SCHNEIDER NATIONAL, INC., 10-Q filed on 4/29/2021
Quarterly Report
v3.21.1
Cover Page - shares
3 Months Ended
Mar. 31, 2021
Apr. 23, 2021
Document Information    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2021  
Document Transition Report false  
Entity File Number 001-38054  
Entity Registrant Name Schneider National, Inc.  
Entity Incorporation, State or Country Code WI  
Entity Tax Identification Number 39-1258315  
Entity Address, Address Line One 3101 South Packerland Drive  
Entity Address, City or Town Green Bay  
Entity Address, State or Province WI  
Entity Address, Postal Zip Code 54313  
City Area Code 920  
Local Phone Number 592-2000  
Title of 12(b) Security Class B common stock, no par value  
Trading Symbol SNDR  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Amendment Flag false  
Document Fiscal Year Focus 2021  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0001692063  
Current Fiscal Year End Date --12-31  
Class A Common Shares    
Document Information    
Entity Common Stock, Shares Outstanding   83,029,500
Class B Common Stock    
Document Information    
Entity Common Stock, Shares Outstanding   94,534,643
v3.21.1
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Statement of Comprehensive Income [Abstract]    
Operating revenues $ 1,228.6 $ 1,119.1
Operating expenses:    
Purchased transportation 558.5 479.6
Salaries, wages, and benefits 267.1 264.4
Fuel and fuel taxes 63.8 60.9
Depreciation and amortization 73.1 69.8
Operating supplies and expenses 136.1 132.0
Insurance and related expenses 24.4 29.2
Other general expenses 29.4 29.5
Restructuring—net 0.0 (1.2)
Total operating expenses 1,152.4 1,064.2
Income from operations 76.2 54.9
Other expenses (income):    
Interest income (0.8) (1.8)
Interest expense 3.4 3.8
Other expense (income)—net 0.8 (5.4)
Total other expenses (income) 3.4 (3.4)
Income before income taxes 72.8 58.3
Provision for income taxes 18.0 14.5
Net income 54.8 43.8
Other comprehensive loss:    
Foreign currency translation loss (0.1) (0.8)
Net unrealized loss on marketable securities—net of tax (0.6) (0.3)
Total other comprehensive loss (0.7) (1.1)
Comprehensive income $ 54.1 $ 42.7
Weighted average common shares outstanding 177.4 177.1
Basic earnings per share $ 0.31 $ 0.25
Weighted average diluted shares outstanding 177.8 177.4
Diluted earnings per share $ 0.31 $ 0.25
v3.21.1
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Mar. 31, 2021
Dec. 31, 2020
Current Assets:    
Cash and cash equivalents $ 472.2 $ 395.5
Marketable securities 49.4 47.1
Trade accounts receivable—net of allowance of $3.6 million and $3.7 million, respectively 560.0 537.7
Other receivables 23.6 20.8
Current portion of lease receivables—net of allowance of $0.8 million and $0.8 million, respectively 95.7 96.8
Inventories 25.6 44.9
Prepaid expenses and other current assets 108.6 77.9
Total current assets 1,335.1 1,220.7
Property and equipment:    
Transportation equipment 2,858.8 2,880.2
Land, buildings, and improvements 201.0 202.3
Other property and equipment 165.8 166.8
Total property and equipment 3,225.6 3,249.3
Less accumulated depreciation 1,435.0 1,417.4
Net property and equipment 1,790.6 1,831.9
Lease receivables 146.2 131.3
Capitalized software and other noncurrent assets 213.3 204.2
Goodwill 128.1 128.1
Total noncurrent assets 2,278.2 2,295.5
Total Assets 3,613.3 3,516.2
Current Liabilities:    
Trade accounts payable 295.8 245.7
Accrued salaries, wages, and benefits 95.7 110.7
Claims accruals—current 57.8 36.4
Current maturities of debt and finance lease obligations 100.7 40.4
Other current liabilities 117.1 101.4
Total current liabilities 667.1 534.6
Noncurrent Liabilities:    
Long-term debt and finance lease obligations 207.2 266.4
Claims accruals—noncurrent 102.8 129.9
Deferred income taxes 457.9 450.4
Other noncurrent liabilities 78.4 79.4
Total noncurrent liabilities 846.3 926.1
Total liabilities 1,513.4 1,460.7
Shareholders’ Equity:    
Additional paid-in capital 1,555.1 1,552.2
Retained earnings 544.7 502.5
