Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2023	Apr. 21, 2023
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-38054
Entity Registrant Name	Schneider National, Inc.
Entity Incorporation, State or Country Code	WI
Entity Tax Identification Number	39-1258315
Entity Address, Address Line One	3101 South Packerland Drive
Entity Address, City or Town	Green Bay
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	54313
City Area Code	920
Local Phone Number	592-2000
Title of 12(b) Security	Class B common stock, no par value
Trading Symbol	SNDR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001692063
Current Fiscal Year End Date	--12-31
Class A Common Shares
Document Information
Entity Common Stock, Shares Outstanding		83,029,500
Class B Common Stock
Document Information
Entity Common Stock, Shares Outstanding		95,389,957

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Operating revenues	$ 1,428.7	$ 1,620.5
Operating expenses:
Purchased transportation	563.1	740.1
Salaries, wages, and benefits	337.8	337.5
Fuel and fuel taxes	113.0	110.2
Depreciation and amortization	91.8	83.8
Operating supplies and expenses—net	147.9	89.5
Insurance and related expenses	24.7	26.4
Other general expenses	35.8	97.9
Total operating expenses	1,314.1	1,485.4
Income from operations	114.6	135.1
Other expenses (income):
Interest income	(2.1)	(0.4)
Interest expense	4.4	2.8
Other expense (income)—net	(17.0)	9.2
Total other expenses (income)—net	(14.7)	11.6
Income before income taxes	129.3	123.5
Provision for income taxes	31.3	31.4
Net income	98.0	92.1
Other comprehensive income (loss):
Foreign currency translation adjustment—net	0.3	0.1
Net unrealized gains (losses) on marketable securities—net of tax	0.5	(1.6)
Total other comprehensive income (loss)—net	0.8	(1.5)
Comprehensive income	$ 98.8	$ 90.6
Weighted average common shares outstanding	178.2	177.7
Basic earnings per share	$ 0.55	$ 0.52
Weighted average diluted shares outstanding	179.1	178.5
Diluted earnings per share	$ 0.55	$ 0.52

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 389.8	$ 385.7
Marketable securities	53.3	45.9
Trade accounts receivable—net of allowance of $12.5 million and $13.7 million, respectively	591.7	643.7
Other receivables	20.8	21.3
Current portion of lease receivables—net of allowance of $1.1 million and $1.3 million, respectively	112.6	111.2
Inventories	59.5	53.0
Prepaid expenses and other current assets	138.6	89.5
Total current assets	1,366.3	1,350.3
Property and equipment:
Transportation equipment	3,498.1	3,410.7
Land, buildings, and improvements	220.0	219.0
Other property and equipment	176.5	174.1
Total property and equipment	3,894.6	3,803.8
Less accumulated depreciation	1,518.4	1,523.8
Net property and equipment	2,376.2	2,280.0
Lease receivables	164.1	163.1
Internal use software and other noncurrent assets	335.9	296.6
Goodwill	228.2	228.2
Total noncurrent assets	3,104.4	2,967.9
Total Assets	4,470.7	4,318.2
Current Liabilities:
Trade accounts payable	330.1	276.7
Accrued salaries, wages, and benefits	64.6	97.8
Claims accruals—current	73.7	75.5
Current maturities of debt and finance lease obligations	73.4	73.3
Other current liabilities	124.7	113.6
Total current liabilities	666.5	636.9
Noncurrent Liabilities:
Long-term debt and finance lease obligations	141.2	141.8
Claims accruals—noncurrent	97.8	95.2
Deferred income taxes	557.0	538.2
Other noncurrent liabilities	89.4	68.9
Total noncurrent liabilities	885.4	844.1
Total Liabilities	1,551.9	1,481.0
Shareholders’ Equity:
Additional paid-in capital	1,583.6	1,584.4
Retained earnings	1,339.4	1,257.8
Accumulated other comprehensive loss	(4.2)	(5.0)
Total Shareholders' Equity	2,918.8	2,837.2
Total Liabilities and Shareholders’ Equity	4,470.7	4,318.2
Supplemental Income Statement Elements
Trade accounts receivable allowance	12.5	13.7
Lease receivables allowance	1.1	1.3
Preferred Stock
Shareholders’ Equity:
Preferred stock	$ 0.0	$ 0.0
Preferred stock, par value (usd per share)	$ 0	$ 0
Preferred stock, shares authorized (shares)	50,000,000	50,000,000
Preferred stock, shares issued (shares)	0	0
Preferred stock, shares outstanding (shares)	0	0
Class A Common Shares
Shareholders’ Equity:
Common stock	$ 0.0	$ 0.0
Common stock, par value (usd per share)	$ 0	$ 0
Common stock, shares authorized (shares)	250,000,000	250,000,000
Common stock, shares issued (shares)	83,029,500	83,029,500
Common stock, shares outstanding (shares)	83,029,500	83,029,500
Class B Common Stock
Shareholders’ Equity:
Common stock	$ 0.0	$ 0.0
Common stock, par value (usd per share)	$ 0	$ 0
Common stock, shares authorized (shares)	750,000,000	750,000,000
Common stock, shares issued (shares)	95,771,083	95,655,907
Common stock, shares outstanding (shares)	95,388,727	94,993,144

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net cash provided by operating activities
Net income	$ 98.0	$ 92.1
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	91.8	83.8
Gains on sales of property and equipment—net	(12.3)	(60.9)
Proceeds from lease receipts	19.3	20.5
Deferred income taxes	18.7	29.7
Long-term incentive and share-based compensation expense	4.8	5.8
(Gains) losses on investments in equity securities—net	(17.6)	8.4
Other noncash items—net	0.0	(6.4)
Changes in operating assets and liabilities:
Receivables	52.5	(77.8)
Other assets	(51.3)	(52.6)
Payables	(13.7)	56.1
Claims reserves and other receivables—net	0.8	9.1
Other liabilities	(7.9)	27.8
Net cash provided by operating activities	183.1	135.6
Investing Activities:
Purchases of transportation equipment	(143.1)	(60.3)
Purchases of other property and equipment	(12.5)	(14.4)
Proceeds from sale of property and equipment	34.7	64.8
Proceeds from sale of off-lease inventory	7.1	5.1
Purchases of lease equipment	(20.9)	(21.0)
Proceeds from marketable securities	2.0	2.2
Purchases of marketable securities	(8.8)	(3.6)
Investments in equity securities	(5.0)	(4.0)
Investment in note receivable	(10.0)	0.0
Acquisition of business, net of cash acquired	0.0	(3.2)
Net cash used in investing activities	(156.5)	(34.4)
Financing Activities:
Payments of debt and finance lease obligations	(0.8)	(60.4)
Dividends paid	(15.7)	(12.9)
Other financing activities	(6.0)	(0.1)
Net cash used in financing activities	(22.5)	(73.4)
Net increase in cash and cash equivalents	4.1	27.8
Cash and Cash Equivalents:
Cash and cash equivalents, beginning balance	385.7	244.8
Cash and cash equivalents, ending balance	389.8	272.6
Noncash investing and financing activity:
Transportation and lease equipment purchases in accounts payable	80.1	25.2
Dividends declared but not yet paid	16.8	16.0
Cash paid during the period for:
Interest	3.2	4.2
Income taxes—net of refunds	$ 1.8	$ 16.7

