Document and Entity Information - shares |
9 Months Ended | |
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Sep. 30, 2018 |
Oct. 26, 2018 |
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Document Information [Line Items] | ||
Document Type | 10-Q | |
Entity Registrant Name | Schneider National, Inc. | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | SNDR | |
Entity Central Index Key | 0001692063 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Class A Common Shares | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (shares) | 83,029,500 | |
Class B Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (shares) | 93,969,268 |
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions |
Sep. 30, 2018 |
Dec. 31, 2017 |
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Trade allowance | $ (6.6) | $ (5.2) |
Allowance for lease receivables | $ (0.5) | $ (1.7) |
Class A Common Shares | ||
Common stock, par value (usd per share) | $ 0 | $ 0 |
Common stock, shares authorized (shares) | 250,000,000 | 250,000,000 |
Common stock, shares issued (shares) | 83,029,500 | 83,029,500 |
Common stock, shares outstanding (shares) | 83,029,500 | 83,029,500 |
Class B Common Stock | ||
Common stock, par value (usd per share) | $ 0 | $ 0 |
Common stock, shares authorized (shares) | 750,000,000 | 750,000,000 |
Common stock, shares issued (shares) | 94,607,116 | 93,850,011 |
Common stock, shares outstanding (shares) | 93,967,681 | 93,850,011 |
General |
9 Months Ended |
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Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | GENERAL Description of Business In this report, when we refer to “the Company,” “us,” “we,” “our,” or “ours,” we are referring to Schneider National, Inc. and its subsidiaries. We are a leading transportation services organization headquartered in Green Bay, Wisconsin. We provide a broad portfolio of premier truckload, intermodal, and logistics solutions and operate one of the largest trucking fleets in North America. Our IPO of shares of Class B Common Stock was completed in early April 2017, and additional shares were sold in May 2017 under an option granted to the underwriters. In connection with the offering, we sold a total of 20,145,000 shares of Class B common stock at $19 per share and received proceeds of $382.7 million. Expenses related to the offering totaled approximately $42.1 million, resulting in net proceeds of $340.6 million. Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in accordance 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, 2017. 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. Accounting Standards Issued but Not Yet Adopted In August 2018, the FASB issued ASU 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which aligns the capitalization requirements for implementation costs incurred in a hosting arrangement that is a service contract with the existing capitalization requirements for implementation costs incurred to develop or obtain internal-use software. ASU 2018-15 is effective for us as of January 1, 2020 with early adoption permitted. We are currently evaluating the impact the adoption of this ASU will have on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement - Disclosure Requirements, which removes, modifies, and adds certain disclosure requirements for fair value measurements. ASU 2018-13 is effective for us January 1, 2020 with early adoption permitted. We are currently evaluating the impact the adoption of this ASU will have on our consolidated financial statements and do not believe the impact will be material. In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income, which discusses the reclassification of certain tax effects from accumulated other comprehensive income. The guidance requires companies to disclose a description of their accounting policy for releasing income tax effects from accumulated other comprehensive income and whether they elect to reclassify the stranded income tax effects from the Tax Cuts and Jobs Act, along with information about other income tax effects that are reclassified. ASU 2018-02 is effective for us January 1, 2019 with early adoption permitted. We plan to early adopt this ASU during the fourth quarter of 2018 and expect the reclassification of stranded income tax effects to have an immaterial impact on our consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments, which requires companies to use a forward-looking, expected loss model to estimate credit losses on various types of financial assets and net investments in leases. It also requires additional disclosure related to credit quality of trade and other receivables, including information related to management’s estimate of credit allowances. ASU 2016-13 is effective for us January 1, 2020. We currently cannot reasonably estimate the impact the adoption of this ASU will have on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases, which amended authoritative guidance on leases and is codified in ASC 842. The amended guidance requires lessees to recognize most leases on their balance sheets as right-of-use assets along with corresponding lease liabilities. The new standard also requires new disclosures to help financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. This guidance is effective for us January 1, 2019, with early adoption permitted. In July 2018, the FASB issued additional authoritative guidance providing companies with the option to apply this ASU to new and existing leases within the scope of the guidance as of the beginning of the period of adoption. We plan to elect this transition method of applying the new lease standard and will recognize right-of-use assets, lease liabilities, and any cumulative-effect adjustments to the opening balance of retained earnings as of January 1, 2019. Prior period amounts will not be adjusted and will continue to be reported under the accounting standards in effect for those periods. Upon adoption of the new standard on January 1, 2019, we expect to elect the package of practical expedients provided under the guidance. The practical expedient package applies to leases that commenced prior to adoption of the new standard and permits companies not to reassess whether existing or expired contracts are or contain a lease, the lease classification, and any initial direct costs for any existing leases. We have created a cross-functional implementation team whose efforts to date consist of identifying the Company's lease population, selecting a lease software that will assist with the reporting and disclosure requirements under the standard, and abstracting and validating our lease information. As we continue to evaluate this standard, we anticipate it will have a material impact on our consolidated balance sheets due to the capitalization of right-of-use assets and lease liabilities associated with our current operating leases in which we are the lessee. We do not believe it will have a material impact on our consolidated statements of comprehensive income or cash flows. Leasing activities in which we are the lessor in the transaction are also subject to ASC 842. Our evaluation of the impact of this standard on our lessor activity is ongoing, however from a lessor perspective, we do not believe the standard will have a material impact on our consolidated balance sheets, statements of comprehensive income, or cash flows. |
Revenue Recognition Revenue Recognition |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Text Block] | REVENUE RECOGNITION We implemented ASU 2014-09, Revenue from Contracts with Customers, which is codified as ASC 606 as of January 1, 2018 and replaces ASC 605, Revenue Recognition. We used the modified retrospective approach for adoption, which required us to record the cumulative effect of the transition through retained earnings as of January 1, 2018. Retained earnings increased by $7.3 million upon adoption. The adjustment related only to contracts that were not completed as of January 1, 2018. The following table shows the amount by which financial statement lines were affected by the adoption of the new standard. The changes relate to the recognition of transportation revenue over time rather than at delivery, as explained below under the Transportation heading.
