Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2019	Oct. 25, 2019
Document Information [Line Items]
Title of 12(b) Security	Class B common stock, no par value
Trading Symbol	SNDR
Security Exchange Name	NYSE
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
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
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	2019
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001692063
Current Fiscal Year End Date	--12-31
Class A Common Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		83,029,500
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		94,088,025

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Current Assets:
Cash and cash equivalents	$ 437.1	$ 378.7
Marketable securities	47.4	51.3
Trade accounts receivable - net of allowance	498.8	593.1
Other receivables	160.2	31.8
Current portion of lease receivables - net of allowance	125.5	129.1
Inventories	57.7	60.8
Prepaid expenses and other current assets	200.9	79.5
Total current assets	1,527.6	1,324.3
Property and equipment:
Transportation equipment	2,814.1	2,900.2
Land, buildings, and improvements	189.5	177.2
Other property and equipment	161.9	157.6
Total property and equipment	3,165.5	3,235.0
Accumulated depreciation	1,270.7	1,312.8
Net property and equipment	1,894.8	1,922.2
Lease receivables	126.3	133.2
Capitalized software and other noncurrent assets	155.0	82.6
Goodwill	127.3	162.2
Total noncurrent assets	2,303.4	2,300.2
Total Assets	3,831.0	3,624.5
CURRENT LIABILITIES:
Trade accounts payable	239.8	226.0
Accrued salaries, wages, and benefits	60.2	94.8
Claims accruals - current	192.0	58.3
Current maturities of debt and finance lease obligations	101.5	51.7
Dividends payable	10.9	10.6
Other current liabilities	94.0	81.2
Total current liabilities	698.4	522.6
NONCURRENT LIABILITIES:
Long-term debt and finance lease obligations	304.6	359.6
Claims accruals - noncurrent	103.6	113.3
Deferred income taxes	446.5	450.6
Other	85.7	46.1
Total noncurrent liabilities	940.4	969.6
Total liabilities	1,638.8	1,492.2
SHAREHOLDERS' EQUITY
Additional paid-in capital	1,544.5	1,544.0
Retained earnings	648.2	589.3
Accumulated other comprehensive loss	(0.5)	(1.0)
Total shareholders' equity	2,192.2	2,132.3
TOTAL	3,831.0	3,624.5
Class A Common Shares
SHAREHOLDERS' EQUITY
Common stock	0.0	0.0
Class B Common Stock
SHAREHOLDERS' EQUITY
Common stock	$ 0.0	$ 0.0

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Operating revenues	$ 1,183.9	$ 1,280.1	$ 3,590.7	$ 3,655.4
Operating expenses:
Purchased transportation	511.7	521.1	1,488.8	1,431.8
Salaries, wages, and benefits	257.3	317.2	856.6	943.2
Fuel and fuel taxes	70.6	87.4	221.6	260.3
Depreciation and amortization	74.1	73.3	222.4	216.9
Operating supplies and expenses	139.1	123.5	418.3	364.2
Insurance and related expenses	24.4	24.1	78.0	69.4
Other general expenses	27.3	35.6	90.3	112.4
Goodwill impairment charge	0.0	0.0	34.6	0.0
Restructuring charges	50.4	0.0	50.4	0.0
Total operating expenses	1,154.9	1,182.2	3,461.0	3,398.2
Income from operations	29.0	97.9	129.7	257.2
Other expenses (income):
Interest income	(2.0)	(1.5)	(6.6)	(2.9)
Interest expense	3.8	4.2	13.1	13.0
Other expenses (income) - net	0.5	(0.1)	1.2	(1.0)
Total other expense	2.3	2.6	7.7	9.1
Income before income taxes	26.7	95.3	122.0	248.1
Provision for income taxes	7.0	24.6	30.9	64.0
Net income	19.7	70.7	91.1	184.1
Other comprehensive income (loss):
Foreign currency translation adjustments	(0.3)	(0.9)	(0.2)	(0.8)
Unrealized income (loss) on marketable securities—net of tax	0.0	0.0	0.7	(0.3)
Total other comprehensive income (loss)	(0.3)	(0.9)	0.5	(1.1)
Comprehensive income	$ 19.4	$ 69.8	$ 91.6	$ 183.0
Weighted average common shares outstanding	177.1	177.0	177.1	177.0
Earnings Per Share, Basic	$ 0.11	$ 0.40	$ 0.51	$ 1.04
Weighted average diluted shares outstanding	177.3	177.2	177.3	177.2
Diluted earnings per common share	$ 0.11	$ 0.40	$ 0.51	$ 1.04