Consolidated Statements Shareholders' Equity - USD ($) $ in Millions	Total	Class A Common Shares	Class B Common Stock	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Balance at Dec. 31, 2021	$ 2,423.8			$ 0.0	$ 1,566.0	$ 857.8	$ 0.0
Increase (Decrease) in Stockholders' Equity
Net income	92.1			0.0	0.0	92.1	0.0
Other comprehensive (loss) income	(1.5)			0.0	0.0	0.0	(1.5)
Share-based compensation expense	5.4			0.0	5.4	0.0	0.0
Dividends declared per share		$ 0.08	$ 0.08
Dividends declared	(14.9)			0.0	0.0	(14.9)	0.0
Share issuances	0.1			0.0	0.1	0.0	0.0
Exercise of employee stock options	2.3			0.0	2.3	0.0	0.0
Shares withheld for employee taxes	(2.4)			0.0	(2.4)	0.0	0.0
Balance at Mar. 31, 2022	2,504.9			0.0	1,571.4	935.0	(1.5)
Balance at Dec. 31, 2022	2,837.2			0.0	1,584.4	1,257.8	(5.0)
Increase (Decrease) in Stockholders' Equity
Net income	98.0			0.0	0.0	98.0	0.0
Other comprehensive (loss) income	0.8			0.0	0.0	0.0	0.8
Share-based compensation expense	5.1			0.0	5.1	0.0	0.0
Dividends declared per share		$ 0.09	$ 0.09
Dividends declared	(16.4)			0.0	0.0	(16.4)	0.0
Share issuances	0.1			0.0	0.1	0.0	0.0
Exercise of employee stock options	0.1			0.0	0.1	0.0	0.0
Shares withheld for employee taxes	(6.1)			0.0	(6.1)	0.0	0.0
Balance at Mar. 31, 2023	$ 2,918.8			$ 0.0	$ 1,583.6	$ 1,339.4	$ (4.2)

General	3 Months Ended
General	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	GENERAL Nature of Operations Schneider National, Inc. and its subsidiaries (together “Schneider,” the “Company,” “we,” “us,” or “our”) are among the largest providers of surface transportation and logistics solutions in North America. We offer a multimodal portfolio of services and an array of capabilities and resources that leverage artificial intelligence, data science, and analytics to provide innovative solutions that coordinate the timely, safe, and effective movement of customer products. The Company offers truckload, intermodal, and logistics services to a diverse customer base throughout the continental U.S., Canada, and Mexico. Principles of Consolidation and Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in conformity with GAAP and the rules and regulations of the SEC applicable to quarterly reports on Form 10-Q. Therefore, these consolidated financial statements and footnotes do not include all disclosures required by GAAP for annual financial statements and should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2022. Financial results for an interim period are not necessarily indicative of the results for a full year. All intercompany transactions have been eliminated in consolidation. In the opinion of management, these statements reflect all adjustments (consisting only of normal, recurring adjustments) necessary for the fair presentation of our financial results for the interim periods presented. Property and Equipment Gains and losses on property and equipment are recognized at the time of sale or disposition and are classified in operating supplies and expenses—net on the consolidated statements of comprehensive income. For the three months ended March 31, 2023 and 2022, we recognized $12.3 million and $60.9 million of net gains on the sale of property and equipment, respectively. Net gains during 2022 were primarily related to the sale of the Company’s Canadian facility.

Business Combinations and Asset Acquisitions	3 Months Ended
Business Combinations and Asset Acquisitions	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	ACQUISITIONS We acquired 100% of the outstanding equity of deBoer on June 7, 2022 for a final purchase price of approximately $34.6 million inclusive of certain cash and net working capital adjustments. The purchase price allocation for deBoer was considered final as of December 31, 2022 and resulted in $6.1 million of goodwill being recorded within the Truckload reportable segment. deBoer was a regional, dedicated carrier headquartered in Blenker, WI, and the acquisition provided us the opportunity to expand our tractor and trailer fleet primarily within our dedicated Truckload operations. Operating results for deBoer are included in our consolidated results of operations from the acquisition date through July 2022 when their operations ceased and drivers and equipment were deployed primarily within our Truckload segment. On December 31, 2021, we acquired 100% of the outstanding equity of MLS, a dedicated trucking company based in Celina, OH, and certain affiliated entities holding assets comprising substantially all of MLS’s business. MLS is a dedicated carrier in the central U.S. that complements our growing dedicated operations. The aggregate purchase price of the acquisition was approximately $268.8 million inclusive of certain net working capital and other post-acquisition adjustments. The purchase price allocation for MLS was considered final as of December 31, 2022 and resulted in $104.3 million of goodwill being recorded within the Truckload reportable segment. Operating results for MLS are included in our consolidated results of operations beginning January 1, 2022.

Leases (Notes)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Finance Leases

LEASES

As Lessee

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

Additional information related to our leases is as follows:


	Three Months Ended March 31,
(in millions)	2023		2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	9.0	$	8.3
Operating cash flows for finance leases	0.1		—
Financing cash flows for finance leases	0.8		0.3

Right-of-use assets obtained in exchange for new lease liabilities
Operating leases	$	14.0	$	4.3
Finance leases	0.3		1.8

As of March 31, 2023, we had signed leases that had not yet commenced totaling $20.8 million. These leases will commence during the remainder of 2023 and have lease terms of three to seven years.

As Lessor

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

As of March 31, 2023 and December 31, 2022, investments in lease receivables were as follows:


(in millions)	March 31, 2023		December 31, 2022
Future minimum payments to be received on leases	$	202.9	$	198.4
Guaranteed residual lease values	126.1		126.1
Total minimum lease payments to be received	329.0		324.5
Unearned income	(52.3)		(50.2)
Net investment in leases	$	276.7	$	274.3

Prior to entering a lease contract, we assess the credit quality of the potential lessee using credit checks and other relevant factors, ensuring that the inherent credit risk is consistent with our existing lease portfolio. Given our leases have fully guaranteed residual values and we can take possession of the transportation-related equipment in the event of default, we do not categorize net investment in leases by different credit quality indicators upon origination. We monitor our lease portfolio weekly by tracking amounts past due, days past due, and outstanding maintenance account balances, including performing subsequent credit checks as needed. Our net investment in leases with any portion past due as of March 31, 2023 was $53.6 million, which includes both current and future lease payments. Lease payments on our lease receivables are generally due on a weekly basis and are classified as past due when the weekly payment is not received by its due date. As of March 31, 2023, our lease payments past due were $3.4 million.

The table below provides additional information on our sales-type leases. Revenue and cost of goods sold are recorded in operating revenues and operating supplies and expenses—net in the consolidated statements of comprehensive income, respectively.


	Three Months Ended March 31,
(in millions)	2023		2022
Revenue	$	60.8	$	42.3
Cost of goods sold	(51.4)		(36.0)
Operating profit	$	9.4	$	6.3

Interest income on lease receivable	$	9.4	$	8.7

Operating Leases

LEASES

As Lessee

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

Additional information related to our leases is as follows:


	Three Months Ended March 31,
(in millions)	2023		2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	9.0	$	8.3
Operating cash flows for finance leases	0.1		—
Financing cash flows for finance leases	0.8		0.3

Right-of-use assets obtained in exchange for new lease liabilities
Operating leases	$	14.0	$	4.3
Finance leases	0.3		1.8

As of March 31, 2023, we had signed leases that had not yet commenced totaling $20.8 million. These leases will commence during the remainder of 2023 and have lease terms of three to seven years.

