Knight-Swift Transportation (KNX) 10-Q30 Oct 242024 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Oct. 23, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-35007
Entity Registrant Name	Knight-Swift Transportation Holdings Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-5589597
Entity Address, Address Line One	2002 West Wahalla Lane
Entity Address, City or Town	Phoenix
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85027
City Area Code	602
Local Phone Number	269-2000
Title of 12(b) Security	Common Stock $0.01 Par Value
Trading Symbol	KNX
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
Entity Common Stock, Shares Outstanding		161,893,000
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001492691
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) shares in Thousands, $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents		$ 166,348	$ 168,545
Cash and cash equivalents – restricted	[1]	150,870	297,275
Restricted investments, held-to-maturity, amortized cost		0	530
Trade receivables, net of allowance for doubtful accounts of $39,298 and $39,458, respectively		835,248	888,603
Contract balance – revenue in transit		11,056	12,246
Prepaid expenses		114,793	148,696
Assets held for sale		74,787	83,366
Income tax receivable		46,191	65,815
Other current assets		38,330	43,939
Total current assets		1,437,623	1,709,015
Gross property and equipment		7,081,485	6,720,610
Less: accumulated depreciation and amortization		(2,322,511)	(2,104,211)
Property and equipment, net		4,758,974	4,616,399
Operating lease right-of-use-assets		415,856	484,821
Goodwill		3,963,142	3,848,798
Intangible assets, net		2,075,315	2,058,882
Other long-term assets		173,871	152,850
Total assets		12,824,781	12,870,765
Current liabilities:
Accounts payable		293,244	355,173
Accrued payroll and purchased transportation		190,830	164,884
Accrued liabilities		207,143	220,350
Claims accruals – current portion		336,010	480,200
Finance lease liabilities and long-term debt – current portion		272,355	459,759
Operating lease liabilities – current portion		129,938	144,921
Total current liabilities		1,429,520	1,825,287
Revolving line of credit		227,000	67,000
Long-term debt – less current portion		1,501,565	1,223,021
Finance lease liabilities – less current portion		466,863	407,150
Operating lease liabilities – less current portion		310,584	371,407
Accounts receivable securitization		458,911	526,508
Claims accruals – less current portion		328,968	315,476
Deferred tax liabilities		920,685	951,749
Other long-term liabilities		114,469	79,086
Total liabilities		5,758,565	5,766,684
Commitments and contingencies (Notes 7, 8, and 9)
Stockholders’ equity:
Preferred stock, par value $0.01 per share; 10,000 shares authorized; none issued		$ 0	$ 0
Preferred stock, par value (in dollars per share)		$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)		10,000	10,000
Preferred stock, shares issued (in shares)		0	0
Common stock, par value $0.01 per share; 500,000 shares authorized; 161,871 and 161,385 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively.		$ 1,619	$ 1,613
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
Common stock, shares authorized (in shares)		500,000	500,000
Common stock, shares issued (in shares)		161,871	161,385
Common stock, shares outstanding (in shares)		161,871	161,385
Additional paid-in capital		$ 4,439,029	$ 4,426,852
Accumulated other comprehensive income (loss)		168	(830)
Retained earnings		2,617,880	2,659,755
Total Knight-Swift stockholders' equity		7,058,696	7,087,390
Noncontrolling interest		7,520	16,691
Total stockholders’ equity		7,066,216	7,104,081
Total liabilities and stockholders’ equity		$ 12,824,781	$ 12,870,765
Common Class A [Member]
Stockholders’ equity:
Common stock, shares outstanding (in shares)		161,871	161,385

[1]Reflects cash and cash equivalents that are primarily restricted for claims payments.

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Total revenue	$ 1,876,676	$ 2,019,936	$ 5,545,797	$ 5,209,847
Operating expenses:
Salaries, wages, and benefits	726,358	710,543	2,111,143	1,780,522
Fuel	213,489	272,376	670,651	628,435
Operations and maintenance	142,418	142,913	415,302	343,604
Insurance and claims	86,510	148,865	314,394	424,210
Operating taxes and licenses	32,220	30,506	93,923	84,728
Communications	8,411	8,411	24,208	20,344
Depreciation and amortization of property and equipment	178,598	176,613	539,313	488,960
Amortization of intangibles	18,922	18,907	56,009	51,595
Rental expense	42,322	50,401	129,248	81,542
Purchased transportation	295,261	330,683	859,286	869,671
Impairments	1,008	0	10,867	0
Miscellaneous operating expenses	49,739	48,662	156,018	116,363
Total operating expenses	1,795,256	1,938,880	5,380,362	4,889,974
Operating income	81,420	81,056	165,435	319,873
Other (expenses) income:
Interest income	4,005	5,542	12,844	16,099
Interest Expense, Nonoperating	(44,398)	(39,354)	(126,116)	(86,799)
Other income, net	3,169	11,433	17,049	30,815
Total other (expenses) income, net	(37,224)	(22,379)	(96,223)	(39,885)
Income before income taxes	44,196	58,677	69,212	279,988
Income tax expense (benefit)	14,137	(1,220)	22,253	53,474
Net income	30,059	59,897	46,959	226,514
Net loss attributable to noncontrolling interest	405	297	1,170	1,290
Net income attributable to Knight-Swift	30,464	60,194	48,129	227,804
Other comprehensive income	995	152	998	1,772
Comprehensive income	$ 31,459	$ 60,346	$ 49,127	$ 229,576
Earnings per share:
Basic (in dollars per share)	$ 0.19	$ 0.37	$ 0.30	$ 1.41
Diluted (in dollars per share)	0.19	0.37	0.30	1.41
Dividends declared per share: (in dollars per share)	$ 0.16	$ 0.14	$ 0.48	$ 0.42
Weighted average shares outstanding:
Basic (in shares)	161,861	161,332	161,687	161,124
Diluted (in shares)	162,233	161,888	162,120	161,782
Revenue, excluding truckload and LTL fuel surcharge
Total revenue	$ 1,680,893	$ 1,775,249	$ 4,935,408	$ 4,615,990
Truckload and LTL fuel surcharge
Total revenue	$ 195,783	$ 244,687	$ 610,389	$ 593,857

