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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | GENERAL Nature of Operations In this report, when we refer to “the Company,” “us,” “we,” “our,” “ours,” or “Schneider,” we are referring to Schneider National, Inc. and its subsidiaries. Schneider is a transportation service organization headquartered in Green Bay, Wisconsin and has three reportable segments focused on providing truckload, intermodal, and logistics solutions. Principles of Consolidation and Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in conformity with GAAP and the rules and regulations of the SEC applicable to quarterly reports on Form 10-Q. Therefore, these consolidated financial statements and footnotes do not include all disclosures required by GAAP for annual financial statements. These consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2019. Financial results for an interim period are not necessarily indicative of the results for a full year. All intercompany transactions have been eliminated in consolidation. In the opinion of management, these statements reflect all adjustments (consisting only of normal recurring adjustments) necessary for the fair presentation of our financial results for the interim periods presented. COVID-19 The Company has taken steps to mitigate the potential risks posed by COVID-19. We provide an essential service to our customers and have taken additional measures to keep our associates safe and minimize unnecessary risk of exposure to COVID-19, including precautions for our associates and owner-operators who work in the field. We have implemented work from home policies where appropriate and imposed travel limitations on employees. Management makes estimates and assumptions that affect reported amounts and disclosures included in its financial statements and accompanying notes and assesses certain accounting matters that require consideration of forecasted financial information. Due to limited visibility into future freight demand and ongoing uncertainties, we are unable to predict the impact COVID-19 will have on our future financial position and operating results. Accounting Standards Issued but Not Yet Adopted In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, which reduces complexity in accounting for income taxes by eliminating certain exceptions to the general principles in Topic 740 and clarifying and amending existing guidance to improve consistent application among reporting entities. ASU 2019-12 is effective for us as of January 1, 2021 with early adoption permitted. We do not believe the adoption of this ASU will have a material impact on our consolidated financial statements and related disclosures and plan to adopt as of January 1, 2021. Accounting Standards Recently Adopted We adopted ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which was effective as of March 12, 2020 through December 31, 2022, when the reference rate replacement activity is expected to be complete. This guidance offers optional expedients and exceptions for applying GAAP to transactions, including contract modifications, hedging relationships, and the sale or transfer of debt securities classified as held-to-maturity affected by reference rate reform, if certain criteria are met. The adoption of this ASU did not have a material impact on our consolidated financial statements and related disclosures. We adopted ASU 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which amends ASC 350, as of January 1, 2020 on a prospective basis. This standard aligned the capitalization requirements for implementation costs incurred in a hosting arrangement that is a service contract with the existing capitalization requirements for implementation costs incurred to develop or obtain internal-use software. The adoption did not have a material impact on our consolidated financial statements or disclosures. We adopted ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments, which is codified in ASC 326, as of January 1, 2020. The guidance replaced the incurred loss model with a methodology that reflects expected credit losses over the life of the financial assets held at the reporting date based on historical experience, as well as considerations of current conditions and reasonable and supportable forecasts. This new model for estimating our expected credit losses was implemented for our trade accounts receivable (Note 2, Trade Accounts Receivable and Allowance), net investment in leases (Note 3, Leases), and available-for-sale debt securities (Note 6, Investments), and did not result in a material impact to our consolidated financial statements or disclosures upon adoption.
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Trade Accounts Receivable and Allowance (Notes) |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Accounts Receivable and Allowance | TRADE ACCOUNTS RECEIVABLE AND ALLOWANCE Our trade accounts receivable is recorded net of an allowance for doubtful accounts and revenue adjustments. The allowance is based on an aging analysis using historical experience, as well as any known and expected trends or uncertainties related to customer billing and account collectability. The adequacy of our allowance is reviewed at least quarterly, and reserves for receivables not expected to be collected are established. In circumstances where we are aware of a customer's inability to meet its financial obligations, a specific reserve is recorded to reduce the net receivable to the amount we reasonably expect to collect. Bad debt expense is included in other general expenses in the consolidated statements of comprehensive income. The following table shows changes to our allowance for doubtful accounts for the three and nine months ended September 30, 2020. Excluded from the amounts below is the portion of the allowance recorded for revenue adjustments, as that portion is not credit-related nor due to a customer’s inability to meet its financial obligations.
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Leases (Notes) |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance Leases | LEASES As Lessee We lease real estate, transportation equipment, and office equipment under operating and finance leases. Our real estate operating leases include operating centers, distribution warehouses, offices, and drop yards. Our finance leases include office equipment, warehouse equipment, and truck washes. The majority of our leases include an option to extend the lease, and a small number include an option to terminate the lease early, which may include a termination payment. Additional information related to our leases is as follows:
As Lessor We finance various types of transportation-related equipment for independent third parties under lease contracts which are generally for one year to five years and accounted for as sales-type leases with fully guaranteed residual values. Our leases contain an option for the lessee to return, extend, or purchase the equipment at the end of the lease term for the guaranteed contract residual amount. This contract residual amount is estimated to approximate the fair value of the equipment. Lease payments primarily include base rentals and guaranteed residual values. As of September 30, 2020 and December 31, 2019, the investments in lease receivables were as follows:
Before entering into a lease contract, we assess the credit quality of the potential lessee through the use of credit checks and other relevant factors, ensuring that their inherent credit risk is consistent with our existing lease portfolio. We monitor the credit quality of our lease portfolio weekly by tracking amounts past due, days past due, and outstanding maintenance account balances, including running subsequent credit checks as needed. The following table presents our net investment in leases, which includes both current and future lease payments as of September 30, 2020 by amounts past due, our primary ongoing credit quality indicator, and lease origination year.
Lease payments are generally due on a weekly basis and are classified as past due when payment is not received by the due date. The following table presents an aging analysis of lease payments owed to us and classified as past due as of September 30, 2020.
Our lease receivables are recorded net of an allowance for doubtful accounts based on an aging analysis to reserve amounts expected to be uncollectible. The terms of the lease agreements generally give us the ability to take possession of the underlying asset in the event of default. We may incur credit losses in excess of recorded allowances if the full amount of anticipated proceeds from the sale or re-lease of the asset supporting the third party’s financial obligation, which can be impacted by economic conditions, is not realized. Accrued interest on leases is included within lease receivables on the consolidated balance sheets and was not material as of September 30, 2020 and December 31, 2019. Leases are generally placed on nonaccrual status (nonaccrual of interest and other fees) when a payment becomes 90 days past due or upon notification of bankruptcy, death, or other instances management concludes collectability is not reasonably assured. The accrual of interest and other fees resumes when all payments are less than 60 days past due. At both September 30, 2020 and December 31, 2019, our net investment in leases on nonaccrual status were not material. The table below provides additional information on our sales-type leases.