Accumulated other comprehensive income 0.1 0.8
Total Shareholders' Equity 2,099.9 2,055.5
Total Liabilities and Shareholders’ Equity 3,613.3 3,516.2
Supplemental Income Statement Elements    
Trade accounts receivable allowance 3.6 3.7
Lease receivables allowance 0.8 0.8
Class A Common Shares    
Shareholders’ Equity:    
Common stock $ 0.0 $ 0.0
Common stock, par value (usd per share) $ 0 $ 0
Common stock, shares authorized (shares) 250,000,000 250,000,000
Common stock, shares issued (shares) 83,029,500 83,029,500
Common stock, shares outstanding (shares) 83,029,500 83,029,500
Class B Common Stock    
Shareholders’ Equity:    
Common stock $ 0.0 $ 0.0
Common stock, par value (usd per share) $ 0 $ 0
Common stock, shares authorized (shares) 750,000,000 750,000,000
Common stock, shares issued (shares) 95,607,931 95,159,635
Common stock, shares outstanding (shares) 94,532,803 94,311,653
v3.21.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Operating Activities:    
Net income $ 54.8 $ 43.8
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 73.1 69.8
(Gains) losses on sales of property and equipment—net (1.9) 2.8
Proceeds from lease receipts 17.1 18.0
Deferred income taxes 7.7 4.5
Long-term incentive and share-based compensation expense 5.2 2.4
Noncash restructuring—net 0.0 (1.1)
Other noncash items 1.4 (2.9)
Changes in operating assets and liabilities:    
Receivables (22.8) (7.2)
Other assets (51.8) (29.9)
Payables 28.7 18.6
Claims reserves and other receivables—net 0.0 11.6
Other liabilities (10.4) (5.9)
Net cash provided by operating activities 101.1 124.5
Investing Activities:    
Purchases of transportation equipment (19.0) (22.2)
Purchases of other property and equipment (9.8) (12.6)
Proceeds from sale of property and equipment 32.2 19.4
Proceeds from sale of off-lease inventory 4.4 4.0
Purchases of lease equipment (11.3) (26.6)
Proceeds from marketable securities 6.1 6.2
Purchases of marketable securities (9.5) (7.9)
Investment in equity securities (5.0) 0.0
Net cash used in investing activities (11.9) (39.7)
Financing Activities:    
Payments of debt and finance lease obligations (0.2) (25.1)
Dividends paid (12.3) (10.7)
Net cash used in financing activities (12.5) (35.8)
Net increase in cash and cash equivalents 76.7 49.0
Cash and Cash Equivalents:    
Beginning of period 395.5 551.6
End of period 472.2 600.6
Noncash investing and financing activity:    
Equipment and inventory purchases in accounts payable 22.0 31.1
Dividends declared but not yet paid 13.8 11.8
Cash paid during the period for:    
Interest 4.2 4.8
Income taxes—net of refunds $ 1.1 $ 0.2
v3.21.1
Consolidated Statements Shareholders' Equity - USD ($)
$ in Millions
Total
Class A Common Shares
Class B Common Stock
Common Stock
Additional Paid-In Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Balance at Dec. 31, 2019 $ 2,236.4     $ 0.0 $ 1,542.7 $ 693.6 $ 0.1
Increase (Decrease) in Stockholders' Equity              
Net income 43.8     0.0 0.0 43.8 0.0
Other comprehensive loss (1.1)     0.0 0.0 0.0 (1.1)
Share-based compensation expense 1.9     0.0 1.9 0.0 0.0
Dividends declared per share   $ 0.065 $ 0.065        
Dividends declared (11.7)     0.0 0.0 (11.7) 0.0
Share issuances 0.1     0.0 0.1 0.0 0.0
Shares withheld for employee taxes (0.9)     0.0 (0.9) 0.0 0.0
Balance at Mar. 31, 2020 2,268.5     0.0 1,543.8 725.7 (1.0)
Balance at Dec. 31, 2020 2,055.5     0.0 1,552.2 502.5 0.8
Increase (Decrease) in Stockholders' Equity              
Net income 54.8     0.0 0.0 54.8 0.0
Other comprehensive loss (0.7)     0.0 0.0 0.0 (0.7)
Share-based compensation expense 4.5     0.0 4.5 0.0 0.0
Dividends declared per share   $ 0.07 $ 0.07        
Dividends declared (12.6)     0.0 0.0 (12.6) 0.0
Share issuances 0.1     0.0 0.1 0.0 0.0
Exercise of employee stock options 0.7     0.0 0.7 0.0 0.0
Shares withheld for employee taxes (2.4)     0.0 (2.4) 0.0 0.0
Balance at Mar. 31, 2021 $ 2,099.9     $ 0.0 $ 1,555.1 $ 544.7 $ 0.1
v3.21.1
General
3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
General GENERAL
Nature of Operations