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Cash flows from operating activities:
Net income	$ 30,059	$ 59,897	$ 46,959	$ 226,514
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]
Depreciation and amortization of property, equipment, and intangibles			595,322	540,555
Gain on sale of property and equipment			(21,839)	(46,628)
Impairments	1,008	0	10,867	0
Deferred income taxes			(21,569)	9,587
Non-cash lease expense			137,768	68,778
Loss (gain) on equity securities			11,562	(2,100)
Other adjustments to reconcile net income to net cash provided by operating activities			(3,684)	46,224
Increase (decrease) in cash resulting from changes in:
Trade receivables			39,612	84,149
Income tax receivable			19,624	(1,237)
Accounts payable			(57,066)	(10,495)
Accrued liabilities and claims accrual			(135,189)	26,599
Operating lease liabilities			(146,973)	(68,140)
Other assets and liabilities			49,347	(304)
Net cash provided by operating activities			524,741	873,502
Cash flows from investing activities:
Proceeds from maturities of held-to-maturity investments			530	3,620
Purchases of held-to-maturity investments			0	(30)
Proceeds from sale of property and equipment, including assets held for sale			183,589	214,234
Purchases of property and equipment			(592,081)	(852,677)
Expenditures on assets held for sale			(312)	(785)
Net cash, restricted cash, and equivalents invested in acquisitions			(185,491)	(458,288)
Other cash flows from investing activities			(25,255)	5,896
Net cash used in investing activities			(619,020)	(1,088,030)
Cash flows from financing activities:
Repayments of finance leases and long-term debt			(214,881)	(81,354)
Proceeds from long-term debt			150,000	250,000
Borrowings on revolving lines of credit, net			160,000	257,000
Borrowings under accounts receivable securitization			28,800	25,000
Repayments of accounts receivable securitization			(96,600)	(82,000)
Proceeds from common stock issued			4,177	4,200
Dividends paid			(78,256)	(68,550)
Other cash flows from financing activities			(7,735)	(18,206)
Net cash (used in) provided by financing activities			(54,495)	286,090
Net (decrease) increase in cash, restricted cash, and equivalents			(148,774)	71,562
Cash, restricted cash, and equivalents at beginning of period			469,686	385,345	$ 385,345
Cash, restricted cash, and equivalents at end of period	$ 320,912	456,907	320,912	456,907	$ 469,686
Cash paid during the period for:
Interest			130,680	84,361
Income taxes			10,382	38,455
Other Significant Noncash Transactions [Line Items]
Equipment acquired included in accounts payable			39,522	19,639
Contingent consideration associated with acquisitions and investments			0	174,107
U.S. Xpress assumed equity awards		$ 1,462	0	1,462
Conversion of note receivable to equity investment			0	12,107
Right-of-use assets obtained in exchange for operating lease liabilities			58,767	41,888
Property and equipment obtained in exchange for finance lease liabilities			190,298	70,051
Financing provided to independent contractors for equipment sold
Other Significant Noncash Transactions [Line Items]
Other non-cash investing and financing activities			1,715	4,285
Transfers from property and equipment to assets held for sale [Member]
Other Significant Noncash Transactions [Line Items]
Other non-cash investing and financing activities			89,794	136,453
Noncontrolling Interest Associated With Acquisition
Other Significant Noncash Transactions [Line Items]
Other non-cash investing and financing activities			0	5,178
Property and equipment obtained in exchange for debt and finance lease liabilities from operating lease liabilities
Other Significant Noncash Transactions [Line Items]
Property and equipment obtained in exchange for finance lease liabilities			20,025	0
Acquisitions [Member]
Other Significant Noncash Transactions [Line Items]
Right-of-use assets obtained in exchange for operating lease liabilities through acquisitions			$ 12,400	$ 0

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) Reconciliation of Cash, Restricted Cash, and Cash Equivalents - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Condensed Cash Flow Statements, Captions [Line Items]
Cash and cash equivalents		$ 166,348	$ 168,545	$ 193,372	$ 196,770
Cash and cash equivalents – restricted	[1]	150,870	297,275	259,979	185,792
Other long-term assets	[1]	$ 3,694	$ 3,866	$ 3,556	$ 2,783

[1]Reflects cash and cash equivalents that are primarily restricted for claims payments.

Condensed Consolidated Statem_4

Condensed Consolidated Statement Of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent	Total Knight-Swift Equity [Member]	Noncontrolling Interest [Member]	Common Class A [Member]	Common Class A [Member] Common Stock
Beginning balance, shares at Dec. 31, 2022							160,706
Beginning balance, value at Dec. 31, 2022	$ 6,955,281	$ 4,392,266	$ 2,553,567	$ (2,436)	$ 6,945,004	$ 10,277		$ 1,607
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued to employees (Shares)							565
Common stock issued to employees	163	158			163			5
Common stock issued to the Board (Shares)							18
Common stock issued to the Board	977	977			977			0
U.S. Xpress assumed equity awards	1,462	1,462			1,462
Common stock issued under ESPP (Shares)							58
Common stock issued under ESPP	3,060	3,059			3,060			1
Shares withheld – RSU settlement	(19,548)		(19,548)		(19,548)
Employee stock-based compensation expense	$ 21,059	21,059			21,059
Dividends declared per share: (in dollars per share)	$ 0.42
Cash dividends paid and dividends accrued	$ (68,255)		(68,255)		(68,255)
Net income (loss)	227,804		227,804		227,804
Net loss attributable to noncontrolling interest	(1,290)					(1,290)
Net income	226,514
Other comprehensive income	1,772			1,772	1,772
Investment in noncontrolling interest	7,555					7,555
Distribution to noncontrolling interest	(239)					(239)
Ending balance, shares at Sep. 30, 2023							161,347
Ending balance, value at Sep. 30, 2023	7,129,801	4,418,981	2,693,568	(664)	7,113,498	16,303		1,613
Beginning balance, shares at Jun. 30, 2023							161,276
Beginning balance, value at Jun. 30, 2023	7,081,043	4,412,069	2,657,415	(815)	7,070,282	10,761		1,613
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued to employees (Shares)							53
Common stock issued to employees	0	0			0			0
U.S. Xpress assumed equity awards	1,462	1,462			1,462
Common stock issued under ESPP (Shares)							18
Common stock issued under ESPP	978	978			978			0
Shares withheld – RSU settlement	(1,277)		(1,277)		(1,277)
Employee stock-based compensation expense	$ 4,472	4,472			4,472
Dividends declared per share: (in dollars per share)	$ 0.14
Cash dividends paid and dividends accrued	$ (22,764)		(22,764)		(22,764)
Net income (loss)	60,194		60,194		60,194
Net loss attributable to noncontrolling interest	(297)					(297)
Net income	59,897
Other comprehensive income	151			151	151
Investment in noncontrolling interest	5,839					5,839
Ending balance, shares at Sep. 30, 2023							161,347
Ending balance, value at Sep. 30, 2023	$ 7,129,801	4,418,981	2,693,568	(664)	7,113,498	16,303		1,613
Beginning balance, shares at Dec. 31, 2023	161,385						161,385
Beginning balance, value at Dec. 31, 2023	$ 7,104,081	4,426,852	2,659,755	(830)	7,087,390	16,691		1,613
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued to employees (Shares)							403
Common stock issued to employees	4	0			4			4
Common stock issued to the Board (Shares)							24
Common stock issued to the Board	1,206	1,206			1,206			0
U.S. Xpress assumed equity awards	0
Common stock issued under ESPP (Shares)							59
Common stock issued under ESPP	2,967	2,965			2,967			2
Shares withheld – RSU settlement	(11,839)		(11,839)		(11,839)
Employee stock-based compensation expense	$ 17,011	17,011			17,011
Dividends declared per share: (in dollars per share)	$ 0.48
Cash dividends paid and dividends accrued	$ (78,165)		(78,165)		(78,165)
Net income (loss)	48,129		48,129		48,129
Net loss attributable to noncontrolling interest	(1,170)					(1,170)
Net income	46,959
Other comprehensive income	998			998	998
Investment in noncontrolling interest	2,212					2,212
Distribution to noncontrolling interest	$ (19,218)	(9,005)			(9,005)	(10,213)
Ending balance, shares at Sep. 30, 2024	161,871						161,871
Ending balance, value at Sep. 30, 2024	$ 7,066,216	4,439,029	2,617,880	168	7,058,696	7,520		1,619
Beginning balance, shares at Jun. 30, 2024							161,836
Beginning balance, value at Jun. 30, 2024	7,070,353	4,439,489	2,613,684	(827)	7,053,964	16,389		1,618
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued to employees (Shares)							10
Common stock issued to employees	0	0			0			0
Common stock issued under ESPP (Shares)							25
Common stock issued under ESPP	1,069	1,068			1,069			1
Shares withheld – RSU settlement	(188)		(188)		(188)
Employee stock-based compensation expense	$ 6,430	6,430			6,430
Dividends declared per share: (in dollars per share)	$ 0.16
Cash dividends paid and dividends accrued	$ (26,080)		(26,080)		(26,080)
Net income (loss)	30,464		30,464		30,464
Net loss attributable to noncontrolling interest	(405)					(405)
Net income	30,059
Other comprehensive income	995			995	995
Investment in noncontrolling interest	739					739
Distribution to noncontrolling interest	$ (17,161)	(7,958)			(7,958)	(9,203)
Ending balance, shares at Sep. 30, 2024	161,871						161,871
Ending balance, value at Sep. 30, 2024	$ 7,066,216	$ 4,439,029	$ 2,617,880	$ 168	$ 7,058,696	$ 7,520		$ 1,619