ASC 606 requires us to look at revenue from customers at a contract level to determine the appropriate accounting. As defined by the new standard, a “contract” can range from an individual order to a multi-year agreement with a customer, depending on the specific arrangement. The majority of our revenues are related to transportation and have similar characteristics. The following table breaks down our revenues by type of service, and each type of service is further described below.
Transportation Transportation revenues relate to the Truckload and Intermodal reportable segments, as well as to our Brokerage business, which is included in the Logistics reportable segment. In the Transportation portfolio, our service obligation to customers is satisfied over time. We do not believe there is a significant impact on the nature, amount, timing, and uncertainty of revenue or cash flows based on the mode of transportation. The economic factors that impact our transportation revenue are generally consistent across these modes given the relatively short term nature of each contract. For the majority of our transportation business, the “contract with a customer” is identified as an individual order under a negotiated agreement. Some consideration is variable in that a final transaction price is uncertain and is susceptible to factors outside of Schneider's influence, such as the weather or the accumulation of accessorial charges. Pricing information is supplied by the rate schedules that accompany negotiated contracts. Transportation orders are short-term in nature and generally have terms of significantly less than one year. They do not include significant financing components. A small portion of revenues in our transportation business relate to fixed payments in our Truckload segment. These payments are due regardless of volumes, and in these arrangements, the master agreement rather than the individual order may be considered the “contract.” See the Remaining Performance Obligations table below for more information on fixed payments. Prior to the adoption of ASC 606, we recognized revenue from transportation services when we completed our obligation to the customer, upon delivery. In accordance with the new standard, we now recognize revenue over the period transportation services are provided to the customer, including service performed as of the end of the reporting period for loads currently in transit, in order to recognize the value that is transferred to a customer over the course of the transportation service. We determine revenue in transit using the input method, under which revenue is recognized based on time lapsed from the departure date (start of transportation services) to the arrival date (completion of transportation services). Measurement of revenue in transit requires the application of significant judgment. We calculate the estimated percentage of an order's transit time that is complete at period end, and we apply that percentage of completion to the order's estimated revenue. Revenue recognized in the period ended September 30, 2018 includes amounts related to orders that were partially completed (in transit) in prior periods. In certain transportation arrangements, an unrelated party contributes a specified service to our customer. For example, we contract with third-party carriers to perform transportation services on behalf of our customers in our Brokerage business, and we use third-party rail carriers in our Intermodal segment. In situations that include the contributions of third parties, we act as principal in the arrangement, and, accordingly, we recognize gross revenues from these transactions. Logistics Management Logistics Management revenues relate to our Supply Chain Management and Import/Export Services operating segments, both of which are included in our Logistics reportable segment. Within this portfolio, the key service we provide to the customer is management of freight shipping and/or storage. The “contracts” in our Logistics Management portfolio are the negotiated agreements, which contain both fixed and variable components. The variability of revenues is driven by volumes and transactions, which are known as of an invoice date. See the Remaining Performance Obligations table below for additional information. Supply Chain Management and Import/Export Services contracts typically have terms that extend beyond one year, and they do not include financing components. Prior to the adoption of ASC 606, we recognized revenue under these contracts over time, based on pricing terms within the arrangements. Our recognition model will remain the same under the new standard, as we have elected to use the right to invoice practical expedient, which reflects the fact that a customer obtains the benefit associated with logistics services as they are provided (output method). In our Supply Chain Management business, we subcontract third parties to perform a portion of the services. We are responsible for ensuring the services are performed and that they are acceptable to the customer, and we are, therefore, considered to be the principal in these arrangements. Other Other revenues relate to activities that are out of scope for purposes of ASC 606, including our leasing and captive insurance businesses. Quantitative Disclosure The following table provides information related to transactions and expected timing of revenue recognition related to performance obligations that are fixed in nature and relate to contracts with terms greater than one year.
This disclosure does not include revenue related to performance obligations that are part of a contract whose original expected duration is one year or less. In addition, this disclosure does not include expected consideration related to performance obligations for which the Company elects to recognize revenue in the amount it has a right to invoice (e.g., usage-based pricing terms). The following table provides information related to contract balances associated with our contracts with customers as of the dates shown.
We generally receive payment within 40 days of completion of performance obligations. Contract assets in the table above relate to revenue in transit at the end of the reporting period. Contract liabilities relate to amounts that customers paid in advance of the associated service. For certain of our contracts, we incur upfront costs to fulfill the master agreement, including driver recruiting and equipment relocation, that are capitalized and amortized over the master contract term, which has been deemed to be the period of benefit. These costs usually relate to dedicated transportation arrangements. The following table presents the amounts capitalized for contract fulfillment costs as of the dates shown.
