variable portions of those payments are excluded from the right-of-use asset and the lease liability. At the inception of our contracts we determine if the contract is or contains a lease. A contract is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. None of our leases contain restrictions or covenants that restrict us from incurring other financial obligations. The following table presents our net lease costs for the year ended December 31, 2019:
As of December 31, 2019, remaining lease terms and discount rates under operating and finance leases were as follows:
Other information related to our leases is as follows:
Operating lease right-of-use assets, current operating lease liabilities, and noncurrent operating lease liabilities are included in capitalized software and other noncurrent assets, other current liabilities, and other noncurrent liabilities, respectively, in the consolidated balance sheet as of December 31, 2019. For the year ended December 31, 2019, total operating lease right-of-use lease asset impairment losses were $4.1 million, of which $3.8 million related to the shutdown of our FTFM service offering. For further details on the impairment losses recorded refer to Note 18, Restructuring Charges. At December 31, 2019, future lease payments under operating and finance leases were as follows:
For certain of our real estate leases, there are options contained within the lease agreement to extend beyond the initial lease term. The Company recognizes options as right-of-use assets and lease liabilities when deemed reasonably certain to be exercised. Future operating lease payments at December 31, 2019 include $11.0 million related to options to extend lease terms that we are reasonably certain to exercise. Under ASC 840, future minimum lease payments as of December 31, 2018 were as follows:
As of December 31, 2019, we had additional leases that had not yet commenced of $9.5 million. These leases will commence in 2020 and have lease terms of one year to eight years. The consolidated balance sheets include right-of-use assets acquired under finance leases as components of property and equipment as of December 31, 2019 and January 1, 2019, as follows:
Transportation equipment is being amortized to the estimated residual value by the end of the lease. Real and other property under finance leases are being amortized to a zero net book value over the initial lease term. 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 are accounted for as sales-type leases with fully guaranteed residual values. At the inception of the contracts, we determine if the contract is or contains a lease. A contract is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. With the adoption of ASC 842, all leases for which we are the lessor meet the definition of sales-type leases. In addition, as required under ASC 842, all cash flows from lease receipts are classified as operating activities on the consolidated statement of cash flows beginning January 1, 2019. We previously presented all cash flows from lease receipts as investing activities. As of December 31, 2019 and January 1, 2019, the investment in lease receivables was as follows:
The amounts to be received on lease receivables as of December 31, 2019 were as follows:
Leases are generally placed on nonaccrual status (nonaccrual of interest and other fees) when a payment becomes 90 days past due or upon receipt of notification of bankruptcy, upon the death of a customer, or in other instances in which management concludes collectability is not reasonably assured. The accrual of interest and other fees is resumed when all payments are less than 60 days past due. At December 31, 2019 and 2018, there were $0.4 million and $0.3 million of lease payments greater than 90 days past due, respectively. 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 any anticipated proceeds from the sale or re-lease of the asset supporting the third party’s financial obligation is not realized. Repossession and estimated reconditioning costs are recorded in the consolidated statements of comprehensive income in the period incurred. Our lease payments primarily include base rentals and guaranteed residual values. In addition, we also collect one-time administrative fees and heavy vehicle use tax on our leases. We have elected to not separate the different components within the contract as the administrative fees were not material for the year ended December 31, 2019. We have also elected to exclude all taxes assessed by a governmental authority from the consideration (e.g., heavy vehicle use tax). All of our leases require fixed payments, therefore we have no variable payment provisions. 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 is estimated to approximate the fair value of the equipment. Equipment is leased under sales-type leases where the lessees guarantee the residual value of the equipment. The table below provides additional information on our sales-type leases.
The amounts to be received on lease receivables as of December 31, 2018 under ASC 840 were as follows:
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Operating Leases | LEASES We adopted ASU 2016-02, Leases, which is codified in ASC 842, as of January 1, 2019. We elected the optional transition method as part of utilizing the modified retrospective approach in applying the new lease standard and have recognized right-of-use assets and lease liabilities as of January 1, 2019. Prior period amounts were not adjusted and will continue to be reported under ASC 840. Adoption of the new standard resulted in the initial recording of right-of-use lease assets and related lease liabilities of $80.6 million and $85.2 million, respectively. As of December 31, 2019, right-of-use lease assets and related lease liabilities were $75.5 million and $82.6 million, respectively. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of the future lease payments over the term. Schneider's incremental borrowing rates are used as the discount rates for leases and are determined based on U.S. Treasury rates plus an applicable margin to arrive at all-in rates. Schneider uses multiple discount rates based on lease terms, functional currency, and other economic factors. The operating lease right-of-use asset also includes accrued lease expense resulting from the straight-line accounting under prior accounting methods, which is now being amortized over the remaining life of the lease. In addition, we elected the package of practical expedients provided under the guidance. The practical expedient package applies to leases that commenced prior to adoption of the new standard and permits companies not to reassess whether existing or expired contracts are or contain a lease, the lease classification, and any initial direct costs for any existing leases. We also elected the practical expedient related to land easements, allowing us to carry forward the accounting treatment of our existing agreements for land easements, none of which were material as of January 1, 2019. 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 relate almost entirely to office equipment. A majority of our leases include an option to extend the lease, and a small number of our leases include an option to early terminate the lease, which may include a termination payment. If we are reasonably certain to exercise an option to extend a lease, the extension period is included as part of the right-of-use asset and lease liability. For our real estate leases, we have elected to apply the recognition requirement to leases of twelve months or less, therefore, an operating lease right-of-use asset and liability will be recognized for all these leases. For our equipment leases, we have elected to not apply the recognition requirements to leases of twelve months or less. These leases will be expensed on a straight-line basis and no operating lease right-of-use asset or liability will be recorded. We have also elected to not separate the different components within the contract for our leases; therefore, all fixed costs associated with the lease are included in the right-of-use asset and the operating lease liability. This often relates to the requirement for us to pay a proportionate share of real estate taxes, insurance, common area maintenance, and other operating costs in addition to a base or fixed rent. Some of our leases have variable payment amounts, and the variable portions of those payments are excluded from the right-of-use asset and the lease liability. At the inception of our contracts we determine if the contract is or contains a lease. A contract is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. None of our leases contain restrictions or covenants that restrict us from incurring other financial obligations. The following table presents our net lease costs for the year ended December 31, 2019:
As of December 31, 2019, remaining lease terms and discount rates under operating and finance leases were as follows:
Other information related to our leases is as follows:
Operating lease right-of-use assets, current operating lease liabilities, and noncurrent operating lease liabilities are included in capitalized software and other noncurrent assets, other current liabilities, and other noncurrent liabilities, respectively, in the consolidated balance sheet as of December 31, 2019. For the year ended December 31, 2019, total operating lease right-of-use lease asset impairment losses were $4.1 million, of which $3.8 million related to the shutdown of our FTFM service offering. For further details on the impairment losses recorded refer to Note 18, Restructuring Charges. At December 31, 2019, future lease payments under operating and finance leases were as follows:
For certain of our real estate leases, there are options contained within the lease agreement to extend beyond the initial lease term. The Company recognizes options as right-of-use assets and lease liabilities when deemed reasonably certain to be exercised. Future operating lease payments at December 31, 2019 include $11.0 million related to options to extend lease terms that we are reasonably certain to exercise. Under ASC 840, future minimum lease payments as of December 31, 2018 were as follows:
As of December 31, 2019, we had additional leases that had not yet commenced of $9.5 million. These leases will commence in 2020 and have lease terms of one year to eight years. The consolidated balance sheets include right-of-use assets acquired under finance leases as components of property and equipment as of December 31, 2019 and January 1, 2019, as follows:
Transportation equipment is being amortized to the estimated residual value by the end of the lease. Real and other property under finance leases are being amortized to a zero net book value over the initial lease term. 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 are accounted for as sales-type leases with fully guaranteed residual values. At the inception of the contracts, we determine if the contract is or contains a lease. A contract is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. With the adoption of ASC 842, all leases for which we are the lessor meet the definition of sales-type leases. In addition, as required under ASC 842, all cash flows from lease receipts are classified as operating activities on the consolidated statement of cash flows beginning January 1, 2019. We previously presented all cash flows from lease receipts as investing activities. As of December 31, 2019 and January 1, 2019, the investment in lease receivables was as follows:
The amounts to be received on lease receivables as of December 31, 2019 were as follows:
Leases are generally placed on nonaccrual status (nonaccrual of interest and other fees) when a payment becomes 90 days past due or upon receipt of notification of bankruptcy, upon the death of a customer, or in other instances in which management concludes collectability is not reasonably assured. The accrual of interest and other fees is resumed when all payments are less than 60 days past due. At December 31, 2019 and 2018, there were $0.4 million and $0.3 million of lease payments greater than 90 days past due, respectively. 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 any anticipated proceeds from the sale or re-lease of the asset supporting the third party’s financial obligation is not realized. Repossession and estimated reconditioning costs are recorded in the consolidated statements of comprehensive income in the period incurred. Our lease payments primarily include base rentals and guaranteed residual values. In addition, we also collect one-time administrative fees and heavy vehicle use tax on our leases. We have elected to not separate the different components within the contract as the administrative fees were not material for the year ended December 31, 2019. We have also elected to exclude all taxes assessed by a governmental authority from the consideration (e.g., heavy vehicle use tax). All of our leases require fixed payments, therefore we have no variable payment provisions. 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 is estimated to approximate the fair value of the equipment. Equipment is leased under sales-type leases where the lessees guarantee the residual value of the equipment. The table below provides additional information on our sales-type leases.