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Trade allowance	$ 8.5	$ 6.8
Allowance for lease receivables	$ 0.6	$ 0.5
Class A Common Shares
Common stock, par value (usd per share)	$ 0	$ 0
Common stock, shares authorized (shares)	250,000,000	250,000,000
Common stock, shares issued (shares)	83,029,500	83,029,500
Common stock, shares outstanding (shares)	83,029,500	83,029,500
Class B Common Stock
Common stock, par value (usd per share)	$ 0	$ 0
Common stock, shares authorized (shares)	750,000,000	750,000,000
Common stock, shares issued (shares)	94,834,653	94,593,588
Common stock, shares outstanding (shares)	94,085,005	93,969,268

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Operating Activities:
Net income	$ 91.1	$ 184.1
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	222.4	216.9
Goodwill impairment charge	34.6	0.0
Gains on sales of property and equipment	(2.6)	(4.5)
Impairment on assets held for sale	11.8	0.3
Proceeds from lease receipts	59.6	0.0
Deferred income taxes	(4.3)	34.4
Long-term incentive and share-based compensation expense	3.4	15.3
Non-cash restructuring charges	43.3	0.0
Other noncash items	2.9	(3.1)
Changes in operating assets and liabilities:
Receivables	82.2	(67.3)
Other assets	(31.1)	(15.9)
Payables	0.3	35.6
Claims reserves and other receivables, net	(1.1)	13.7
Other liabilities	(42.2)	0.6
Net cash provided by operating activities	470.3	410.1
Investing Activities:
Purchases of transportation equipment	(308.6)	(268.1)
Purchases of other property and equipment	(42.8)	(22.3)
Proceeds from sale of property and equipment	38.8	74.6
Proceeds from lease receipts	0.0	56.2
Proceeds from sale of off-lease inventory	15.0	0.0
Purchases of lease equipment	(62.7)	(58.4)
Sales of marketable securities	13.2	3.9
Purchases of marketable securities	(8.5)	(8.0)
Net cash used in investing activities	(355.6)	(222.1)
Financing Activities:
Payments of debt and finance lease obligations	(5.7)	(17.3)
Payments for deferred consideration related to acquisition	(18.7)	(19.3)
Dividends paid	(31.9)	(30.1)
Net cash used in financing activities	(56.3)	(66.7)
Net increase (decrease) in cash and cash equivalents	58.4	121.3
Cash and Cash Equivalents:
Cash and cash equivalents	437.1	359.8
Noncash investing and financing activity:
Capital Expenditures Incurred but Not yet Paid	15.5	36.5
Dividends declared but not yet paid	10.9	10.7
Ownership interest in Platform Science, Inc.	0.0	2.5
Cash paid during the period for:
Interest	12.4	13.2
Income taxes—net of refunds	$ 42.6	$ 25.5