Amortization of capitalized contract fulfillment costs was as shown:
Practical Expedients We elected to use the following practical expedients that are available under ASC 606: (i) not to adjust the promised amount of consideration for the effects of a significant financing component when we expect, at contract inception, that the period between our transfer of a promised service to a customer and when the customer pays for that service will be one year or less; (ii) to apply the new revenue standard to a portfolio of contracts (or performance obligations) with similar characteristics, as we reasonably expect that the effects on the consolidated financial statements of applying this guidance to the portfolio would not differ materially from applying this guidance to the individual contracts (or performance obligations) within that portfolio; and (iii) to recognize revenue in the Logistics Management portfolio in the amount of consideration to which we have a right to invoice, that corresponds directly with the value to the customer of the service completed to date. |
Fair Value |
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Fair Value | FAIR VALUE Fair value focuses on the estimated price that would be received to sell an asset or paid to transfer a liability, which is referred to as the exit price. Inputs to valuation techniques used to measure fair value fall into three broad levels (Levels 1, 2, and 3) as follows: Level 1—Observable inputs that reflect quoted prices for identical assets or liabilities in active markets that we have the ability to access at the measurement date. Level 2—Observable inputs, other than quoted prices included in Level 1, for the asset or liability or prices for similar assets and liabilities. Level 3—Unobservable inputs reflecting the reporting entity’s estimates of the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). All marketable securities were 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 (Level 2 in the fair value hierarchy). We measure our marketable securities on a recurring, monthly basis. See Note 4, Investments, for information on the fair value of our marketable securities. In connection with the June 1, 2016 acquisition of WSL, a contingent payment arrangement based on the achievement of specified earnings targets is in place for three consecutive 12-month periods after the closing, with the aggregate payment total not to exceed $40.0 million. No payments have been made through September 30, 2018. The fair value of the contingent consideration at September 30, 2018 and December 31, 2017 was zero. The valuation was based on Level 3 inputs. Our ownership interest in Platform Science, Inc. discussed in Note 4, Investments, was valued based on Level 3 inputs. There were no transfers between levels for the periods discussed. Fair Value of Other Financial Instruments The recorded value of cash, trade accounts receivable, and trade accounts payable approximates fair value. The table below presents the carrying value of our debt portfolio along with the fair value of a fixed-rate debt portfolio with similar terms and maturities, which is based on borrowing rates available to us in the applicable year. This valuation used Level 2 inputs.
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Investments |
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Investment [Text Block] | 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. Any unrealized gains and losses, net of tax, are included as a component of accumulated other comprehensive income. Our portfolio of securities has maturities ranging from 2 to 75 months. While our intent is to hold our securities to maturity, sudden changes in the market or to our liquidity needs may cause us to sell certain securities in advance of their maturity date. The following table presents the values of our marketable securities as of the dates shown:
Gross realized and unrealized gains and losses on sales of marketable securities were not material for the three and nine months ended September 30, 2018 and 2017. Ownership Interest in Platform Science, Inc. In 2018, we received a 30% ownership interest in Platform Science, Inc. in exchange for our contribution of a non-exclusive license for telematics mobile software that was developed to enable driver productivity and ensure regulatory compliance. Our ownership interest in Platform Science, Inc. is recorded at fair value in other noncurrent assets on the consolidated balance sheet. The fair value of the ownership interest was initially determined to be $2.5 million through an independent valuation and is being accounted for under ASC 321, Investments - Equity Securities. As of September 30, 2018, there have been no transactions that have triggered an indicator that the value of our ownership interest in Platform Science, Inc. has changed. |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill represents the excess of the purchase price of our acquisitions over the fair value of the identifiable net assets acquired. Changes in the carrying amount of goodwill were as follows:
At September 30, 2018 and December 31, 2017, we had accumulated goodwill impairment charges of $6.0 million. During the second quarter of 2018, we reorganized the structure of the operating segments within the Truckload reportable segment to include FTFM as a separate operating segment and integrated the remaining Dedicated activities into the VTL operating segment. Each Truckload operating segment was determined to be its own reporting unit due to the level at which financial information is available and management's review of that information. As a result of the reorganization, goodwill within the Truckload reportable segment, which was previously attributable to the Dedicated reporting unit, was reallocated to the VTL and FTFM reporting units on a relative fair value basis. After the reallocation of goodwill, an impairment test was performed for these reporting units, and it was determined that goodwill was not impaired as each reporting unit had an estimated fair value in excess of its respective carrying amount. The identifiable intangible assets other than goodwill listed below are included in other noncurrent assets on the consolidated balance sheets.