The amounts to be received on lease receivables as of December 31, 2018 under ASC 840 were as follows:
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Sales-type Leases | LEASES We adopted ASU 2016-02, Leases, which is codified in ASC 842, as of January 1, 2019. We elected the optional transition method as part of utilizing the modified retrospective approach in applying the new lease standard and have recognized right-of-use assets and lease liabilities as of January 1, 2019. Prior period amounts were not adjusted and will continue to be reported under ASC 840. Adoption of the new standard resulted in the initial recording of right-of-use lease assets and related lease liabilities of $80.6 million and $85.2 million, respectively. As of December 31, 2019, right-of-use lease assets and related lease liabilities were $75.5 million and $82.6 million, respectively. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of the future lease payments over the term. Schneider's incremental borrowing rates are used as the discount rates for leases and are determined based on U.S. Treasury rates plus an applicable margin to arrive at all-in rates. Schneider uses multiple discount rates based on lease terms, functional currency, and other economic factors. The operating lease right-of-use asset also includes accrued lease expense resulting from the straight-line accounting under prior accounting methods, which is now being amortized over the remaining life of the lease. In addition, we elected the package of practical expedients provided under the guidance. The practical expedient package applies to leases that commenced prior to adoption of the new standard and permits companies not to reassess whether existing or expired contracts are or contain a lease, the lease classification, and any initial direct costs for any existing leases. We also elected the practical expedient related to land easements, allowing us to carry forward the accounting treatment of our existing agreements for land easements, none of which were material as of January 1, 2019. 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 relate almost entirely to office equipment. A majority of our leases include an option to extend the lease, and a small number of our leases include an option to early terminate the lease, which may include a termination payment. If we are reasonably certain to exercise an option to extend a lease, the extension period is included as part of the right-of-use asset and lease liability. For our real estate leases, we have elected to apply the recognition requirement to leases of twelve months or less, therefore, an operating lease right-of-use asset and liability will be recognized for all these leases. For our equipment leases, we have elected to not apply the recognition requirements to leases of twelve months or less. These leases will be expensed on a straight-line basis and no operating lease right-of-use asset or liability will be recorded. We have also elected to not separate the different components within the contract for our leases; therefore, all fixed costs associated with the lease are included in the right-of-use asset and the operating lease liability. This often relates to the requirement for us to pay a proportionate share of real estate taxes, insurance, common area maintenance, and other operating costs in addition to a base or fixed rent. Some of our leases have variable payment amounts, and the variable portions of those payments are excluded from the right-of-use asset and the lease liability. At the inception of our contracts we determine if the contract is or contains a lease. A contract is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. None of our leases contain restrictions or covenants that restrict us from incurring other financial obligations. The following table presents our net lease costs for the year ended December 31, 2019:
As of December 31, 2019, remaining lease terms and discount rates under operating and finance leases were as follows:
Other information related to our leases is as follows:
Operating lease right-of-use assets, current operating lease liabilities, and noncurrent operating lease liabilities are included in capitalized software and other noncurrent assets, other current liabilities, and other noncurrent liabilities, respectively, in the consolidated balance sheet as of December 31, 2019. For the year ended December 31, 2019, total operating lease right-of-use lease asset impairment losses were $4.1 million, of which $3.8 million related to the shutdown of our FTFM service offering. For further details on the impairment losses recorded refer to Note 18, Restructuring Charges. At December 31, 2019, future lease payments under operating and finance leases were as follows:
For certain of our real estate leases, there are options contained within the lease agreement to extend beyond the initial lease term. The Company recognizes options as right-of-use assets and lease liabilities when deemed reasonably certain to be exercised. Future operating lease payments at December 31, 2019 include $11.0 million related to options to extend lease terms that we are reasonably certain to exercise. Under ASC 840, future minimum lease payments as of December 31, 2018 were as follows:
As of December 31, 2019, we had additional leases that had not yet commenced of $9.5 million. These leases will commence in 2020 and have lease terms of one year to eight years. The consolidated balance sheets include right-of-use assets acquired under finance leases as components of property and equipment as of December 31, 2019 and January 1, 2019, as follows:
Transportation equipment is being amortized to the estimated residual value by the end of the lease. Real and other property under finance leases are being amortized to a zero net book value over the initial lease term. 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 are accounted for as sales-type leases with fully guaranteed residual values. At the inception of the contracts, we determine if the contract is or contains a lease. A contract is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. With the adoption of ASC 842, all leases for which we are the lessor meet the definition of sales-type leases. In addition, as required under ASC 842, all cash flows from lease receipts are classified as operating activities on the consolidated statement of cash flows beginning January 1, 2019. We previously presented all cash flows from lease receipts as investing activities. As of December 31, 2019 and January 1, 2019, the investment in lease receivables was as follows:
The amounts to be received on lease receivables as of December 31, 2019 were as follows:
Leases are generally placed on nonaccrual status (nonaccrual of interest and other fees) when a payment becomes 90 days past due or upon receipt of notification of bankruptcy, upon the death of a customer, or in other instances in which management concludes collectability is not reasonably assured. The accrual of interest and other fees is resumed when all payments are less than 60 days past due. At December 31, 2019 and 2018, there were $0.4 million and $0.3 million of lease payments greater than 90 days past due, respectively. 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 any anticipated proceeds from the sale or re-lease of the asset supporting the third party’s financial obligation is not realized. Repossession and estimated reconditioning costs are recorded in the consolidated statements of comprehensive income in the period incurred. Our lease payments primarily include base rentals and guaranteed residual values. In addition, we also collect one-time administrative fees and heavy vehicle use tax on our leases. We have elected to not separate the different components within the contract as the administrative fees were not material for the year ended December 31, 2019. We have also elected to exclude all taxes assessed by a governmental authority from the consideration (e.g., heavy vehicle use tax). All of our leases require fixed payments, therefore we have no variable payment provisions. 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 is estimated to approximate the fair value of the equipment. Equipment is leased under sales-type leases where the lessees guarantee the residual value of the equipment. The table below provides additional information on our sales-type leases.
The amounts to be received on lease receivables as of December 31, 2018 under ASC 840 were as follows:
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | INCOME TAXES On December 22, 2017, the Tax Cuts and Jobs Act (the “Act”) was signed into law. In accordance with GAAP, the effects of this legislation were recognized in 2017 upon enactment. The primary impact of the Act for us related to the reduction of the Federal corporate income tax rate from 35% to 21% beginning in 2018. At December 31, 2017, our previously recorded deferred tax assets and liabilities were remeasured to reflect the 21% rate at which these assets and liabilities would be realized in future periods. The net change in deferred taxes was recorded through our provision for income taxes. The components of the provision for (benefit from) income taxes for the years ended December 31, 2019, 2018, and 2017, were as follows:
Foreign operations of the Company are insignificant in relation to our overall operating results. The provision for income taxes for the years ended December 31, 2019, 2018, and 2017 differed from the amounts computed using the federal statutory rates in effect of 21% for December 31, 2019 and 2018 and 35% for December 31, 2017, as follows:
The components of the net deferred tax liability included in deferred income taxes in the consolidated balance sheets as of December 31, 2019 and 2018, were as follows:
Unrecognized Tax Benefits Our unrecognized tax benefits as of December 31, 2019 would reduce the provision for income taxes if subsequently recognized. Potential interest and penalties related to unrecognized tax benefits are recorded in income tax expense. Interest and penalties recorded in income tax expense for the years ended December 31, 2019, 2018, and 2017 were immaterial. Accrued interest and penalties for such unrecognized tax benefits as of December 31, 2019 and 2018 were $2.1 million and $1.4 million, respectively. We expect no significant increases or decreases for unrecognized tax benefits during the twelve months immediately following the December 31, 2019 reporting date. As of December 31, 2019, 2018, and 2017, a reconciliation of the beginning and ending amount of unrecognized tax benefits, which is recorded as other noncurrent liabilities in the consolidated balance sheets, is as follows:
Tax Examinations We file a U.S. federal income tax return, as well as income tax returns in a majority of state tax jurisdictions. We also file returns in foreign jurisdictions. The years 2016, 2017, and 2018 are open for examination by the Internal Revenue Service (“IRS”), and various years are open for examination by state and foreign tax authorities. In September 2019, the statute for 2015 expired. State and foreign jurisdictional statutes of limitations generally range from three to four years. Carryforwards As of December 31, 2019, we had $213.7 million of state net operating loss carryforwards which are subject to expiration from 2020 to 2040. We also had state credit carryforwards of $0.1 million, which are subject to expiration from 2020 to 2027, and no capital loss carryforwards. The deferred tax assets related to carryforwards at December 31, 2019 were $12.6 million for state net operating loss carryforwards and $0.1 million for state credit carryforwards. Carryforwards are reviewed for recoverability based on historical taxable income, the expected reversals of existing temporary differences, tax-planning strategies, and projections of future taxable income. At December 31, 2019, we carried a total valuation allowance of $2.0 million against state deferred tax assets.
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Temporary Equity |
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Temporary Equity Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Temporary Equity | TEMPORARY EQUITY Prior to our IPO in April 2017, our Class A and Class B Common Stock was considered redeemable under GAAP because of certain repurchase rights granted to our shareholders pursuant to the Schneider National, Inc. Employee Stock Purchase Plan and certain agreements governing ownership of our common stock held by existing shareholders, including members of the Schneider family and their family trusts. As a result, all vested Class A and Class B common shares were recorded as temporary equity (redeemable common shares) on the consolidated balance sheets at their redemption value as of the respective balance sheet dates. Accumulated earnings on the consolidated balance sheets were adjusted for the changes during the period in the current redemption value of vested Class A and Class B redeemable common shares. All contractual redemption features were removed at the time of the IPO. As a consequence, all outstanding shares of Class A and Class B Common Stock ceased to be considered temporary equity and were reclassified to Shareholders’ Equity, including the associated balances of accumulated earnings and accumulated other comprehensive income. As the common shares have no par value, the amounts recorded in temporary equity for the share redemption value were recorded to additional paid-in capital within Shareholders’ Equity upon the transfer. The following table shows changes to temporary equity during the year ended December 31, 2017.
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Common Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity | COMMON EQUITY On March 21, 2017, the Board declared pro rata share dividends entitling each holder of our Class A and Class B common stock outstanding as of March 21, 2017 to receive 29 shares of Class A or Class B common stock for each share of Class A or Class B common stock held by the shareholder. The share dividend was accounted for as a 30-for-1 stock split and is retroactively reflected in these consolidated financial statements. All share redemption provisions mentioned in Note 10, Temporary Equity, were removed effective with the IPO of Class B common shares in April 2017. Therefore, all Class A and Class B common shares were reclassified from temporary equity to permanent equity as of April 2017. Prior to the IPO, restricted share awards that were not yet vested and held for more than 180 days were classified as liabilities at their redemption values, taking into consideration the portion of the requisite service that had been provided as of the reporting date. At the IPO date, these unvested shares were reclassified to equity. Earnings Per Share As disclosed in Note 3, IPO, our IPO of shares of Class B Common Stock was effective in April 2017. In connection with the offering, we sold additional shares of common stock.
The calculation of diluted earnings per share for the twelve months ended December 31, 2019 excluded an immaterial amount of share-based compensation awards that had an anti-dilutive effect. Subsequent Event - Dividends Declared In January 2020, our Board of Directors declared a quarterly cash dividend for the first fiscal quarter of 2020 in the amount of $0.065 per share to holders of our Class A and Class B common stock. The dividend is payable to shareholders of record at the close of business on March 13, 2020 and is expected to be paid on April 8, 2020.
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Employee Benefit Plans |
12 Months Ended |
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Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS We sponsor defined contribution plans for certain eligible employees. Under these plans, annual contribution levels, as defined in the plan agreements, are based upon years of service. Expense under these plans totaled $10.1 million, $12.0 million, and $11.2 million in 2019, 2018, and 2017, respectively, and is classified in salaries, wages, and benefits in the consolidated statements of comprehensive income. We also have a savings plan, organized pursuant to Section 401(k) of the Internal Revenue Code, to provide employees with additional income upon retirement. Under the terms of the plan, substantially all employees may contribute a percentage of their annual compensation, as defined, to the plan. We make contributions to the plan, up to a maximum amount per employee, based upon a percentage of employee contributions. Our net expense under this plan was $11.8 million, $12.1 million, and $10.7 million in 2019, 2018, and 2017, respectively.
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Share-based Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation | SHARE-BASED COMPENSATION We 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. Prior to our IPO, we granted restricted shares of Class B Common Stock. The pre-IPO restricted shares were accounted for as equity awards and paid out in shares. We account for our restricted shares, RSUs, performance shares, PSUs, and non-qualified stock options granted as equity awards in accordance with the applicable accounting standards for these types of share-based payments. These standards require that the cost of the awards be recognized in our consolidated financial statements based on the grant date fair value of those awards. This cost is recognized over the period for which an employee is required to provide service in exchange for the award, subject to the attainment of performance metrics established for performance-based restricted shares and PSUs. Share-based compensation expense is recorded in salaries, wages, and benefits in our consolidated statements of comprehensive income, along with other compensation expenses to employees. The following table summarizes the components of our share-based compensation program expense:
As of December 31, 2019, we had $9.0 million of pre-tax unrecognized compensation cost related to outstanding share-based compensation awards that is expected to be recognized over a weighted-average period of 2.7 years. Restricted Shares and RSUs Under the Plan, the majority of the restricted shares and RSUs granted from 2017 to 2019 vest ratably over a period of four years, with the first 25% of the grant vesting approximately one year after the date of grant, subject to continued employment through the vesting date or retirement eligibility. Dividend equivalents equal to dividends paid on our common shares during the vesting period are tracked and accumulated for each restricted share and RSU. The dividend equivalents are forfeitable and are distributed to participants in cash consistent with the date the awards vest. A portion of the restricted shares relate to a one-time 2018 grant, which vests 50% after a period of five years, with the remaining 50% vesting after a period of six years after the grant date, subject to continued employment through the vesting date. Dividend equivalents equal to dividends paid on our common shares during the vesting period are tracked and accumulated for each restricted share. The dividend equivalents are distributed to participants in cash consistent with the date the awards vest.