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited)(Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Receivables [Abstract]
Parenthetical - allowance for doubtful accounts	$ 39,298	$ 39,458

Introduction and Basis of Prese

Introduction and Basis of Presentation	9 Months Ended
Introduction and Basis of Presentation	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Introduction and Basis of Presentation	Introduction and Basis of Presentation Certain acronyms and terms used throughout this Quarterly Report are specific to the Company, commonly used in the trucking industry, or are otherwise frequently used throughout this document. Definitions for these acronyms and terms are provided in the "Glossary of Terms," available in the front of this document. Description of Business Knight-Swift is a transportation solutions provider, headquartered in Phoenix, Arizona. During the year-to-date period ended September 30, 2024, the Company operated an average of 22,986 tractors (comprised of 20,838 company tractors and 2,148 independent contractor tractors) and 92,642 trailers within the Truckload segment and leasing activities within the All Other Segments. The LTL segment operated an average of 3,505 tractors and 9,160 trailers. Additionally, the Intermodal segment operated an average of 615 tractors and 12,577 intermodal containers. As of September 30, 2024, the Company's four reportable segments were Truckload, LTL, Logistics, and Intermodal. Basis of Presentation The condensed consolidated financial statements and footnotes included in this Quarterly Report include the accounts of Knight-Swift Transportation Holdings Inc. and its subsidiaries and should be read in conjunction with the consolidated financial statements and footnotes included in Knight-Swift's 2023 Annual Report. In management's opinion, these condensed consolidated financial statements were prepared in accordance with GAAP and include all adjustments necessary (consisting of normal recurring adjustments) for the fair statement of the periods presented. With respect to transactional/durational data, references to years pertain to calendar years. Similarly, references to quarters pertain to calendar quarters. Note regarding comparability — The reported results do not include U.S. Xpress' operating results prior to its acquisition by the Company on July 1, 2023 in accordance with the accounting treatment applicable to the transaction. The reported results do not include the LTL operations of DHE prior to its acquisition by the Company on July 30, 2024 in accordance with the accounting treatment applicable to the transaction. Accordingly, comparisons between the Company's current and prior period results may not be meaningful. Seasonality In the full truckload transportation industry, results of operations generally follow a seasonal pattern. Freight volumes in the first quarter are typically lower due to less consumer demand, customers reducing shipments following the holiday season, and inclement weather. At the same time, operating expenses generally increase, and tractor productivity of the Company's Truckload fleet, independent contractors and third-party carriers decreases during the winter months due to decreased fuel efficiency, increased cold weather-related equipment maintenance and repairs, and increased insurance claims and costs attributed to higher accident frequency from harsh weather. These factors typically lead to lower operating profitability, as compared to other parts of the year. Additionally, beginning in the latter half of the third quarter and continuing into the fourth quarter, the Company typically experiences surges pertaining to holiday shopping trends toward delivery of gifts purchased over the Internet, as well as the length of the holiday season (consumer shopping days between Thanksgiving and Christmas). However, as the Company continues to diversify its business through expansion into the LTL industry, warehousing, and other activities, seasonal volatility is becoming more tempered. Additionally, macroeconomic trends and cyclical changes in the trucking industry, including imbalances in supply and demand, can override the seasonality faced in the industry.

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	9 Months Ended
Recently Issued Accounting Pronouncements	Sep. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Date Issued Reference Description Expected Adoption Date and Method Financial Statement Impact March 2024 ASU No. 2024-02: Codification Improvements - Amendments to Remove References to the Concepts Statements The amendments in this ASU contain amendments to the Codification that remove references to various Concepts Statements. In most cases, the references are extraneous and not required to understand or apply the guidance. In other instances, the references were used in prior Statements to provide guidance in certain topical areas. January 2025, Prospective or retrospective Currently under evaluation, but not expected to be material March 2024 ASU No. 2024-01: Compensation - Stock Compensation (Topic 718) The amendments in this ASU improve GAAP by adding an illustrative example that includes four fact patterns to demonstrate how an entity should apply the scope guidance in paragraph 718-10-15-3 to determine whether a profits interest award should be accounted for in accordance with Topic 718. January 2025, Prospective or retrospective Currently under evaluation, but not expected to be material November 2023 ASU 2023-07: Segment Reporting (ASC 280) — Improvements to Reportable Segment Disclosures The amendments in this ASU update reportable segment disclosure requirements by requiring that an entity disclose significant segment expenses, disclose other segment items by reportable segments, provide annual disclosures about a reportable segment's profit and loss, the title of the chief operating decision maker, and other items. January 2024 Currently under evaluation, but not expected to be material 1 1 ASC Topic 280, Segment Reporting — The Company has evaluated the segment reporting disclosure changes required by ASU 2023-07. Management has created a quantitative mock-up of our segments disclosure under ASC Topic 280. Since management is continuing to evaluate the impact of ASU 2023-07, the above disclosures are tentative and subject to change.