Amortization expense for intangible assets was $0.3 and $0.4 million for the three months ended September 30, 2018 and 2017, respectively, and $1.1 million for each of the nine months ended September 30, 2018 and 2017. Accumulated amortization in the table above includes foreign currency translation related to a customer list. Estimated future amortization expense related to intangible assets is as follows (in millions):
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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, 2018 and December 31, 2017, debt included the following:
On August 6, 2018, we entered into a $250.0 million Credit Agreement (the “2018 Credit Facility”) among us, the lenders party thereto (the “Lenders”) and JPMorgan Chase Bank, N.A., as administrative agent, and terminated our prior $250.0 million Credit Agreement dated February 18, 2011 (as amended). The 2018 Credit Facility is a revolving credit facility that matures on August 6, 2023 and allows us to request an increase in total commitment by up to $150.0 million, for a total potential commitment of $400.0 million. The 2018 Credit Facility also provides a sublimit of $100.0 million to be used for the issuance of letters of credit. The applicable interest rate under the 2018 Credit Facility is based on the Prime Rate, the Federal Funds Rate, or the London InterBank Offered Rate (LIBOR), depending upon the type of borrowing, plus an applicable margin based on our consolidated net debt coverage ratio as of the end of each fiscal quarter. We had no outstanding borrowings under these agreements as of September 30, 2018 or December 31, 2017. Standby letters of credit under these agreements amounted to $3.9 million at September 30, 2018 and December 31, 2017, and were primarily related to the requirements of certain of our real estate leases. On September 5, 2018, we entered into a Joinder and Amendment No. 2 to our Amended and Restated Receivables Purchase Agreement (the “2018 Receivables Purchase Agreement”) relating to our $200.0 million secured accounts receivable facility. The 2018 Receivables Purchase Agreement has a scheduled maturity date of September 3, 2021, allows us to borrow funds against qualifying trade receivables at rates based on one-month LIBOR, and provides for the issuance of standby letters of credit. We had no outstanding borrowings under this facility at September 30, 2018 or December 31, 2017. At September 30, 2018 and December 31, 2017, standby letters of credit under this agreement amounted to $62.8 million and $63.8 million, respectively, and were primarily related to the requirements of certain of our insurance obligations. |
Lease Receivables |
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Lease Receivables | LEASE RECEIVABLES We finance various types of transportation-related equipment for independent third parties. The transactions are generally for one to five years and are accounted for as sales-type or direct financing leases. As of September 30, 2018 and December 31, 2017, the investment in lease receivables was as follows:
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Income Taxes |
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Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Our effective income tax rate was 25.8% and 39.2% for the three months ended September 30, 2018 and 2017, respectively, and 25.8% and 38.8% for the nine months ended September 30, 2018 and 2017, respectively. The decrease in the rates was due to the enactment of the Tax Cuts and Jobs Act in December 2017. 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 estimate of nontaxable and nondeductible items of income and expense. In accordance with SEC Staff Accounting Bulletin No. 118, the amounts recorded in the fourth quarter of 2017 related to the Tax Cuts and Jobs Act represent reasonable estimates based on our analysis to date and are considered to be provisional and subject to revision during 2018. Due to the complex nature of the enacted tax law changes, and their application, certain amounts related to our 2017 tax provision recorded in the financial statements as a result of the Tax Legislation are to be considered "provisional" and subject to revision, as we await additional guidance from income tax authorities. No changes were made to the estimated impacts in the first three quarters of 2018. |
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, 2018 and 2017.
The calculation of diluted earnings per share for the three and nine months ended September 30, 2018 excluded an immaterial amount of share-based compensation awards that had an anti-dilutive effect. Subsequent Event - Dividends Declared In October of 2018, our Board of Directors declared a quarterly cash dividend for the fourth fiscal quarter of 2018 in the amount of $0.06 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 December 14, 2018, and is expected to be paid on January 7, 2019. |
Share-based Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation | SHARE-BASED COMPENSATION We grant various equity-based awards relating to Class B Common Stock under our 2017 Omnibus Incentive Plan (“the Plan”). These awards consist of the following: restricted shares, restricted stock units (“RSUs”), performance-based restricted shares (“Performance Shares”), performance-based restricted stock units (“PSUs”), and non-qualified stock options. The following table summarizes the components of our share-based compensation program expense:
As of September 30, 2018, we had $13.7 million of pre-tax unrecognized compensation cost related to outstanding share-based compensation awards that is expected to be recognized over a weighted-average period of 2.6 years. Restricted Shares and RSUs Under the Plan, the majority of the restricted shares and RSUs granted in 2017 and 2018 vest ratably over a four-year period, with the first 25% of the grant vesting approximately one year after the date of grant, subject to continued employment through the vesting date or retirement eligibility. Dividend equivalents equal to dividends paid on our common shares during the vesting period are tracked and accumulated for each restricted share and RSU. The dividend equivalents are forfeitable and are distributed to participants in cash consistent with the date the awards vest. A small portion of the restricted shares relate to a one-time 2018 grant, which vests 50% after a five-year period, with the remaining 50% vesting after a six-year period after the grant date, subject to continued employment through the vesting date. Dividend equivalents equal to dividends paid on our common shares during the vesting period are tracked and accumulated for each restricted share. The dividend equivalents are distributed to participants in cash consistent with the date the awards vest.
Prior to our IPO, we granted restricted shares of Class B Common Stock. Shares included in the pre-IPO restricted share grants vest ratably over a three-year period. Cash dividends are not paid on the unvested pre-IPO restricted shares, nor do they accumulate during the vesting period.
Performance Shares and PSUs Performance shares and PSUs include a three-year performance period with vesting based on attainment of threshold performance of earnings and return on capital targets. These awards cliff-vest at the end of the three-year performance period, subject to continued employment through the vesting date or retirement eligibility, and payout ranges from 0%-200% for PSUs and from 0%-100% for performance shares. Dividend equivalents equal to dividends paid on our common shares during the vesting period are tracked and accumulated for each award. The dividend equivalents are forfeitable and are distributed to participants in cash consistent with the date the awards vest.
Nonqualified Stock Options The options granted under the Plan have an exercise price equal to the fair market value of the underlying stock at the date of grant and vest ratably over a four-year period, with the first 25% of the grant becoming exercisable approximately one year after the date of grant. The options expire ten years from the date of grant.