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Operating Leases | LEASES As Lessee We lease real estate, transportation equipment, and office equipment under operating and finance leases. Our real estate operating leases include operating centers, distribution warehouses, offices, and drop yards. Our finance leases include office equipment, warehouse equipment, and truck washes. The majority of our leases include an option to extend the lease, and a small number include an option to terminate the lease early, which may include a termination payment. Additional information related to our leases is as follows:
As Lessor We finance various types of transportation-related equipment for independent third parties under lease contracts which are generally for one year to five years and accounted for as sales-type leases with fully guaranteed residual values. Our leases contain an option for the lessee to return, extend, or purchase the equipment at the end of the lease term for the guaranteed contract residual amount. This contract residual amount is estimated to approximate the fair value of the equipment. Lease payments primarily include base rentals and guaranteed residual values. As of September 30, 2020 and December 31, 2019, the investments in lease receivables were as follows:
Before entering into a lease contract, we assess the credit quality of the potential lessee through the use of credit checks and other relevant factors, ensuring that their inherent credit risk is consistent with our existing lease portfolio. We monitor the credit quality of our lease portfolio weekly by tracking amounts past due, days past due, and outstanding maintenance account balances, including running subsequent credit checks as needed. The following table presents our net investment in leases, which includes both current and future lease payments as of September 30, 2020 by amounts past due, our primary ongoing credit quality indicator, and lease origination year.
Lease payments are generally due on a weekly basis and are classified as past due when payment is not received by the due date. The following table presents an aging analysis of lease payments owed to us and classified as past due as of September 30, 2020.
Our lease receivables are recorded net of an allowance for doubtful accounts based on an aging analysis to reserve amounts expected to be uncollectible. The terms of the lease agreements generally give us the ability to take possession of the underlying asset in the event of default. We may incur credit losses in excess of recorded allowances if the full amount of anticipated proceeds from the sale or re-lease of the asset supporting the third party’s financial obligation, which can be impacted by economic conditions, is not realized. Accrued interest on leases is included within lease receivables on the consolidated balance sheets and was not material as of September 30, 2020 and December 31, 2019. Leases are generally placed on nonaccrual status (nonaccrual of interest and other fees) when a payment becomes 90 days past due or upon notification of bankruptcy, death, or other instances management concludes collectability is not reasonably assured. The accrual of interest and other fees resumes when all payments are less than 60 days past due. At both September 30, 2020 and December 31, 2019, our net investment in leases on nonaccrual status were not material. The table below provides additional information on our sales-type leases.
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Sales-type Leases | LEASES As Lessee We lease real estate, transportation equipment, and office equipment under operating and finance leases. Our real estate operating leases include operating centers, distribution warehouses, offices, and drop yards. Our finance leases include office equipment, warehouse equipment, and truck washes. The majority of our leases include an option to extend the lease, and a small number include an option to terminate the lease early, which may include a termination payment. Additional information related to our leases is as follows:
As Lessor We finance various types of transportation-related equipment for independent third parties under lease contracts which are generally for one year to five years and accounted for as sales-type leases with fully guaranteed residual values. Our leases contain an option for the lessee to return, extend, or purchase the equipment at the end of the lease term for the guaranteed contract residual amount. This contract residual amount is estimated to approximate the fair value of the equipment. Lease payments primarily include base rentals and guaranteed residual values. As of September 30, 2020 and December 31, 2019, the investments in lease receivables were as follows:
Before entering into a lease contract, we assess the credit quality of the potential lessee through the use of credit checks and other relevant factors, ensuring that their inherent credit risk is consistent with our existing lease portfolio. We monitor the credit quality of our lease portfolio weekly by tracking amounts past due, days past due, and outstanding maintenance account balances, including running subsequent credit checks as needed. The following table presents our net investment in leases, which includes both current and future lease payments as of September 30, 2020 by amounts past due, our primary ongoing credit quality indicator, and lease origination year.
Lease payments are generally due on a weekly basis and are classified as past due when payment is not received by the due date. The following table presents an aging analysis of lease payments owed to us and classified as past due as of September 30, 2020.
Our lease receivables are recorded net of an allowance for doubtful accounts based on an aging analysis to reserve amounts expected to be uncollectible. The terms of the lease agreements generally give us the ability to take possession of the underlying asset in the event of default. We may incur credit losses in excess of recorded allowances if the full amount of anticipated proceeds from the sale or re-lease of the asset supporting the third party’s financial obligation, which can be impacted by economic conditions, is not realized. Accrued interest on leases is included within lease receivables on the consolidated balance sheets and was not material as of September 30, 2020 and December 31, 2019. Leases are generally placed on nonaccrual status (nonaccrual of interest and other fees) when a payment becomes 90 days past due or upon notification of bankruptcy, death, or other instances management concludes collectability is not reasonably assured. The accrual of interest and other fees resumes when all payments are less than 60 days past due. At both September 30, 2020 and December 31, 2019, our net investment in leases on nonaccrual status were not material. The table below provides additional information on our sales-type leases.
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Revenue Recognition |
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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.
Quantitative Disclosures The following table provides information for transactions and expected timing of revenue recognition related to performance obligations that are fixed in nature and pertain to contracts with terms greater than one year as of the date shown.
The information provided in the above table does not include revenue related to performance obligations that are part of a contract whose original expected duration is one year or less. In addition, this disclosure does not include expected consideration related to performance obligations for which the Company elects to recognize revenue in the amount it has a right to invoice (e.g., usage-based pricing terms). The following table provides information related to contract balances associated with our contracts with customers as of the dates shown.
We generally receive payment within 40 days of completing our performance obligations. Contract assets in the table above relate to revenue in transit at the end of the reporting period. Contract liabilities relate to amounts that customers paid in advance of the associated service.