We are one of the largest providers of surface transportation and logistics solutions in North America. Schneider National, Inc. is a publicly held holding company that, through its wholly owned subsidiaries, provides safe, reliable, and innovative truckload, intermodal, and logistics services to a diverse group of customers throughout the continental United States, Canada, and Mexico. Unless otherwise indicated by the context, “we,” “us,” “our,” “ours,” the “Company,” and “Schneider” refer to Schneider National, Inc. and its consolidated subsidiaries.

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, 2020. 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

In response to the COVID-19 pandemic, the Company has taken steps to mitigate the potential risks it poses. We have taken additional measures to keep our associates safe and minimize unnecessary risk of exposure to COVID-19 including taking precautions for our associates and owner-operators, implementing work from home policies, and imposing travel limitations on employees where appropriate as we continue to provide an essential service.

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. Uncertainty remains regarding the ongoing impact of COVID-19 on our financial condition and future results of operations.

Accounting Standards Recently Adopted

We adopted 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, as of January 1, 2021. We used the modified retrospective or prospective approach, which was based on the specific amendment implemented, when adopting this standard. The adoption of this standard did not have a material impact on our consolidated financial statements or related disclosures.
v3.21.1
Leases (Notes)
3 Months Ended
Mar. 31, 2021
Leases [Abstract]  
Finance Leases LEASES
As Lessee

We lease real estate and equipment under operating and finance leases. Our real estate operating leases include operating centers, distribution warehouses, offices, and drop yards. Our non-real estate operating leases and finance leases include transportation, office, and warehouse equipment, in addition to truck washes. The majority of our leases include an option to extend the lease, and a small number include an option to terminate the lease early, which may include a termination payment.
Additional information related to our leases is as follows:
Three Months Ended
March 31,
(in millions)20212020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases$7.8 $8.6 
Financing cash flows for finance leases0.2 0.2 
Right-of-use assets obtained in exchange for new lease liabilities
Operating leases$14.6 $7.4 
Finance leases1.2 0.3 

As Lessor

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

As of March 31, 2021 and December 31, 2020, investments in lease receivables were as follows:
(in millions)March 31, 2021December 31, 2020
Future minimum payments to be received on leases$173.5 $159.0 
Guaranteed residual lease values110.6 107.6 
Total minimum lease payments to be received284.1 266.6 
Unearned income(42.2)(38.5)
Net investment in leases$241.9 $228.1 

Prior to entering a lease contract, we assess the credit quality of the potential lessee using credit checks and other relevant factors, ensuring that the inherent credit risk is consistent with our existing lease portfolio. Given our leases have fully guaranteed residual values and we can take possession of the transportation-related equipment in the event of default, we do not categorize net investment in leases by different credit quality indicators upon origination. We monitor our lease portfolio weekly by tracking amounts past due, days past due, and outstanding maintenance account balances, including running subsequent credit checks as needed. Our net investment in leases with any portion past due as of March 31, 2021 was $45.5 million, which includes both current and future lease payments.

Lease payments are generally due on a weekly basis and are classified as past due when the weekly payment is not received by the due date. As of March 31, 2021, our lease payments past due were $2.7 million.

The table below provides additional information on our sales-type leases. Revenue and cost of goods sold are recorded in operating revenues and operating supplies and expenses in the consolidated statements of comprehensive income, respectively.
Three Months Ended
March 31,
(in millions)20212020
Revenue$58.8 $54.7 
Cost of goods sold(50.4)(48.9)
Operating profit$8.4 $5.8 
Interest income on lease receivable$7.3 $6.5 
Operating Leases LEASES
As Lessee

We lease real estate and equipment under operating and finance leases. Our real estate operating leases include operating centers, distribution warehouses, offices, and drop yards. Our non-real estate operating leases and finance leases include transportation, office, and warehouse equipment, in addition to truck washes. The majority of our leases include an option to extend the lease, and a small number include an option to terminate the lease early, which may include a termination payment.
Additional information related to our leases is as follows:
Three Months Ended
March 31,
(in millions)20212020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases$7.8 $8.6 
Financing cash flows for finance leases0.2 0.2 
Right-of-use assets obtained in exchange for new lease liabilities
Operating leases$14.6 $7.4 
Finance leases1.2 0.3 

As Lessor

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

As of March 31, 2021 and December 31, 2020, investments in lease receivables were as follows:
(in millions)March 31, 2021December 31, 2020
Future minimum payments to be received on leases$173.5 $159.0 
Guaranteed residual lease values110.6 107.6 
Total minimum lease payments to be received284.1 266.6 
Unearned income(42.2)(38.5)
Net investment in leases$241.9 $228.1 

Prior to entering a lease contract, we assess the credit quality of the potential lessee using credit checks and other relevant factors, ensuring that the inherent credit risk is consistent with our existing lease portfolio. Given our leases have fully guaranteed residual values and we can take possession of the transportation-related equipment in the event of default, we do not categorize net investment in leases by different credit quality indicators upon origination. We monitor our lease portfolio weekly by tracking amounts past due, days past due, and outstanding maintenance account balances, including running subsequent credit checks as needed. Our net investment in leases with any portion past due as of March 31, 2021 was $45.5 million, which includes both current and future lease payments.

Lease payments are generally due on a weekly basis and are classified as past due when the weekly payment is not received by the due date. As of March 31, 2021, our lease payments past due were $2.7 million.

The table below provides additional information on our sales-type leases. Revenue and cost of goods sold are recorded in operating revenues and operating supplies and expenses in the consolidated statements of comprehensive income, respectively.
Three Months Ended
March 31,
(in millions)20212020
Revenue$58.8 $54.7 
Cost of goods sold(50.4)(48.9)
Operating profit$8.4 $5.8 
Interest income on lease receivable$7.3 $6.5 
Sales-type Leases LEASES
As Lessee

We lease real estate and equipment under operating and finance leases. Our real estate operating leases include operating centers, distribution warehouses, offices, and drop yards. Our non-real estate operating leases and finance leases include transportation, office, and warehouse equipment, in addition to truck washes. The majority of our leases include an option to extend the lease, and a small number include an option to terminate the lease early, which may include a termination payment.
Additional information related to our leases is as follows:
Three Months Ended
March 31,
(in millions)20212020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases$7.8 $8.6 
Financing cash flows for finance leases0.2 0.2 
Right-of-use assets obtained in exchange for new lease liabilities
Operating leases$14.6 $7.4 
Finance leases1.2 0.3 