Assumptions used in calculating the Black-Scholes value of options granted during 2018 were as follows:
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Commitments and Contingencies |
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Sep. 30, 2018 | |
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 on a number of matters, including liability claims, taxes other than income taxes, contract disputes, employment, and other litigation matters. We accrue for anticipated costs to defend and 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. At September 30, 2018, our firm commitments to purchase transportation equipment totaled approximately $131.6 million. WSL Acquisition The purchase and sale agreement related to our June 2016 acquisition of WSL included guaranteed payments of $20.0 million to the former owners of WSL on each of the first three anniversary dates of the closing. The liability recorded was discounted between one percent and three percent, based on credit-adjusted discount rates. The initial payment in the amount of $19.7 million, including calculated interest based on the discounted amount recorded, was made in June 2017 and reflected an adjustment for a working capital true-up. The second payment in the amount of $20.0 million was made in June 2018. The present value of the remaining payment was $18.7 million at September 30, 2018, which is recorded in other current liabilities on the consolidated balance sheet. The representative of the former owners of WSL has claimed that we have not fulfilled certain obligations under the purchase and sale agreement relating to the post-closing operations of the business, amongst other matters, and that, as a result, the former owners are entitled to an accelerated payment of the contingent amount described in Note 3, Fair Value, without regard to whether the specified earnings targets are met. We believe this claim is meritless and have filed an action in the Delaware Court of Chancery seeking a declaratory judgment that we have complied with our obligations under the agreement and that no accelerated payment is owed. |
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. As of December 31, 2017, our operating segments within the Truckload reportable segment were VTL, Dedicated, and Bulk. During the second quarter of 2018, we reorganized the structure of the Truckload reportable segment, separating FTFM into its own operating segment and moving the remaining business that was previously under the Dedicated operating segment into the VTL operating segment. The Truckload reportable segment now consists of three operating segments (VTL, FTFM, and Bulk) that are aggregated because they have similar economic characteristics and meet the other aggregation criteria described in the accounting guidance for segment reporting. The chief operating decision maker (CODM) reviews revenues for each operating 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. For all operating segments except FTFM, revenue is recognized upon delivery, and in-transit revenue is not reflected in segment results. Income from operations at a segment level reflects the measures presented to the CODM for each segment. Separate balance sheets are not prepared by segment and, as a result, assets are not separately identifiable by segment. All transactions between reporting segments are eliminated in consolidation. The following tables summarize our segment information. Intersegment revenues were immaterial for all segments, with the exception of Other, which 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 $20.7 million and $20.5 million for the three months ended September 30, 2018 and 2017, respectively, and $62.0 million and $57.9 million for the nine months ended September 30, 2018 and 2017, respectively.
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General (Policies) |
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Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of Business In this report, when we refer to “the Company,” “us,” “we,” “our,” or “ours,” we are referring to Schneider National, Inc. and its subsidiaries. We are a leading transportation services organization headquartered in Green Bay, Wisconsin. We provide a broad portfolio of premier truckload, intermodal, and logistics solutions and operate one of the largest trucking fleets in North America. |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in accordance 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, 2017. 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. |
Accounting Standards Issued But Not Yet Adopted | Accounting Standards Issued but Not Yet Adopted In August 2018, the FASB issued ASU 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which aligns the capitalization requirements for implementation costs incurred in a hosting arrangement that is a service contract with the existing capitalization requirements for implementation costs incurred to develop or obtain internal-use software. ASU 2018-15 is effective for us as of January 1, 2020 with early adoption permitted. We are currently evaluating the impact the adoption of this ASU will have on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement - Disclosure Requirements, which removes, modifies, and adds certain disclosure requirements for fair value measurements. ASU 2018-13 is effective for us January 1, 2020 with early adoption permitted. We are currently evaluating the impact the adoption of this ASU will have on our consolidated financial statements and do not believe the impact will be material. In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income, which discusses the reclassification of certain tax effects from accumulated other comprehensive income. The guidance requires companies to disclose a description of their accounting policy for releasing income tax effects from accumulated other comprehensive income and whether they elect to reclassify the stranded income tax effects from the Tax Cuts and Jobs Act, along with information about other income tax effects that are reclassified. ASU 2018-02 is effective for us January 1, 2019 with early adoption permitted. We plan to early adopt this ASU during the fourth quarter of 2018 and expect the reclassification of stranded income tax effects to have an immaterial impact on our consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments, which requires companies to use a forward-looking, expected loss model to estimate credit losses on various types of financial assets and net investments in leases. It also requires additional disclosure related to credit quality of trade and other receivables, including information related to management’s estimate of credit allowances. ASU 2016-13 is effective for us January 1, 2020. We currently cannot reasonably estimate the impact the adoption of this ASU will have on our consolidated financial statements. |
Revenue Recognition Revenue Recognition (Tables) |
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Summary of Impact of Adoption of Accounting Standards [Table Text Block] |
The following table shows the amount by which financial statement lines were affected by the adoption of the new standard. The changes relate to the recognition of transportation revenue over time rather than at delivery, as explained below under the Transportation heading.
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Disaggregation of Revenue [Table Text Block] | The following table breaks down our revenues by type of service, and each type of service is further described below.
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Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | The following table provides information related to transactions and expected timing of revenue recognition related to performance obligations that are fixed in nature and relate to contracts with terms greater than one year.
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Contract with Customer, Asset and Liability [Table Text Block] | The following table provides information related to contract balances associated with our contracts with customers as of the dates shown.
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Capitalized Contract Cost [Table Text Block] | The following table presents the amounts capitalized for contract fulfillment costs as of the dates shown.