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Fair Value |
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | FAIR VALUE Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability, which is referred to as the exit price. Inputs to valuation techniques used to measure fair value fall into three broad levels (Levels 1, 2, and 3) as follows: Level 1—Observable inputs that reflect quoted prices for identical assets or liabilities in active markets that we have the ability to access at the measurement date. Level 2—Observable inputs, other than quoted prices included in Level 1, for the asset or liability or prices for similar assets and liabilities. Level 3—Unobservable inputs reflecting the reporting entity’s estimates of the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The table below sets forth the Company’s financial assets that are measured at fair value on a recurring basis in accordance with ASC 820.
(1)Marketable securities are valued based on quoted prices for similar assets in active markets or quoted prices for identical or similar assets in markets that are not active and are, therefore, classified as Level 2 in the fair value hierarchy. We measure our marketable securities on a recurring, monthly basis. See Note 6, Investments, for additional information on the fair value of our marketable securities. The fair value of the Company's debt was $318.7 million and $368.5 million as of September 30, 2020 and December 31, 2019, respectively. The carrying value of the Company's debt was $305.0 million and $360.0 million as of September 30, 2020 and December 31, 2019, respectively. The fair value of our debt was calculated using a fixed-rate debt portfolio with similar terms and maturities, which is based on the borrowing rates available to us in the applicable year. This valuation used Level 2 inputs. The recorded value of cash, trade accounts receivable, lease receivables, and trade accounts payable approximates fair value. Our ownership interests in PSI and MLSI discussed in Note 6, Investments, do not have readily determinable fair values and are accounted for using the measurement alternative in ASC 321-10-35-2.
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Investments |
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Debt Securities, Available-for-sale [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | INVESTMENTS Marketable Securities Our marketable securities are classified as available-for-sale and carried at fair value in current assets on the consolidated balance sheets. While our intent is to hold our securities to maturity, sudden changes in the market or our liquidity needs may cause us to sell certain securities in advance of their maturity date. With the adoption of ASU 2016-13, the guidance on reporting credit losses for available-for-sale debt securities was amended. Under this new guidance, credit losses are to be recorded through an allowance for credit losses rather than as a direct write-down to the security. As a result, any unrealized gains and losses, net of tax, are included as a component of accumulated other comprehensive income on the consolidated balance sheets, unless we determine that the amortized cost basis is not recoverable. If we determine that the amortized cost basis of the impaired security is not recoverable, we recognize the credit loss by increasing the allowance for those losses. Cost basis is determined using the specific identification method. When adopting this standard, we elected to continue to present the accrued interest receivable balance associated with our investments in marketable securities separate from the marketable securities line in the consolidated balance sheets. As of September 30, 2020, accrued interest receivable associated with our investments in marketable securities was not material and is included within other receivables on the consolidated balance sheets. We have elected the practical expedient provided under the guidance to exclude the applicable accrued interest from the amortized cost basis disclosure of our marketable securities. We have also elected not to measure an allowance for credit losses on our accrued interest receivable and to write off accrued interest receivable by reversing interest income when it is not considered collectible. The following table presents the maturities and values of our marketable securities as of the dates shown.
Gross realized gains and losses and net unrealized gains and losses, net of tax, on our marketable securities were not material for the three and nine months ended September 30, 2020 and 2019. Additionally, we did not have an allowance for credit losses on our marketable securities as of September 30, 2020 or any other-than-temporary impairments as of December 31, 2019, and our total unrealized gains and losses were not material as of September 30, 2020 and December 31, 2019. Ownership Interest in Platform Science, Inc. In 2018, the Company made a strategic decision to invest in PSI and acquired an ownership interest in exchange for granting them a non-exclusive license to our proprietary telematics mobile software that was developed to enable enhanced driver productivity and ensure regulatory compliance. Our ownership interest is being accounted for under ASC 321, Investments - Equity Securities using the measurement alternative and is recorded in other noncurrent assets on the consolidated balance sheets. During the first half of 2020, remeasurement events occurred which required the Company to revalue its interest in PSI. In the three months ended September 30, 2020, no events have occurred that would indicate that the value of our ownership interest in PSI has changed. The Company recognized pre-tax gains of $8.8 million on its investment in PSI in the nine months ended September 30, 2020, which were recorded within other income on the consolidated statements of comprehensive income. The fair value of our ownership interest as of September 30, 2020 and December 31, 2019 was $12.3 million and $3.5 million, respectively, and our ownership percentage was 12.6% as of September 30, 2020. Ownership Interest in Mastery Logistics Systems, Inc. On July 2, 2020, Schneider entered into a strategic partnership with MLSI, a transportation technology development company, which included an agreement that allows the Company to purchase a non-controlling interest in MLSI in two tranches. Schneider and MLSI are collaborating to develop a Transportation Management System using MLSI's SaaS technology which Schneider has also agreed to license. In the three months ended September 30, 2020, we paid MLSI $5.0 million for the initial tranche, and, in return, received shares of preferred stock of MLSI which represents a 5.3% ownership in MLSI. This investment is being accounted for under ASC 321, Investments - Equity Securities using the measurement alternative and is recorded in other noncurrent assets on the consolidated balance sheet. As of September 30, 2020, no events have occurred that would indicate that the value of our investment in MLSI has changed. Subsequent Event - Additional Investment in Mastery Logistics Systems, Inc. On October 14, 2020, the Company invested an additional $5.0 million in MLSI in exchange for preferred stock of MLSI. This additional investment completed the second tranche of the agreement and increased our total investment in MLSI to $10.0 million and our non-controlling ownership interest to 10.1%.
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Goodwill |
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Goodwill Disclosure | GOODWILL Goodwill represents the excess of the purchase price of acquisitions over the fair value of the identifiable net assets acquired. The following table shows changes to our goodwill balances by reportable segment during the period ended September 30, 2020.
At September 30, 2020 and December 31, 2019, we had accumulated goodwill impairment charges of $42.6 million.