Prior to our IPO, we granted restricted shares of Class B Common Stock. Shares included in the pre-IPO restricted share grants vested ratably over a period of three years, with the final tranche vesting in January of 2019. Cash dividends were not paid on the unvested pre-IPO restricted shares, nor did they accumulate during the vesting period.
Performance Shares and PSUs Performance shares and PSUs include a performance period of three years with vesting based on attainment of threshold performance of earnings and return on capital targets. These awards cliff-vest after a performance period of three years, subject to continued employment through the vesting date or retirement eligibility, and payout ranges from 0%-200% for PSUs and from 0%-100% for performance shares. Dividend equivalents equal to dividends paid on our common shares during the vesting period are tracked and accumulated for each award. The dividend equivalents are forfeitable and are distributed to participants in cash consistent with the date the awards vest.
Nonqualified Stock Options The options granted under the Plan have an exercise price equal to the fair market value of the underlying stock at the date of grant and vest ratably over a period of four years, with the first 25% of the grant becoming exercisable approximately one year after the date of grant. The options expire ten years from the date of grant.
We estimated the grant date fair value of option awards using the Black-Scholes option pricing model. The Black-Scholes option valuation model uses assumptions over the expected term of the options. We used volatility analysis of comparable companies to determine the expected volatility of the stock. We used market data to estimate option exercise and employee termination within the valuation model. The expected term of options granted was based on the average of the contractual term and the weighted average of the vesting term, and it represents the average period of time that options granted are expected to be outstanding. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. Assumptions used in calculating the Black-Scholes value of options granted during 2019, 2018, and 2017 were as follows:
Director Share Awards and Deferred Stock Units Equity awards are granted to each director annually on the date of our annual shareholder meeting, prospectively for the year of service following the annual shareholder meeting and will vest on the earlier of (1) the one-year anniversary of the grant date or (2) the following year's shareholder meeting, subject to continued service. Any director who joins our Board mid-year will receive a pro-rata portion of equity-based compensation for service during the balance of the director's service year, which will vest on the date of the next annual meeting. We account for the annual director share awards as equity based in accordance with applicable accounting standards for these types of share-based payments. We also grant equity retainer awards, or shares in lieu of cash, on a quarterly basis to our non-employee directors. These awards consist of fully vested shares of our Class B Common Stock or deferred stock units (“DSUs”) that are granted in arrears on the first business day following a quarter close. The number of shares or DSUs granted each quarter is determined by dividing the quarterly retainer amount by the fair market value of the shares of common stock as of the grant date. We account for the quarterly director share awards and DSUs as liability based in accordance with the applicable accounting standards for these types of share-based payments and remeasure the DSUs at the end of each reporting period through settlement. Expense related to our director equity and liability based awards was immaterial in 2019, 2018, and 2017.
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Other Long-Term Incentive Compensation |
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Dec. 31, 2019 | |
Compensation Related Costs [Abstract] | |
Other Long-Term Incentive Compensation | OTHER LONG-TERM INCENTIVE COMPENSATION We maintain legacy long-term cash incentive compensation plans. The total (benefit) expense recognized for the plans that include executives was $(2.0) million in 2019, $11.2 million in 2018, and $10.8 million in 2017. Under the 2011 Omnibus Long-term Incentive Plan (the “LTIP”), performance-based Long-Term Cash Awards (“Cash Plan Awards”) and service-based Stock Appreciation Rights (“SARs”) were granted to eligible employees, including our executive officers. Our Board of Directors originally adopted and approved the LTIP on February 7, 2011 and approved an amended and restated LTIP on November 8, 2011 and December 31, 2012. Payout on our Cash Plan Awards, which were granted annually from 2013-2016, is contingent on attainment of two pre-established performance metrics, measured over a period of five years: compounded net income growth (determined on the basis of GAAP with adjustments for significant, nonrecurring items approved by the Compensation Committee of the Board of Directors) and return on capital (“ROC”). While each grant is expressed as a fixed dollar amount, the actual amount earned may range from 0% to 250% of target for superior performance. The awards cliff-vest after three years, with payout occurring after completion of the performance period of five years, subject to compliance with certain restrictive covenants. Vested awards are paid out 90 days following completion of the performance period, or on a subsequent deferral date elected by the executive pursuant to our 2005 Supplemental Savings Plan. The liability for the Cash Plan Awards was $6.3 million and $22.7 million at December 31, 2019 and 2018, respectively. SARs awards, which were granted in 2011 and 2012, became 100% vested on the date provided in the applicable award agreement (a vesting period of three years). Vested SARs were to be paid on March 1 of the fifth year following the year of such grant (or as soon as practicable thereafter, but in no event later than June 1) or will be paid out on a subsequent deferral date elected by the participant (or within 90 days following a termination of employment or change in control, if earlier, subject to Internal Revenue Code Section 409A). Until payment, SARs will continue to appreciate (or depreciate) with changes in book value of outstanding common shares of company stock. The value of the SARs upon payment will equal the excess, if any, of the book value of a common share on the date of payment over the grant price set forth in the applicable award agreement, multiplied by the number of vested SARs, subject to the discretion of the Compensation Committee. As of December 31, 2019, 1.0 million SARs units were outstanding. The liability for the SARs awards was $4.8 million and $9.0 million at December 31, 2019 and 2018, respectively. Under the 2005 Schneider National, Inc. Long-Term Incentive Plan (the “2005 LTIP”), awards of cash-settled retention credits were granted to eligible employees, including certain of our named executive officers. Our Board of Directors adopted and approved the 2005 LTIP effective January 1, 2005. The retention credits are mandatorily deferred time-based cash credits which typically vest in 20% increments over a period of five years based on continued employment. Vested retention credits are paid out in March following the second anniversary of the date of the employee’s termination of employment, provided the employee has not violated the terms of their restrictive covenant agreements. The liability for the retention credits was $8.6 million at each of the years ended December 31, 2019 and 2018.
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Commitments and Contingencies |
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Dec. 31, 2019 | |
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 accruals based on our best estimate of expected losses. The primary claims arising for the Company consist of accident-related claims for personal injury, collision, and comprehensive compensation, in addition to workers' compensation and cargo liability claims. We maintain insurance with licensed insurance carriers above the amounts in 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 it is possible that our claims accruals will change based on future developments, we do not believe these changes will be material to our results of operations considering our insurance coverage and other factors. At December 31, 2019, our firm commitments to purchase transportation equipment totaled approximately $278.2 million. |
Segment Reporting |
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Segment Reporting | SEGMENT REPORTING We have three reportable segments – Truckload, Intermodal, and Logistics – which are based primarily on the services each segment provides. As of December 31, 2017, our operating segments within the Truckload reportable segment were VTL, Dedicated, and Bulk. During 2018, we reorganized the structure of the Truckload reportable segment, separating FTFM into its own operating segment and moving the remaining business that was previously under the Dedicated operating segment into the VTL operating segment. This resulted in the Truckload reportable segment consisting of three operating segments (VTL, FTFM, and Bulk) as of December 31, 2018. On July 29, 2019 the Board of Directors approved a structured shutdown of our FTFM service offering, which was included within our FTFM operating segment. As the shutdown of the FTFM service offering is complete, there are only two remaining operating segments within the Truckload reportable segment, VTL and Bulk, that are aggregated because they have similar economic characteristics and meet the other aggregation criteria described in ASC 280. VTL delivers truckload quantities over irregular routes using dry van trailers. Bulk transports key inputs to manufacturing processes, such as specialty chemicals using specialty trailers. The Intermodal reportable segment provides rail intermodal and drayage services to our customers. Company-owned containers, chassis, and dray tractors are used to provide these transportation services. The Logistics reportable segment consists of three operating segments (Brokerage, Supply Chain Management, and Import/Export Services) that are aggregated because they have similar economic characteristics and meet the other aggregation criteria described in the accounting guidance for segment reporting. In the Logistics segment, we provide additional sources of truck capacity, manage transportation-systems analysis requirements for individual customers, and provide trans-loading and warehousing services. We generate other revenues from a captive insurance business and a leasing business which are operated by wholly owned subsidiaries. We also have operations in Asia that meet the definition of an operating segment. None of these operations meet the quantitative reporting thresholds. As a result, these operations are grouped in “Other” in the tables below. Also included in “Other” are revenues and expenses that are incidental to our activities and not attributable to any of the reportable segments. The CODM reviews revenue for each segment without the inclusion of fuel surcharge revenue. For segment purposes, any fuel surcharge revenues earned are recorded as a reduction of the segment’s fuel expenses. Income from operations at a 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 reporting segments are eliminated in consolidation. The following tables summarize our segment information. Intersegment revenues were immaterial for all segments, with the exception of Other, which included revenues from insurance premiums charged to other segments for workers’ compensation, auto, and other types of insurance. Intersegment revenues included in Other revenues below were $87.1 million, $82.7 million, and $78.4 million for the years ended December 31, 2019, 2018, and 2017, respectively.
Substantially all of our revenues and assets were generated or located within the U.S. In 2019, we began recognizing in transit revenues and related expenses at the reporting segment level for all operating segments to better align revenues and costs within our reporting segments. Prior to 2019, revenues at the operating segment level reflected revenue recognized upon delivery, and in transit revenue was recorded within Other, except for FTFM. For consistency, we have restated the 2018 revenues and income (loss) from operations by segment in the tables above to reflect this new measure of revenue and segment profit. The tables below reflect the impact of this change by reporting segment on revenues (excluding fuel surcharge) and income (loss) from operations.
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Quarterly Results of Operations (Unaudited) |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Results of Operations (Unaudited) | QUARTERLY RESULTS OF OPERATIONS (Unaudited)
• Diluted earnings per share: $0.15, $0.21, and $0.06 for the second, third, and fourth quarter of 2019, respectively.
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Restructuring Charges |
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Restructuring Charges [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Charges | ESTRUCTURING CHARGES On July 29, 2019, the Company’s Board of Directors approved a structured shutdown of its FTFM service offering within its Truckload reporting segment which was substantially complete as of August 31, 2019. As part of the shutdown, $63.7 million of restructuring charges were incurred during the year ended December 31, 2019. All of the restructuring charges were recorded within our Truckload reporting segment. Pre-tax losses from our FTFM service offering were $34.4 million, $29.2 million, and $15.4 million for the years ended December 31, 2019, 2018, and 2017, respectively. The costs associated with the shutdown are presented separately on the consolidated statements of comprehensive income within restructuring charges and are summarized in the following table for the year ended December 31, 2019. No costs were incurred for the years ended December 31, 2018 and 2017.
As of December 31, 2019 and 2018, FTFM restructuring liabilities are classified as current liabilities on the consolidated balance sheets and balances are as follows:
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Schedule II - Valuation and Qualifying Accounts |
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SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | Schedule II - Valuation and Qualifying Accounts (in Millions)
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Summary of Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||
Nature of Operations | Nature of Operations We are a leading transportation and logistics services company providing a broad portfolio of premier truckload, intermodal, and logistics solutions and operating one of the largest for-hire trucking fleets in North America.
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Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation Our consolidated financial statements have been prepared in conformity with GAAP and include all of our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
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Use of Estimates | Use of Estimates We make estimates and assumptions that affect assets, liabilities, the disclosure of contingent liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these estimates.
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Cash and Cash Equivalents | Cash and Cash Equivalents Cash in excess of current operating requirements is invested in short-term, highly liquid investments. We consider all highly liquid investments purchased with original maturities of three months or less to be cash equivalents.