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Amortization of Contract Fulfillment Costs [Table Text Block] | Amortization of capitalized contract fulfillment costs was as shown:
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Fair Value Fair Value (Tables) |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | The table below presents the carrying value of our debt portfolio along with the fair value of a fixed-rate debt portfolio with similar terms and maturities, which is based on borrowing rates available to us in the applicable year. This valuation used Level 2 inputs.
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Investments (Tables) |
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Investments Schedule [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Marketable Securities | The following table presents the values of our marketable securities as of the dates shown:
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Goodwill and Other Intangible Assets (Tables) |
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Schedule of Changes in Carrying Amount of Goodwill | Changes in the carrying amount of goodwill were as follows:
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Schedule of Identifiable Intangible Assets Other Than Goodwill | The identifiable intangible assets other than goodwill listed below are included in other noncurrent assets on the consolidated balance sheets.
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Schedule of Estimated Future Amortization Expense | Estimated future amortization expense related to intangible assets is as follows (in millions):
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Debt and Credit Facilities (Tables) |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Debt | As of September 30, 2018 and December 31, 2017, debt included the following:
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Lease Receivables (Tables) |
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Summary of Investment in Lease Receivables | As of September 30, 2018 and December 31, 2017, the investment in lease receivables was as follows:
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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, 2018 and 2017.
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Share-based Compensation (Tables) |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | The following table summarizes the components of our share-based compensation program expense:
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Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] |
Prior to our IPO, we granted restricted shares of Class B Common Stock. Shares included in the pre-IPO restricted share grants vest ratably over a three-year period. Cash dividends are not paid on the unvested pre-IPO restricted shares, nor do they accumulate during the vesting period.
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Share-based Compensation, Performance Shares Award Outstanding Activity [Table Text Block] |
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Share-based Compensation, Stock Options, Activity [Table Text Block] |
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Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Assumptions used in calculating the Black-Scholes value of options granted during 2018 were as follows:
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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 $20.7 million and $20.5 million for the three months ended September 30, 2018 and 2017, respectively, and $62.0 million and $57.9 million for the nine months ended September 30, 2018 and 2017, respectively.
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General - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions |
1 Months Ended | 9 Months Ended | |
---|---|---|---|
May 31, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Class of Stock [Line Items] | |||
Proceeds from IPO, net of issuance costs | $ 0.0 | $ 340.6 | |
Class B Common Stock | IPO | |||
Class of Stock [Line Items] | |||
Share issued during the period (shares) | 20,145,000 | ||
Share issued, (price per share) | $ 19 | ||
Sale of Stock, Consideration Received on Transaction | $ 382.7 | ||
Expenses related to the offering | 42.1 | ||
Proceeds from IPO, net of issuance costs | $ 340.6 |
Revenue Recognition Disaggregation of Revenue (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Disaggregation of Revenue [Line Items] | ||||
OPERATING REVENUES | $ 1,280.1 | $ 1,110.8 | $ 3,655.4 | $ 3,192.4 |
Transportation [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
OPERATING REVENUES | 1,175.0 | 1,005.7 | 3,362.9 | 2,921.0 |
Logistics Management [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
OPERATING REVENUES | 57.7 | 55.8 | 163.7 | 160.6 |
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
OPERATING REVENUES | $ 47.4 | $ 49.3 | $ 128.8 | $ 110.8 |
Revenue Recognition Contract with Customer, Asset and Liability (Details) - USD ($) $ in Millions |
Sep. 30, 2018 |
Jan. 01, 2018 |
---|---|---|
Contract Balances [Line Items] | ||
Contract with Customer, Asset, Net | $ 34.8 | $ 22.2 |
Contract with Customer, Liability | $ 0.0 | $ 0.0 |
Revenue Recognition Capitalized Contract Cost (Details) - USD ($) $ in Millions |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Capitalized Contract Cost [Line Items] | ||
Capitalized Contract Cost | $ 6.1 | $ 3.7 |
Revenue Recognition Amortization of Contract Fulfillment Costs (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Capitalized Contract Cost, Amortization [Line Items] | ||||
Capitalized Contract Cost, Amortization | $ 0.7 | $ 0.4 | $ 2.1 | $ 1.5 |
Revenue Recognition Initial Application Period Cumulative Effect Adjustment (Details) $ in Millions |
Jan. 01, 2018
USD ($)
|
---|---|
Initial Application Period Cumulative Translation Adjustment [Abstract] | |