As Lessor

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

As of March 31, 2021 and December 31, 2020, investments in lease receivables were as follows:
(in millions)March 31, 2021December 31, 2020
Future minimum payments to be received on leases$173.5 $159.0 
Guaranteed residual lease values110.6 107.6 
Total minimum lease payments to be received284.1 266.6 
Unearned income(42.2)(38.5)
Net investment in leases$241.9 $228.1 

Prior to entering a lease contract, we assess the credit quality of the potential lessee using credit checks and other relevant factors, ensuring that the inherent credit risk is consistent with our existing lease portfolio. Given our leases have fully guaranteed residual values and we can take possession of the transportation-related equipment in the event of default, we do not categorize net investment in leases by different credit quality indicators upon origination. We monitor our lease portfolio weekly by tracking amounts past due, days past due, and outstanding maintenance account balances, including running subsequent credit checks as needed. Our net investment in leases with any portion past due as of March 31, 2021 was $45.5 million, which includes both current and future lease payments.

Lease payments are generally due on a weekly basis and are classified as past due when the weekly payment is not received by the due date. As of March 31, 2021, our lease payments past due were $2.7 million.

The table below provides additional information on our sales-type leases. Revenue and cost of goods sold are recorded in operating revenues and operating supplies and expenses in the consolidated statements of comprehensive income, respectively.
Three Months Ended
March 31,
(in millions)20212020
Revenue$58.8 $54.7 
Cost of goods sold(50.4)(48.9)
Operating profit$8.4 $5.8 
Interest income on lease receivable$7.3 $6.5 
v3.21.1
Revenue Recognition
3 Months Ended
Mar. 31, 2021
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer REVENUE RECOGNITION
Disaggregated Revenues

The majority of our revenues are related to transportation and have similar characteristics. The following table summarizes our revenues by type of service.
Three Months Ended
March 31,
Disaggregated Revenues (in millions)
20212020
Transportation$1,118.6 $1,028.3 
Logistics Management46.5 31.1 
Other63.5 59.7 
Total operating revenues$1,228.6 $1,119.1 

Quantitative Disclosure

The following table provides information related to transactions and expected timing of revenue recognition related to performance obligations that are fixed in nature and relate to contracts with terms greater than one year as of the date shown.
Remaining Performance Obligations (in millions)
March 31, 2021
Expected to be recognized within one year
Transportation$14.9 
Logistics Management11.7 
Expected to be recognized after one year
Transportation45.6 
Logistics Management15.6 
Total$87.8 

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.
Contract Balances (in millions)
March 31, 2021December 31, 2020
Other current assets - Contract assets$32.3 $21.5 
Other current liabilities - Contract liabilities0.6 0.7 

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.
v3.21.1
Fair Value
3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]  
Fair Value FAIR VALUE
Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability, which is referred to as the exit price. Inputs to valuation techniques used to measure fair value fall into three broad levels (Levels 1, 2, and 3) as follows:

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

Level 2—Observable inputs, other than quoted prices included in Level 1, for the asset or liability or prices for similar assets and liabilities.
Level 3—Unobservable inputs reflecting the reporting entity’s estimates of the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk).

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

The table below sets forth the Company’s financial assets that are measured at fair value on a recurring basis in accordance with ASC 820.
Fair Value
(in millions)Level in Fair
 Value Hierarchy
March 31, 2021December 31, 2020
Marketable securities (1)
2$49.4 $47.1 
(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 5, Investments, for additional information on our marketable securities.

The fair value of the Company’s debt was $321.6 million and $316.9 million as of March 31, 2021 and December 31, 2020, respectively. The carrying value of the Company’s debt was $305.0 million as of March 31, 2021 and December 31, 2020. 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 values of cash, trade accounts receivable, lease receivables, and trade accounts payable approximate fair values.
Our ownership interests in PSI, MLSI, and TuSimple (Cayman) Limited discussed in Note 5, Investments, do not have readily determinable fair values and were accounted for using the measurement alternative in ASC 321-10-35-2 as of March 31, 2021.
v3.21.1
Investments
3 Months Ended
Mar. 31, 2021
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.

Any unrealized gains and losses, net of tax, are included as a component of accumulated other comprehensive income on the consolidated balance sheets, unless we determine that the amortized cost basis is not recoverable. If we determine that the amortized cost basis of the impaired security is not recoverable, we recognize the credit loss by increasing the allowance for those losses. We did not have an allowance for credit losses on our marketable securities as of March 31, 2021 or December 31, 2020. Cost basis is determined using the specific identification method.

The following table presents the maturities and values of our marketable securities as of the dates shown.
 March 31, 2021December 31, 2020
(in millions, except maturities in months)MaturitiesAmortized CostFair ValueAmortized CostFair Value
U.S. treasury and government agencies32 to 119$16.0 $15.7 $12.6 $12.7 
Corporate debt securities5 to 31322.7 23.1 21.4 22.2 
State and municipal bonds7 to 6010.3 10.6 11.9 12.2 
Total marketable securities$49.0 $49.4 $45.9 $47.1 

Excluded from the amortized cost basis disclosures above is the accrued interest on our investments in marketable securities. As of March 31, 2021 and December 31, 2020, accrued interest receivable associated with our investments in marketable securities was not material and included within other receivables on the consolidated balance sheets.
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. In the three months ended March 31, 2020, the Company recognized pre-tax gains of $6.1 million on its investment in PSI within other income on the consolidated statement of comprehensive income. As of December 31, 2020, the value of our ownership interest was $12.3 million, and our non-controlling ownership percentage was 12.6%. No events have occurred in the three months ended March 31, 2021 that would indicate that the value of our investment in PSI has changed.