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Receivables and Allowance for Doubtful Accounts | Receivables and Allowance for Doubtful Accounts Our trade accounts receivable and lease receivables are recorded net of an allowance for uncollectible accounts and revenue adjustments. The allowance is based on historical experience and an aging analysis, as well as any known trends or uncertainties related to customer billing and account collectability. The adequacy of our allowance is reviewed at least quarterly. Receivables are reserved when it is probable that amounts related to the receivable will not be collected. In circumstances where we are aware of a specific customer's inability to meet its financial obligations, a specific reserve is recorded against amounts due to reduce the net receivable to the amount reasonably expected to be collected. Bad debt expense is included in other general expenses in the consolidated statements of comprehensive income.
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Inventory | Inventory |
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Investments in Marketable Securities | Investments in Marketable Securities Our marketable securities are classified as available-for-sale and carried at fair value in current assets on the consolidated balance sheets. Our portfolio of securities has maturities ranging from 3 months to 82 months. While our intent is to hold our securities to maturity, sudden changes in the market or to our liquidity needs may cause us to sell certain securities in advance of their maturity date. Any unrealized gains and losses, net of tax, are included as a component of accumulated other comprehensive income on our consolidated balance sheets, unless we determine that an unrealized loss is other-than-temporary. If we determine that an unrealized loss is other-than-temporary, we recognize the loss in earnings. Cost basis is determined using the specific identification method.
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Fair Value | Fair Value Fair value focuses on 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. |
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Property and Equipment | Property and Equipment Property and equipment are recorded at cost. Depreciation is calculated using the straight-line method based on the estimated useful lives and residual values. Generally, the estimated useful lives are as follows:
Salvage values, when applicable, generally don't exceed 25% of original cost for tractors and trailing equipment and reflect any agreements with tractor suppliers for residual or trade-in values for certain new equipment. Long-lived assets require an impairment review when events or circumstances indicate that the carrying amount may not be recoverable. We base our evaluation of other long-lived assets on the presence of impairment indicators such as the future economic benefit of the assets, any historical or future profitability measurements, and other external market conditions or factors. The carrying amount of tangible long-lived assets held and used is considered not recoverable if the carrying amount exceeds the undiscounted sum of cash flows expected to result from the use and eventual disposition of the asset. If the carrying amount is not recoverable, the impairment loss is measured as the excess of the asset's carrying amount over its fair value. Gains and losses on the sale or other disposition of equipment are based on the difference between the proceeds received less costs to sell and the net book value of the assets disposed. Gains and losses are recognized at the time of the sale or disposition and are classified in operating supplies and expenses in the consolidated statements of comprehensive income.
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Assets Held for Sale | Assets Held for Sale Assets held for sale consist of revenue equipment and are included in prepaid expenses and other current assets in the consolidated balance sheets. Reclassification to assets held for sale occurs when the required criteria, as defined by ASC 360, Property, Plant and Equipment, are satisfied. Assets held for sale are evaluated for impairment when transferred to held for sale status or as impairment indicators are present. The carrying amount of assets held for sale is not recoverable if the carrying amount exceeds the fair value less estimated costs to sell the asset. An impairment loss is recorded for the excess of the asset’s carrying amount over the fair value less estimated costs to sell. Impairment losses are recorded in operating supplies and expenses in the consolidated statements of comprehensive income.
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Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill and other intangible assets with indefinite lives are tested for impairment annually in October, or more frequently if impairment indicators exist. Intangible assets with definite lives are reviewed for impairment if impairment indicators are present and at least annually. The carrying amount of a reporting unit's goodwill is considered not recoverable, and an impairment loss is recorded if the carrying amount of the reporting unit exceeds the reporting unit's fair value, as determined based on the combination of an income approach and a market approach. See Note 6, Goodwill and Other Intangible Assets, for more information on our goodwill and other intangible assets. |
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Revenue Recognition | Revenue Recognition Through December 31, 2017, we recorded transportation revenue at the time of delivery. Beginning in 2018, we implemented ASU 2014-09, Revenue from Contracts with Customers, which is codified as ASC 606 and replaces ASC 605, Revenue Recognition. With the adoption of ASC 606, we began recognizing revenue during the delivery period based on relative transit time in each reporting period, with expenses recognized as incurred. Accordingly, a portion of the total revenue that will be billed to the customer once a load is delivered is recognized in each reporting period based on the percentage of the freight pickup and delivery service that has been completed at the end of the reporting period. See Note 2, Revenue Recognition, for more information on the adoption of ASC 606. When we use third-party carriers, we generally record revenues on the gross basis at amounts charged to our customers because we are the primary obligor, we are a principal in the transaction, we invoice our customers and retain all credit risks, and we maintain discretion over pricing. Additionally, we are responsible for selection of third-party transportation providers to the extent used to satisfy customer freight requirements. We record revenues net of pass-through taxes in our consolidated statements of comprehensive income. For the years ended December 31, 2019 and 2018, no customer accounted for more than 10% of our consolidated revenues. We had one customer who accounted for slightly more than 10% of our consolidated revenues in 2017.
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Income Taxes | Income Taxes Income taxes are accounted for under the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as income or expense in the period that includes the enactment date. We record valuation allowances for deferred tax assets to the extent we believe these assets are not more likely than not to be realized through the reversal of existing taxable temporary differences, projected future taxable income, or tax-planning strategies. We record a liability for unrecognized tax benefits when the benefits of tax positions taken on a tax return are not more likely than not to be sustained upon audit. Interest and penalties related to uncertain tax positions are classified as income tax expense in the consolidated statements of comprehensive income.
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Earnings Per Share | Earnings Per Share We compute basic earnings per share by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the reporting period. Diluted earnings per share reflect the potential dilution that could occur if holders of unvested restricted and performance share units or options exercised or converted their holdings into common stock. Awards that would have an antidilutive impact are excluded from the calculation and have been deemed immaterial. As disclosed in Note 3, IPO, our IPO of shares of Class B Common Stock was effective in April 2017. In connection with the offering, we subsequently sold additional shares of common stock. |
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Share-based Compensation | Share-based Compensation We have share-based compensation plans covering certain employees, including officers and directors. We account for share-based compensation using the fair value recognition provisions of current accounting standards for share-based payments. We grant restricted share units, restricted shares, performance share units, performance shares, and nonqualified stock options. We recognize compensation expense over the requisite service periods within each award. See Note 13, Share-Based Compensation, for more information about our plans.
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Claim Accruals | Claims Accruals We are self-insured for loss of and damage to our owned and leased revenue equipment. We purchase insurance coverage for a portion of expenses related to employee injuries, vehicular accidents, and cargo damage. Certain insurance arrangements include a level of self-insurance (deductible) coverage applicable to each claim. We have excess policies to limit our exposure to catastrophic claim costs. The amounts of self-insurance change from time to time based on measurement dates, policy expiration dates, and claim type. Our claims accrual policy for all self-insured claims is to recognize a liability at the time of the incident based on our analysis of the nature and severity of the claims and analyses provided by third-party claims administrators, as well as legal, economic, and regulatory factors. The ultimate cost of a claim develops over time as additional information regarding the nature, timing, and extent of damages claimed becomes available. Accordingly, we use an actuarial method to develop current claim information to derive an estimate of our ultimate claim liability. This process involves the use of loss-development factors based on our historical claims experience and includes a contractual premium adjustment factor, if applicable. In doing so, the recorded liability considers future claims growth and provides an allowance for incurred-but-not-reported claims. We do not discount our estimated losses. At December 31, 2019 and 2018, we had an accrual of $143.5 million and $156.0 million, respectively, for estimated claims net of reinsurance receivables. In addition, we are required to pay certain advanced deposits and monthly premiums. At December 31, 2019 and 2018, we had an aggregate prepaid insurance asset of $8.1 million and $9.2 million, respectively, which represented prefunded premiums and deposits.
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Accounting Standards Issued but Not Yet Adopted | Accounting Standards Issued but Not Yet Adopted In August 2018, the FASB issued ASU 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which 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. ASU 2018-15 was effective for us as of January 1, 2020. We adopted this standard on a prospective basis, and it did not have a material impact on our consolidated financial statements or disclosures. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments, which required companies to use a forward-looking, expected loss model to estimate credit losses on various types of financial assets and net investments in leases. It also required additional disclosures related to credit quality of trade and other receivables, including information related to management’s estimate of credit allowances. In November 2018, this was further updated with the issuance of ASU 2018-19, which excluded receivables from operating leases from the scope. We adopted this standard on January 1, 2020 for our available-for-sale debt securities, net investment in leases, contract assets, trade accounts receivable, and reinsurance receivables and it did not have a material impact on our consolidated financial statements.
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Summary of Significant Accounting Policies (Tables) |
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Dec. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Balances | The following table shows the components of our inventory balances as of December 31:
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Estimated Useful Lives | Generally, the estimated useful lives are as follows:
Salvage values, when applicable, generally don't exceed 25% of original cost for tractors and trailing equipment and reflect any agreements with tractor suppliers for residual or trade-in values for certain new equipment.
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Assets Held for Sale by Segment | For the year ended December 31, 2019, total impairment losses were $42.4 million, which included a $28.1 million impairment related to the shutdown of our FTFM service offering and an $11.5 million impairment related to a bulk sale of tractors. Impairment losses for the years ended December 31, 2018 and 2017 were $0.3 million and $1.4 million, respectively. As of December 31, 2019 and 2018, assets held for sale, net of impairment, by segment were as follows:
(1) As of December 31, 2019, $33.4 million related to the shutdown of our FTFM service offering.
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Revenue Recognition (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The following tables show the amount by which financial statement lines were affected by the adoption of the new standard. The changes relate to the recognition of transportation revenue over time rather than at delivery, as explained below under the Transportation heading.
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Disaggregation of Revenue | The following table summarizes our revenues by type of service, and each type of service is further described below.
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Remaining Performance Obligations | The following table provides information related to transactions and expected timing of revenue recognition related to performance obligations that are fixed in nature and relate to contracts with terms greater than one year as of date shown:
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Contract Balances | The following table provides information related to contract balances associated with our contracts with customers as of the dates shown.
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Capitalized Contract Cost | The following table presents the amounts capitalized for contract fulfillment costs as of the dates shown.
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Amortization of Contract Fulfillment Costs | Amortization of capitalized contract fulfillment costs was as shown:
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Fair Value Fair Value (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements, Recurring | The table below sets forth the Company’s financial assets and liabilities that are measured at fair value on a recurring basis in accordance with ASC 820.
(2) In connection with the June 1, 2016 acquisition of WSL, a contingent payment arrangement based on the achievement of specified earnings targets was in place for three consecutive 12-month periods after the closing, with the aggregate payment total not to exceed $40.0 million. No payments were made under the agreement which expired June 30, 2019. This valuation was based on a probability-adjusted level of earnings before interest, taxes, depreciation, and amortization, or Level 3 inputs.
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Fair Value Measurements, Nonrecurring | We measure non-financial assets such as goodwill, intangible assets, assets held for sale, and other long-lived assets at fair value when there is an indicator of impairment and only when we recognize an impairment loss. The table below sets forth the Company’s financial assets that were measured at fair value on a non-recurring basis during 2019.
(5) During the second quarter of 2019, a triggering event occurred within our FTFM reporting unit which resulted in an impairment test being performed and full impairment of its goodwill. For further details on the valuation process used and the goodwill impairment charge recorded refer to Note 6, Goodwill and Other Intangible Assets.
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Investments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Schedule [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Marketable Securities | The following table presents the values of our marketable securities as of the dates shown:
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Goodwill and Other Intangible Assets (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Carrying Amount of Goodwill | The following table shows changes to our goodwill balances by segment during the years ended December 31, 2019 and December 31, 2018.