Cumulative Effect on Retained Earnings, Net of Tax | $ 7.3 |
Fair Value Fair Value - Additional Information (Details) - USD ($) |
9 Months Ended | 12 Months Ended | |
---|---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
Jun. 30, 2016 |
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Business Combination, Contingent Consideration Paid | $ 0 | ||
Fair Value Transfers Between Levels Transfers Amount | 0 | $ 0 | |
Fair Value, Inputs, Level 3 [Member] | Watkins and Shepard Trucking Inc [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 40,000,000 | ||
Business Combination, Contingent Consideration Paid | 0 | ||
Business Combination, Contingent Consideration, Liability, Fair Value | $ 0 | $ 0 |
Fair Value Fair value of debt portfolio (Details) - USD ($) $ in Millions |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Reported Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Percentage Bearing Fixed Interest, Amount | $ 415.4 | $ 429.8 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Percentage Bearing Fixed Interest, Amount | $ 405.2 | $ 432.4 |
Investments (Details) |
9 Months Ended |
---|---|
Sep. 30, 2018 | |
Minimum | |
Debt Securities, Available-for-sale [Line Items] | |
Marketable securities maturity term | 2 months |
Maximum | |
Debt Securities, Available-for-sale [Line Items] | |
Marketable securities maturity term | 75 months |
Marketable Securities - Schedule of Marketable Securities (Details) - USD ($) $ in Millions |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 45.7 | $ 41.9 |
Fair Value | 45.0 | 41.6 |
Current Asset | Zero coupon bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 3.9 | 3.8 |
Fair Value | 3.9 | 3.9 |
Current Asset | U.S. treasury and government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 18.0 | 6.0 |
Fair Value | 17.7 | 6.0 |
Current Asset | Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 0.1 | 0.3 |
Fair Value | 0.1 | 0.3 |
Current Asset | Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 11.1 | 9.1 |
Fair Value | 11.0 | 9.2 |
Current Asset | State and municipal bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 12.6 | 22.7 |
Fair Value | $ 12.3 | $ 22.2 |
Investments Investment in Platform Science, Inc. (Details) $ in Millions |
Sep. 30, 2018
USD ($)
|
---|---|
Other Investments [Abstract] | |
Noncontrolling Interest, Ownership Percentage by Parent | 30.00% |
Cost Method Investments, Fair Value Disclosure | $ 2.5 |
Goodwill and Other Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill (Details) $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2018
USD ($)
| |
Goodwill | |
Beginning balance | $ 164.8 |
Foreign currency translation | (0.6) |
Ending balance | 164.2 |
Truckload | |
Goodwill | |
Beginning balance | 138.2 |
Foreign currency translation | 0.0 |
Ending balance | 138.2 |
Logistics | |
Goodwill | |
Beginning balance | 14.2 |
Foreign currency translation | 0.0 |
Ending balance | 14.2 |
Other | |
Goodwill | |
Beginning balance | 12.4 |
Foreign currency translation | (0.6) |
Ending balance | $ 11.8 |
Goodwill and Other Intangible Assets - Schedule of Identifiable Intangible Assets Other Than Goodwill (Details) - USD ($) $ in Millions |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Net Carrying Amount | $ 7.6 | |
Other Noncurrent Assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 11.9 | $ 11.9 |
Accumulated Amortization | 4.3 | 3.2 |
Net Carrying Amount | 7.6 | 8.7 |
Other Noncurrent Assets | Customer lists | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 10.5 | 10.5 |
Accumulated Amortization | 3.2 | 2.5 |
Net Carrying Amount | 7.3 | 8.0 |
Other Noncurrent Assets | Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1.4 | 1.4 |
Accumulated Amortization | 1.1 | 0.7 |
Net Carrying Amount | $ 0.3 | $ 0.7 |
Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Amortization expense for intangible assets | $ 0.3 | $ 0.4 | $ 1.1 | $ 1.1 | |
Goodwill, Impaired, Accumulated Impairment Loss | $ 6.0 | $ 6.0 | $ 6.0 |
Goodwill and Other Intangible Assets - Schedule Estimated Future Amortization Expense (Details) $ in Millions |
Sep. 30, 2018
USD ($)
|
---|---|
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule | |
Remaining 2018 | $ 0.3 |
2018 | 1.1 |
2019 | 1.0 |
2020 | 1.0 |
2021 | 1.0 |
2023 and thereafter | 3.2 |
Net Carrying Amount | $ 7.6 |
Debt and Credit Facilities - Summary of Debt (Details) - USD ($) $ in Millions |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
|
Debt Instrument [Line Items] | ||
Total principal outstanding | $ 415.4 | $ 429.8 |
Current maturities | (7.3) | (15.2) |
Debt issuance costs | (0.7) | (0.9) |
Long-term debt | $ 407.4 | 413.7 |
Unsecured Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Frequency of Periodic Payment | Semiannual | |
Total principal outstanding | $ 400.0 | $ 400.0 |
Maturity year | 2025 | 2025 |
Weighted-average interest rate | 3.36% | 3.36% |
Equipment Financing Notes | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Frequency of Periodic Payment | Monthly | |
Total principal outstanding | $ 15.4 | $ 29.8 |
Maturity year | 2023 | 2023 |
Weighted-average interest rate | 3.79% | 3.76% |
Revolving Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Expiration Date | Aug. 06, 2023 | |
Secured Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Expiration Date | Sep. 03, 2021 |
Lease Receivables - Summary of Investment in Lease Receivables (Details) - USD ($) $ in Millions |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Leases [Abstract] | ||
Future minimum payments to be received on leases | $ 141.5 | $ 141.2 |
Guaranteed residual lease values | 148.7 | 130.7 |
Total minimum lease payments to be received | 290.2 | 271.9 |
Unearned income | (29.0) | (28.1) |
Net investment in leases | 261.2 | 243.8 |
Current maturities of lease receivables | 131.0 | 106.6 |