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Debt and Credit Facilities |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt and Credit Facilities | DEBT AND CREDIT FACILITIES As of September 30, 2020 and December 31, 2019, debt included the following:
Our Credit Agreement (the “2018 Credit Facility”) provides borrowing capacity of $250.0 million and allows us to request an increase in total commitment of up to $150.0 million, for a total potential commitment of $400.0 million through August 2023. The agreement also provides a sublimit of $100.0 million to be used for the issuance of letters of credit. We had no outstanding borrowings under this agreement as of September 30, 2020 or December 31, 2019. Standby letters of credit under this agreement amounted to $3.9 million and $3.8 million at September 30, 2020 and December 31, 2019, respectively, and were primarily related to the requirements of certain of our real estate leases. We also have a Receivables Purchase Agreement (the “2018 Receivables Purchase Agreement”) that allows us to borrow funds against qualifying trade receivables at rates based on one-month LIBOR up to $200.0 million and provides for the issuance of standby letters of credit through September 2021. We had no outstanding borrowings under this facility at September 30, 2020 or December 31, 2019. At September 30, 2020 and December 31, 2019, standby letters of credit under this agreement amounted to $70.3 million and were primarily related to the requirements of certain of our insurance obligations. The Company plans to renew the 2018 Receivables Purchase Agreement prior to its expiration date.
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Income Taxes |
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Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Our effective income tax rate was 26.0% and 26.2% for the three months ended September 30, 2020 and 2019, respectively, and 25.6% and 25.3% for the nine months ended September 30, 2020 and 2019, respectively. In determining the quarterly provision for income taxes, we use an estimated annual effective tax rate adjusted for discrete items. This rate is based on our expected annual income, statutory tax rates, and best estimates of nontaxable and nondeductible items of income and expense. On March 27, 2020, President Trump signed into U.S. federal law the CARES Act aimed at providing emergency assistance and health care for individuals, families, and businesses affected by COVID-19 and generally supporting the U.S. economy. The CARES Act, among other things, includes provisions related to refundable payroll tax credits, deferment of the employer portion of social security payments, net operating loss carryback periods, modifications to the net interest deduction limitations, and technical corrections to tax depreciation methods for qualified improvement property. The Company took advantage of the cash deferral program available for payment of federal and state income taxes through the second quarter of 2020 and continues to take advantage of the cash deferral program available for payment of employer social security taxes. The deferred income tax payments were paid to the respective tax authorities in the third quarter of 2020. On August 8, 2020, President Trump signed an executive order, “Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster,” which gives employers the option to defer the employee portion of social security payments for certain individuals. Schneider is currently not electing to use the deferral option under this executive order.
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Common Equity |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity | COMMON EQUITY Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2020 and 2019.
(1)Weighted average diluted common shares outstanding may not sum due to rounding. The calculation of diluted earnings per share for the three and nine months ended September 30, 2020 and 2019 excluded an immaterial amount of share-based awards and options that had an anti-dilutive effect. Subsequent Events - Special and Quarterly Dividends Declared In October of 2020, the Board of Directors approved both a special dividend of $2.00 per share and a quarterly dividend of $0.065 per share to holders of our Class A and Class B common stock. The special dividend is payable in cash to shareholders of record at the close of business on November 9, 2020 and will be paid on November 19, 2020. The quarterly cash dividend for the fourth fiscal quarter of 2020 is payable to shareholders of record at the close of business on December 11, 2020 and will be paid on January 11, 2021.
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Share-based Compensation |
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Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement | SHARE-BASED COMPENSATIONWe grant various equity-based awards relating to Class B Common Stock under our 2017 Omnibus Incentive Plan (“the Plan”). These awards consist of the following: restricted shares, restricted stock units (“RSUs”), performance-based restricted shares (“Performance Shares”), performance-based restricted stock units (“PSUs”), and non-qualified stock options. Performance shares and PSUs are earned based on attainment of threshold performance of return on capital and earnings targets.Share-based compensation expense was $1.9 million and $4.4 million for the three and nine months ended September 30, 2020, respectively. During the three months ended September 30, 2019, we recognized a net benefit of $2.4 million. There was no share-based compensation expense for the nine months ended September 30, 2019. We recognize share-based compensation expense over the awards' vesting period. As of September 30, 2020, we had $15.3 million of pre-tax unrecognized compensation cost related to outstanding share-based compensation awards expected to be recognized over a weighted-average period of 2.6 years. |
Commitments and Contingencies |
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Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES In the ordinary course of conducting our business we become involved in certain legal matters and investigations including liability claims, taxes other than income taxes, contract disputes, employment, and other litigation matters. We accrue for anticipated costs to resolve matters that are probable and estimable. We believe the outcomes of these matters will not have a material impact on our business or our consolidated financial statements. We record liabilities for claims against the Company based on our best estimate of expected losses. The primary claims arising for the Company through its trucking, intermodal, and logistics operations consist of accident-related claims for personal injury, collision, and comprehensive compensation, in addition to workers' compensation, property damage, cargo, and wage and benefit claims. We maintain excess liability insurance with licensed insurance carriers for liability in excess of amounts we self-insure which serves to largely offset the Company’s liability associated with these claims, with the exception of wage and benefit claims for which we self-insure. We review our accruals periodically to ensure that the aggregate amounts of our accruals are appropriate at any period after consideration of available insurance coverage. Although we expect that our claims accruals will continue to vary based on future developments, assuming that we are able to continue to obtain and maintain excess liability insurance coverage for such claims, we do not anticipate that such accruals will, in any period, materially impact our results of operations. At September 30, 2020, our firm commitments to purchase transportation equipment totaled $139.1 million. In October 2017, the representative of the former owners of WSL filed a lawsuit in the Delaware Court of Chancery which alleges that we have not fulfilled certain obligations under the purchase and sale agreement relating to the post-closing operations of the business, and as a result, the former owners claim they are entitled to an additional payment of $40.0 million. A trial date has been set for January 2021. We believe that we have strong defenses to this claim. A judgment by the Court against us could have a material adverse effect on our results of operations. In September 2020, the Company recorded a $13.1 million charge as a result of an adverse tax ruling in a dispute with the IRS over the applicability of excise taxes on certain tractors refurbished during tax years 2011 through 2013 and no longer in service. The charge includes interest and is included within operating supplies and expenses on the consolidated statements of comprehensive income for the three and nine months ended September 30, 2020.