Consolidated Statements Shareholders' Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss (Gain)
Balance at Dec. 31, 2017	$ 1,890.2	$ 0.0	$ 1,534.6	$ 355.6	$ 0.0
Increase (Decrease) in Stockholders' Equity
Net income	47.6			47.6
Other comprehensive gain (loss)	(0.6)				(0.6)
Share-based compensation expense (benefit)	2.0		2.0
Dividends declared at $0.06 per share	(10.7)			(10.7)
Share issuances	0.2		0.2
Shares withheld for employee taxes	(1.8)		(1.8)
Other	0.2		0.2
Balance at Mar. 31, 2018	1,934.4	0.0	1,535.2	399.8	(0.6)
Balance at Dec. 31, 2017	1,890.2	0.0	1,534.6	355.6	0.0
Increase (Decrease) in Stockholders' Equity
Net income	184.1
Balance at Sep. 30, 2018	2,053.2	0.0	1,539.3	515.0	(1.1)
Increase (Decrease) in Stockholders' Equity
Cumulative–effect adjustment of ASU 2014-09 adoption	7.3			7.3
Balance at Mar. 31, 2018	1,934.4	0.0	1,535.2	399.8	(0.6)
Increase (Decrease) in Stockholders' Equity
Net income	65.8			65.8
Other comprehensive gain (loss)	0.4				0.4
Share-based compensation expense (benefit)	2.1		2.1
Dividends declared at $0.06 per share	(10.5)			(10.5)
Share issuances	0.3		0.3
Shares withheld for employee taxes	(0.1)		(0.1)
Exercise of employee stock options	0.2		0.2
Other	(0.1)		(0.1)
Balance at Jun. 30, 2018	1,992.5	0.0	1,537.6	455.1	(0.2)
Increase (Decrease) in Stockholders' Equity
Net income	70.7			70.7
Other comprehensive gain (loss)	(0.9)				(0.9)
Share-based compensation expense (benefit)	2.1		2.1
Dividends declared at $0.06 per share	(10.8)			(10.8)
Shares withheld for employee taxes	(0.4)		(0.4)
Balance at Sep. 30, 2018	2,053.2	0.0	1,539.3	515.0	(1.1)
Balance at Dec. 31, 2018	2,132.3	0.0	1,544.0	589.3	(1.0)
Increase (Decrease) in Stockholders' Equity
Net income	36.9			36.9
Other comprehensive gain (loss)	0.7				0.7
Share-based compensation expense (benefit)	2.0		2.0
Dividends declared at $0.06 per share	(10.7)			(10.7)
Shares withheld for employee taxes	(1.2)		(1.2)
Balance at Mar. 31, 2019	2,160.0	0.0	1,544.8	615.5	(0.3)
Balance at Dec. 31, 2018	2,132.3	0.0	1,544.0	589.3	(1.0)
Increase (Decrease) in Stockholders' Equity
Net income	91.1
Balance at Sep. 30, 2019	2,192.2	0.0	1,544.5	648.2	(0.5)
Balance at Mar. 31, 2019	2,160.0	0.0	1,544.8	615.5	(0.3)
Increase (Decrease) in Stockholders' Equity
Net income	34.5			34.5
Other comprehensive gain (loss)	0.1				0.1
Share-based compensation expense (benefit)	1.6		1.6
Dividends declared at $0.06 per share	(11.0)			(11.0)
Share issuances	0.2		0.2
Balance at Jun. 30, 2019	2,185.4	0.0	1,546.6	639.0	(0.2)
Increase (Decrease) in Stockholders' Equity
Net income	19.7			19.7
Other comprehensive gain (loss)	(0.3)				(0.3)
Share-based compensation expense (benefit)	(2.2)		(2.2)
Dividends declared at $0.06 per share	(10.5)			(10.5)
Share issuances	0.1		0.1
Balance at Sep. 30, 2019	$ 2,192.2	$ 0.0	$ 1,544.5	$ 648.2	$ (0.5)

Consolidated Statements Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018
Statement of Stockholders' Equity [Abstract]
Dividends declared per share of Class A and Class B common shares	$ 0.06	$ 0.06	$ 0.06	$ 0.06	$ 0.06	$ 0.06