Ownership Interest in Mastery Logistics Systems, Inc.

In 2020, Schneider entered into a strategic partnership with MLSI, a transportation technology development company. Schneider and MLSI are collaborating to develop a Transportation Management System using MLSI’s SaaS technology which Schneider has also agreed to license. 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 sheets. The value of our ownership interest as of December 31, 2020 was $10.0 million, and our non-controlling ownership percentage was 10.1%. In the three months ended March 31, 2021, no events have occurred that would indicate that the value of our investment in MLSI has changed.

Ownership Interest in TuSimple (Cayman) Limited

On January 12, 2021, the Company purchased a $5.0 million nominal, non-controlling interest in TuSimple (Cayman) Limited, a global self-driving technology company. This investment was accounted for under ASC 321, Investments - Equity Securities, using the measurement alternative as of March 31, 2021, and no events have occurred that would indicate that the value of our investment in TuSimple (Cayman) Limited has changed as of that date.

Subsequent Event

In April 2021, TuSimple completed its initial public offering on the NASDAQ. As a result, our investment in TuSimple has been converted into Class A common shares and will be accounted for under ASC 321, Investments - Equity Securities, with future changes in share price being recorded in other income on the consolidated statement of comprehensive income.
v3.21.1
Goodwill
3 Months Ended
Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill Disclosure GOODWILL
Goodwill represents the excess of the purchase price of acquisitions over the fair value of the identifiable net assets acquired. The following table shows changes to our goodwill balances by segment during the period ended March 31, 2021.
(in millions)TruckloadLogisticsOtherTotal
Balance at December 31, 2020$103.6 $14.2 $10.3 $128.1 
Foreign currency translation (loss) (1)
— — — — 
Balance at March 31, 2021$103.6 $14.2 $10.3 $128.1 
(1)Includes an immaterial amount of foreign currency translation loss.

At March 31, 2021 and December 31, 2020, we had accumulated goodwill impairment charges of $42.6 million.
v3.21.1
Debt and Credit Facilities
3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Debt and Credit Facilities DEBT AND CREDIT FACILITIES
As of March 31, 2021 and December 31, 2020, debt included the following:
(in millions)March 31, 2021December 31, 2020
Unsecured senior notes: principal payable at maturities ranging from 2021 through 2025; interest payable in semiannual installments through the same timeframe; weighted average interest rate of 3.53% and 3.64% for 2021 and 2020, respectively.
$305.0 $305.0 
Current maturities(100.0)(40.0)
Debt issuance costs(0.1)(0.2)
Long-term debt$204.9 $264.8 
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 March 31, 2021 or December 31, 2020. Standby letters of credit under this agreement amounted to $3.9 million at March 31, 2021 and December 31, 2020 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 March 31, 2021 or December 31, 2020. At March 31, 2021 and December 31, 2020, 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.
v3.21.1
Income Taxes
3 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
Our effective income tax rate was 24.7% and 24.9% for the three months ended March 31, 2021 and 2020, 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 the CARES Act into U.S. federal law 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 included a provision for the deferment of the employer portion of social security taxes through December 31, 2020, among other things, which the Company took advantage of. We anticipate paying the deferred employer social security taxes in 2021 which were $30.7 million at both March 31, 2021 and December 31, 2020.

On December 27, 2020, the Consolidated Appropriations Act, 2021 (“CAA”), was signed into law which includes certain business tax provisions. The Company does not expect the CAA to have a material impact on our effective tax rate or income tax expense for the year ended December 31, 2021.
v3.21.1
Common Equity
3 Months Ended
Mar. 31, 2021
Equity [Abstract]  
Common Equity COMMON EQUITY
Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2021 and 2020.
Three Months Ended
March 31,
(in millions, except per share data)20212020
Numerator:
Net income available to common shareholders$54.8 $43.8 
Denominator:
Weighted average common shares outstanding177.4 177.1 
Dilutive effect of share-based awards and options outstanding0.4 0.3 
Weighted average diluted common shares outstanding177.8 177.4 
Basic earnings per common share$0.31 $0.25 
Diluted earnings per common share0.31 0.25 

The calculation of diluted earnings per share for the three months ended March 31, 2021 and 2020 excluded an immaterial number of share-based awards and options that had an anti-dilutive effect.
Subsequent Event - Dividends Declared

In April of 2021, the Board of Directors declared a quarterly cash dividend for the second fiscal quarter of 2021 in the amount of $0.07 per share to holders of our Class A and Class B common stock. The dividend is payable to shareholders of record at the close of business on June 11, 2021 and will be paid on July 8, 2021.
v3.21.1
Share-based Compensation
3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement [Abstract]  
Share-based Payment Arrangement SHARE-BASED COMPENSATION
We grant various equity-based awards relating to Class B common stock to employees under our 2017 Omnibus Incentive Plan (“the Plan”). These awards consist of 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 granted prior to 2021 are earned based on attainment of threshold performance of earnings and return on capital targets. Beginning with grants in 2021, in addition to achievement of earnings and return on capital targets, a multiplier will be applied to performance share and PSU achievement based on relative total shareholder return (“rTSR”) against peers over the performance period.