As Lessor

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

As of March 31, 2023 and December 31, 2022, investments in lease receivables were as follows:


(in millions)	March 31, 2023		December 31, 2022
Future minimum payments to be received on leases	$	202.9	$	198.4
Guaranteed residual lease values	126.1		126.1
Total minimum lease payments to be received	329.0		324.5
Unearned income	(52.3)		(50.2)
Net investment in leases	$	276.7	$	274.3

Prior to entering a lease contract, we assess the credit quality of the potential lessee using credit checks and other relevant factors, ensuring that the inherent credit risk is consistent with our existing lease portfolio. Given our leases have fully guaranteed residual values and we can take possession of the transportation-related equipment in the event of default, we do not categorize net investment in leases by different credit quality indicators upon origination. We monitor our lease portfolio weekly by tracking amounts past due, days past due, and outstanding maintenance account balances, including performing subsequent credit checks as needed. Our net investment in leases with any portion past due as of March 31, 2023 was $53.6 million, which includes both current and future lease payments. Lease payments on our lease receivables are generally due on a weekly basis and are classified as past due when the weekly payment is not received by its due date. As of March 31, 2023, our lease payments past due were $3.4 million.

The table below provides additional information on our sales-type leases. Revenue and cost of goods sold are recorded in operating revenues and operating supplies and expenses—net in the consolidated statements of comprehensive income, respectively.


	Three Months Ended March 31,
(in millions)	2023		2022
Revenue	$	60.8	$	42.3
Cost of goods sold	(51.4)		(36.0)
Operating profit	$	9.4	$	6.3

Interest income on lease receivable	$	9.4	$	8.7

Sales-type Leases

LEASES

As Lessee

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

Additional information related to our leases is as follows:


	Three Months Ended March 31,
(in millions)	2023		2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	9.0	$	8.3
Operating cash flows for finance leases	0.1		—
Financing cash flows for finance leases	0.8		0.3

Right-of-use assets obtained in exchange for new lease liabilities
Operating leases	$	14.0	$	4.3
Finance leases	0.3		1.8

As of March 31, 2023, we had signed leases that had not yet commenced totaling $20.8 million. These leases will commence during the remainder of 2023 and have lease terms of three to seven years.

As Lessor

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

As of March 31, 2023 and December 31, 2022, investments in lease receivables were as follows:


(in millions)	March 31, 2023		December 31, 2022
Future minimum payments to be received on leases	$	202.9	$	198.4
Guaranteed residual lease values	126.1		126.1
Total minimum lease payments to be received	329.0		324.5
Unearned income	(52.3)		(50.2)
Net investment in leases	$	276.7	$	274.3

Prior to entering a lease contract, we assess the credit quality of the potential lessee using credit checks and other relevant factors, ensuring that the inherent credit risk is consistent with our existing lease portfolio. Given our leases have fully guaranteed residual values and we can take possession of the transportation-related equipment in the event of default, we do not categorize net investment in leases by different credit quality indicators upon origination. We monitor our lease portfolio weekly by tracking amounts past due, days past due, and outstanding maintenance account balances, including performing subsequent credit checks as needed. Our net investment in leases with any portion past due as of March 31, 2023 was $53.6 million, which includes both current and future lease payments. Lease payments on our lease receivables are generally due on a weekly basis and are classified as past due when the weekly payment is not received by its due date. As of March 31, 2023, our lease payments past due were $3.4 million.

The table below provides additional information on our sales-type leases. Revenue and cost of goods sold are recorded in operating revenues and operating supplies and expenses—net in the consolidated statements of comprehensive income, respectively.


	Three Months Ended March 31,
(in millions)	2023		2022
Revenue	$	60.8	$	42.3
Cost of goods sold	(51.4)		(36.0)
Operating profit	$	9.4	$	6.3

Interest income on lease receivable	$	9.4	$	8.7

Revenue Recognition

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer

REVENUE RECOGNITION

Disaggregated Revenues

The majority of our revenues are related to transportation and have similar characteristics. The following table summarizes our revenues by type of service.


	Three Months Ended March 31,
Disaggregated Revenues (in millions)	2023		2022
Transportation	$	1,317.0	$	1,499.2
Logistics Management	49.8		75.7
Other	61.9		45.6
Total operating revenues	$	1,428.7	$	1,620.5

Quantitative Disclosure

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


Remaining Performance Obligations (in millions)	March 31, 2023
Expected to be recognized within one year
Transportation	$	17.1
Logistics Management	11.5
Expected to be recognized after one year
Transportation	20.6
Logistics Management	12.1
Total	$	61.3

This disclosure does not include revenues related to performance obligations that are part of a contract with an original expected duration of one year or less, nor does it include expected consideration related to performance obligations for which the Company elects to recognize revenue in the amount it has a right to invoice (e.g., usage-based pricing terms).

The following table provides information related to contract balances associated with our contracts with customers as of the dates shown.


Contract Balances (in millions)	March 31, 2023		December 31, 2022
Other current assets—Contract assets	$	27.8	$	27.0
Other current liabilities—Contract liabilities	2.8		2.6

We generally receive payment within 40 days of completion of performance obligations. Contract assets in the table above relate to revenue in transit at the end of the reporting period. Contract liabilities relate to amounts that customers paid in advance of the associated services.

Non-monetary Consideration

Occasionally we provide freight movements to customers in exchange for non-monetary services. The fair value of non-monetary consideration on these freight movements is included in operating revenues on the consolidated statements of comprehensive income and consists primarily of transportation equipment. There was no revenue recorded for freight movements in exchange for non-monetary consideration for the three months ended March 31, 2023. During the three months ended March 31, 2022, $6.5 million was recorded for these services.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
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+ Details

Fair Value

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value

FAIR VALUE

Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability. Inputs to valuation techniques used to measure fair value fall into three broad levels (Levels 1, 2, and 3) as follows:

Level 1—Observable inputs that reflect quoted prices for identical assets or liabilities in active markets that we have the ability to access at the measurement date.

Level 2—Observable inputs, other than quoted prices included in Level 1, for the asset or liability or prices for similar assets and liabilities.

Level 3—Unobservable inputs reflecting the reporting entity’s estimates of the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk).

Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

The table below sets forth the Company’s financial assets that are measured at fair value on a recurring, monthly basis in accordance with ASC 820.


		Fair Value
(in millions)	Level in Fair Value Hierarchy	March 31, 2023		December 31, 2022
Equity investment in TuSimple (1)	1	$	0.5	$	0.6
Marketable securities (2)	2	53.3		45.9

(1)Our equity investment in TuSimple is classified as Level 1 in the fair value hierarchy as shares of TuSimple’s Class A common stock are traded on the NASDAQ. See Note 6, Investments, for additional information.

(2)Marketable securities are classified as Level 2 in the fair value hierarchy as they are valued based on quoted prices for similar assets in active markets or quoted prices for identical or similar assets in markets that are not active. See Note 6, Investments, for additional information.

The fair value of the Company’s debt was $199.7 million and $199.1 million as of March 31, 2023 and December 31, 2022, respectively. The carrying value of the Company’s debt was $205.0 million as of both March 31, 2023 and December 31, 2022. The fair value of our debt was calculated using a fixed rate debt portfolio with similar terms and maturities, which is based on the borrowing rates available to us in the applicable period. This valuation used Level 2 inputs.

The recorded values of cash, trade accounts receivable, lease receivables, and trade accounts payable approximate fair values.

- Definition

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

+ References + Details

Investments

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Investments

INVESTMENTS

Marketable Securities

Our marketable securities are classified as available-for-sale and carried at fair value in current assets on the consolidated balance sheets. While our intent is to hold our securities to maturity, sudden changes in the market or our liquidity needs may cause us to sell certain securities in advance of their maturity date.

Any unrealized gains and losses, net of tax, are included as a component of accumulated other comprehensive income on the consolidated balance sheets, unless we determine that the amortized cost basis is not recoverable. If we determine that the amortized cost basis of the impaired security is not recoverable, we recognize the credit loss by increasing the allowance for those losses. We did not have an allowance for credit losses on our marketable securities as of March 31, 2023 or December 31, 2022. Cost basis is determined using the specific identification method.