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Segment Reporting |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | SEGMENT REPORTING We have three reportable segments – Truckload, Intermodal, and Logistics – which are based primarily on the services each segment provides. The CODM reviews revenues for each segment exclusive of fuel surcharge revenues. For segment purposes, any fuel surcharge revenues earned are recorded as a reduction of the segment’s fuel expenses. Income from operations at the segment level reflects the measure presented to the CODM for each segment. Separate balance sheets are not prepared by segment, and, as a result, assets are not separately identifiable by segment. All transactions between reportable segments are eliminated in consolidation. Substantially all of our revenues and assets were generated or located within the U.S. The following tables summarize our segment information. Intersegment revenues were immaterial for all segments, with the exception of Other, which includes revenues from insurance premiums charged to other segments for workers’ compensation, auto, and other types of insurance. Intersegment revenues included in Other revenues below were $11.9 million and $20.8 million for the three months ended September 30, 2020 and 2019, respectively, and $59.1 million and $66.8 million for the nine months ended September 30, 2020 and 2019, respectively.
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Restructuring |
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Restructuring | RESTRUCTURING On July 29, 2019, the Company’s Board of Directors approved a structured shutdown of its FTFM service offering within its Truckload reportable segment which was substantially complete as of August 31, 2019. The restructuring activity was recorded within our Truckload reportable segment. Pre-tax losses of our FTFM service offering were $8.9 million for the three months ended September 30, 2019 and $34.2 million for the nine months ended September 30, 2019. The activity associated with the shutdown is presented separately on the consolidated statements of comprehensive income within restructuring—net and is summarized below on a cumulative basis since July 29, 2019. Restructuring activity for the three and nine months ended September 30, 2020 was not material.
As of September 30, 2020 and December 31, 2019, FTFM restructuring liabilities were classified as current liabilities on the consolidated balance sheets as follows:
The required criteria, as defined by ASC 360, Property, Plant and Equipment, was satisfied as part of the shutdown of our FTFM service offering for reclassification of related transportation equipment into assets held for sale. As of September 30, 2020 and December 31, 2019, assets held for sale, net of impairment, within our Truckload segment were $23.5 million and $63.5 million, respectively, of which $14.0 million and $33.4 million related to the shutdown of our FTFM service offering, respectively. Assets held for sale, net of impairment, are included in prepaid expenses and other current assets in the consolidated balance sheets.
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General (Policies) |
9 Months Ended |
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Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Nature of Operations In this report, when we refer to “the Company,” “us,” “we,” “our,” “ours,” or “Schneider,” we are referring to Schneider National, Inc. and its subsidiaries. Schneider is a transportation service organization headquartered in Green Bay, Wisconsin and has three reportable segments focused on providing truckload, intermodal, and logistics solutions.
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Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in conformity with GAAP and the rules and regulations of the SEC applicable to quarterly reports on Form 10-Q. Therefore, these consolidated financial statements and footnotes do not include all disclosures required by GAAP for annual financial statements. These consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2019. Financial results for an interim period are not necessarily indicative of the results for a full year. All intercompany transactions have been eliminated in consolidation. In the opinion of management, these statements reflect all adjustments (consisting only of normal recurring adjustments) necessary for the fair presentation of our financial results for the interim periods presented.
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COVID-19 | COVID-19 The Company has taken steps to mitigate the potential risks posed by COVID-19. We provide an essential service to our customers and have taken additional measures to keep our associates safe and minimize unnecessary risk of exposure to COVID-19, including precautions for our associates and owner-operators who work in the field. We have implemented work from home policies where appropriate and imposed travel limitations on employees. Management makes estimates and assumptions that affect reported amounts and disclosures included in its financial statements and accompanying notes and assesses certain accounting matters that require consideration of forecasted financial information. Due to limited visibility into future freight demand and ongoing uncertainties, we are unable to predict the impact COVID-19 will have on our future financial position and operating results.
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Accounting Standards Issued but Not Yet Adopted and Recently Adopted | Accounting Standards Issued but Not Yet Adopted In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, which reduces complexity in accounting for income taxes by eliminating certain exceptions to the general principles in Topic 740 and clarifying and amending existing guidance to improve consistent application among reporting entities. ASU 2019-12 is effective for us as of January 1, 2021 with early adoption permitted. We do not believe the adoption of this ASU will have a material impact on our consolidated financial statements and related disclosures and plan to adopt as of January 1, 2021. Accounting Standards Recently Adopted We adopted ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which was effective as of March 12, 2020 through December 31, 2022, when the reference rate replacement activity is expected to be complete. This guidance offers optional expedients and exceptions for applying GAAP to transactions, including contract modifications, hedging relationships, and the sale or transfer of debt securities classified as held-to-maturity affected by reference rate reform, if certain criteria are met. The adoption of this ASU did not have a material impact on our consolidated financial statements and related disclosures. We adopted ASU 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which amends ASC 350, as of January 1, 2020 on a prospective basis. This standard aligned the capitalization requirements for implementation costs incurred in a hosting arrangement that is a service contract with the existing capitalization requirements for implementation costs incurred to develop or obtain internal-use software. The adoption did not have a material impact on our consolidated financial statements or disclosures. We adopted ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments, which is codified in ASC 326, as of January 1, 2020. The guidance replaced the incurred loss model with a methodology that reflects expected credit losses over the life of the financial assets held at the reporting date based on historical experience, as well as considerations of current conditions and reasonable and supportable forecasts. This new model for estimating our expected credit losses was implemented for our trade accounts receivable (Note 2, Trade Accounts Receivable and Allowance), net investment in leases (Note 3, Leases), and available-for-sale debt securities (Note 6, Investments), and did not result in a material impact to our consolidated financial statements or disclosures upon adoption.
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Trade Accounts Receivable and Allowance (Tables) |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Accounts Receivable Allowance for Doubtful Accounts Rollforward | The following table shows changes to our allowance for doubtful accounts for the three and nine months ended September 30, 2020. Excluded from the amounts below is the portion of the allowance recorded for revenue adjustments, as that portion is not credit-related nor due to a customer’s inability to meet its financial obligations.
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Leases (Tables) |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Lease Information | Additional information related to our leases is as follows:
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Schedule of Investment In Lease Receivables | As of September 30, 2020 and December 31, 2019, the investments in lease receivables were as follows:
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Schedule of Net Investment in Leases by Credit Quality Indicator | The following table presents our net investment in leases, which includes both current and future lease payments as of September 30, 2020 by amounts past due, our primary ongoing credit quality indicator, and lease origination year.
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Schedule of Lease Payments Past Due | The following table presents an aging analysis of lease payments owed to us and classified as past due as of September 30, 2020.
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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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Revenue Recognition (Tables) |
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Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following table summarizes our revenues by type of service.