General	9 Months Ended
General	Sep. 30, 2019
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,” “ours,” or “Schneider,” 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 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, 2018. 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 and do not believe the impact will be material. We expect to adopt this standard on a prospective basis. 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. These changes include removing the disclosure requirements related to the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy and adding disclosure requirements about the range and weighted-average of significant unobservable inputs used to develop Level 3 fair value measurements. Additionally, the amendments remove the phrase “at a minimum” from the codification clarifying that materiality should be considered when evaluating disclosure requirements. ASU 2018-13 is effective for us January 1, 2020 with early adoption permitted. We do not believe the adoption of this ASU will have a material impact on our disclosures and plan to early adopt this standard during the fourth quarter of 2019. 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 disclosures related to credit quality of trade and other receivables, including information related to management’s estimate of credit allowances. In November 2018, this was further updated with the issuance of ASU 2018-19, which excludes receivables from operating leases from the scope. ASU 2016-13 is effective for us January 1, 2020. We expect the standard will have an impact on our available-for-sale debt securities, net investment in leases, contract assets, trade accounts receivable, and reinsurance receivables. Based on our initial assessment, we do not believe the standard will have a material impact on our consolidated financial statements, however we are still assessing the financial impacts.

Leases (Notes)

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Leases

LEASES

We adopted ASU 2016-02, Leases, which is codified in ASC 842, as of January 1, 2019 using the optional transition method. The FASB’s authoritative guidance provided 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 elected this transition method of applying the new lease

standard and have recognized right-of-use assets and lease liabilities as of January 1, 2019. Prior period amounts were not adjusted and will continue to be reported under the accounting standards in effect for those periods.

Adoption of the new standard resulted in the initial recording of right-of-use lease assets and related lease liabilities of $80.6 million and $85.2 million, respectively. As of September 30, 2019, right-of-use lease assets and related lease liabilities were $73.5 million and $80.9 million, respectively. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of the future lease payments over the term. Schneider's incremental borrowing rates are used as the discount rates for leases and are determined based on U. S. Treasury rates plus an applicable margin to arrive at all-in rates. Schneider uses multiple discount rates based on lease terms and other economic factors. The operating lease right-of-use asset also includes accrued lease expense resulting from the straight-line accounting under prior accounting methods, which is now being amortized over the remaining life of the lease.

In addition, we elected the package of practical expedients provided under the guidance. The practical expedient package applies to leases that commenced prior to adoption of the new standard and permits companies not to reassess whether existing or expired contracts are or contain a lease, the lease classification, and any initial direct costs for any existing leases. We also elected the practical expedient related to land easements, allowing us to carry forward the accounting treatment of our existing agreements for land easements, none of which were material as of January 1, 2019.

As lessee

We lease real estate, transportation equipment, and office equipment under operating and finance leases. Our real estate operating leases include operating centers, distribution warehouses, offices, and drop yards. Our finance leases relate almost entirely to transportation equipment. A majority of our leases include an option to extend the lease, and a small number of our leases include an option to early terminate the lease, which may include a termination payment. If we are reasonably certain to exercise an option to extend a lease, the extension period is included as part of the right-of-use asset and lease liability.

For our real estate leases, we have elected to apply the recognition requirement to leases of twelve months or less, therefore, an operating lease right-of-use asset and liability will be recognized for all these leases. For our equipment leases, we have elected to not apply the recognition requirements to leases of twelve months or less. These leases will be expensed on a straight-line basis and no operating lease right-of-use asset or liability will be recorded.

We have also elected to not separate the different components within the contract for our leases; therefore, all fixed costs associated with the lease are included in the right-of-use asset and the operating lease liability. This often relates to the requirement for us to pay a proportionate share of real estate taxes, insurance, common area maintenance, and other operating costs in addition to a base or fixed rent. Some of our leases have variable payment amounts, and the variable portions of those payments are excluded from the right-of-use asset and the lease liability.

At the inception of our contracts we determine if the contract is or contains a lease. A contract is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

A small number of our leased real estate assets contains subleases. The lease income related to subleases is shown in the lease cost table below.