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


	March 31, 2023					December 31, 2022
(in millions, except maturities in months)	Maturities	Amortized Cost		Fair Value		Amortized Cost		Fair Value
U.S. treasury and government agencies	8 to 95 months	$	22.9	$	20.7	$	21.9	$	19.3

Corporate debt securities	4 to 121 months	18.9		17.9		16.0		14.9
State and municipal bonds	1 to 151 months	15.2		14.7		12.4		11.7

Total marketable securities		$	57.0	$	53.3	$	50.3	$	45.9

Equity Investments without Readily Determinable Fair Values

The Company’s primary strategic equity investments without readily determinable fair values include Platform Science, Inc., a provider of telematics and fleet management tools; MLSI, a transportation technology development company; and ChemDirect, a business to business digital marketplace for the chemical industry. These investments are being accounted for under ASC 321, Investments - Equity Securities, using the measurement alternative, and their combined values as of March 31, 2023 and December 31, 2022 were $108.7 million and $86.0 million, respectively. If the Company identifies observable price changes for identical or similar securities of the same issuer, the equity security is measured at fair value as of the date the observable

transaction occurred using Level 3 inputs. In addition to our investment in MLSI, we also hold a $10.0 million note receivable from MLSI as of March 31, 2023. The note was funded during the first quarter of 2023, is subject to interest over its term, and matures in March 2030.

As of March 31, 2023, our cumulative upward adjustments were $69.7 million. The following table summarizes the activity related to these equity investments during the periods presented.


	Three Months Ended March 31,
(in millions)	2023		2022
Investment in equity securities	$	5.0	$	4.0

Upward adjustments (1)	17.7		—

(1)Our updated investment value in 2023 was determined using a hybrid backsolve method, a valuation approach incorporating both IPO and M&A scenarios to estimate the value based on recently issued shares.

Equity Investments with Readily Determinable Fair Values

In 2021, the Company purchased a $5.0 million non-controlling interest in TuSimple, a global self-driving technology company. Upon completion of its IPO in April 2021, our investment in TuSimple was converted into Class A common shares and is now being accounted for under ASC 321, Investments - Equity Securities. In the three months ended March 31, 2023 and 2022, the Company recognized pre-tax net losses of $0.1 million and $8.4 million, respectively. See Note 5, Fair Value, for additional information on the fair value of our investment in TuSimple.

All of our equity investments, as well our note receivable from MLSI, are included in internal use software and other noncurrent assets on the consolidated balance sheets. Subsequent gains or losses on our equity investments are recognized within other expenses (income)—net on the consolidated statements of comprehensive income.

Goodwill and Other Intangibles

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangibles Disclosure

GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill represents the excess of the purchase price of acquisitions over the fair value of the identifiable net assets acquired. Our goodwill balance as of March 31, 2023 and December 31, 2022 was $228.2 million and was comprised of $214.0 million and $14.2 million in our Truckload and Logistics segments, respectively. As of both March 31, 2023 and December 31, 2022, our Truckload segment had accumulated goodwill impairment charges of $34.6 million.

The identifiable finite lived intangible assets other than goodwill listed below are included in internal use software and other noncurrent assets on the consolidated balance sheets and relate to the acquisition of MLS. Our customer relationships and trademarks are amortized over a weighted-average amortization period of ten years.


	March 31, 2023						December 31, 2022
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	3.2	$	0.4	$	2.8	$	3.2	$	0.3	$	2.9
Trademarks	6.8		0.9		5.9		6.8		0.7		6.1
Total intangible assets	$	10.0	$	1.3	$	8.7	$	10.0	$	1.0	$	9.0

Amortization expense for intangible assets was $0.3 million for the three months ended March 31, 2023.

Estimated future amortization expense related to intangible assets is as follows:


(in millions)	March 31, 2023
Remaining 2023	$	0.7
2024	1.0
2025	1.0
2026	1.0
2027	1.0
2028 and thereafter	4.0
Total	$	8.7

Debt and Credit Facilities

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Debt and Credit Facilities

DEBT AND CREDIT FACILITIES

As of March 31, 2023 and December 31, 2022, debt included the following:


(in millions)	March 31, 2023		December 31, 2022
Unsecured senior notes: principal maturities ranging from 2023 through 2025; interest payable in semiannual installments through the same timeframe; weighted average interest rate of 3.64% and 3.93% for 2023 and 2022, respectively	$	205.0	$	205.0

Current maturities	(70.0)		(70.0)

Long-term debt	$	135.0	$	135.0

Our Credit Agreement (the “2022 Credit Facility”) provides borrowing capacity of $250.0 million and allows us to request an additional increase in total commitment by up to $150.0 million, for a total potential commitment of $400.0 million through November 2027. The agreement also provides a sublimit of $100.0 million to be used for the issuance of letters of credit. We had no outstanding borrowings under this agreement as of March 31, 2023 or December 31, 2022. Standby letters of credit under this agreement amounted to $0.1 million for both March 31, 2023 and December 31, 2022 and were primarily related to the requirements of certain of our real estate leases.

We also have a Receivables Purchase Agreement (the “2021 Receivables Purchase Agreement”), which allows us to borrow funds against qualifying trade receivables at rates based on one-month LIBOR up to $150.0 million and provides for the issuance of standby letters of credit through July 2024. We had no outstanding borrowings under this facility as of March 31, 2023 or December 31, 2022. As of March 31, 2023 and December 31, 2022, standby letters of credit under this agreement amounted to $77.5 million and $77.1 million, respectively, and were primarily related to the requirements of certain of our insurance obligations.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXESOur effective income tax rate was 24.2% and 25.4% for the three months ended March 31, 2023 and 2022, respectively. In determining the quarterly provision for income taxes, we use an estimated annual effective tax rate adjusted for discrete items. This rate is based on our expected annual income, statutory tax rates, and best estimates of nontaxable and nondeductible income and expense items.

- Definition

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

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+ Details

Common Equity

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Common Equity

COMMON EQUITY

Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2023 and 2022, respectively.


	Three Months Ended March 31,
(in millions, except per share data)	2023		2022
Numerator:
Net income available to common shareholders	$	98.0	$	92.1

Denominator:
Weighted average common shares outstanding	178.2		177.7
Dilutive effect of share-based awards and options outstanding	0.9		0.8
Weighted average diluted common shares outstanding (1)	179.1		178.5

Basic earnings per common share	$	0.55	$	0.52
Diluted earnings per common share	0.55		0.52

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

The calculation of diluted earnings per share excluded 0.5 million and 0.6 million share-based awards and options that had an anti-dilutive effect for the three months ended March 31, 2023 and 2022, respectively.

Common Shares Outstanding

The following table shows changes to our common shares outstanding for the three months ended March 31, 2023 and 2022.


	Class A Common Shares	Class B Common Shares
Outstanding as of December 31, 2021	83,029,500	94,626,740

Share issuances	—	258,523
Exercise of employee stock options	—	97,420
Shares withheld for employee taxes	—	(92,121)
Outstanding as of March 31, 2022	83,029,500	94,890,562
















Outstanding as of December 31, 2022	83,029,500	94,993,144

Share issuances	—	633,860
Exercise of employee stock options	—	6,000
Shares withheld for employee taxes	—	(244,277)
Outstanding as of March 31, 2023	83,029,500	95,388,727

In January 2023, our Board approved a share repurchase program under which the Company is authorized to repurchase up to $150.0 million of its Class A and/or Class B common shares. The program does not obligate the Company to repurchase a minimum number of shares and is intended to help offset the dilutive effect of equity grants to employees over time. Under this program, the Company may repurchase shares in privately negotiated and/or open market transactions. The Company did not repurchase any shares during the three months ended March 31, 2023.