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Remaining Performance Obligations | The following table provides information for transactions and expected timing of revenue recognition related to performance obligations that are fixed in nature and pertain to contracts with terms greater than one year as of the date shown.
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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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Recurring Fair Value Measurements (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets Measured on Recurring Basis | The table below sets forth the Company’s financial assets that are measured at fair value on a recurring basis in accordance with ASC 820.
(1)Marketable securities are valued based on quoted prices for similar assets in active markets or quoted prices for identical or similar assets in markets that are not active and are, therefore, classified as Level 2 in the fair value hierarchy. We measure our marketable securities on a recurring, monthly basis. See Note 6, Investments, for additional information on the fair value of our marketable securities.
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Investments (Tables) |
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Debt Securities, Available-for-sale [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Marketable Securities | The following table presents the maturities and values of our marketable securities as of the dates shown.
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Goodwill (Tables) |
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Schedule of Changes in Carrying Amount of Goodwill | The following table shows changes to our goodwill balances by reportable segment during the period ended September 30, 2020.
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Debt and Credit Facilities (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Debt | As of September 30, 2020 and December 31, 2019, debt included the following:
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Common Equity (Tables) |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Calculation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2020 and 2019.
(1)Weighted average diluted common shares outstanding may not sum due to rounding.
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Segment Reporting (Tables) |
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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 includes revenues from insurance premiums charged to other segments for workers’ compensation, auto, and other types of insurance. Intersegment revenues included in Other revenues below were $11.9 million and $20.8 million for the three months ended September 30, 2020 and 2019, respectively, and $59.1 million and $66.8 million for the nine months ended September 30, 2020 and 2019, respectively.
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Restructuring (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring Activity | The activity associated with the shutdown is presented separately on the consolidated statements of comprehensive income within restructuring—net and is summarized below on a cumulative basis since July 29, 2019. Restructuring activity for the three and nine months ended September 30, 2020 was not material.
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Schedule of Restructuring Reserve | As of September 30, 2020 and December 31, 2019, FTFM restructuring liabilities were classified as current liabilities on the consolidated balance sheets as follows:
|
Trade Accounts Receivable and Allowance - Trade Accounts Receivables Allowance for Doubtful Accounts Rollforward (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2020 |
Sep. 30, 2020 |
|
Financing Receivable, Allowance for Credit Loss | ||
Balance at beginning of period | $ 1.4 | $ 0.9 |
Charges to expense | 0.1 | 1.2 |
Write-offs | (0.6) | (1.3) |
Recoveries | 0.2 | 0.3 |
Balance at end of period | $ 1.1 | $ 1.1 |
Leases - Narrative (Details) |
Sep. 30, 2020 |
---|---|
Minimum | |
Leases | |
Terms of sales-type lease | 1 year |
Maximum | |
Leases | |
Terms of sales-type lease | 5 years |
Leases - Schedule of Lease Information (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Leases [Abstract] | ||
Operating cash flows from operating leases | $ 26.3 | $ 26.7 |
Operating cash flows from finance leases | 0.1 | 0.2 |
Financing cash flows from finance leases | 0.5 | 2.0 |
Right-of-use assets obtained in exchange for new operating lease liability | 21.6 | 20.6 |
Right-of-use assets obtained in exchange for new finance lease liability | $ 0.8 | $ 0.0 |
Leases - Summary of Investment in Lease Receivables (Details) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Leases [Abstract] | ||
Future minimum payments to be received on leases | $ 144.5 | $ 135.0 |
Guaranteed residual lease values | 105.6 | 126.6 |
Total minimum lease payments to be received | 250.1 | 261.6 |
Unearned income | (34.8) | (30.7) |
Net investment in leases | 215.3 | 230.9 |
Current maturities of lease receivables | 97.6 | 122.1 |
Allowance for doubtful accounts | (0.9) | (0.6) |
Current portion of lease receivables—net of allowance | 96.7 | 121.5 |
Lease receivables—noncurrent | $ 118.6 | $ 109.4 |
Leases - Schedule of Lease Payments Past Due (Details) $ in Millions |
Sep. 30, 2020
USD ($)
|
---|---|
Sales-type lease | |
Lease payments past due | $ 2.5 |
1 to 29 days | |
Sales-type lease | |
Lease payments past due | 1.3 |
30 to 59 days | |
Sales-type lease | |
Lease payments past due | 0.5 |
60 to 89 days | |
Sales-type lease | |
Lease payments past due | 0.3 |
90 days or greater | |
Sales-type lease | |
Lease payments past due | $ 0.4 |
Leases - Schedule of Sales-type Lease Income (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Leases [Abstract] | ||||
Revenue | $ 50.8 | $ 50.9 | $ 150.2 | $ 159.8 |
Cost of goods sold | (45.8) | (46.8) | (135.5) | (144.0) |
Operating profit | 5.0 | 4.1 | 14.7 | 15.8 |
Interest income on lease receivable | $ 6.5 | $ 7.0 | $ 19.7 | $ 20.4 |