Share-based compensation expense was $4.2 million and $1.6 million for the three months ended March 31, 2021 and 2020, respectively. We recognize share-based compensation expense over the awards’ vesting period. As of March 31, 2021, we had $28.4 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.

The Black-Scholes valuation model is used by the Company to determine the grant date fair value of non-qualified stock options, while the Monte-Carlo valuation model is used by the Company to determine the grant date fair value of performance shares and PSUs that include a rTSR component. The Company uses its stock price on the grant date as the fair value assigned to the restricted shares and RSUs.

Equity-based awards granted during the first quarter of 2021 had a grant date fair value of $19.8 million and were as follows:
2021 GrantsNumber of Awards GrantedWeighted Average Grant Date Fair Value
Restricted shares and RSUs325,104 $22.63 
Performance shares and PSUs436,422 24.45 
Non-qualified stock options305,668 5.86 
Total grants1,067,194 
v3.21.1
Commitments and Contingencies
3 Months Ended
Mar. 31, 2021
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 March 31, 2021, our firm commitments to purchase transportation equipment totaled $372.2 million.

A representative of the former owners of WSL has filed a lawsuit in the Delaware Court of Chancery which primarily alleges that we have not fulfilled certain obligations under the purchase and sale agreement related to the post-closing operations of the
business, and as a result, the former owners claim they are entitled to damages including an additional payment of $40.0 million under an earn-out arrangement which was a component of the purchase price in the transaction. The Delaware Court of Chancery conducted a remote trial in January 2021. We believe that we have strong defenses to this claim. A judgment by the Court against us in this matter could have a material adverse effect on our results of operations.

In 2020, the Company recorded $12.8 million of expense and paid $13.7 million 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. In December 2020, the Company filed an appeal which is currently pending with the U.S. Court of Appeals for the Seventh Circuit.
v3.21.1
Segment Reporting
3 Months Ended
Mar. 31, 2021
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 revenue for each segment without the inclusion of fuel surcharge revenue. For segment purposes, any fuel surcharge revenues earned are recorded as a reduction of the segment’s fuel expenses. Income from operations at the segment level reflects the measure presented to the CODM for each segment.

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

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

The following tables summarize our segment information. Inter-segment revenues were immaterial for all segments, with the exception of Other, which included revenues from insurance premiums charged to other segments for workers’ compensation, auto, and other types of insurance. Inter-segment revenues included in Other revenues below were $18.0 million and $24.7 million for the three months ended March 31, 2021 and 2020, respectively.
Revenues by SegmentThree Months Ended
March 31,
(in millions)20212020
Truckload$451.7 $469.4 
Intermodal255.8 238.0 
Logistics355.9 239.6 
Other98.4 99.4 
Fuel surcharge90.2 103.0 
Inter-segment eliminations(23.4)(30.3)
Operating revenues$1,228.6 $1,119.1 

Income (Loss) from Operations by Segment Three Months Ended
March 31,
(in millions)20212020
Truckload$38.3 $36.6 
Intermodal20.0 16.3 
Logistics15.9 4.2 
Other2.0 (2.2)
Income from operations$76.2 $54.9 
Depreciation and Amortization by SegmentThree Months Ended
March 31,
(in millions)20212020
Truckload$52.6 $51.0 
Intermodal11.5 10.8 
Logistics— — 
Other9.0 8.0 
Depreciation and amortization$73.1 $69.8 
v3.21.1
General (Policies)
3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations
Nature of Operations

We are one of the largest providers of surface transportation and logistics solutions in North America. Schneider National, Inc. is a publicly held holding company that, through its wholly owned subsidiaries, provides safe, reliable, and innovative truckload, intermodal, and logistics services to a diverse group of customers throughout the continental United States, Canada, and Mexico. Unless otherwise indicated by the context, “we,” “us,” “our,” “ours,” the “Company,” and “Schneider” refer to Schneider National, Inc. and its consolidated subsidiaries.
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, 2020. Financial results for an interim period are not necessarily indicative of the results for a full year. All intercompany transactions have been eliminated in consolidation.

In the opinion of management, these statements reflect all adjustments (consisting only of normal, recurring adjustments) necessary for the fair presentation of our financial results for the interim periods presented.
COVID-19
COVID-19

In response to the COVID-19 pandemic, the Company has taken steps to mitigate the potential risks it poses. We have taken additional measures to keep our associates safe and minimize unnecessary risk of exposure to COVID-19 including taking precautions for our associates and owner-operators, implementing work from home policies, and imposing travel limitations on employees where appropriate as we continue to provide an essential service.