Subsequent Event - Dividends Declared

In April of 2023, the Board of Directors declared a quarterly cash dividend for the second fiscal quarter of 2023 in the amount of $0.09 per share to holders of our Class A and Class B common stock. The dividend is payable to shareholders of record at the close of business on June 9, 2023 and will be paid on July 11, 2023.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Share-based Compensation

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share-based Payment Arrangement

SHARE-BASED COMPENSATION

We grant various equity-based awards relating to Class B common stock to employees under our 2017 Omnibus Incentive Plan (“the Plan”). These awards have historically consisted of restricted shares, RSUs, performance-based restricted shares (“performance shares”), PSUs, and non-qualified stock options. Performance shares and PSUs granted are earned based on attainment of threshold performance of earnings and return on capital targets, in addition to a multiplier applied based on rTSR against peers over the performance period.

Share-based compensation expense was $4.8 million and $5.1 million for the three months ended March 31, 2023 and 2022, respectively. We recognize share-based compensation expense over the awards’ vesting period. As of March 31, 2023, we had $35.6 million of pre-tax unrecognized compensation cost related to outstanding share-based compensation awards expected to be recognized over a weighted average period of 2.1 years.

Equity-based awards granted during the first quarter of 2023 had a grant date fair value of $17.5 million and are included in the table below. RSUs granted in 2023 vest ratably over a period of three years where the majority of RSUs granted prior to 2023 vest ratably over a period of four years. No restricted shares, performance shares, or non-qualified stock options were granted during the first quarter of 2023.


2023 Grants	Number of Awards Granted	Weighted Average Grant Date Fair Value
RSUs	345,369	$	28.86
PSUs	237,886	31.60
Total grants	583,255

The Monte-Carlo valuation model is used by the Company to determine the grant date fair value of PSUs, while the Company uses its stock price on the grant date as the fair value assigned to RSUs.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES In the ordinary course of conducting our business, we become involved in certain legal matters and investigations including liability claims, taxes other than income taxes, contract disputes, employment, and other litigation matters. We accrue for anticipated costs to resolve matters that are probable and estimable. We believe the outcomes of these matters will not have a material impact on our business or our consolidated financial statements. We record liabilities for claims against the Company based on our best estimate of expected losses. The primary claims arising for the Company through its trucking, intermodal, and logistics operations consist of accident-related claims for personal injury, collision, and comprehensive compensation, in addition to workers’ compensation, property damage, cargo, and wage and benefit claims. We maintain excess liability insurance with licensed insurance carriers for liability in excess of amounts we self-insure, which serves to largely offset the Company’s liability associated with these claims, with the exception of wage and benefit claims for which we self-insure. We review our accruals periodically to ensure that the aggregate amounts of our accruals are appropriate at any period after consideration of available insurance coverage. Although we expect that our claims accruals will continue to vary based on future developments, assuming that we are able to continue to obtain and maintain excess liability insurance coverage for such claims, we do not anticipate that such accruals will, in any period, materially impact our operating results. As of March 31, 2023, our firm commitments to purchase transportation equipment totaled $358.2 million. During the first quarter of 2022, the Company recorded a $5.2 million charge as a result of an adverse audit assessment by a state jurisdiction over the applicability of sales tax for prior periods on rolling stock equipment used within that state. The charge is included within operating supplies and expenses—net on the consolidated statements of comprehensive income for the three months ended March 31, 2022. The Company filed a request for appeal of the audit assessment with the state jurisdiction. A representative of the former owners of WSL filed a lawsuit alleging that we did not fulfill certain obligations under the purchase and sale agreement and claiming that the former owners of WSL were entitled to damages including an additional payment of $40.0 million under an earn-out arrangement. On April 25, 2022, the Delaware Superior Court entered judgment in favor of the former owners of WSL, awarding $40.0 million in compensatory damages, plus prejudgment interest and the former owners’ attorneys’ fees, to which we recognized a $59.0 million charge in the three months ended March 31, 2022. The Company later settled with the former owners of WSL for a total of $57.0 million, which was included within other general expenses on the consolidated statements of comprehensive income for the year ended December 31, 2022.

Segment Reporting

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment Reporting

SEGMENT REPORTING

We have three reportable segments – Truckload, Intermodal, and Logistics – which are based primarily on the services each segment provides.

In November 2022, the Company executed a management buyout agreement to sell its Asia operations. While Asia met the definition of an operating segment, it did not meet the quantitative threshold for separate disclosure, and the results were included in “Other” in the tables below during 2022.

The CODM reviews revenues for each segment without the inclusion of fuel surcharge revenues. For segment purposes, any fuel surcharge revenues earned are recorded as a reduction of the segment’s fuel expenses. Income from operations at the segment level reflects the measure presented to the CODM for each segment.

Separate balance sheets are not prepared by segment, and as a result, assets are not separately identifiable by segment. All transactions between reportable segments are eliminated in consolidation.

Substantially all of our revenues and assets were generated or located within the U.S.

The following tables summarize our segment information. Inter-segment revenues were immaterial for all segments, with the exception of Other, which included revenues from insurance premiums charged to other segments for workers’ compensation, auto, and other types of insurance. Inter-segment revenues included in Other revenues below were $18.2 million and $19.5 million for the three months ended March 31, 2023 and 2022, respectively.


Revenues by Segment	Three Months Ended March 31,
(in millions)	2023		2022
Truckload	$	537.0	$	548.4
Intermodal	266.1		302.1
Logistics	382.2		545.7
Other	92.2		85.3
Fuel surcharge	179.2		166.0
Inter-segment eliminations	(28.0)		(27.0)
Operating revenues	$	1,428.7	$	1,620.5


Income (Loss) from Operations by Segment	Three Months Ended March 31,
(in millions)	2023		2022
Truckload	$	62.6	$	119.4
Intermodal	30.0		38.9
Logistics	18.5		41.9
Other	3.5		(65.1)
Income from operations	$	114.6	$	135.1


Depreciation and Amortization by Segment	Three Months Ended March 31,
(in millions)	2023		2022
Truckload	$	67.2	$	57.1
Intermodal	13.1		13.7
Logistics	0.1		—
Other	11.4		13.0
Depreciation and amortization	$	91.8	$	83.8

- Definition

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

+ References

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+ Details

General (Policies)	3 Months Ended
General (Policies)	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of OperationsSchneider National, Inc. and its subsidiaries (together “Schneider,” the “Company,” “we,” “us,” or “our”) are among the largest providers of surface transportation and logistics solutions in North America. We offer a multimodal portfolio of services and an array of capabilities and resources that leverage artificial intelligence, data science, and analytics to provide innovative solutions that coordinate the timely, safe, and effective movement of customer products. The Company offers truckload, intermodal, and logistics services to a diverse customer base throughout the continental U.S., Canada, and Mexico.
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in conformity with GAAP and the rules and regulations of the SEC applicable to quarterly reports on Form 10-Q. Therefore, these consolidated financial statements and footnotes do not include all disclosures required by GAAP for annual financial statements and should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2022. Financial results for an interim period are not necessarily indicative of the results for a full year. All intercompany transactions have been eliminated in consolidation. In the opinion of management, these statements reflect all adjustments (consisting only of normal, recurring adjustments) necessary for the fair presentation of our financial results for the interim periods presented.
Property and Equipment	Property and Equipment Gains and losses on property and equipment are recognized at the time of sale or disposition and are classified in operating supplies and expenses—net on the consolidated statements of comprehensive income. For the three months ended March 31, 2023 and 2022, we recognized $12.3 million and $60.9 million of net gains on the sale of property and equipment, respectively. Net gains during 2022 were primarily related to the sale of the Company’s Canadian facility.