Revenue Recognition Disaggregation of Revenue (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Disaggregation of Revenue | ||||
Operating revenues | $ 1,135.7 | $ 1,183.9 | $ 3,287.6 | $ 3,590.7 |
Transportation | ||||
Disaggregation of Revenue | ||||
Operating revenues | 1,036.5 | 1,093.9 | 3,015.9 | 3,297.7 |
Logistics Management | ||||
Disaggregation of Revenue | ||||
Operating revenues | 41.3 | 32.3 | 102.2 | 120.1 |
Other | ||||
Disaggregation of Revenue | ||||
Operating revenues | $ 57.9 | $ 57.7 | $ 169.5 | $ 172.9 |
Revenue Recognition Contract with Customer, Asset and Liability (Details) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Revenue from Contract with Customer [Abstract] | ||
Contract assets | $ 28.5 | $ 17.6 |
Contract liabilities | $ 0.6 | $ 0.0 |
Fair Value Recurring Fair Value Measurements (Details) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Recurring fair value measurements | Level 2 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Fair value of marketable securities | $ 45.6 | $ 48.3 |
Fair Value Debt Portfolio (Details) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Level 2 inputs | ||
Debt Instrument | ||
Fair value of debt | $ 318.7 | $ 368.5 |
Unsecured Senior Notes | ||
Debt Instrument | ||
Total principal outstanding | $ 305.0 | $ 360.0 |
Investments - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2019 |
Sep. 30, 2020 |
|
Available for Sale Debt Securities | ||
Credit loss allowance | $ 0 | |
Other-than-temporary impairment loss | $ 0 |
Investments - Investment in Platform Science, Inc. (Details) - Platform Science, Inc. - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2020 |
Dec. 31, 2019 |
|
Other Investments | |||
Gain on interest in investment | $ 0.0 | $ 8.8 | |
Value of ownership interest in investment | $ 12.3 | $ 12.3 | $ 3.5 |
Ownership interest in investment | 12.60% | 12.60% |
Investments - Investment in Mastery Logistics (Details) - Mastery Logistics - USD ($) $ in Millions |
Oct. 14, 2020 |
Sep. 30, 2020 |
---|---|---|
Other Investments | ||
Value of ownership interest in investment | $ 5.0 | |
Ownership interest in investment | 5.30% | |
Subsequent Event | ||
Other Investments | ||
Investment in equity security | $ 5.0 | |
Value of ownership interest in investment | $ 10.0 | |
Ownership interest in investment | 10.10% |
Goodwill - Schedule of Changes in Carrying Amount of Goodwill (Details) $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2020
USD ($)
| |
Goodwill | |
Beginning balance | $ 127.5 |
Foreign currency translation gain | 0.2 |
Ending balance | 127.7 |
Truckload | |
Goodwill | |
Beginning balance | 103.6 |
Foreign currency translation gain | 0.0 |
Ending balance | 103.6 |
Logistics | |
Goodwill | |
Beginning balance | 14.2 |
Foreign currency translation gain | 0.0 |
Ending balance | 14.2 |
Other | |
Goodwill | |
Beginning balance | 9.7 |
Foreign currency translation gain | 0.2 |
Ending balance | $ 9.9 |
Goodwill - Additional Information (Details) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Accumulated goodwill impairment charge | $ 42.6 | $ 42.6 |
Debt and Credit Facilities - Summary of Debt (Details) - Unsecured Senior Notes - USD ($) $ in Millions |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2020 |
Dec. 31, 2019 |
|
Debt Instrument | ||
Frequency of payments | semiannual | semiannual |
Weighted-average interest rate | 3.62% | 3.42% |
Total principal outstanding | $ 305.0 | $ 360.0 |
Current maturities | 0.0 | (55.0) |
Debt issuance costs | (0.2) | (0.4) |
Long-term debt | $ 304.8 | $ 304.6 |
Maximum | ||
Debt Instrument | ||
Maturity year | 2025 | 2025 |
Minimum | ||
Debt Instrument | ||
Maturity year | 2021 |
Debt and Credit Facilities - Additional Information (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Dec. 31, 2019 |
|
Credit Facility | ||
Debt Instrument | ||
Maximum borrowing capacity | $ 250.0 | |
Potential increase amount | 150.0 | |
Potential maximum borrowing capacity | $ 400.0 | |
Expiration date | Aug. 06, 2023 | |
Outstanding borrowings | $ 0.0 | $ 0.0 |
Credit Facility | Standby Letters of Credit | ||
Debt Instrument | ||
Maximum borrowing capacity | 100.0 | |
Standby letters of credit | 3.9 | 3.8 |
Receivables Purchase Agreement | ||
Debt Instrument | ||
Maximum borrowing capacity | $ 200.0 | |
Expiration date | Sep. 03, 2021 | |
Outstanding borrowings | $ 0.0 | 0.0 |
Receivables Purchase Agreement | Standby Letters of Credit | ||
Debt Instrument | ||
Standby letters of credit | $ 70.3 | $ 70.3 |
Income Taxes - Additional Information (Details) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 26.00% | 26.20% | 25.60% | 25.30% |
Common Equity - Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Basic earnings per common share | ||||||||
Net income available to common shareholders | $ 44.5 | $ 46.5 | $ 43.8 | $ 19.7 | $ 34.5 | $ 36.9 | $ 134.8 | $ 91.1 |
Weighted average common shares outstanding | 177.3 | 177.1 | 177.2 | 177.1 | ||||
Basic earnings per common share | $ 0.25 | $ 0.11 | $ 0.76 | $ 0.51 | ||||
Diluted earnings per common share | ||||||||
Dilutive effect of share-based awards and options outstanding | 0.3 | 0.2 | 0.3 | 0.2 | ||||
Weighted average diluted shares outstanding | 177.7 | 177.3 | 177.5 | 177.3 | ||||
Diluted earnings per common share | $ 0.25 | $ 0.11 | $ 0.76 | $ 0.51 |
Common Equity - Additional Information (Details) - $ / shares |
3 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Oct. 26, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
|
Class A Common Shares | |||||||
Class of Stock | |||||||
Dividends declared per share | $ 0.065 | $ 0.065 | $ 0.065 | $ 0.06 | $ 0.06 | $ 0.06 | |
Class A Common Shares | Subsequent Event | Special Dividend Declared | |||||||
Class of Stock | |||||||
Dividends declared per share | $ 2.00 | ||||||
Class A Common Shares | Subsequent Event | Quarterly Dividend Declared | |||||||
Class of Stock | |||||||
Dividends declared per share | 0.065 | ||||||
Class B Common Stock | |||||||
Class of Stock | |||||||
Dividends declared per share | $ 0.065 | $ 0.065 | $ 0.065 | $ 0.06 | $ 0.06 | $ 0.06 | |
Class B Common Stock | Subsequent Event | Special Dividend Declared | |||||||