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. Uncertainty remains regarding the ongoing impact of COVID-19 on our financial condition and future results of operations.
Accounting Standards Recently Adopted
Accounting Standards Recently Adopted

We adopted 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, as of January 1, 2021. We used the modified retrospective or prospective approach, which was based on the specific amendment implemented, when adopting this standard. The adoption of this standard did not have a material impact on our consolidated financial statements or related disclosures.
v3.21.1
Leases (Tables)
3 Months Ended
Mar. 31, 2021
Leases [Abstract]  
Schedule of Lease Information Additional information related to our leases is as follows:
Three Months Ended
March 31,
(in millions)20212020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases$7.8 $8.6 
Financing cash flows for finance leases0.2 0.2 
Right-of-use assets obtained in exchange for new lease liabilities
Operating leases$14.6 $7.4 
Finance leases1.2 0.3 
Schedule of Investment In Lease Receivables
As of March 31, 2021 and December 31, 2020, investments in lease receivables were as follows:
(in millions)March 31, 2021December 31, 2020
Future minimum payments to be received on leases$173.5 $159.0 
Guaranteed residual lease values110.6 107.6 
Total minimum lease payments to be received284.1 266.6 
Unearned income(42.2)(38.5)
Net investment in leases$241.9 $228.1 
Schedule of Sales-type Lease Income
The table below provides additional information on our sales-type leases. Revenue and cost of goods sold are recorded in operating revenues and operating supplies and expenses in the consolidated statements of comprehensive income, respectively.
Three Months Ended
March 31,
(in millions)20212020
Revenue$58.8 $54.7 
Cost of goods sold(50.4)(48.9)
Operating profit$8.4 $5.8 
Interest income on lease receivable$7.3 $6.5 
v3.21.1
Revenue Recognition (Tables)
3 Months Ended
Mar. 31, 2021
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue The following table summarizes our revenues by type of service.
Three Months Ended
March 31,
Disaggregated Revenues (in millions)
20212020
Transportation$1,118.6 $1,028.3 
Logistics Management46.5 31.1 
Other63.5 59.7 
Total operating revenues$1,228.6 $1,119.1 
Remaining Performance Obligations
The following table provides information related to transactions and expected timing of revenue recognition related to performance obligations that are fixed in nature and relate to contracts with terms greater than one year as of the date shown.
Remaining Performance Obligations (in millions)
March 31, 2021
Expected to be recognized within one year
Transportation$14.9 
Logistics Management11.7 
Expected to be recognized after one year
Transportation45.6 
Logistics Management15.6 
Total$87.8 
Contract Balances
The following table provides information related to contract balances associated with our contracts with customers as of the dates shown.
Contract Balances (in millions)
March 31, 2021December 31, 2020
Other current assets - Contract assets$32.3 $21.5 
Other current liabilities - Contract liabilities0.6 0.7 
v3.21.1
Fair Value (Tables)
3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]  
Assets Measured on Recurring Basis
The table below sets forth the Company’s financial assets that are measured at fair value on a recurring basis in accordance with ASC 820.
Fair Value
(in millions)Level in Fair
 Value Hierarchy
March 31, 2021December 31, 2020
Marketable securities (1)
2$49.4 $47.1 
(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 5, Investments, for additional information on our marketable securities.
v3.21.1
Investments (Tables)
3 Months Ended
Mar. 31, 2021
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.
 March 31, 2021December 31, 2020
(in millions, except maturities in months)MaturitiesAmortized CostFair ValueAmortized CostFair Value
U.S. treasury and government agencies32 to 119$16.0 $15.7 $12.6 $12.7 
Corporate debt securities5 to 31322.7 23.1 21.4 22.2 
State and municipal bonds7 to 6010.3 10.6 11.9 12.2 
Total marketable securities$49.0 $49.4 $45.9 $47.1 
v3.21.1
Goodwill (Tables)
3 Months Ended
Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in Carrying Amount of Goodwill The following table shows changes to our goodwill balances by segment during the period ended March 31, 2021.
(in millions)TruckloadLogisticsOtherTotal
Balance at December 31, 2020$103.6 $14.2 $10.3 $128.1 
Foreign currency translation (loss) (1)
— — — — 
Balance at March 31, 2021$103.6 $14.2 $10.3 $128.1 
(1)Includes an immaterial amount of foreign currency translation loss.
v3.21.1
Debt and Credit Facilities (Tables)
3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Summary of Debt
As of March 31, 2021 and December 31, 2020, debt included the following:
(in millions)March 31, 2021December 31, 2020
Unsecured senior notes: principal payable at maturities ranging from 2021 through 2025; interest payable in semiannual installments through the same timeframe; weighted average interest rate of 3.53% and 3.64% for 2021 and 2020, respectively.
$305.0 $305.0 
Current maturities(100.0)(40.0)
Debt issuance costs(0.1)(0.2)
Long-term debt$204.9 $264.8 
v3.21.1
Common Equity (Tables)
3 Months Ended
Mar. 31, 2021
Equity [Abstract]  
Calculation of Basic and Diluted Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2021 and 2020.
Three Months Ended
March 31,
(in millions, except per share data)20212020
Numerator:
Net income available to common shareholders$54.8 $43.8 
Denominator:
Weighted average common shares outstanding177.4 177.1 
Dilutive effect of share-based awards and options outstanding0.4 0.3 
Weighted average diluted common shares outstanding177.8 177.4 
Basic earnings per common share$0.31 $0.25 
Diluted earnings per common share0.31 0.25 
v3.21.1
Share-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement [Abstract]  
Share-Based Compensation Grant Activity
Equity-based awards granted during the first quarter of 2021 had a grant date fair value of $19.8 million and were as follows:
2021 GrantsNumber of Awards GrantedWeighted Average Grant Date Fair Value
Restricted shares and RSUs325,104 $22.63 
Performance shares and PSUs436,422 24.45 
Non-qualified stock options305,668 5.86 
Total grants1,067,194 
v3.21.1
Segment Reporting (Tables)
3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Summary of Segment Reporting Information
The following tables summarize our segment information. Inter-segment revenues were immaterial for all segments, with the exception of Other, which included revenues from insurance premiums charged to other segments for workers’ compensation, auto, and other types of insurance. Inter-segment revenues included in Other revenues below were $18.0 million and $24.7 million for the three months ended March 31, 2021 and 2020, respectively.
Revenues by SegmentThree Months Ended
March 31,
(in millions)20212020
Truckload$451.7 $469.4 
Intermodal255.8 238.0 
Logistics355.9 239.6 
Other98.4 99.4 
Fuel surcharge90.2 103.0 
Inter-segment eliminations(23.4)(30.3)
Operating revenues$1,228.6 $1,119.1 