Leases (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Schedule of Lease Information

Additional information related to our leases is as follows:


	Three Months Ended March 31,
(in millions)	2023		2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	9.0	$	8.3
Operating cash flows for finance leases	0.1		—
Financing cash flows for finance leases	0.8		0.3

Right-of-use assets obtained in exchange for new lease liabilities
Operating leases	$	14.0	$	4.3
Finance leases	0.3		1.8

Schedule of Investment In Lease Receivables

As of March 31, 2023 and December 31, 2022, investments in lease receivables were as follows:


(in millions)	March 31, 2023		December 31, 2022
Future minimum payments to be received on leases	$	202.9	$	198.4
Guaranteed residual lease values	126.1		126.1
Total minimum lease payments to be received	329.0		324.5
Unearned income	(52.3)		(50.2)
Net investment in leases	$	276.7	$	274.3

Schedule of Sales-type Lease Income

The table below provides additional information on our sales-type leases. Revenue and cost of goods sold are recorded in operating revenues and operating supplies and expenses—net in the consolidated statements of comprehensive income, respectively.


	Three Months Ended March 31,
(in millions)	2023		2022
Revenue	$	60.8	$	42.3
Cost of goods sold	(51.4)		(36.0)
Operating profit	$	9.4	$	6.3

Interest income on lease receivable	$	9.4	$	8.7

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table summarizes our revenues by type of service.


	Three Months Ended March 31,
Disaggregated Revenues (in millions)	2023		2022
Transportation	$	1,317.0	$	1,499.2
Logistics Management	49.8		75.7
Other	61.9		45.6
Total operating revenues	$	1,428.7	$	1,620.5

Remaining Performance Obligations

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


Remaining Performance Obligations (in millions)	March 31, 2023
Expected to be recognized within one year
Transportation	$	17.1
Logistics Management	11.5
Expected to be recognized after one year
Transportation	20.6
Logistics Management	12.1
Total	$	61.3

Contract Balances

The following table provides information related to contract balances associated with our contracts with customers as of the dates shown.


Contract Balances (in millions)	March 31, 2023		December 31, 2022
Other current assets—Contract assets	$	27.8	$	27.0
Other current liabilities—Contract liabilities	2.8		2.6

Fair Value (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Assets Measured on Recurring Basis

The table below sets forth the Company’s financial assets that are measured at fair value on a recurring, monthly basis in accordance with ASC 820.


		Fair Value
(in millions)	Level in Fair Value Hierarchy	March 31, 2023		December 31, 2022
Equity investment in TuSimple (1)	1	$	0.5	$	0.6
Marketable securities (2)	2	53.3		45.9

(1)Our equity investment in TuSimple is classified as Level 1 in the fair value hierarchy as shares of TuSimple’s Class A common stock are traded on the NASDAQ. See Note 6, Investments, for additional information.

(2)Marketable securities are classified as Level 2 in the fair value hierarchy as they are valued based on quoted prices for similar assets in active markets or quoted prices for identical or similar assets in markets that are not active. See Note 6, Investments, for additional information.

Investments (Tables)

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Marketable Securities

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


	March 31, 2023					December 31, 2022
(in millions, except maturities in months)	Maturities	Amortized Cost		Fair Value		Amortized Cost		Fair Value
U.S. treasury and government agencies	8 to 95 months	$	22.9	$	20.7	$	21.9	$	19.3

Corporate debt securities	4 to 121 months	18.9		17.9		16.0		14.9
State and municipal bonds	1 to 151 months	15.2		14.7		12.4		11.7

Total marketable securities		$	57.0	$	53.3	$	50.3	$	45.9

Equity Investments without Readily Determinable Fair Values

As of March 31, 2023, our cumulative upward adjustments were $69.7 million. The following table summarizes the activity related to these equity investments during the periods presented.


	Three Months Ended March 31,
(in millions)	2023		2022
Investment in equity securities	$	5.0	$	4.0

Upward adjustments (1)	17.7		—

(1)Our updated investment value in 2023 was determined using a hybrid backsolve method, a valuation approach incorporating both IPO and M&A scenarios to estimate the value based on recently issued shares.

Goodwill (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

The identifiable finite lived intangible assets other than goodwill listed below are included in internal use software and other noncurrent assets on the consolidated balance sheets and relate to the acquisition of MLS. Our customer relationships and trademarks are amortized over a weighted-average amortization period of ten years.


	March 31, 2023						December 31, 2022
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	3.2	$	0.4	$	2.8	$	3.2	$	0.3	$	2.9
Trademarks	6.8		0.9		5.9		6.8		0.7		6.1
Total intangible assets	$	10.0	$	1.3	$	8.7	$	10.0	$	1.0	$	9.0

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Estimated future amortization expense related to intangible assets is as follows:


(in millions)	March 31, 2023
Remaining 2023	$	0.7
2024	1.0
2025	1.0
2026	1.0
2027	1.0
2028 and thereafter	4.0
Total	$	8.7

Debt and Credit Facilities (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Summary of Debt

As of March 31, 2023 and December 31, 2022, debt included the following:


(in millions)	March 31, 2023		December 31, 2022
Unsecured senior notes: principal maturities ranging from 2023 through 2025; interest payable in semiannual installments through the same timeframe; weighted average interest rate of 3.64% and 3.93% for 2023 and 2022, respectively	$	205.0	$	205.0

Current maturities	(70.0)		(70.0)

Long-term debt	$	135.0	$	135.0

- Definition

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

+ References

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+ Details

Common Equity (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Calculation of Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2023 and 2022, respectively.


	Three Months Ended March 31,
(in millions, except per share data)	2023		2022
Numerator:
Net income available to common shareholders	$	98.0	$	92.1

Denominator:
Weighted average common shares outstanding	178.2		177.7
Dilutive effect of share-based awards and options outstanding	0.9		0.8
Weighted average diluted common shares outstanding (1)	179.1		178.5

Basic earnings per common share	$	0.55	$	0.52
Diluted earnings per common share	0.55		0.52

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

Schedule of Common Shares Outstanding Roll Forward

The following table shows changes to our common shares outstanding for the three months ended March 31, 2023 and 2022.


	Class A Common Shares	Class B Common Shares
Outstanding as of December 31, 2021	83,029,500	94,626,740

Share issuances	—	258,523
Exercise of employee stock options	—	97,420
Shares withheld for employee taxes	—	(92,121)
Outstanding as of March 31, 2022	83,029,500	94,890,562
















Outstanding as of December 31, 2022	83,029,500	94,993,144

Share issuances	—	633,860
Exercise of employee stock options	—	6,000
Shares withheld for employee taxes	—	(244,277)
Outstanding as of March 31, 2023	83,029,500	95,388,727

Share-based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation Grant Activity

Equity-based awards granted during the first quarter of 2023 had a grant date fair value of $17.5 million and are included in the table below. RSUs granted in 2023 vest ratably over a period of three years where the majority of RSUs granted prior to 2023 vest ratably over a period of four years. No restricted shares, performance shares, or non-qualified stock options were granted during the first quarter of 2023.


2023 Grants	Number of Awards Granted	Weighted Average Grant Date Fair Value
RSUs	345,369	$	28.86
PSUs	237,886	31.60
Total grants	583,255

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Summary of Segment Reporting Information

The following tables summarize our segment information. Inter-segment revenues were immaterial for all segments, with the exception of Other, which included revenues from insurance premiums charged to other segments for workers’ compensation, auto, and other types of insurance. Inter-segment revenues included in Other revenues below were $18.2 million and $19.5 million for the three months ended March 31, 2023 and 2022, respectively.