Acquisitions and Investments

Acquisitions and Investments	9 Months Ended
Acquisitions and Investments	Sep. 30, 2024
Business Combinations [Abstract]
Acquisitions	Acquisitions and Investments DHE On July 30, 2024, the Company, through a wholly owned subsidiary, acquired the operating assets and assumed certain liabilities of the regional less-than-truckload division of Dependable Highway Express, Inc. based in Los Angeles, California. The total purchase price consideration of $185.0 million, including net working capital adjustments, was funded through borrowing on the 2021 Revolver on the transaction date. At closing, $1.5 million of the cash consideration was placed in escrow to secure certain of the sellers' indemnification obligations and remains subject to further adjustments. The goodwill recognized represents expected synergies from combining the operations of DHE with the Company, including enhanced service offerings, as well as other intangible assets that did not meet the criteria for separate recognition. The goodwill is expected to be deductible for tax purposes. Purchase Price Allocation The purchase price allocation for DHE is preliminary and has been allocated based on estimated fair values of the assets acquired and liabilities assumed at the acquisition date, and among other things may be pending the completion of the valuation of acquired tangible assets, an independent valuation of certain acquired intangible assets, assessment of lease agreements, assessment of certain liabilities, the calculation of deferred taxes based upon the underlying tax basis of assets acquired and liabilities assumed, and assessment of other tax related items as applicable. As the Company obtains more information, the preliminary purchase price allocations disclosed above are subject to change. Any future adjustments to the preliminary purchase price allocations, including changes within identifiable intangible assets or estimation uncertainty impacted by market conditions, may impact future net earnings. The purchase price allocation adjustments can be made through the end of the measurement period, which is not to exceed one year from the acquisition date. July 30, 2024 Opening Balance Sheet as Reported at September 30, 2024 Fair value of the consideration transferred $ 184,986 Other current assets 445 Property and equipment 29,796 Operating lease right-of-use assets 15,448 Identifiable intangible assets 1 72,400 Other noncurrent assets 98 Total assets 118,187 Claims accruals – current and noncurrent portions (4,000) Operating lease liabilities – current and noncurrent portions (12,400) Total liabilities (16,400) Goodwill $ 83,199 1 Includes $57.0 million in customer relationships and $15.4 million in trade names. Eleos On July 17, 2024, the Company acquired the remaining 18.5% non-controlling interest of Eleos. U.S. Xpress On July 1, 2023, the Company acquired Chattanooga, Tennessee-based U.S. Xpress Enterprises, Inc. ("U.S. Xpress"), one of the largest asset-based truckload carriers in the United States. The purchase price was allocated based on estimated fair values of the assets acquired and liabilities assumed at the acquisition date. The purchase price allocation was open for adjustments through the end of the measurement period, which closed one year from the July 1, 2023 acquisition date. During the quarter ended September 30, 2024, the Company's condensed consolidated operating results included U.S. Xpress' total revenue of $409.6 million and a net loss of $10.1 million. U.S. Xpress' net loss during the quarter ended September 30, 2024 included $2.3 million related to the amortization of intangible assets acquired in the U.S. Xpress Acquisition. During the year-to-date period ended September 30, 2024, the Company's condensed consolidated operating results included U.S. Xpress' total revenue of $1.2 billion and a net loss of $29.4 million. U.S. Xpress' net loss during the year-to-date period ended September 30, 2024 included $6.9 million related to the amortization of intangible assets acquired in the U.S. Xpress Acquisition. Purchase Price Allocation The purchase price was allocated based on estimated fair values of the assets and liabilities acquired as of the acquisition date. The purchase price allocation was open for adjustments through the end of the measurement period, which closed one year from the July 1, 2023 acquisition date. July 1, 2023 Opening Balance Sheet as Reported at December 31, 2023 Adjustments July 1, 2023 Opening Balance Sheet as Reported at June 30, 2024 Fair value of the consideration transferred $ 632,109 $ — $ 632,109 Cash and cash equivalents 3,321 — 3,321 Receivables 216,659 345 217,004 Prepaid expenses 21,347 — 21,347 Other current assets 47,317 — 47,317 Property and equipment 433,210 — 433,210 Operating lease right-of-use assets 337,055 — 337,055 Identifiable intangible assets 1 348,000 — 348,000 Other noncurrent assets 28,457 — 28,457 Total assets 1,435,366 345 1,435,711 Accounts payable (115,494) (1,600) (117,094) Accrued payroll and payroll-related expenses (27,485) — (27,485) Accrued liabilities (19,966) (809) (20,775) Claims accruals – current and noncurrent portions (180,251) (11,650) (191,901) Operating lease liabilities – current and noncurrent portions (376,763) — (376,763) Long-term debt and finance leases – current and noncurrent portions (337,949) — (337,949) Deferred tax liabilities (33,072) 9,942 (23,130) Other long-term liabilities (34,230) (26,872) (61,102) Total liabilities (1,125,210) (30,989) (1,156,199) Noncontrolling interest (391) — (391) Total stockholders' equity (391) — (391) Goodwill $ 322,344 $ 30,644 $ 352,988 1 Includes $184.5 million in customer relationships and $163.5 million in trade names. Pro Forma Information — The following unaudited pro forma information combines the historical operations of the Company and U.S. Xpress giving effect to the U.S. Xpress Acquisition, and related transactions as if consummated on January 1, 2023. Quarter Ended September 30, Year-to-Date September 30, 2023 2023 (In thousands, except per share data) Total revenue $ 2,019,936 $ 6,165,131 Net income attributable to Knight-Swift 33,584 146,522 Earnings per share – diluted 0.21 0.91 The unaudited pro forma condensed combined financial information has been presented for comparative purposes only and includes certain adjustments such as recognition of assets acquired at estimated fair values and related depreciation and amortization, elimination of transaction costs incurred by Knight-Swift and U.S. Xpress during the periods presented that were directly related to the U.S. Xpress Acquisition, and related income tax effects of these items. As a result of the U.S. Xpress Acquisition, both Knight-Swift and U.S. Xpress incurred certain acquisition-related expenses, including professional legal and advisory fees, acceleration of share-based compensation, bonus incentives, severance payments, filing fees and other miscellaneous expenses. These acquisition-related expenses totaled $6.5 million and $31.8 million during the quarter and year-to-date periods ended September 30, 2023, respectively. These expenses were eliminated in the presentation of the unaudited pro forma "Net income attributable to Knight-Swift" presented above. The unaudited pro forma condensed combined financial information does not purport to represent the actual results of operations that Knight-Swift and U.S. Xpress would have achieved had the companies been combined during the periods presented in the unaudited pro forma condensed combined financial statements and is not intended to project the future results of operations that the combined company may achieve after the identified transactions. The unaudited pro forma condensed combined financial information does not reflect any cost savings that may be realized as a result of the U.S. Xpress Acquisition and also does not reflect any restructuring or integration-related costs to achieve those potential cost savings. Equity Method Investments During the quarter and year-to-date periods ended September 30, 2024, the Company recognized a $12.1 million realized loss on a minority investment in a transportation-adjacent technology venture which ceased operations in the third quarter of 2024, which is recorded in "Other income, net" in the condensed consolidated statements of comprehensive income. The Company did not complete any other material acquisitions during the quarter ended September 30, 2024.

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Effective Tax Rate — The effective tax rates for the quarters ended September 30, 2024 and September 30, 2023 were 32.0% and (2.1)%, respectively. The effective tax rates for the year-to-date periods ended September 30, 2024 and September 30, 2023 were 32.2% and 19.1% respectively. The current quarter effective tax rate was primarily impacted by a reduction in pre-tax income. Valuation Allowance — Valuation allowances are provided if, based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. As of September 30, 2024 and December 31, 2023, the Company has $10.4 million in valuation allowance associated with the capital loss and state operating loss carryforwards which may not be utilized in the future. Unrecognized Tax Benefits — The Company has unrecognized tax benefits associated with tax credit carryforwards. Management does not expect a decrease in unrecognized tax benefits relating to credits to be necessary within the next twelve months. Interest and Penalties — The Company did not have accrued interest and penalties related to unrecognized tax benefits as of September 30, 2024 and December 31, 2023. Tax Examinations — Certain of the Company's subsidiaries are currently under examination by various Federal and state jurisdictions for tax years ranging from 2009 to 2022. At the completion of these examinations, management does not expect any adjustments which would have a material impact on the Company's effective tax rate. Years subsequent to 2018 remain subject to examination.