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Schedule of Finite-Lived Intangible Assets | The identifiable intangible assets other than goodwill listed below are included in capitalized software and other noncurrent assets on the consolidated balance sheets.
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Debt and Credit Facilities (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Debt | As of December 31, 2019 and 2018, debt included the following:
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Schedule of Debt Maturities | Scheduled principal payments of debt subsequent to December 31, 2019 are as follows:
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Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Lease Costs and Other Lease Information | The following table presents our net lease costs for the year ended December 31, 2019:
As of December 31, 2019, remaining lease terms and discount rates under operating and finance leases were as follows:
Other information related to our leases is as follows:
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Schedule of Future Minimum Lease Payments for Operating Leases | At December 31, 2019, future lease payments under operating and finance leases were as follows:
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Schedule of Future Minimum Lease Payments for Finance Leases | At December 31, 2019, future lease payments under operating and finance leases were as follows:
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Schedule of Future Minimum Lease Payments for Operating Leases (ASC 840) | Under ASC 840, future minimum lease payments as of December 31, 2018 were as follows:
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Schedule of Future Minimum Lease Payments for Capital Leases (ASC 840) | Under ASC 840, future minimum lease payments as of December 31, 2018 were as follows:
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Schedule of Finance Leased Right-of-Use Assets | The consolidated balance sheets include right-of-use assets acquired under finance leases as components of property and equipment as of December 31, 2019 and January 1, 2019, as follows:
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Schedule of Investment in Lease Receivables | As of December 31, 2019 and January 1, 2019, the investment in lease receivables was as follows:
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Schedule of Principal Amounts to be Received on Lease Receivables | The amounts to be received on lease receivables as of December 31, 2019 were as follows:
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Schedule of Sales-type Lease Income | The table below provides additional information on our sales-type leases.
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Schedule Of Principal Amounts To Be Received On Lease Receivables (ASC 840) | The amounts to be received on lease receivables as of December 31, 2018 under ASC 840 were as follows:
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Income Taxes (Tables) |
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Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of the Provision for (Benefit from) Income Taxes | The components of the provision for (benefit from) income taxes for the years ended December 31, 2019, 2018, and 2017, were as follows:
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Schedule of Effective Income Tax Rate Reconciliation | The provision for income taxes for the years ended December 31, 2019, 2018, and 2017 differed from the amounts computed using the federal statutory rates in effect of 21% for December 31, 2019 and 2018 and 35% for December 31, 2017, as follows:
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Schedule of Deferred Tax Assets and Liabilities | The components of the net deferred tax liability included in deferred income taxes in the consolidated balance sheets as of December 31, 2019 and 2018, were as follows:
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Schedule of Unrecognized Tax Benefits | As of December 31, 2019, 2018, and 2017, a reconciliation of the beginning and ending amount of unrecognized tax benefits, which is recorded as other noncurrent liabilities in the consolidated balance sheets, is as follows:
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Temporary Equity (Tables) |
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Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Temporary Equity Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Temporary Equity | The following table shows changes to temporary equity during the year ended December 31, 2017.
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Common Equity (Tables) |
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Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Calculation of Basic and Diluted Earnings Per Share |
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Share-based Compensation (Tables) |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of components of share-based compensation program expense | The following table summarizes the components of our share-based compensation program expense:
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Schedule of restricted shares and RSU's activity | A portion of the restricted shares relate to a one-time 2018 grant, which vests 50% after a period of five years, with the remaining 50% vesting after a period of six years after the grant date, subject to continued employment through the vesting date. Dividend equivalents equal to dividends paid on our common shares during the vesting period are tracked and accumulated for each restricted share. The dividend equivalents are distributed to participants in cash consistent with the date the awards vest.
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Schedule of pre-IPO restricted shares | Prior to our IPO, we granted restricted shares of Class B Common Stock. Shares included in the pre-IPO restricted share grants vested ratably over a period of three years, with the final tranche vesting in January of 2019. Cash dividends were not paid on the unvested pre-IPO restricted shares, nor did they accumulate during the vesting period.
(1) In April 2017, unvested restricted shares were adjusted to the IPO share price of $19.00.
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Schedule of performance shares and PSU's activity | Performance shares and PSUs include a performance period of three years with vesting based on attainment of threshold performance of earnings and return on capital targets. These awards cliff-vest after a performance period of three years, subject to continued employment through the vesting date or retirement eligibility, and payout ranges from 0%-200% for PSUs and from 0%-100% for performance shares. Dividend equivalents equal to dividends paid on our common shares during the vesting period are tracked and accumulated for each award. The dividend equivalents are forfeitable and are distributed to participants in cash consistent with the date the awards vest.
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Schedule of nonqualified stock options activity | The options granted under the Plan have an exercise price equal to the fair market value of the underlying stock at the date of grant and vest ratably over a period of four years, with the first 25% of the grant becoming exercisable approximately one year after the date of grant. The options expire ten years from the date of grant.
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Schedule of assumptions used in calculating value of stock options | Assumptions used in calculating the Black-Scholes value of options granted during 2019, 2018, and 2017 were as follows:
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Segment Reporting (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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 included 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 $87.1 million, $82.7 million, and $78.4 million for the years ended December 31, 2019, 2018, and 2017, respectively.
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Schedule of Prior Period Adjustments | The tables below reflect the impact of this change by reporting segment on revenues (excluding fuel surcharge) and income (loss) from operations.
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Quarterly Results of Operations (Unaudited) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information |
• Diluted earnings per share: $0.15, $0.21, and $0.06 for the second, third, and fourth quarter of 2019, respectively.
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Restructuring Charges (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||
Restructuring Charges [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring Charges | The costs associated with the shutdown are presented separately on the consolidated statements of comprehensive income within restructuring charges and are summarized in the following table for the year ended December 31, 2019. No costs were incurred for the years ended December 31, 2018 and 2017.
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Schedule of Restructuring Reserve by Type of Cost |
As of December 31, 2019 and 2018, FTFM restructuring liabilities are classified as current liabilities on the consolidated balance sheets and balances are as follows:
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Summary of Significant Accounting Policies - Inventory (Details) - USD ($) $ in Millions |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Inventory [Line Items] | ||
Inventory | $ 71.9 | $ 60.8 |
Tractors and trailing equipment for sale or lease | ||
Inventory [Line Items] | ||
Inventory | 59.3 | 48.1 |
Replacement parts | ||
Inventory [Line Items] | ||
Inventory | 11.3 | 11.4 |
Tires and other | ||
Inventory [Line Items] | ||
Inventory | $ 1.3 | $ 1.3 |
Summary of Significant Accounting Policies - Investments in Marketable Securities (Details) |
12 Months Ended |
---|---|
Dec. 31, 2019 | |
Minimum | |
Debt Securities, Available-for-sale [Line Items] | |
Marketable securities maturity term | 3 months |
Maximum | |
Debt Securities, Available-for-sale [Line Items] | |
Marketable securities maturity term | 82 months |
Summary of Significant Accounting Policies - Assets Held for Sale (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Long Lived Assets Held-for-sale [Line Items] | |||
Impairment on assets held for sale | $ 14.3 | $ 0.3 | $ 1.4 |
Assets held for sale, net of impairment | 67.4 | 21.9 | |
Truckload | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Assets held for sale, net of impairment | 63.5 | 19.5 | |
Intermodal | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Assets held for sale, net of impairment | 3.9 | $ 2.4 | |
FTFM service offering shutdown | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Impairment on assets held for sale | 28.1 | ||
Assets held for sale, net of impairment | 33.4 | ||
Bulk sale of tractors | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Impairment on assets held for sale | 11.5 | ||
Non FTFM Shutdown and FTFM Shutdown | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Impairment on assets held for sale | $ 42.4 |