Revenues by Segment	Three Months Ended March 31,
(in millions)	2023		2022
Truckload	$	537.0	$	548.4
Intermodal	266.1		302.1
Logistics	382.2		545.7
Other	92.2		85.3
Fuel surcharge	179.2		166.0
Inter-segment eliminations	(28.0)		(27.0)
Operating revenues	$	1,428.7	$	1,620.5


Income (Loss) from Operations by Segment	Three Months Ended March 31,
(in millions)	2023		2022
Truckload	$	62.6	$	119.4
Intermodal	30.0		38.9
Logistics	18.5		41.9
Other	3.5		(65.1)
Income from operations	$	114.6	$	135.1


Depreciation and Amortization by Segment	Three Months Ended March 31,
(in millions)	2023		2022
Truckload	$	67.2	$	57.1
Intermodal	13.1		13.7
Logistics	0.1		—
Other	11.4		13.0
Depreciation and amortization	$	91.8	$	83.8

General (Details) - USD ($) $ in Millions	3 Months Ended
General (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Gains on sales of property and equipment—net	$ 12.3	$ 60.9

Business Combinations and Asset Acquisitions- Acquisition Details (Details) - USD ($) $ in Millions			12 Months Ended
	Jun. 07, 2022	Dec. 31, 2021	Dec. 31, 2022
Midwest Logistics Systems (MLS)
Business Acquisition
Date of acquisition		Dec. 31, 2021
Percentage of business acquired		100.00%
Fair value of consideration transferred		$ 268.8
Goodwill acquired during period			$ 104.3
deBoer Transportation, Inc.
Business Acquisition
Date of acquisition	Jun. 07, 2022
Percentage of business acquired	100.00%
Fair value of consideration transferred	$ 34.6
Goodwill acquired during period			$ 6.1

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Leases - Lessee
Leases not yet commenced	$ 20.8
Leases - Lessor
Lease payments	329.0	$ 324.5
Past due
Leases - Lessor
Lease payments	3.4
Past Due
Leases - Lessor
Net investment in leases	$ 53.6
Minimum
Leases - Lessee
Lease terms of leases not yet commenced	3 years
Leases - Lessor
Terms of sales-type lease	1 year
Maximum
Leases - Lessee
Lease terms of leases not yet commenced	7 years
Leases - Lessor
Terms of sales-type lease	3 years

Leases - Schedule of Lease Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Operating cash flows for operating leases	$ 9.0	$ 8.3
Operating cash flows for finance leases	0.1	0.0
Financing cash flows for finance leases	0.8	0.3
Right-of-use assets obtained in exchange for new operating lease liability	14.0	4.3
Right-of-use assets obtained in exchange for new finance lease liability	$ 0.3	$ 1.8

Leases - Summary of Investment in Lease Receivables (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Future minimum payments to be received on leases	$ 202.9	$ 198.4
Guaranteed residual lease values	126.1	126.1
Total minimum lease payments to be received	329.0	324.5
Unearned income	(52.3)	(50.2)
Net investment in leases	$ 276.7	$ 274.3

Leases - Schedule of Sales-type Lease Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Revenue	$ 60.8	$ 42.3
Cost of goods sold	(51.4)	(36.0)
Operating profit	9.4	6.3
Interest income on lease receivable	$ 9.4	$ 8.7

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue
Operating revenues	$ 1,428.7	$ 1,620.5
Transportation
Disaggregation of Revenue
Operating revenues	1,317.0	1,499.2
Logistics Management
Disaggregation of Revenue
Operating revenues	49.8	75.7
Other
Disaggregation of Revenue
Operating revenues	$ 61.9	$ 45.6

- Definition

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

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+ Details

Revenue Recognition - Revenue Remaining Performance Obligation (Details) $ in Millions	Mar. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Remaining Performance Obligation	$ 61.3
Expected to be recognized within one year \| Transportation
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Remaining Performance Obligation	17.1
Expected to be recognized within one year \| Logistics Management
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Remaining Performance Obligation	11.5
Expected to be recognized after one year \| Transportation
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Remaining Performance Obligation	20.6
Expected to be recognized after one year \| Logistics Management
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Remaining Performance Obligation	$ 12.1

Revenue Recognition - Contract Balances (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract assets	$ 27.8	$ 27.0
Contract liabilities	$ 2.8	$ 2.6

Revenue Recognition- Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Timing of payment after completion of performance obligations	40 days
Noncash consideration recorded as revenue	$ 0.0	$ 6.5

Fair Value - Recurring Fair Value Measurements (Details) - Recurring fair value measurements - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Level 1 inputs
Fair Value, Assets Measured on Recurring Basis
Fair value of equity investment in TuSimple	$ 0.5	$ 0.6
Level 2 inputs
Fair Value, Assets Measured on Recurring Basis
Fair value of marketable securities	$ 53.3	$ 45.9

Fair Value - Debt Portfolio (Details) - Unsecured Senior Notes - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument
Total principal outstanding	$ 205.0	$ 205.0
Level 2 inputs
Debt Instrument
Fair value of debt	$ 199.7	$ 199.1

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Investments - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Other Investments
Credit loss allowance	$ 0.0	$ 0.0
Value of investments without readily determinable fair values	108.7	$ 86.0
Mastery Logistics \| Notes receivable
Other Investments
Notes receivable	$ 10.0

Investments - Schedule of Marketable Securities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Available for Sale Debt Securities
Amortized cost	$ 57.0	$ 50.3
US treasury and government agencies
Available for Sale Debt Securities
Amortized cost	22.9	21.9
Corporate debt securities
Available for Sale Debt Securities
Amortized cost	18.9	16.0
State and municipal bonds
Available for Sale Debt Securities
Amortized cost	15.2	12.4
Current asset
Available for Sale Debt Securities
Fair value	53.3	45.9
Current asset \| US treasury and government agencies
Available for Sale Debt Securities
Fair value	20.7	19.3
Current asset \| Corporate debt securities
Available for Sale Debt Securities
Fair value	17.9	14.9
Current asset \| State and municipal bonds
Available for Sale Debt Securities
Fair value	$ 14.7	$ 11.7
Minimum \| US treasury and government agencies
Available for Sale Debt Securities
Maturity date	Nov. 30, 2023
Minimum \| Corporate debt securities
Available for Sale Debt Securities
Maturity date	Jul. 24, 2023
Minimum \| State and municipal bonds
Available for Sale Debt Securities
Maturity date	Apr. 01, 2023
Maximum \| US treasury and government agencies
Available for Sale Debt Securities
Maturity date	Feb. 15, 2031
Maximum \| Corporate debt securities
Available for Sale Debt Securities
Maturity date	Apr. 01, 2033
Maximum \| State and municipal bonds
Available for Sale Debt Securities
Maturity date	Oct. 01, 2035

Investments - Equity Investments without Readily Determinable Fair Values (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Other Investments
Cumulative upward adjustments	$ 69.7
Investment in equity security	5.0	$ 4.0
Upward adjustments	$ 17.7	$ 0.0

Investments - Investment in TuSimple (Details) - TuSimple - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Jan. 12, 2021
Other Investments
Investment in equity security			$ 5.0
Net loss on investment	$ 0.1	$ 8.4