Accounts Receivable Securitizat

Accounts Receivable Securitization	9 Months Ended
Accounts Receivable Securitization	Sep. 30, 2024
Transfers and Servicing [Abstract]
Accounts Receivable Securitization	Accounts Receivable Securitization On October 23, 2023, the Company entered into the 2023 RSA, which further amended the 2022 RSA. The 2023 RSA is a secured borrowing that is collateralized by the Company's eligible receivables, for which the Company is the servicing agent. The Company's receivable originator subsidiaries sell, on a revolving basis, undivided interests in all of their eligible accounts receivable to Swift Receivables Company II, LLC ("SRCII") who in turn sells a variable percentage ownership in those receivables to the various purchasers. The Company's eligible receivables are included in "Trade receivables, net of allowance for doubtful accounts" in the consolidated balance sheets. As of September 30, 2024, the Company's eligible receivables generally have high credit quality, as determined by the obligor's corporate credit rating. The 2023 RSA is subject to fees, various affirmative and negative covenants, representations and warranties, and default and termination provisions customary for facilities of this type. The Company was in compliance with these covenants as of September 30, 2024. Collections on the underlying receivables by the Company are held for the benefit of SRCII and the various purchasers and are unavailable to satisfy claims of the Company and its subsidiaries. The following table summarizes the key terms of the 2023 RSA (dollars in thousands): 2023 RSA (Dollars in thousands) Effective date October 23, 2023 Final maturity date October 1, 2025 Borrowing capacity $575,000 Accordion option 1 $100,000 Unused commitment fee rate 2 20 to 40 basis points Program fees on outstanding balances 3 one month SOFR + credit spread adjustment 10 basis points + 82.5 basis points 1 The accordion option increases the maximum borrowing capacity, subject to participation of the purchasers. 2 The commitment fee rates are based on the percentage of the maximum borrowing capacity utilized. 3 As identified within the 2023 RSA, the lender can trigger an amendment by identifying and deciding upon a replacement index for SOFR. Availability under the 2023 RSA is calculated as follows: September 30, 2024 December 31, 2023 (In thousands) Borrowing base, based on eligible receivables $ 492,400 $ 527,600 Less: outstanding borrowings 1 (459,200) (527,000) Less: outstanding letters of credit (27,167) — Availability under accounts receivable securitization facilities $ 6,033 $ 600 1 Outstanding borrowings are included in "Accounts receivable securitization" in the condensed consolidated balance sheets and are offset by deferred loan costs of $0.3 million and $0.5 million as of September 30, 2024 and December 31, 2023, respectively. Interest accrued on the aggregate principal balance at a rate of 6.1% and 6.3% as of September 30, 2024 and December 31, 2023, respectively.

Debt And Financing

Debt And Financing	9 Months Ended
Debt And Financing	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt and Financing	Debt and Financing Other than the Company's accounts receivable securitization as discussed in Note 5, the Company's long-term debt consisted of the following: September 30, 2024 December 31, 2023 (In thousands) 2021 Term Loan A-2, due September 3, 2026, net 1 2 349,021 199,902 2021 Term Loan A-3, due September 3, 2026, net 1 2 789,323 799,058 2023 Term Loan, due September 3, 2026, net 1 3 249,378 249,135 Revenue equipment installment notes 1 4 219,510 279,339 Prudential Notes, net 1 16,787 25,078 Other 6,952 8,567 Total long-term debt, including current portion 1,630,971 1,561,079 Less: current portion of long-term debt (129,406) (338,058) Long-term debt, less current portion $ 1,501,565 $ 1,223,021 September 30, 2024 December 31, 2023 (In thousands) Total long-term debt, including current portion $ 1,630,971 $ 1,561,079 2021 Revolver, due September 3, 2026 1 5 227,000 67,000 Long-term debt, including revolving line of credit $ 1,857,971 $ 1,628,079 1 Refer to Note 12 for information regarding the fair value of debt. 2 As of September 30, 2024, the carrying amounts of the 2021 Term Loan A-2 and 2021 Term Loan A-3 were net of $1.0 million and $0.7 million in deferred loan costs, respectively. As of December 31, 2023, the carrying amounts of the 2021 Term Loan A-2 and 2021 Term Loan A-3 were net of $0.1 million and $0.9 million in deferred loan costs, respectively. 3 As of September 30, 2024, the carrying amount of the 2023 Term Loan was net of $0.6 million in deferred loan costs. As of December 31, 2023, the carrying amounts of the 2023 Term Loan was net of $0.9 million in deferred loan costs. 4 The revenue equipment installment loans were assumed at the close of the U.S. Xpress Acquisition and have a weighted average interest rate of 4.8% and 4.7% as of September 30, 2024 and December 31, 2023, respectively. 5 The Company also had outstanding letters of credit of $18.1 million and $18.0 million under the 2021 Revolver, primarily related to workers' compensation and self-insurance liabilities for both September 30, 2024 and December 31, 2023, respectively. The Company also had outstanding letters of credit of $248.0 million and $264.3 million under a separate bilateral agreement which do not impact the availability of the 2021 Revolver as of September 30, 2024 and December 31, 2023, respectively. Credit Agreements 2021 Debt Agreement — On September 3, 2021, the Company entered into the $2.3 billion 2021 Debt Agreement (an unsecured credit facility) with a group of banks, replacing the Company's prior debt agreements. The 2021 Debt Agreement included the 2021 Term Loan A-1 which was paid off on December 3, 2022. On August 6, 2024, the Company entered into the 2024 Amendment which, among other things, extended the maturity of the Company's 2021 Term Loan A-2 from September 3, 2024 to September 3, 2026, increased the size of the 2021 Term Loan A-2 from $200 million to $350 million, aligned the applicable margin for the 2021 Term Loan A-2 with that of the rest of the credit facility, transitioned the reference rate for the credit facility from BSBY to SOFR, and made other conforming changes. The following table presents the key terms of the 2021 Debt Agreement as amended by the 2024 Amendment: 2021 Term Loan A-2 2021 Term Loan A-3 2021 Revolver 2 2021 Debt Agreement Terms (Dollars in thousands) Maximum borrowing capacity $350,000 $800,000 $1,100,000 Final maturity date September 3, 2026 September 3, 2026 September 3, 2026 Interest rate margin reference rate SOFR + credit spread adjustment 10 basis points SOFR + credit spread adjustment 10 basis points SOFR + credit spread adjustment 10 basis points Interest rate minimum margin 1 0.88% 0.88% 0.88% Interest rate maximum margin 1 1.50% 1.50% 1.50% Minimum principal payment — amount $— $10,000 $— Minimum principal payment — frequency Once Quarterly Once Minimum principal payment — commencement date September 3, 2026 September 30, 2024 September 3, 2026 1 The interest rate margin for the 2021 Term Loans and 2021 Revolver is based on the Company's consolidated leverage ratio. As of September 30, 2024, interest accrued at 6.46% on the 2021 Term Loan A-2, 6.46% on the 2021 Term Loan A-3, and 6.46% on the 2021 Revolver. 2 The commitment fee for the unused portion of the 2021 Revolver is based on the Company's consolidated leverage ratio, and ranges from 0.1% to 0.2%. As of September 30, 2024, commitment fees on the unused portion of the 2021 Revolver accrued at 0.2% and outstanding letter of credit fees accrued at 1.5%. Pursuant to the 2021 Debt Agreement, the 2021 Revolver and the 2021 Term Loans contain certain financial covenants with respect to a maximum net leverage ratio and a minimum consolidated interest coverage ratio. The 2021 Debt Agreement provides flexibility regarding the use of proceeds from asset sales, payment of dividends, stock repurchases, and equipment financing. In addition to the financial covenants, the 2021 Debt Agreement includes usual and customary events of default for a facility of this nature and provides that, upon the occurrence and continuation of an event of default, payment of all amounts payable under the 2021 Debt Agreement may be accelerated, and the lenders' commitments may be terminated. The 2021 Debt Agreement contains certain usual and customary restrictions and covenants relating to, among other things, dividends (which are restricted only if a default or event of default occurs and is continuing or would result therefrom), liens, affiliate transactions, and other indebtedness. As of September 30, 2024, the Company was in compliance with the covenants under the 2021 Debt Agreement. Borrowings under the 2021 Debt Agreement are made by Knight-Swift Transportation Holdings Inc. and are guaranteed by certain of the Company's material domestic subsidiaries (other than its captive insurance subsidiaries, driving academy subsidiary, and bankruptcy-remote special purpose subsidiary). 2023 Term Loan — On June 22, 2023, the Company entered into the $250.0 million 2023 Term Loan (an unsecured credit facility) with a group of banks. The 2023 Term Loan matures on September 3, 2026. There are no scheduled principal payments due until maturity. The 2023 Term Loan contains terms similar to the 2021 Debt Agreement. The proceeds received from the 2023 Term Loan were used to pay fees, commissions and expenses in connection with the Company's acquisition of U.S. Xpress. The interest rate applicable to the 2023 Term Loan is subject to a leverage-based grid and as of September 30, 2024 is equal to SOFR plus the 0.1% SOFR adjustment plus 1.75%. As of September 30, 2024, interest accrued at 6.71% on the 2023 Term Loan. U.S. Xpress' Revenue Equipment Installment Notes — In connection with the U.S. Xpress Acquisition, the Company assumed revenue equipment installment notes with various lenders to finance tractors and trailers. Payments are due in monthly installments with final maturities at various dates through March 15, 2028, and the notes are secured by related revenue equipment with a net book value of $190.2 million as of September 30, 2024. Terms generally range from 48 months to 84 months. The interest rates as of September 30, 2024 range from 2.0% to 7.2%. 2021 Prudential Notes — The 2021 Prudential Notes previously allowed ACT to borrow up to $125 million, less amounts currently outstanding with Prudential Capital Group, provided that certain financial ratios are maintained. The 2021 Prudential Notes have interest rates ranging from 4.05% to 4.40% and various maturity dates ranging from January 2025 through January 2028. The 2021 Prudential Notes are unsecured and contain usual and customary restrictions on, among other things, the ability to make certain payments to stockholders, similar to the provisions of the Company's 2021 Debt Agreement. As of September 30, 2024, the Company was in compliance with the covenants under the 2021 Prudential Notes. Fair Value Measurement — See Note 12 for fair value disclosures regarding the Company's debt instruments.