Class of Stock | |||||||
Dividends declared per share | 2.00 | ||||||
Class B Common Stock | Subsequent Event | Quarterly Dividend Declared | |||||||
Class of Stock | |||||||
Dividends declared per share | $ 0.065 |
Share-based Compensation Additional Information (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Share-based Payment Arrangement [Abstract] | ||||
Share-based compensation expense (benefit) | $ 1,900,000 | $ (2,400,000) | $ 4,400,000 | $ 0 |
Pre-tax unrecognized compensation cost | $ 15,300,000 | $ 15,300,000 | ||
Unrecognized compensation cost, period for recognition | 2 years 7 months 6 days |
Commitments and Contingencies - Additional Information (Details) $ in Millions |
3 Months Ended |
---|---|
Sep. 30, 2020
USD ($)
| |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments to purchase transportation equipment | $ 139.1 |
Loss Contingencies | |
Litigation settlement expense | 13.1 |
WSL | Maximum | |
Loss Contingencies | |
Loss contingency estimate | 40.0 |
WSL | Minimum | |
Loss Contingencies | |
Loss contingency estimate | $ 0.0 |
Segment Reporting - Additional Information (Details) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020
USD ($)
|
Sep. 30, 2019
USD ($)
|
Sep. 30, 2020
USD ($)
Segment
|
Sep. 30, 2019
USD ($)
|
|
Segment Reporting Information | ||||
Number of reportable segments | Segment | 3 | |||
Operating revenues | $ 1,135.7 | $ 1,183.9 | $ 3,287.6 | $ 3,590.7 |
Other | ||||
Segment Reporting Information | ||||
Operating revenues | 85.5 | 94.3 | 274.7 | 290.0 |
Other | Other Insurance | ||||
Segment Reporting Information | ||||
Operating revenues | $ 11.9 | $ 20.8 | $ 59.1 | $ 66.8 |
Segment Reporting - Revenue by Segment (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Segment Reporting Information | ||||
Operating revenues | $ 1,135.7 | $ 1,183.9 | $ 3,287.6 | $ 3,590.7 |
Intersegment Eliminations | ||||
Segment Reporting Information | ||||
Operating revenues | (15.8) | (25.5) | (72.8) | (85.4) |
Truckload | ||||
Segment Reporting Information | ||||
Revenues (excluding fuel charge by segment) | 460.2 | 515.6 | 1,380.7 | 1,582.3 |
Intermodal | ||||
Segment Reporting Information | ||||
Revenues (excluding fuel charge by segment) | 248.4 | 249.2 | 705.4 | 746.6 |
Logistics | ||||
Segment Reporting Information | ||||
Revenues (excluding fuel charge by segment) | 284.4 | 236.1 | 754.9 | 707.0 |
Other | ||||
Segment Reporting Information | ||||
Operating revenues | 85.5 | 94.3 | 274.7 | 290.0 |
Fuel Surcharge | ||||
Segment Reporting Information | ||||
Operating revenues | $ 73.0 | $ 114.2 | $ 244.7 | $ 350.2 |
Segment Reporting - Income From Operations (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Segment Reporting Information | ||||
Income from operations | $ 63.3 | $ 29.0 | $ 181.6 | $ 129.7 |
Truckload | ||||
Segment Reporting Information | ||||
Income from operations | 45.6 | (12.5) | 122.7 | 18.6 |
Intermodal | ||||
Segment Reporting Information | ||||
Income from operations | 23.0 | 25.1 | 50.3 | 75.5 |
Logistics | ||||
Segment Reporting Information | ||||
Income from operations | 9.1 | 9.9 | 21.5 | 29.4 |
Other | ||||
Segment Reporting Information | ||||
Income from operations | $ (14.4) | $ 6.5 | $ (12.9) | $ 6.2 |
Segment Reporting - Depreciation and Amortization Expense (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Segment Reporting Information | ||||
Depreciation and amortization | $ 74.2 | $ 74.1 | $ 216.3 | $ 222.4 |
Truckload | ||||
Segment Reporting Information | ||||
Depreciation and amortization | 53.6 | 53.2 | 157.1 | 161.5 |
Intermodal | ||||
Segment Reporting Information | ||||
Depreciation and amortization | 11.9 | 11.3 | 34.4 | 33.2 |
Logistics | ||||
Segment Reporting Information | ||||
Depreciation and amortization | 0.1 | 0.2 | 0.1 | 0.5 |
Other | ||||
Segment Reporting Information | ||||
Depreciation and amortization | $ 8.6 | $ 9.4 | $ 24.7 | $ 27.2 |
Restructuring - Narrative (Details) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|---|
Aug. 31, 2019 |
Jul. 31, 2019 |
Sep. 30, 2019 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Dec. 31, 2019 |
|
Restructuring Activity | ||||||
Restructuring, initiation date | Jul. 29, 2019 | |||||
Restructuring, completion date | Aug. 31, 2019 | |||||
FTFM pre-tax losses | $ 8.9 | $ 34.2 | ||||
Truckload | ||||||
Restructuring Activity | ||||||
Assets held-for-sale | $ 23.5 | $ 63.5 | ||||
FTFM service offering shutdown | ||||||
Restructuring Activity | ||||||
Assets held-for-sale | $ 14.0 | $ 33.4 |
Restructuring - Schedule of Restructuring Activity (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | 14 Months Ended | ||
---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
Sep. 30, 2020 |
|
Restructuring Activity | ||||||
Restructuring—net | $ 0.5 | $ 50.4 | $ (0.5) | $ 50.4 | ||
Truckload | ||||||
Restructuring Activity | ||||||
Restructuring—net | $ 63.2 | |||||
Truckload | Impairment charges and losses on asset disposals—net | ||||||
Restructuring Activity | ||||||
Restructuring—net | 45.5 | |||||
Truckload | Receivables write-downs—net | ||||||
Restructuring Activity | ||||||
Restructuring—net | 3.1 | |||||
Truckload | Other costs | ||||||
Restructuring Activity | ||||||
Restructuring—net | $ 0.9 | $ 13.7 | $ 14.6 |
Restructuring - Schedule of Restructuring Reserve (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | 14 Months Ended | |||
---|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
Sep. 30, 2020 |
Dec. 31, 2018 |
|
Restructuring Activity | |||||||
Restructuring—net | $ 0.5 | $ 50.4 | $ (0.5) | $ 50.4 | |||
Cash payments | (1.5) | $ (8.6) | |||||
Restructuring reserve | $ 4.5 | 4.5 | 5.1 | $ 4.5 | $ 0.0 | ||
Truckload | |||||||
Restructuring Activity | |||||||
Restructuring—net | 63.2 | ||||||
Truckload | Impairment charges and losses on asset disposals—net | |||||||
Restructuring Activity | |||||||
Restructuring—net | 45.5 | ||||||
Truckload | Receivables write-downs—net | |||||||
Restructuring Activity | |||||||
Restructuring—net | 3.1 | ||||||
Truckload | Other costs | |||||||
Restructuring Activity | |||||||
Restructuring—net | $ 0.9 | $ 13.7 | $ 14.6 |