Certain equipment leases contain residual value guarantees. These are guarantees made to the lessor that the value of the underlying asset returned to the lessor at the end of the lease will be at least a specified amount.

None of our leases contain restrictions or covenants that restrict us from incurring other financial obligations.

The following table presents our net lease costs for the three and nine months ended September 30, 2019:



	Financial Statement Classification	Three Months Ended September 30,			Nine Months Ended September 30,
(in millions)	Financial Statement Classification	2019			2019
Operating lease cost
Operating lease cost	Operating supplies and expenses	$	8.7		$	26.5
Short-term lease cost⁽¹⁾	Operating supplies and expenses	2.0			5.5
Finance lease cost
Amortization of right-of-use assets	Depreciation and amortization	0.9			2.5
Interest on lease liabilities	Interest expense	—			0.2
Variable lease cost	Operating supplies and expenses	0.7			2.1
Sublease income	Operating revenues	(1.5		)	(4.1		)
Total net lease cost		$	10.8		$	32.7

(1) Includes short-term lease costs for leases twelve months or less, including those with a duration of one month or less.

As of September 30, 2019, remaining lease terms and discount rates under operating and finance leases were as follows:



	September 30, 2019
Weighted-average remaining lease term
Operating leases	4.4 years
Finance leases	0.3 years

Weighted-average discount rate
Operating leases	4.2	%
Finance leases	4.7	%

Other information related to our leases is as follows:



	Nine Months Ended September 30,
(in millions)	2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	26.7
Operating cash flows from finance leases	0.2
Financing cash flows from finance leases	2.0

Right-of-use assets obtained in exchange for new lease liabilities
Operating leases	$	20.6
Finance leases	—

Operating lease right-of-use assets, current operating lease liabilities, and noncurrent operating lease liabilities are included in capitalized software and other noncurrent assets, other current liabilities, and other noncurrent liabilities, respectively, in the consolidated balance sheet as of September 30, 2019.

At September 30, 2019, future lease payments under operating and finance leases were as follows:



(in millions)	Operating Leases			Finance Leases
Remaining 2019	$	8.5		$	4.9
2020	27.2			0.4
2021	17.1			—
2022	11.1			—
2023	8.8			—
2024 and thereafter	15.9			—
Total	88.6			5.3
Amount representing interest	(7.7		)	—
Present value of lease payments	80.9			5.3
Current maturities	(27.1		)	(5.3		)
Long-term lease obligations	$	53.8		$	—

For certain of our real estate leases, there are options contained within the lease agreement to extend beyond the initial lease term. The Company recognizes options as right-of-use assets and lease liabilities when deemed reasonably certain to be exercised. Future operating lease payments at September 30, 2019 include $10.6 million related to options to extend lease terms that we are reasonably certain to exercise. Options related to our FTFM service offering that were previously considered reasonably certain to be exercised have been removed from the future operating lease payments at September 30, 2019.

Under ASC 840, future minimum lease payments as of December 31, 2018 were as follows:



(in millions)	Operating Leases		Capital Leases
2019	$	35.8	$	6.9
2020	25.7		0.2
2021	14.9		—
2022	8.4		—
2023	6.8		—
2024 and thereafter	12.7		—
Total	$	104.3	7.1
Amount representing interest			(0.2		)
Present value of minimum lease payments			6.9
Current maturities			(6.7		)
Long-term capital lease obligations			$	0.2

As of September 30, 2019, we had additional leases that had not yet commenced of $3.5 million. These leases will commence during the remainder of 2019 and have lease terms of four months to five years.

The consolidated balance sheets include right-of-use assets acquired under finance leases as components of property and equipment as of September 30, 2019 and January 1, 2019, as follows:



(in millions)	September 30, 2019			January 1, 2019
Transportation equipment	$	19.9		$	19.9
Real property	0.8			0.8
Other property	1.5			0.6
Accumulated amortization	(13.1		)	(11.2		)
Total	$	9.1		$	10.1

Transportation equipment is being amortized to the estimated residual value by the end of the lease. Real and other property under finance leases are being amortized to a zero net book value over the initial lease term.