Defined Benefit Pension Plan

Defined Benefit Pension Plan	9 Months Ended
Defined Benefit Pension Plan	Sep. 30, 2024
Retirement Benefits [Abstract]
Defined Benefit Pension Plan	Defined Benefit Pension Plan Net periodic pension income and benefits paid during the quarter ended September 30, 2024 and 2023 were immaterial. Assumptions A weighted-average discount rate of 4.73% was used to determine benefit obligations as of September 30, 2024. The following weighted-average assumptions were used to determine net periodic pension cost: Quarter Ended September 30, Year-to-Date September 30, 2024 2023 2024 2023 Discount rate 5.25 % 4.86 % 4.96 % 4.79 % Expected long-term rate of return on pension plan assets 6.00 % 6.00 % 6.00 % 6.00 % Refer to Note 12 for additional information regarding fair value measurements of the Company's investments.

Purchase Commitments

Purchase Commitments	9 Months Ended
Purchase Commitments	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Purchase Commitments	Purchase Commitments As of September 30, 2024, the Company had outstanding commitments to purchase revenue equipment of $203.8 million in the remainder of 2024 ($163.8 million of which were tractor commitments), and none thereafter. These purchases may be financed through any combination of finance leases, operating leases, debt, proceeds from sales of existing equipment, and cash flows from operations. As of September 30, 2024, the Company had outstanding commitments to purchase facilities and non-revenue equipment of $50.3 million in the remainder of 2024, $65.0 million from 2025 through 2026, $5.3 million from 2027 through 2028, and $0.2 million thereafter. Factors such as costs and opportunities for future terminal expansions may change the amount of such expenditures.

Contingencies and Legal Proceed

Contingencies and Legal Proceedings	9 Months Ended
Contingencies and Legal Proceedings	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Legal Proceedings	Contingencies and Legal Proceedings Legal Proceedings The Company is party to certain legal proceedings incidental to its business. The majority of these claims relate to bodily injury, property damage, cargo and workers' compensation incurred in the transportation of freight, as well as certain class action litigation related to personnel and employment matters. We record a liability when we believe that it is probable that a loss has been incurred and the amount can be reasonably estimated. Based on our present knowledge of the facts and, in certain cases, advice of outside counsel, management believes the resolution of open claims and pending litigation, taking into account existing reserves, is not likely to have a materially adverse impact on our condensed consolidated financial statements. However, any future claims or adverse developments in existing claims could impact this analysis. There are inherent uncertainties in these legal matters, some of which are beyond management's control, making the ultimate outcomes difficult to predict. Moreover, management's views and estimates related to these matters may change in the future, as new events and circumstances arise and the matters continue to develop. Cash flows or results of operations could be materially affected in any particular period by the resolution of one or more of these contingencies. The Company has made accruals with respect to its legal matters where appropriate, as well as legal fees which are included in "Accrued liabilities" in the condensed consolidated balance sheets. The Company has recorded an aggregate accrual of approximately $6.9 million, relating to the Company's outstanding legal proceedings as of September 30, 2024. Commutation of Third-Party Carrier Insurance Risk On February 14, 2024, the Company finalized the terms of a transaction with the insurer under the third-party reinsurance agreement covering auto liability associated with the Company's third-party carrier insurance business. The agreement effectively transferred $161.1 million in third-party auto liability insurance claim liabilities to the insurer for policy periods from October 1, 2020 through March 31, 2023 funded by transferring the corresponding restricted cash held in trust for payment of the third-party insurance claims.

Share Repurchase Plans

Share Repurchase Plans	9 Months Ended
Share Repurchase Plans	Sep. 30, 2024
Equity [Abstract]
Share Repurchase Plans	Share Repurchase Plans In April 2022, the Company announced that the Board approved the repurchase of up to $350.0 million of the Company's outstanding common stock (the "2022 Knight-Swift Share Repurchase Plan"). With the adoption of the 2022 Knight-Swift Share Repurchase Plan, the Company terminated the 2020 Knight-Swift Share Repurchase Plan, which had approximately $42.8 million of authorized purchases remaining upon termination. The Company made no share repurchases during the quarter and year-to-date periods ended September 30, 2024 and 2023. no As of September 30, 2024 and December 31, 2023, the Company had $200.0 million remaining under the 2022 Knight-Swift Share Repurchase Plan.

Weighted Average Shares Outstan

Weighted Average Shares Outstanding	9 Months Ended
Weighted Average Shares Outstanding	Sep. 30, 2024
Earnings Per Share [Abstract]
Weighted Average Shares Outstanding	Weighted Average Shares Outstanding Earnings per share, basic and diluted, as presented in the condensed consolidated statements of comprehensive income, are calculated by dividing net income attributable to Knight-Swift by the respective weighted average common shares outstanding during the period. The following table reconciles basic weighted average shares outstanding to diluted weighted average shares outstanding: Quarter Ended September 30, Year-to-Date September 30, 2024 2023 2024 2023 (In thousands) Basic weighted average common shares outstanding 161,861 161,332 161,687 161,124 Dilutive effect of equity awards 372 556 433 658 Diluted weighted average common shares outstanding 162,233 161,888 162,120 161,782 Anti-dilutive shares excluded from earnings per diluted share 1 232 57 426 141 1 Shares were excluded from the dilutive-effect calculation because the outstanding awards' exercise prices were greater than the average market price of the Company's common stock for the periods presented.