Summary of Significant Accounting Policies - Claims Accruals (Details) - USD ($) $ in Millions |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Accounting Policies [Abstract] | ||
Accrued Insurance | $ 143.5 | $ 156.0 |
Prepaid Insurance | $ 8.1 | $ 9.2 |
Revenue Recognition Disaggregation of Revenues (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
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Disaggregation of Revenue | |||||||||||
Operating revenues | $ 1,156.3 | $ 1,183.9 | $ 1,212.7 | $ 1,194.1 | $ 1,321.6 | $ 1,280.1 | $ 1,236.3 | $ 1,139.0 | $ 4,747.0 | $ 4,977.0 | $ 4,383.6 |
Transportation | |||||||||||
Disaggregation of Revenue | |||||||||||
Operating revenues | 4,376.6 | 4,589.7 | |||||||||
Logistics Management | |||||||||||
Disaggregation of Revenue | |||||||||||
Operating revenues | 153.8 | 228.3 | |||||||||
Other | |||||||||||
Disaggregation of Revenue | |||||||||||
Operating revenues | $ 216.6 | $ 159.0 |
Revenue Recognition Contract with Customer, Asset and Liability (Details) - USD ($) $ in Millions |
Dec. 31, 2019 |
Dec. 31, 2018 |
Jan. 01, 2018 |
---|---|---|---|
Revenue from Contract with Customer [Abstract] | |||
Contract assets | $ 17.6 | $ 21.7 | $ 22.2 |
Contract liabilities | $ 0.0 | $ 0.0 | $ 0.0 |
Revenue Recognition Capitalized Contract Cost (Details) - USD ($) $ in Millions |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Revenue from Contract with Customer [Abstract] | ||
Capitalized contract fulfillment costs | $ 4.2 | $ 5.0 |
Revenue Recognition Amortization of Contract Fulfillment Costs (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Revenue from Contract with Customer [Abstract] | ||
Amortization of contract fulfillment costs | $ 3.2 | $ 2.5 |
Revenue Recognition Initial Application Period Cumulative Effect Adjustment (Details) |
Jan. 01, 2018
USD ($)
|
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Revenue from Contract with Customer [Abstract] | |
Cumulative Effect on Retained Earnings, Net of Tax | $ 7.3 |
IPO (Details) - USD ($) $ / shares in Units, $ in Millions |
1 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
May 31, 2017 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Subsidiary, Sale of Stock [Line Items] | ||||
Proceeds from IPO—net of issuance costs | $ 0.0 | $ 0.0 | $ 340.6 | |
IPO | Class B Common Stock | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Shares issued during the period (shares) | 20,145,000 | |||
Shares issued, (price per share) | $ 19 | |||
Proceeds from IPO, gross | $ 382.7 | |||
Expenses related to the offering | 42.1 | |||
Proceeds from IPO—net of issuance costs | $ 340.6 |
Fair Value Recurring Fair Value Measurements (Details) - Recurring fair value measurement - USD ($) $ in Millions |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring or Nonrecurring Basis | ||
Marketable securities | $ 48.3 | $ 51.3 |
WSL | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring or Nonrecurring Basis | ||
WSL contingent consideration | $ 0.0 | $ 0.0 |
Fair Value Additional Recurring Fair Value Disclosures (Details) - WSL $ in Millions |
Jun. 30, 2016
USD ($)
|
---|---|
Fair Value, Assets and Liabilities Measured on Recurring or Nonrecurring Basis | |
Contingent consideration arrangements, low range of outcomes | $ 0.0 |
Contingent consideration arrangements, high range of outcomes | $ 40.0 |
Fair Value - Other Financial Instruments (Details) - USD ($) $ in Millions |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Fair Value Disclosures [Abstract] | ||
Fair value of debt | $ 368.5 | $ 398.4 |
Total principal outstanding | $ 360.0 | $ 405.0 |
Fair Value Nonrecurring Fair Value Measurements (Details) - Nonrecurring fair value measurement - USD ($) $ in Millions |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
---|---|---|---|
Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring or Nonrecurring Basis | |||
Fair value of assets held for sale | $ 8.1 | ||
Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring or Nonrecurring Basis | |||
Right-of-use lease assets | 1.0 | ||
FTFM reporting unit goodwill | $ 0.0 | ||
FTFM service offering shutdown | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring or Nonrecurring Basis | |||
Fair value of assets held for sale | 18.5 | ||
FTFM service offering shutdown | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring or Nonrecurring Basis | |||
Right-of-use lease assets | $ 2.0 | ||
WSL acquisition internal-use software and intangible assets | $ 0.0 |
Investments - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Investments, Debt and Equity Securities [Abstract] | |||
Net unrealized gains on marketable securities—net of tax | $ 1.1 | $ 0.0 | $ 0.0 |
Other-than-temporary impairment loss | $ 0.0 | $ 0.0 | $ 0.0 |
Investments - Schedule of Marketable Securities (Details) - USD ($) $ in Millions |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | $ 47.3 | $ 51.6 |
Fair value | 48.3 | 51.3 |
Current Asset | U.S. treasury and government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 16.5 | 20.0 |
Fair value | 17.0 | 19.8 |
Current Asset | Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 0.1 | 0.1 |
Fair value | 0.1 | 0.1 |
Current Asset | Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 15.1 | 15.1 |
Fair value | 15.4 | 15.0 |
Current Asset | State and municipal bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 11.6 | 12.5 |
Fair value | 11.8 | 12.5 |
Current Asset | Other U.S. and non-U.S. government bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 4.0 | 3.9 |
Fair value | $ 4.0 | $ 3.9 |
Investments - Investment in Platform Science, Inc. (Details) - USD ($) $ in Millions |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Ownership interest in Platform Science, Inc. | 30.00% | 30.00% |
Fair value of ownership interest in Platform Science, Inc. | $ 3.5 | $ 3.5 |
Goodwill and Other Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | $ 162.2 | $ 164.8 | |
Goodwill impairment | (34.6) | (2.0) | $ 0.0 |
Foreign currency translation | (0.1) | (0.6) | |
Goodwill, Ending Balance | 127.5 | 162.2 | 164.8 |
Truckload | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | 138.2 | 138.2 | |
Goodwill impairment | (34.6) | 0.0 | |
Foreign currency translation | 0.0 | 0.0 | |
Goodwill, Ending Balance | 103.6 | 138.2 | 138.2 |
Logistics | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | 14.2 | 14.2 | |
Goodwill impairment | 0.0 | 0.0 | |
Foreign currency translation | 0.0 | 0.0 | |
Goodwill, Ending Balance | 14.2 | 14.2 | 14.2 |
Other | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | 9.8 | 12.4 | |
Goodwill impairment | 0.0 | (2.0) | |
Foreign currency translation | (0.1) | (0.6) | |
Goodwill, Ending Balance | $ 9.7 | $ 9.8 | $ 12.4 |
Goodwill and Other Intangible Assets - Schedule of Identifiable Intangible Assets Other Than Goodwill (Details) - USD ($) $ in Millions |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1.1 | $ 11.9 |
Accumulated Amortization | 1.1 | 4.7 |
Net Carrying Amount | 0.0 | 7.2 |
Customer lists | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1.1 | 10.5 |
Accumulated Amortization | 1.1 | 3.5 |
Net Carrying Amount | 0.0 | 7.0 |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 0.0 | 1.4 |
Accumulated Amortization | 0.0 | 1.2 |
Net Carrying Amount | $ 0.0 | $ 0.2 |
Goodwill and Other Intangible Assets - Additional Information (Details) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019
USD ($)
|
Dec. 31, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
|
Finite-Lived Intangible Assets [Line Items] | |||
Impairment of Intangible Assets, finite-lived | $ 6.5 | ||
Accumulated goodwill impairment charge | $ 42.6 | $ 8.0 | |
Number of reporting units | 3 | ||
Goodwill impairment | $ 34.6 | 2.0 | $ 0.0 |
Amortization expense for intangible assets | 0.7 | 1.4 | $ 1.5 |
Other | |||
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill impairment | 0.0 | 2.0 | |
Truckload | |||
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill impairment | $ 34.6 | $ 0.0 |
Debt and Credit Facilities - Summary of Debt (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Debt Instrument [Line Items] | ||
Total principal outstanding | $ 360.0 | $ 405.0 |
Current maturities | (55.0) | (45.0) |
Debt issuance costs | (0.4) | (0.6) |
Long-term debt | 304.6 | 359.4 |
Unsecured Senior Notes | ||
Debt Instrument [Line Items] | ||
Total principal outstanding | $ 360.0 | $ 400.0 |
Maturity year | 2025 | 2025 |
Frequency of payments | Semiannual | Semiannual |
Weighted-average interest rate | 3.42% | 3.36% |
Equipment Financing Notes | ||
Debt Instrument [Line Items] | ||
Total principal outstanding | $ 0.0 | $ 5.0 |
Maturity year | 2019 | 2019 |
Frequency of payments | Monthly | Monthly |
Weighted-average interest rate | 3.61% | 3.72% |
Debt and Credit Facilities - Schedule of Debt Maturities (Details) - USD ($) $ in Millions |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Debt Disclosure [Abstract] | ||
2020 | $ 55.0 | |
2021 | 40.0 | |
2022 | 60.0 | |
2023 | 70.0 | |
2024 | 40.0 | |
2025 and thereafter | 95.0 | |
Total | $ 360.0 | $ 405.0 |
Leases - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Jan. 01, 2019 |
Dec. 31, 2018 |
|
Leased Assets [Line Items] | |||
Operating lease right-of-use asset | $ 75.5 | ||
Operating lease liability | 82.6 | ||
Operating lease right-of-use asset impairment loss | 4.1 | ||
Operating lease payments related to options to extend that are reasonably certain to exercise | 11.0 | ||
Leases not yet commenced | 9.5 | ||
Sales-type leases, lease receivable on nonaccrual status | $ 0.4 | $ 0.3 | |
Minimum | |||
Leased Assets [Line Items] | |||
Lease terms of leases not yet commenced | 1 year | ||
Terms of sales-type leases | 1 year | ||
Maximum | |||
Leased Assets [Line Items] | |||
Lease terms of leases not yet commenced | 8 years | ||
Terms of sales-type leases | 5 years | ||
FTFM service offering shutdown | |||
Leased Assets [Line Items] | |||
Operating lease right-of-use asset impairment loss | $ 3.8 | ||
Accounting Standards Update 2016-02 | |||
Leased Assets [Line Items] | |||
Operating lease right-of-use asset | $ 80.6 | ||
Operating lease liability | $ 85.2 |
Leases - Schedule of Net Lease Costs (Details) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2019
USD ($)
| |
Operating lease cost | |
Operating lease cost | $ 32.5 |
Short-term lease cost | 7.6 |
Finance lease cost | |
Amortization of right-of-use assets | 3.2 |
Interest on lease liabilities | 0.2 |
Variable lease cost | 2.6 |
Sublease income | (5.4) |
Total net lease cost | $ 40.7 |
Leases - Schedule of Remaining Lease Terms and Discount Rates (Details) |
Dec. 31, 2019
Rate
|
---|---|
Weighted-average remaining lease term | |
Operating leases | 4 years 4 months 24 days |
Finance leases | 4 years 3 months 18 days |
Weighted-average discount rate | |
Operating leases - weighted average discount rate | 4.10% |
Finance leases - weighted average discount rate | 3.30% |
Leases - Schedule of Other Lease Information (Details) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2019
USD ($)
| |
Leases [Abstract] | |
Operating cash flows from operating leases | $ 35.3 |
Operating cash flows from finance leases | 0.2 |
Financing cash flows from finance leases | 6.9 |
Right-of-use assets obtained in exchange for new operating lease liability | 29.4 |
Right-of-use assets obtained in exchange for new finance lease liability | $ 1.4 |