As lessor

We finance various types of transportation-related equipment for independent third parties under lease contracts which are generally for one year to five years and are accounted for as sales-type leases with fully guaranteed residual values. At the inception of the contracts, we determine if the contract is or contains a lease. A contract is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

With the adoption of ASC 842, all leases for which we are the lessor meet the definition of sales-type leases. In addition, as required under ASC 842, all cash flows from lease receipts are classified as operating activities on the consolidated statement of cash flows beginning January 1, 2019. We previously presented all cash flows from lease receipts as investing activities.

As of September 30, 2019 and January 1, 2019, the investment in lease receivables was as follows:



	September 30, 2019			January 1, 2019
Future minimum payments to be received on leases	$	146.9		$	140.0
Guaranteed residual lease values	138.2			151.0
Total minimum lease payments to be received	285.1			291.0
Unearned income	(33.3		)	(28.7		)
Net investment in leases	251.8			262.3

Current maturities of lease receivables	126.1			129.6
Less—allowance for doubtful accounts	(0.6		)	(0.5		)
Current portion of lease receivables—net of allowance	125.5			129.1

Lease receivables—noncurrent	$	126.3		$	133.2

The amounts to be received on lease receivables as of September 30, 2019 were as follows:



(in millions)	September 30, 2019
Remaining 2019	$	35.8
2020	142.8
2021	75.7
2022	30.6
2023	0.2
2024 and thereafter	—
Total undiscounted lease cash flows	285.1
Amount representing interest	(33.3		)
Present value of lease receivables	251.8
Current lease receivables, net of allowance	(125.5		)
Long-term lease receivable	$	126.3

Leases are generally placed on nonaccrual status (nonaccrual of interest and other fees) when a payment becomes 90 days past due or upon receipt of notification of bankruptcy, upon the death of a customer, or in other instances in which management concludes collectability is not reasonably assured. The accrual of interest and other fees is resumed when all payments are less than 60 days past due. At September 30, 2019, there were $0.3 million of lease payments greater than 90 days past due. The terms of the lease agreements generally give us the ability to take possession of the underlying asset in the event of default. We may incur credit losses in excess of recorded allowances if the full amount of any anticipated proceeds from the sale or re-lease of the asset supporting the third party’s financial obligation is not realized. Repossession and estimated reconditioning costs are recorded in the consolidated statements of comprehensive income in the period incurred.

Our lease payments primarily include base rentals and guaranteed residual values. In addition, we also collect one-time administrative fees and heavy vehicle use tax on our leases. We have elected to not separate the different components within the contract as the administrative fees were not material for the three and nine months ended September 30, 2019. We have also

elected to exclude all taxes assessed by a governmental authority from the consideration (e.g., heavy vehicle use tax). All of our leases require fixed payments, therefore we have no variable payment provisions.

Our leases contain an option for the lessee to return, extend, or purchase the equipment at the end of the lease term for the guaranteed contract residual amount. This is estimated to approximate the fair value of the equipment. Equipment is leased under sales-type leases where the lessees guarantee the residual value of the equipment. The table below provides additional information on our sales-type leases.



	Three Months Ended September 30,			Nine Months Ended September 30,
(in millions)	2019			2019
Revenue	$	50.9		$	159.8
Cost of goods sold	(46.8		)	(144.0		)
Operating profit	$	4.1		$	15.8

Interest income on lease receivable	$	7.0		$	20.4
Initial direct cost incurred	—			—

The amounts to be received on lease receivables as of December 31, 2018 under ASC 840 were as follows:



(in millions)	December 31, 2018
2019	$	149.0
2020	112.7
2021	29.0
2022	0.3
2023	—
2024 and thereafter	—
Total	$	291.0