Fair Value Measurement

Fair Value Measurement	9 Months Ended
Fair Value Measurement	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurement	Fair Value Measurement The following table presents the carrying amounts and estimated fair values of the Company's major categories of financial assets and liabilities: September 30, 2024 December 31, 2023 Condensed Consolidated Balance Sheets Caption Carrying Estimated Carrying Estimated (In thousands) Financial Assets: Equity method investments Other long-term assets $ 122,781 $ 122,781 $ 102,252 $ 102,252 Financial Liabilities: 2021 Term Loan A-2, due September 2026 1 Finance lease liabilities and long-term debt – current portion 349,021 350,000 199,902 200,000 2021 Term Loan A-3, due September 2026 1 Finance lease liabilities and long-term debt 789,323 790,000 799,058 800,000 2023 Term Loan, due September 2026 2 Long-term debt – less current portion 249,378 250,000 249,135 250,000 2021 Revolver, due September 2026 Revolving line of credit 227,000 227,000 67,000 67,000 Revenue equipment installment notes 3 Finance lease liabilities and long-term debt 219,510 219,510 279,339 279,339 2021 Prudential Notes 4 Finance lease liabilities and long-term debt 16,787 16,800 25,078 25,100 2023 RSA, due October 2025 5 Accounts receivable securitization -less current portion 458,911 459,200 526,508 527,000 Mandatorily redeemable contingent consideration 6 Accrued liabilities 134,107 134,107 134,107 134,107 Contingent consideration 6 Accrued liabilities, Other long-term liabilities 40,000 40,000 40,859 40,859 1 As of September 30, 2024, the carrying amounts of the 2021 Term Loan A-2 and 2021 Term Loan A-3 were net of $1.0 million and $0.7 million in deferred loan costs, respectively. As of December 31, 2023, the carrying amounts of the 2021 Term Loan A-2 and 2021 Term Loan A-3 were net of $0.1 million and $0.9 million in deferred loan costs, respectively. 2 As of September 30, 2024, the carrying amount of the 2023 Term Loan was net of $0.6 million in deferred loan costs. As of December 31, 2023, the carrying amount of the 2023 Term Loan was net of $0.9 million in deferred loan costs. 3 As of September 30, 2024, the carrying amount of the revenue equipment installment notes included $0.8 million in fair value adjustments. As of December 31, 2023, the carrying amount of the revenue equipment installment notes included $1.3 million in fair value adjustments. 4 As of September 30, 2024, the carrying amount of the 2021 Prudential Notes was net of approximately $13,000 in deferred loan costs and included $0.7 million in fair value adjustments. As of December 31, 2023, the carrying amount of the 2021 Prudential Notes was net of $22,000 in deferred loan costs and included $1.1 million in fair value adjustments. 5 The carrying amount of the 2023 RSA was net of $0.3 million and $0.5 million in deferred loan costs as of September 30, 2024 and December 31, 2023, respectively. 6 The contingent consideration is primarily related to the U.S. Xpress Acquisition. Recurring Fair Value Measurements (Assets) — As of September 30, 2024 and December 31, 2023, there were no major categories of assets estimated at fair value that were measured on a recurring basis. Recurring Fair Value Measurements (Liabilities) — The following table depicts the level in the fair value hierarchy of the inputs used to estimate the fair value of liabilities measured on a recurring basis as of September 30, 2024 and December 31, 2023: Fair Value Measurements at Reporting Date Using Estimated Fair Value Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Gain (Loss) (In thousands) As of September 30, 2024 Mandatorily redeemable contingent consideration 1 2 $ 134,107 $ — $ — $ 134,107 $ — Contingent consideration 1 $ 40,000 $ — $ — $ 40,000 $ 859 As of December 31, 2023 Mandatorily redeemable contingent consideration 1 $ 134,107 $ — $ — $ 134,107 $ — Contingent consideration 1 $ 40,859 $ — $ — $ 40,859 $ 3,359 1 Contingent consideration is associated with the U.S. Xpress Acquisition and certain other investments. The Company recognized a gain of $0.9 million during the quarter and year-to-date periods ended September 30, 2024. The Company recognized a gain of $0.9 million during the quarter ended September 30, 2023 and a gain of $3.4 million during the year-to-date period ended September 30, 2023. 2 As of September 30, 2024, the call option has expired and the mandatorily redeemable contingent consideration is now in the put option period. Nonrecurring Fair Value Measurements (Assets) — The following table depicts the level in the fair value hierarchy of the inputs used to estimate fair value of assets measured on a nonrecurring basis as of September 30, 2024 and December 31, 2023: Fair Value Measurements at Reporting Date Using Estimated Fair Value Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Loss (In thousands) As of September 30, 2024 Buildings 1 $ — $ — $ — $ — $ (288) Operating lease right-of-use assets 2 $ — $ — $ — $ — $ (5,300) Equipment 3 $ — $ — $ — $ — $ (5,279) As of December 31, 2023 Buildings 1 $ — $ — $ — $ — $ (187) Equipment 3 $ — $ — $ — $ — $ (469) Software 4 $ — $ — $ — $ — $ (1,580) 1 Reflects the non-cash impairment of building improvements (within the Truckload segment and the All Other Segments). 2 Reflects the non-cash impairment related to the market value of a facility lease (within the Truckload Segment). 3 Reflects the non-cash impairment of certain revenue equipment held for sale and other equipment (within the Truckload segment and the All Other Segments). 4 Reflects the non-cash impairment of software (within the All Other Segments). Nonrecurring Fair Value Measurements (Liabilities) — As of September 30, 2024 and December 31, 2023, the Company had no major categories of liabilities estimated at fair value that were measured on a nonrecurring basis. Gain on Sale of Revenue Equipment — Net gains on disposals, including disposals of property and equipment classified as assets held for sale, are reported in "Miscellaneous operating expenses" in the condensed consolidated statements of comprehensive income. The Company recorded net gains on disposals of: • $9.2 million and $11.4 million for the quarters ended September 30, 2024 and 2023, respectively. • $21.8 million and $46.6 million for the year-to-date periods ended September 30, 2024 and 2023, respectively. Fair Value of Pension Plan Assets — The following table sets forth by level the fair value hierarchy of ACT's pension plan financial assets accounted for at fair value on a recurring basis. Assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. ACT's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and their placement within the fair value hierarchy levels. Fair Value Measurements at Reporting Date Using: Estimated Level 1 Inputs Level 2 Inputs Level 3 Inputs (In thousands) As of September 30, 2024 Fixed income funds 34,528 34,528 — — Cash and cash equivalents 1,379 1,379 — — Total pension plan assets $ 35,907 $ 35,907 $ — $ — As of December 31, 2023 Fixed income funds 34,536 34,536 — — Cash and cash equivalents 887 887 — — Total pension plan assets $ 35,423 $ 35,423 $ — $ —

Related Party Transactions

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Quarter Ended September 30, Year-to-Date September 30, 2024 2023 2024 2023 Provided by Knight-Swift Received by Knight-Swift Provided by Knight-Swift Received by Knight-Swift Provided by Knight-Swift Received by Knight-Swift Provided by Knight-Swift Received by Knight-Swift (In thousands) Facility and Equipment Leases $ 250 $ 145 $ — $ 21 $ 697 $ 436 $ — $ 67 Other Services $ — $ 9 $ — $ 9 $ — $ 26 $ 27 $ 402 September 30, 2024 December 31, 2023 Receivable Payable Receivable Payable (In thousands) Certain affiliates 1 $ — $ 58 $ 23 $ 37 1