Leases - Schedule of Operating and Finance Lease Future Payments (Details) $ in Millions |
Dec. 31, 2019
USD ($)
|
---|---|
Operating Leases | |
2020 | $ 29.4 |
2021 | 20.3 |
2022 | 12.4 |
2023 | 10.3 |
2024 | 8.3 |
2025 and thereafter | 9.4 |
Total | 90.1 |
Amount representing interest | (7.5) |
Present value of lease payments | 82.6 |
Current maturities | (26.7) |
Long-term lease obligations | 55.9 |
Finance Leases | |
2020 | 0.6 |
2021 | 0.3 |
2022 | 0.3 |
2023 | 0.3 |
2024 | 0.3 |
2025 and thereafter | 0.0 |
Total | 1.8 |
Amount representing interest | (0.1) |
Present value of lease payments | 1.7 |
Current maturities | (0.5) |
Long-term lease obligations | $ 1.2 |
Leases - Schedule of Operating and Capital Lease Future Payments (ASC 840) (Details) $ in Millions |
Dec. 31, 2018
USD ($)
|
---|---|
Operating Leases | |
2019 | $ 35.8 |
2020 | 25.7 |
2021 | 14.9 |
2022 | 8.4 |
2023 | 6.8 |
2024 and thereafter | 12.7 |
Total | 104.3 |
Capital Leases | |
2019 | 6.9 |
2020 | 0.2 |
2021 | 0.0 |
2022 | 0.0 |
2023 | 0.0 |
2024 and thereafter | 0.0 |
Total | 7.1 |
Amount representing interest | (0.2) |
Present value of minimum lease payments | 6.9 |
Current maturities | (6.7) |
Long-term capital lease obligations | $ 0.2 |
Leases - Schedule of Finance Leased Right-of-Use Assets (Details) - USD ($) $ in Millions |
Dec. 31, 2019 |
Jan. 01, 2019 |
---|---|---|
Finance Leased Assets [Line Items] | ||
Accumulated amortization | $ (1.9) | $ (11.2) |
Finance lease right-of-use asset | 1.5 | 10.1 |
Transportation equipment | ||
Finance Leased Assets [Line Items] | ||
Finance lease right-of-use asset, gross | 0.0 | 19.9 |
Real property | ||
Finance Leased Assets [Line Items] | ||
Finance lease right-of-use asset, gross | 0.8 | 0.8 |
Other property | ||
Finance Leased Assets [Line Items] | ||
Finance lease right-of-use asset, gross | $ 2.6 | $ 0.6 |
Leases - Summary of Investment in Lease Receivables (Details) - USD ($) $ in Millions |
Dec. 31, 2019 |
Jan. 01, 2019 |
Dec. 31, 2018 |
---|---|---|---|
Leases [Abstract] | |||
Future minimum payments to be received on leases | $ 135.0 | $ 140.0 | |
Guaranteed residual lease values | 126.6 | 151.0 | |
Total minimum lease payments to be received | 261.6 | 291.0 | |
Unearned income | (30.7) | (28.7) | |
Net investment in leases | 230.9 | 262.3 | |
Current maturities of lease receivables | 122.1 | 129.6 | |
Less—allowance for doubtful accounts | (0.6) | (0.5) | |
Current portion of lease receivables—net of allowance | 121.5 | 129.1 | $ 129.1 |
Lease receivables—noncurrent | $ 109.4 | $ 133.2 | $ 133.2 |
Leases - Summary of Principal Amounts to be Received on Lease Receivables (Details) - USD ($) $ in Millions |
Dec. 31, 2019 |
Jan. 01, 2019 |
Dec. 31, 2018 |
---|---|---|---|
Leases [Abstract] | |||
2020 | $ 141.4 | ||
2021 | 78.0 | ||
2022 | 41.4 | ||
2023 | 0.8 | ||
2024 | 0.0 | ||
2025 and thereafter | 0.0 | ||
Total minimum lease payments to be received | 261.6 | $ 291.0 | |
Unearned income | (30.7) | (28.7) | |
Present value of lease receivables | 230.9 | ||
Current lease receivables, net of allowance | (121.5) | (129.1) | $ (129.1) |
Lease receivables—noncurrent | $ 109.4 | $ 133.2 | $ 133.2 |
Leases - Schedule of Sales-type Lease Income (Details) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2019
USD ($)
| |
Leases [Abstract] | |
Revenue | $ 196.0 |
Cost of goods sold | (177.1) |
Operating profit | 18.9 |
Interest income on lease receivable | $ 27.3 |
Leases - Schedule of Principal Amounts to be Received on Lease Receivables (ASC 840) (Details) $ in Millions |
Dec. 31, 2018
USD ($)
|
---|---|
Leases [Abstract] | |
2019 | $ 149.0 |
2020 | 112.7 |
2021 | 29.0 |
2022 | 0.3 |
2023 | 0.0 |
2024 and thereafter | 0.0 |
Total | $ 291.0 |
Income Taxes - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Income Tax Disclosure [Abstract] | |||
Corporate income tax rate | 21.00% | 21.00% | 35.00% |
Accrued interest and penalties on unrecognized tax benefits | $ 2.1 | $ 1.4 | |
State net operating loss carryforwards | 213.7 | ||
State credit carryforwards | 0.1 | ||
Deferred tax assets for state net operating loss carryforwards | 12.6 | ||
Deferred tax asset for state credit carryforwards | 0.1 | ||
Valuation allowance | $ 2.0 | $ 5.8 | |
Minimum | |||
Carryforwards | |||
State credit carryforwards - expiration date | Jan. 01, 2020 | ||
State net operating loss carryforward - expiration date | Jan. 01, 2020 | ||
Maximum | |||
Carryforwards | |||
State credit carryforwards - expiration date | Dec. 31, 2027 | ||
State net operating loss carryforward - expiration date | Dec. 31, 2040 |
Income Taxes - Components of the Provision for (Benefit from) Income Taxes (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Current: | |||
Federal | $ 43.0 | $ 21.7 | $ 19.3 |
State and other | 8.3 | 11.8 | 5.6 |
Current income tax provision | 51.3 | 33.5 | 24.9 |
Deferred: | |||
Federal | (1.3) | 54.2 | 71.4 |
State and other | 1.1 | 6.7 | 6.7 |
Impact of the Tax Cuts and Jobs Act | 0.0 | 1.3 | (229.5) |
Deferred income tax provision for (benefit from) | (0.2) | 62.2 | (151.4) |
Total provision for (benefit from) income taxes | $ 51.1 | $ 95.7 | $ (126.5) |
Income Taxes - Schedule of Effective Tax Rate Reconciliation (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Income Tax Disclosure [Abstract] | |||
Income tax at federal statutory rate | $ 41.6 | $ 76.6 | $ 92.2 |
Corporate income tax rate | 21.00% | 21.00% | 35.00% |
State tax—net of federal effect | $ 8.1 | $ 15.4 | $ 8.6 |
State tax, net of federal effect, rate | 4.10% | 4.20% | 3.30% |
Nondeductible meals and entertainment | $ 2.1 | $ 2.1 | $ 3.4 |
Nondeductible meals and entertainment, rate | 1.00% | 0.60% | 1.30% |
Impact of the Tax Cuts and Jobs Act | $ 0.0 | $ 1.3 | $ (229.5) |
Impact of the Tax Cuts and Jobs Act, rate | 0.00% | 0.30% | (87.10%) |
Other—net | $ (0.7) | $ 0.3 | $ (1.2) |
Other, net, rate | (0.30%) | 0.10% | (0.50%) |
Total provision for (benefit from) income taxes | $ 51.1 | $ 95.7 | $ (126.5) |
Total provision for (benefit from) income taxes, rate | 25.80% | 26.20% | (48.00%) |
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Deferred tax assets: | ||
Allowance for doubtful accounts | $ 0.4 | $ 1.1 |
Compensation and employee benefits | 9.6 | 14.7 |
Insurance and claims accruals | 2.4 | 2.6 |
Operating lease liabilities | 20.2 | 0.0 |
State net operating losses and credit carryforwards | 12.7 | 18.2 |
Other | 4.8 | 5.0 |
Total gross deferred tax assets | 50.1 | 41.6 |
Valuation allowance | (2.0) | (5.8) |
Total deferred tax assets—net of valuation allowance | 48.1 | 35.8 |
Deferred tax liabilities: | ||
Property and equipment | 467.9 | 466.5 |
Prepaid expenses | 4.2 | 4.3 |
Intangible assets | 3.5 | 11.1 |
Operating lease right-of-use assets | 18.0 | 0.0 |
Other | 3.5 | 4.5 |
Total gross deferred tax liabilities | 497.1 | 486.4 |
Net deferred tax liability | $ 449.0 | $ 450.6 |
Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Gross unrecognized tax benefits—beginning of year | $ 3.3 | $ 2.8 | $ 2.4 |
Gross increases—tax positions related to current year | 0.6 | 0.8 | 0.4 |
Gross increases—tax positions taken in prior years | 0.4 | 0.0 | 0.0 |
Lapse of statutes | 0.0 | (0.3) | 0.0 |
Gross unrecognized tax benefits—end of year | $ 4.3 | $ 3.3 | $ 2.8 |
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 | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Basic earnings per common share | ||||||||||||
Net income available to common shareholders | $ 55.9 | $ 19.7 | $ 34.5 | $ 36.9 | $ 84.8 | $ 70.7 | $ 65.8 | $ 47.6 | $ 367.4 | $ 147.0 | $ 268.9 | $ 389.9 |
Weighted average common shares outstanding | 177.1 | 177.0 | 171.1 | |||||||||
Diluted earnings per common share | ||||||||||||
Effect of dilutive restricted share units | 0.2 | 0.2 | 0.2 | |||||||||
Weighted average diluted common shares outstanding | 177.3 | 177.2 | 171.3 | |||||||||
Basic earnings per common share | $ 0.32 | $ 0.11 | $ 0.19 | $ 0.21 | $ 0.48 | $ 0.40 | $ 0.37 | $ 0.27 | $ 0.83 | $ 1.52 | $ 2.28 | |
Diluted earnings per common share | $ 0.32 | $ 0.11 | $ 0.19 | $ 0.21 | $ 0.48 | $ 0.40 | $ 0.37 | $ 0.27 | $ 0.83 | $ 1.52 | $ 2.28 |
Common Equity - Additional Information (Details) |
1 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Mar. 21, 2017
shares
|
Jan. 31, 2020
$ / shares
|
Dec. 31, 2019
$ / shares
|
Dec. 31, 2018
$ / shares
|
Dec. 31, 2017
$ / shares
|
|
Class of Stock [Line Items] | |||||
Shares issued, stock split | shares | 29 | ||||
Stockholders' equity, stock split, conversion ratio | 30 | ||||
Dividends declared per share | $ 0.24 | $ 0.24 | $ 0.20 | ||
Subsequent Event | |||||
Class of Stock [Line Items] | |||||
Dividends declared per share | $ 0.065 |
Employee Benefit Plans (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Defined Contribution Plan | |||
Employee Benefit Plan Disclosure | |||
Employee benefit plan expense | $ 10.1 | $ 12.0 | $ 11.2 |
401K Plan | |||
Employee Benefit Plan Disclosure | |||
Employee benefit plan expense | $ 11.8 | $ 12.1 | $ 10.7 |
Share-based Compensation - Additional Information (Details) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2019
USD ($)
| |
Share-based Compensation Arrangement by Share-based Payment Award | |
Unrecognized compensation cost related to outstanding share-based compensation awards | $ 9.0 |
Unrecognized compensation cost related to outstanding share-based compensation awards, recognition period | 2 years 8 months 12 days |
Share-based Compensation - Components of Share-Based Compensation Expense (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Share-based Compensation Arrangement by Share-based Payment Award | |||
Share-based compensation expense (benefit) | $ (2.3) | $ 10.9 | $ 5.2 |
Related tax (expense) benefit | (0.6) | 2.8 | 2.0 |
Restricted Shares and RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Share-based compensation expense (benefit) | 3.2 | 3.1 | 1.5 |
Pre-IPO Restricted Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Share-based compensation expense (benefit) | 0.0 | 0.9 | 1.9 |
Performance Shares and PSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Share-based compensation expense (benefit) | (6.0) | 5.5 | 1.2 |
Non-Qualified Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Share-based compensation expense (benefit) | $ 0.5 | $ 1.4 | $ 0.6 |
Share-based Compensation - Stock Option Assumptions (Details) - Non-Qualified Stock Options - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Share-based Compensation Arrangement by Share-based Payment Award | |||
Weighted-average Black-Scholes value (usd per share) | $ 7.08 | $ 8.96 | $ 6.37 |
Black-Scholes Assumptions: | |||
Expected term | 6 years 3 months | 6 years 3 months | 6 years 3 months |
Expected volatility | 32.00% | 32.20% | 35.00% |
Expected dividend yield | 1.00% | 0.90% | 1.10% |
Risk-free interest rate | 2.50% | 2.80% | 2.20% |
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions |
Dec. 31, 2019 |
Jun. 30, 2016 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments to purchase transportation equipment | $ 278.2 | |
WSL | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | ||
Contingent consideration arrangements, low range of outcomes | $ 0.0 | |
Contingent consideration arrangements, high range of outcomes | $ 40.0 |
Segment Reporting - Additional Information (Details) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019