Intangibles- Schedule of Changes in Carrying Amount of Intangibles (Details) - Midwest Logistics Systems (MLS) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets
Gross carrying amount	$ 10.0	$ 10.0
Accumulated amortization	1.3	1.0
Net carrying amount	8.7	9.0
Customer Relationships
Finite-Lived Intangible Assets
Gross carrying amount	3.2	3.2
Accumulated amortization	0.4	0.3
Net carrying amount	$ 2.8	2.9
Weighted average useful life	10 years
Trademarks
Finite-Lived Intangible Assets
Gross carrying amount	$ 6.8	6.8
Accumulated amortization	0.9	0.7
Net carrying amount	$ 5.9	$ 6.1
Weighted average useful life	10 years

Intangibles- Future Amortization Expense (Details) - Midwest Logistics Systems (MLS) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets
Remaining 2023	$ 0.7
2024	1.0
2025	1.0
2026	1.0
2027	1.0
2028 and thereafter	4.0
Net carrying amount	$ 8.7	$ 9.0

Goodwill - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Goodwill
Goodwill	$ 228.2	$ 228.2
Truckload
Goodwill
Goodwill	214.0	214.0
Accumulated goodwill impairment charge	34.6	34.6
Logistics
Goodwill
Goodwill	$ 14.2	$ 14.2

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Intangibles- Additional Information (Details) $ in Millions	3 Months Ended
Intangibles- Additional Information (Details) $ in Millions	Mar. 31, 2023 USD ($)
Midwest Logistics Systems (MLS)
Finite-Lived Intangible Assets
Amortization of intangible assets	$ 0.3

Debt and Credit Facilities - Summary of Debt (Details) - Unsecured Senior Notes - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument
Frequency of payments	semiannual
Weighted-average interest rate	3.64%	3.93%
Total principal outstanding	$ 205.0	$ 205.0
Current maturities	(70.0)	(70.0)
Long-term debt	$ 135.0	$ 135.0
Minimum
Debt Instrument
Maturity year	2023
Maximum
Debt Instrument
Maturity year	2025

Debt and Credit Facilities - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Credit Facility
Debt Instrument
Current borrowing capacity	$ 250.0
Potential increase amount	150.0
Maximum borrowing capacity	$ 400.0
Expiration date	Nov. 04, 2027
Outstanding borrowings	$ 0.0	$ 0.0
Credit Facility \| Standby Letters of Credit
Debt Instrument
Maximum borrowing capacity	100.0
Standby letters of credit	0.1	0.1
Receivables Purchase Agreement
Debt Instrument
Maximum borrowing capacity	$ 150.0
Expiration date	Jul. 30, 2024
Outstanding borrowings	$ 0.0	0.0
Receivables Purchase Agreement \| Standby Letters of Credit
Debt Instrument
Standby letters of credit	$ 77.5	$ 77.1

Income Taxes - Additional Information (Details)	3 Months Ended
Income Taxes - Additional Information (Details)	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	24.20%	25.40%

Common Equity - Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Basic earnings per common share
Net income available to common shareholders	$ 98.0	$ 92.1
Weighted average common shares outstanding	178.2	177.7
Diluted earnings per common share
Dilutive effect of share-based awards and options outstanding	0.9	0.8
Weighted average diluted shares outstanding	179.1	178.5
Basic earnings per share	$ 0.55	$ 0.52
Diluted earnings per share	$ 0.55	$ 0.52
Anti-dilutive share-based awards and options excluded from computation of diluted earnings per share	0.5	0.6

- Definition

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

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

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

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Common Equity - Schedule of common shares outstanding (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Class A Common Shares
Class of Stock
Common shares outstanding	83,029,500	83,029,500
Share issuances	0	0
Exercise of employee stock options	0	0
Shares withheld for employee taxes	0	0
Common shares outstanding	83,029,500	83,029,500
Class B Common Stock
Class of Stock
Common shares outstanding	94,993,144	94,626,740
Share issuances	633,860	258,523
Exercise of employee stock options	6,000	97,420
Shares withheld for employee taxes	(244,277)	(92,121)
Common shares outstanding	95,388,727	94,890,562

Common Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Apr. 24, 2023	Mar. 31, 2023	Mar. 31, 2022	Jan. 31, 2023
Class of Stock
Stock repurchase program - amount authorized				$ 150.0
Stock repurchase program - amount repurchased		$ 0.0
Class A Common Shares
Class of Stock
Dividends declared per share		$ 0.09	$ 0.08
Class A Common Shares \| Subsequent Event \| Quarterly Dividend Declared
Class of Stock
Dividends declared per share	$ 0.09
Class B Common Stock
Class of Stock
Dividends declared per share		$ 0.09	$ 0.08
Class B Common Stock \| Subsequent Event \| Quarterly Dividend Declared
Class of Stock
Dividends declared per share	$ 0.09

Share-based Compensation - Grants (Details) - 2017 Omnibus Incentive Plan $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award
Grant date fair value \| $	$ 17.5
Number of units grants	583,255
Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award
Number of units grants	345,369
Weighted average grant date fair value, units \| $ / shares	$ 28.86
Restricted Share Units \| 2023 Awards
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period	3 years
Restricted Share Units \| Awards prior to 2023
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period	4 years
Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award
Number of units grants	237,886
Weighted average grant date fair value, units \| $ / shares	$ 31.60

Share-based Compensation - Additional Information (Details) - 2017 Omnibus Incentive Plan - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation expense	$ 4.8	$ 5.1
Pre-tax unrecognized compensation cost	$ 35.6
Unrecognized compensation cost, period for recognition	2 years 1 month 6 days

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2022	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments to purchase transportation equipment			$ 358.2
Loss Contingencies
Loss contingency expense	$ 5.2
WSL
Loss Contingencies
Loss contingency damages sought		$ 40.0
Loss contingency damages awarded		40.0
Loss contingency accrual	$ 59.0
Loss contingency expense		$ 57.0

Segment Reporting - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) Segment	Mar. 31, 2022 USD ($)
Segment Reporting Information
Number of reportable segments \| Segment	3
Operating revenues	$ 1,428.7	$ 1,620.5
Other
Segment Reporting Information
Operating revenues	92.2	85.3
Other \| Other Insurance
Segment Reporting Information
Operating revenues	$ 18.2	$ 19.5

- Definition

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

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+ Details

Segment Reporting - Revenue by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information
Operating revenues	$ 1,428.7	$ 1,620.5
Intersegment Eliminations
Segment Reporting Information
Operating revenues	(28.0)	(27.0)
Truckload
Segment Reporting Information
Revenues (excluding fuel charge by segment)	537.0	548.4
Intermodal
Segment Reporting Information
Revenues (excluding fuel charge by segment)	266.1	302.1
Logistics
Segment Reporting Information
Revenues (excluding fuel charge by segment)	382.2	545.7
Other
Segment Reporting Information
Operating revenues	92.2	85.3
Fuel Surcharge
Segment Reporting Information
Operating revenues	$ 179.2	$ 166.0

- Definition

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

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+ Details

Segment Reporting - Income From Operations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information
Income from operations	$ 114.6	$ 135.1
Truckload
Segment Reporting Information
Income from operations	62.6	119.4
Intermodal
Segment Reporting Information
Income from operations	30.0	38.9
Logistics
Segment Reporting Information
Income from operations	18.5	41.9
Other
Segment Reporting Information
Income from operations	$ 3.5	$ (65.1)

Segment Reporting - Depreciation and Amortization Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information
Depreciation and amortization	$ 91.8	$ 83.8
Truckload
Segment Reporting Information
Depreciation and amortization	67.2	57.1
Intermodal
Segment Reporting Information
Depreciation and amortization	13.1	13.7
Logistics
Segment Reporting Information
Depreciation and amortization	0.1	0.0
Other
Segment Reporting Information
Depreciation and amortization	$ 11.4	$ 13.0