Less—allowance for doubtful accounts | (0.5) | (1.7) |
Current portion of lease receivables—net of allowance | 130.5 | 104.9 |
Lease receivables—noncurrent | $ 130.7 | $ 138.9 |
Minimum [Member] | ||
Operating Leased Assets [Line Items] | ||
Lessor, Direct Financing Lease, Term of Contract | 1 year | |
Maximum [Member] | ||
Operating Leased Assets [Line Items] | ||
Lessor, Direct Financing Lease, Term of Contract | 5 years |
Income Taxes - Additional Information (Details) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 25.80% | 39.20% | 25.80% | 38.80% |
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, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Basic earnings per common share: | ||||
Net income available to common shareholders | $ 70.7 | $ 36.9 | $ 184.1 | $ 106.0 |
Weighted average common shares issued and outstanding | 177.0 | 176.9 | 177.0 | 169.2 |
Weighted average diluted common shares issued and outstanding | $ 0.40 | $ 0.21 | $ 1.04 | $ 0.63 |
Basic earnings per common share | ||||
Diluted earnings per common share | $ 0.40 | $ 0.21 | $ 1.04 | $ 0.63 |
Dilutive potential common shares: | ||||
Dilutive potential common shares | 177.2 | 177.0 | 177.2 | 169.3 |
Dilutive Potential Common Shares | 0.2 | 0.1 | 0.2 | 0.1 |
Common Equity - Additional Information (Details) - $ / shares |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Class of Stock [Line Items] | |||||
Dividends declared per share (usd per share) | $ 0.06 | $ 0.05 | $ 0.18 | $ 0.15 | |
Subsequent Event | |||||
Class of Stock [Line Items] | |||||
Dividends declared per share (usd per share) | $ 0.06 |
Share-based Compensation Additional Information (Details) $ in Millions |
3 Months Ended |
---|---|
Sep. 30, 2018
USD ($)
| |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 13.7 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 7 months 6 days |
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions |
1 Months Ended | 9 Months Ended | |
---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Sep. 30, 2018 |
|
Business Acquisition [Line Items] | |||
Commitments to purchase transportation equipment | $ 131.6 | ||
WSL | |||
Business Acquisition [Line Items] | |||
Initial guaranteed payment | $ 19.7 | ||
Second Guaranteed Payment | $ 20.0 | ||
Business Combination Consideration Transferred Guaranteed Payment | 18.7 | ||
Former Owner [Member] | |||
Business Acquisition [Line Items] | |||
Business combination amount of each of three guaranteed annual payments | $ 20.0 | ||
Former Owner [Member] | Minimum | |||
Business Acquisition [Line Items] | |||
Business Acquisition Contingent Consideration Discounted Cash Flow Discount Rate | 1.00% | ||
Former Owner [Member] | Maximum [Member] | |||
Business Acquisition [Line Items] | |||
Business Acquisition Contingent Consideration Discounted Cash Flow Discount Rate | 3.00% |
Segment Reporting - Additional Information (Details) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018
USD ($)
|
Sep. 30, 2017
USD ($)
|
Sep. 30, 2018
USD ($)
Segment
|
Sep. 30, 2017
USD ($)
|
|
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | Segment | 3 | |||
Operating revenues | $ 1,280.1 | $ 1,110.8 | $ 3,655.4 | $ 3,192.4 |
Truckload | ||||
Segment Reporting Information [Line Items] | ||||
Number of operating segments | 3 | |||
Other | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 91.2 | 85.4 | $ 248.5 | 214.5 |
Other | Other Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | $ 20.7 | $ 20.5 | $ 62.0 | $ 57.9 |
Segment Reporting - Revenue by Segment (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Segment Reporting Information [Line Items] | ||||
Operating revenues | $ 1,280.1 | $ 1,110.8 | $ 3,655.4 | $ 3,192.4 |
Revenues excluding fuel surcharge | 1,085.8 | 956.8 | 3,105.2 | 2,772.9 |
Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | (31.8) | (25.3) | (84.1) | (71.8) |
Truckload | ||||
Segment Reporting Information [Line Items] | ||||
Revenues excluding fuel surcharge | 565.0 | 551.7 | 1,685.0 | 1,616.8 |
Intermodal | ||||
Segment Reporting Information [Line Items] | ||||
Revenues excluding fuel surcharge | 252.1 | 196.0 | 681.0 | 571.4 |
Logistics | ||||
Segment Reporting Information [Line Items] | ||||
Revenues excluding fuel surcharge | 268.7 | 209.1 | 739.2 | 584.7 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 91.2 | 85.4 | 248.5 | 214.5 |
Fuel Surcharge | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | $ 134.9 | $ 93.9 | $ 385.8 | $ 276.8 |
Segment Reporting - Income From Operations (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Segment Reporting Information [Line Items] | ||||
Income from operations | $ 97.9 | $ 64.1 | $ 257.2 | $ 186.6 |
Nonoperating Income (Expense) | (2.6) | (3.4) | (9.1) | (13.4) |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 95.3 | 60.7 | 248.1 | 173.2 |
Truckload | ||||
Segment Reporting Information [Line Items] | ||||
Income from operations | 53.1 | 41.1 | 162.8 | 132.9 |
Intermodal | ||||
Segment Reporting Information [Line Items] | ||||
Income from operations | 36.1 | 12.2 | 88.7 | 30.0 |
Logistics | ||||
Segment Reporting Information [Line Items] | ||||
Income from operations | 12.5 | 9.1 | 30.4 | 20.8 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Income from operations | $ (3.8) | $ 1.7 | $ (24.7) | $ 2.9 |
Segment Reporting - Depreciation and Amortization Expense (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization expense | $ 73.3 | $ 70.5 | $ 216.9 | $ 207.0 |
Truckload | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization expense | 52.6 | 51.7 | 157.3 | 152.7 |
Intermodal | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization expense | 10.3 | 8.8 | 29.0 | 25.3 |
Logistics | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization expense | 0.1 | 0.1 | 0.3 | 0.3 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization expense | $ 10.3 | $ 9.9 | $ 30.3 | $ 28.7 |