Income (Loss) from Operations by Segment Three Months Ended
March 31,
(in millions)20212020
Truckload$38.3 $36.6 
Intermodal20.0 16.3 
Logistics15.9 4.2 
Other2.0 (2.2)
Income from operations$76.2 $54.9 
Depreciation and Amortization by SegmentThree Months Ended
March 31,
(in millions)20212020
Truckload$52.6 $51.0 
Intermodal11.5 10.8 
Logistics— — 
Other9.0 8.0 
Depreciation and amortization$73.1 $69.8 
v3.21.1
Leases - Narrative (Details) - USD ($)
$ in Millions
Mar. 31, 2021
Dec. 31, 2020
Leases    
Net investment in leases $ 241.9 $ 228.1
Lease payments past due 2.7  
Past Due    
Leases    
Net investment in leases $ 45.5  
Minimum    
Leases    
Terms of sales-type lease 1 year  
Maximum    
Leases    
Terms of sales-type lease 3 years  
v3.21.1
Leases - Schedule of Lease Information (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Leases [Abstract]    
Operating cash flows for operating leases $ 7.8 $ 8.6
Financing cash flows for finance leases 0.2 0.2
Right-of-use assets obtained in exchange for new operating lease liability 14.6 7.4
Right-of-use assets obtained in exchange for new finance lease liability $ 1.2 $ 0.3
v3.21.1
Leases - Summary of Investment in Lease Receivables (Details) - USD ($)
$ in Millions
Mar. 31, 2021
Dec. 31, 2020
Leases [Abstract]    
Future minimum payments to be received on leases $ 173.5 $ 159.0
Guaranteed residual lease values 110.6 107.6
Total minimum lease payments to be received 284.1 266.6
Unearned income (42.2) (38.5)
Net investment in leases $ 241.9 $ 228.1
v3.21.1
Leases - Schedule of Sales-type Lease Income (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Leases [Abstract]    
Revenue $ 58.8 $ 54.7
Cost of goods sold (50.4) (48.9)
Operating profit 8.4 5.8
Interest income on lease receivable $ 7.3 $ 6.5
v3.21.1
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Disaggregation of Revenue    
Operating revenues $ 1,228.6 $ 1,119.1
Transportation    
Disaggregation of Revenue    
Operating revenues 1,118.6 1,028.3
Logistics Management    
Disaggregation of Revenue    
Operating revenues 46.5 31.1
Other    
Disaggregation of Revenue    
Operating revenues $ 63.5 $ 59.7
v3.21.1
Revenue Recognition - Revenue Remaining Performance Obligation (Details)
$ in Millions
Mar. 31, 2021
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction  
Remaining Performance Obligation $ 87.8
Expected to be recognized within one year | Transportation  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction  
Remaining Performance Obligation 14.9
Expected to be recognized within one year | Logistics Management  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction  
Remaining Performance Obligation 11.7
Expected to be recognized after one year | Transportation  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction  
Remaining Performance Obligation 45.6
Expected to be recognized after one year | Logistics Management  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction  
Remaining Performance Obligation $ 15.6
v3.21.1
Revenue Recognition - Contract Balances (Details) - USD ($)
$ in Millions
Mar. 31, 2021
Dec. 31, 2020
Revenue from Contract with Customer [Abstract]    
Contract assets $ 32.3 $ 21.5
Contract liabilities $ 0.6 $ 0.7
v3.21.1
Revenue Recognition- Additional Information (Details)
3 Months Ended
Mar. 31, 2021
Revenue from Contract with Customer [Abstract]  
Timing of payment after completion of performance obligations 40 days
v3.21.1
Fair Value - Recurring Fair Value Measurements (Details) - USD ($)
$ in Millions
Mar. 31, 2021
Dec. 31, 2020
Recurring fair value measurements | Level 2 inputs    
Fair Value, Assets and Liabilities Measured on Recurring Basis    
Fair value of marketable securities $ 49.4 $ 47.1
v3.21.1
Fair Value - Debt Portfolio (Details) - Unsecured Senior Notes - USD ($)
$ in Millions
Mar. 31, 2021
Dec. 31, 2020
Debt Instrument    
Total principal outstanding $ 305.0 $ 305.0
Level 2 inputs    
Debt Instrument    
Fair value of debt $ 321.6 $ 316.9
v3.21.1
Investments - Narrative (Details) - USD ($)
$ in Millions
Mar. 31, 2021
Dec. 31, 2020
Available for Sale Debt Securities    
Credit loss allowance $ 0 $ 0