USD ($)
|
Sep. 30, 2019
USD ($)
|
Jun. 30, 2019
USD ($)
|
Mar. 31, 2019
USD ($)
|
Dec. 31, 2018
USD ($)
|
Sep. 30, 2018
USD ($)
|
Jun. 30, 2018
USD ($)
|
Mar. 31, 2018
USD ($)
|
Dec. 31, 2019
USD ($)
Segment
|
Dec. 31, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
|
Segment Reporting Information | |||||||||||
Number of reportable segments | Segment | 3 | ||||||||||
Operating revenues | $ | $ 1,156.3 | $ 1,183.9 | $ 1,212.7 | $ 1,194.1 | $ 1,321.6 | $ 1,280.1 | $ 1,236.3 | $ 1,139.0 | $ 4,747.0 | $ 4,977.0 | $ 4,383.6 |
Other | |||||||||||
Segment Reporting Information | |||||||||||
Operating revenues | $ | 371.3 | 323.2 | 293.6 | ||||||||
Other | Other Insurance | |||||||||||
Segment Reporting Information | |||||||||||
Operating revenues | $ | $ 87.1 | $ 82.7 | $ 78.4 | ||||||||
Truckload | |||||||||||
Segment Reporting Information | |||||||||||
Number of operating segments | Segment | 2 | ||||||||||
Logistics | |||||||||||
Segment Reporting Information | |||||||||||
Number of operating segments | Segment | 3 |
Segment Reporting - Revenue by Segment (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Segment Reporting Information | |||||||||||
Operating revenues | $ 1,156.3 | $ 1,183.9 | $ 1,212.7 | $ 1,194.1 | $ 1,321.6 | $ 1,280.1 | $ 1,236.3 | $ 1,139.0 | $ 4,747.0 | $ 4,977.0 | $ 4,383.6 |
Reportable segments | Truckload | |||||||||||
Segment Reporting Information | |||||||||||
Operating revenues | 2,076.8 | 2,265.1 | 2,187.4 | ||||||||
Reportable segments | Intermodal | |||||||||||
Segment Reporting Information | |||||||||||
Operating revenues | 1,007.8 | 955.9 | 779.9 | ||||||||
Reportable segments | Logistics | |||||||||||
Segment Reporting Information | |||||||||||
Operating revenues | 934.8 | 1,023.9 | 834.3 | ||||||||
Other | |||||||||||
Segment Reporting Information | |||||||||||
Operating revenues | 371.3 | 323.2 | 293.6 | ||||||||
Fuel surcharge | |||||||||||
Segment Reporting Information | |||||||||||
Operating revenues | 466.0 | 522.8 | 386.3 | ||||||||
Intersegment Eliminations | |||||||||||
Segment Reporting Information | |||||||||||
Operating revenues | $ (109.7) | $ (113.9) | $ (97.9) |
Segment Reporting - Income From Operations (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Segment Reporting Information | |||||||||||
Income from operations | $ 78.1 | $ 29.0 | $ 49.2 | $ 51.5 | $ 118.6 | $ 97.9 | $ 91.7 | $ 67.6 | $ 207.8 | $ 375.8 | $ 280.3 |
Reportable segments | Truckload | |||||||||||
Segment Reporting Information | |||||||||||
Income from operations | 59.0 | 237.1 | 196.2 | ||||||||
Reportable segments | Intermodal | |||||||||||
Segment Reporting Information | |||||||||||
Income from operations | 107.7 | 130.4 | 52.3 | ||||||||
Reportable segments | Logistics | |||||||||||
Segment Reporting Information | |||||||||||
Income from operations | 37.3 | 47.3 | 34.2 | ||||||||
Other | |||||||||||
Segment Reporting Information | |||||||||||
Income from operations | $ 3.8 | $ (39.0) | $ (2.4) |
Segment Reporting - Depreciation and Amortization Expense (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Segment Reporting Information | |||
Depreciation and amortization expense | $ 292.9 | $ 291.3 | $ 279.0 |
Reportable segments | Truckload | |||
Segment Reporting Information | |||
Depreciation and amortization expense | 212.3 | 211.0 | 205.9 |
Reportable segments | Intermodal | |||
Segment Reporting Information | |||
Depreciation and amortization expense | 44.6 | 39.8 | 34.5 |
Reportable segments | Logistics | |||
Segment Reporting Information | |||
Depreciation and amortization expense | 0.5 | 0.4 | 0.4 |
Other | |||
Segment Reporting Information | |||
Depreciation and amortization expense | $ 35.5 | $ 40.1 | $ 38.2 |
Quarterly Results of Operations (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||
Operating revenues | $ 1,156.3 | $ 1,183.9 | $ 1,212.7 | $ 1,194.1 | $ 1,321.6 | $ 1,280.1 | $ 1,236.3 | $ 1,139.0 | $ 4,747.0 | $ 4,977.0 | $ 4,383.6 | |
Income from operations | 78.1 | 29.0 | 49.2 | 51.5 | 118.6 | 97.9 | 91.7 | 67.6 | 207.8 | 375.8 | 280.3 | |
Net income | $ 55.9 | $ 19.7 | $ 34.5 | $ 36.9 | $ 84.8 | $ 70.7 | $ 65.8 | $ 47.6 | $ 367.4 | $ 147.0 | $ 268.9 | $ 389.9 |
Basic earnings per common share | $ 0.32 | $ 0.11 | $ 0.19 | $ 0.21 | $ 0.48 | $ 0.40 | $ 0.37 | $ 0.27 | $ 0.83 | $ 1.52 | $ 2.28 | |
Diluted earnings per common share | $ 0.32 | $ 0.11 | $ 0.19 | $ 0.21 | $ 0.48 | $ 0.40 | $ 0.37 | $ 0.27 | $ 0.83 | $ 1.52 | $ 2.28 |
Quarterly Results of Operations (Unaudited) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Income from operations | $ 78.1 | $ 29.0 | $ 49.2 | $ 51.5 | $ 118.6 | $ 97.9 | $ 91.7 | $ 67.6 | $ 207.8 | $ 375.8 | $ 280.3 | |
Net income | $ 55.9 | $ 19.7 | $ 34.5 | $ 36.9 | $ 84.8 | $ 70.7 | $ 65.8 | $ 47.6 | $ 367.4 | $ 147.0 | $ 268.9 | $ 389.9 |
Basic earnings per common share | $ 0.32 | $ 0.11 | $ 0.19 | $ 0.21 | $ 0.48 | $ 0.40 | $ 0.37 | $ 0.27 | $ 0.83 | $ 1.52 | $ 2.28 | |
Diluted earnings per common share | $ 0.32 | $ 0.11 | $ 0.19 | $ 0.21 | $ 0.48 | $ 0.40 | $ 0.37 | $ 0.27 | $ 0.83 | $ 1.52 | $ 2.28 | |
Impairment Charges | ||||||||||||
Income from operations | $ 34.6 | |||||||||||
Net income | $ 25.7 | |||||||||||
Basic earnings per common share | $ 0.15 | |||||||||||
Diluted earnings per common share | $ 0.15 | |||||||||||
Restructuring Charges | ||||||||||||
Income from operations | $ 13.3 | $ 50.4 | ||||||||||
Net income | $ 9.9 | $ 37.6 | ||||||||||
Basic earnings per common share | $ 0.06 | $ 0.21 | ||||||||||
Diluted earnings per common share | $ 0.06 | $ 0.21 |
Restructuring Charges - Narrative (Details) - USD ($) $ in Millions |
1 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Aug. 31, 2019 |
Jul. 31, 2019 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Restructuring Cost and Reserve | |||||
Restructuring, initiation date | Jul. 29, 2019 | ||||
Restructuring, completion date | Aug. 31, 2019 | ||||
Restructuring charges | $ 63.7 | $ 0.0 | $ 0.0 | ||
FTFM pre-tax losses | 34.4 | 29.2 | 15.4 | ||
Truckload | |||||
Restructuring Cost and Reserve | |||||
Restructuring charges | $ 63.7 | $ 0.0 | $ 0.0 |
Restructuring Charges - Schedule of Restructuring Charges (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Restructuring Cost and Reserve | |||
Restructuring charges | $ 63.7 | $ 0.0 | $ 0.0 |
Truckload | |||
Restructuring Cost and Reserve | |||
Restructuring charges | 63.7 | 0.0 | 0.0 |
Truckload | Impairment charges and losses on asset disposals | |||
Restructuring Cost and Reserve | |||
Restructuring charges | 46.1 | 0.0 | 0.0 |
Truckload | Receivables write-down | |||
Restructuring Cost and Reserve | |||
Restructuring charges | 3.9 | 0.0 | 0.0 |
Truckload | Other costs | |||
Restructuring Cost and Reserve | |||
Restructuring charges | $ 13.7 | $ 0.0 | $ 0.0 |
Restructuring Charges - Schedule of Restructuring Reserve by Type (Details) - Truckload - Other costs - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Restructuring Cost and Reserve | ||
Restructuring and related cost, incurred cost | $ 13.7 | |
Cash payments | (8.6) | |
Restructuring reserve | $ 5.1 | $ 0.0 |
Schedule II - Valuation and Qualifying Accounts (Details) - Allowance for Doubtful Accounts - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | $ 6.8 | $ 5.2 | $ 3.5 |
Charged to Expense / Against Revenue | (1.1) | 3.7 | 3.7 |
Write-offs-Net of Recoveries | (2.3) | (2.1) | (2.0) |
Balance at End of Year | $ 3.4 | $ 6.8 | $ 5.2 |
Label | Element | Value |
---|---|---|
Dividends | us-gaap_Dividends | $ 26,500,000 |
Stock Issued During Period, Value, Other | us-gaap_StockIssuedDuringPeriodValueOther | 2,900,000 |
Stock Issued During Period, Value, Issued for Services | us-gaap_StockIssuedDuringPeriodValueIssuedForServices | 800,000 |
Stock Repurchased and Retired During Period, Value | us-gaap_StockRepurchasedAndRetiredDuringPeriodValue | 100,000 |
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue | 4,800,000 |
Stock Issued During Period, Value, New Issues | us-gaap_StockIssuedDuringPeriodValueNewIssues | 340,600,000 |
Other Comprehensive Income (Loss), Net of Tax | us-gaap_OtherComprehensiveIncomeLossNetOfTax | (900,000) |
Retained Earnings [Member] | ||
Dividends | us-gaap_Dividends | 26,500,000 |
Stock Issued During Period, Value, Other | us-gaap_StockIssuedDuringPeriodValueOther | 0 |
Stock Issued During Period, Value, Issued for Services | us-gaap_StockIssuedDuringPeriodValueIssuedForServices | 0 |
Stock Repurchased and Retired During Period, Value | us-gaap_StockRepurchasedAndRetiredDuringPeriodValue | 0 |
Net Income (Loss) Attributable to Parent | us-gaap_NetIncomeLoss | 367,400,000 |
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue | 0 |
Stock Issued During Period, Value, New Issues | us-gaap_StockIssuedDuringPeriodValueNewIssues | 0 |
Other Comprehensive Income (Loss), Net of Tax | us-gaap_OtherComprehensiveIncomeLossNetOfTax | 0 |
Common Stock [Member] | ||
Dividends | us-gaap_Dividends | 0 |
Reclassifications of Temporary to Permanent Equity | us-gaap_ReclassificationsOfTemporaryToPermanentEquity | 0 |
Stock Issued During Period, Value, Other | us-gaap_StockIssuedDuringPeriodValueOther | 0 |
Stock Issued During Period, Value, Issued for Services | us-gaap_StockIssuedDuringPeriodValueIssuedForServices | 0 |
Stock Repurchased and Retired During Period, Value | us-gaap_StockRepurchasedAndRetiredDuringPeriodValue | 0 |
Net Income (Loss) Attributable to Parent | us-gaap_NetIncomeLoss | 0 |
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue | 0 |
Stock Issued During Period, Value, New Issues | us-gaap_StockIssuedDuringPeriodValueNewIssues | 0 |
Other Comprehensive Income (Loss), Net of Tax | us-gaap_OtherComprehensiveIncomeLossNetOfTax | 0 |
Additional Paid-in Capital [Member] | ||
Dividends | us-gaap_Dividends | 0 |
Reclassifications of Temporary to Permanent Equity | us-gaap_ReclassificationsOfTemporaryToPermanentEquity | 1,187,000,000.0 |
Stock Issued During Period, Value, Other | us-gaap_StockIssuedDuringPeriodValueOther | 2,900,000 |
Stock Issued During Period, Value, Issued for Services | us-gaap_StockIssuedDuringPeriodValueIssuedForServices | 800,000 |
Stock Repurchased and Retired During Period, Value | us-gaap_StockRepurchasedAndRetiredDuringPeriodValue | 100,000 |
Net Income (Loss) Attributable to Parent | us-gaap_NetIncomeLoss | 0 |
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue | 4,800,000 |
Stock Issued During Period, Value, New Issues | us-gaap_StockIssuedDuringPeriodValueNewIssues | 340,600,000 |
Other Comprehensive Income (Loss), Net of Tax | us-gaap_OtherComprehensiveIncomeLossNetOfTax | 0 |
AOCI Attributable to Parent [Member] | ||
Dividends | us-gaap_Dividends | 0 |
Stock Issued During Period, Value, Other | us-gaap_StockIssuedDuringPeriodValueOther | 0 |
Stock Issued During Period, Value, Issued for Services | us-gaap_StockIssuedDuringPeriodValueIssuedForServices | 0 |
Stock Repurchased and Retired During Period, Value | us-gaap_StockRepurchasedAndRetiredDuringPeriodValue | 0 |
Net Income (Loss) Attributable to Parent | us-gaap_NetIncomeLoss | 0 |
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue | 0 |
Stock Issued During Period, Value, New Issues | us-gaap_StockIssuedDuringPeriodValueNewIssues | 0 |
Other Comprehensive Income (Loss), Net of Tax | us-gaap_OtherComprehensiveIncomeLossNetOfTax | $ (900,000) |