Information by Segment and Geog

Information by Segment and Geography	9 Months Ended
Information by Segment and Geography	Sep. 30, 2024
Segment Reporting [Abstract]
Information by Segment and Geography	Financial Information by Segment and Geography Segment Information Quarter Ended September 30, Year-to-Date September 30, 2024 2023 2024 2023 Revenue: (In thousands) Truckload $ 1,258,156 $ 1,380,781 $ 3,785,408 $ 3,346,685 LTL 325,412 284,168 914,012 806,577 Logistics 143,581 159,489 402,010 417,715 Intermodal 102,679 101,219 288,192 316,118 Subtotal $ 1,829,828 $ 1,925,657 $ 5,389,622 $ 4,887,095 All Other Segments 68,438 119,677 221,796 391,773 Intersegment eliminations (21,590) (25,398) (65,621) (69,021) Total revenue $ 1,876,676 $ 2,019,936 $ 5,545,797 $ 5,209,847 Quarter Ended September 30, Year-to-Date September 30, 2024 2023 2024 2023 Operating income (loss): (In thousands) Truckload $ 45,356 $ 48,361 $ 91,986 $ 232,171 LTL 24,556 32,275 77,892 89,095 Logistics 6,684 10,364 13,916 32,750 Intermodal (1,387) (4,524) (8,012) (6,054) Subtotal $ 75,209 $ 86,476 $ 175,782 $ 347,962 All Other Segments 1 6,211 (5,420) (10,347) (28,089) Operating income $ 81,420 $ 81,056 $ 165,435 $ 319,873 Quarter Ended September 30, Year-to-Date September 30, 2024 2023 2024 2023 Depreciation and amortization of property and equipment: (In thousands) Truckload $ 135,376 $ 135,774 $ 412,321 $ 369,006 LTL 20,872 17,069 57,966 50,077 Logistics 778 1,048 2,708 3,078 Intermodal 5,641 5,194 16,651 14,403 Subtotal $ 162,667 $ 159,085 $ 489,646 $ 436,564 All Other Segments 15,931 17,528 49,667 52,396 Depreciation and amortization of property and equipment $ 178,598 $ 176,613 $ 539,313 $ 488,960 1 The year-to-date $10.3 million operating loss within our All Other Segments is primarily driven by the $17.1 million operating loss in the third-party insurance business. Geographical Information In the aggregate, total revenue from the Company's international operations was less than 5.0% of consolidated total revenue for the quarter and year-to-date periods ended September 30, 2024 and 2023. Additionally, long-lived assets on the Company's international subsidiary balance sheets were less than 5.0% of consolidated total assets as of September 30, 2024 and December 31, 2023.

Introduction and Basis of Pre_2

Introduction and Basis of Presentation (Policies)	9 Months Ended
Introduction and Basis of Presentation (Policies)	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	In management's opinion, these condensed consolidated financial statements were prepared in accordance with GAAP and include all adjustments necessary (consisting of normal recurring adjustments) for the fair statement of the periods presented.

Recently Issued Accounting Pr_2

Recently Issued Accounting Pronouncements (Tables)	9 Months Ended
Recently Issued Accounting Pronouncements (Tables)	Sep. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recently Issued Accounting Pronouncements	Date Issued Reference Description Expected Adoption Date and Method Financial Statement Impact March 2024 ASU No. 2024-02: Codification Improvements - Amendments to Remove References to the Concepts Statements The amendments in this ASU contain amendments to the Codification that remove references to various Concepts Statements. In most cases, the references are extraneous and not required to understand or apply the guidance. In other instances, the references were used in prior Statements to provide guidance in certain topical areas. January 2025, Prospective or retrospective Currently under evaluation, but not expected to be material March 2024 ASU No. 2024-01: Compensation - Stock Compensation (Topic 718) The amendments in this ASU improve GAAP by adding an illustrative example that includes four fact patterns to demonstrate how an entity should apply the scope guidance in paragraph 718-10-15-3 to determine whether a profits interest award should be accounted for in accordance with Topic 718. January 2025, Prospective or retrospective Currently under evaluation, but not expected to be material November 2023 ASU 2023-07: Segment Reporting (ASC 280) — Improvements to Reportable Segment Disclosures The amendments in this ASU update reportable segment disclosure requirements by requiring that an entity disclose significant segment expenses, disclose other segment items by reportable segments, provide annual disclosures about a reportable segment's profit and loss, the title of the chief operating decision maker, and other items. January 2024 Currently under evaluation, but not expected to be material 1 1 ASC Topic 280, Segment Reporting — The Company has evaluated the segment reporting disclosure changes required by ASU 2023-07. Management has created a quantitative mock-up of our segments disclosure under ASC Topic 280. Since management is continuing to evaluate the impact of ASU 2023-07, the above disclosures are tentative and subject to change.

Acquisitions and Investments (T

Acquisitions and Investments (Tables)	9 Months Ended
Acquisitions and Investments (Tables)	Sep. 30, 2024
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	July 30, 2024 Opening Balance Sheet as Reported at September 30, 2024 Fair value of the consideration transferred $ 184,986 Other current assets 445 Property and equipment 29,796 Operating lease right-of-use assets 15,448 Identifiable intangible assets 1 72,400 Other noncurrent assets 98 Total assets 118,187 Claims accruals – current and noncurrent portions (4,000) Operating lease liabilities – current and noncurrent portions (12,400) Total liabilities (16,400) Goodwill $ 83,199 1 Includes $57.0 million in customer relationships and $15.4 million in trade names. July 1, 2023 Opening Balance Sheet as Reported at December 31, 2023 Adjustments July 1, 2023 Opening Balance Sheet as Reported at June 30, 2024 Fair value of the consideration transferred $ 632,109 $ — $ 632,109 Cash and cash equivalents 3,321 — 3,321 Receivables 216,659 345 217,004 Prepaid expenses 21,347 — 21,347 Other current assets 47,317 — 47,317 Property and equipment 433,210 — 433,210 Operating lease right-of-use assets 337,055 — 337,055 Identifiable intangible assets 1 348,000 — 348,000 Other noncurrent assets 28,457 — 28,457 Total assets 1,435,366 345 1,435,711 Accounts payable (115,494) (1,600) (117,094) Accrued payroll and payroll-related expenses (27,485) — (27,485) Accrued liabilities (19,966) (809) (20,775) Claims accruals – current and noncurrent portions (180,251) (11,650) (191,901) Operating lease liabilities – current and noncurrent portions (376,763) — (376,763) Long-term debt and finance leases – current and noncurrent portions (337,949) — (337,949) Deferred tax liabilities (33,072) 9,942 (23,130) Other long-term liabilities (34,230) (26,872) (61,102) Total liabilities (1,125,210) (30,989) (1,156,199) Noncontrolling interest (391) — (391) Total stockholders' equity (391) — (391) Goodwill $ 322,344 $ 30,644 $ 352,988 1 Includes $184.5 million in customer relationships and $163.5 million in trade names.
Business Acquisition, Pro Forma Information	The following unaudited pro forma information combines the historical operations of the Company and U.S. Xpress giving effect to the U.S. Xpress Acquisition, and related transactions as if consummated on January 1, 2023. Quarter Ended September 30, Year-to-Date September 30, 2023 2023 (In thousands, except per share data) Total revenue $ 2,019,936 $ 6,165,131 Net income attributable to Knight-Swift 33,584 146,522 Earnings per share – diluted 0.21 0.91

Accounts Receivable Securitiz_2

Accounts Receivable Securitization (Tables)	9 Months Ended
Accounts Receivable Securitization (Tables)	Sep. 30, 2024
Transfers and Servicing [Abstract]
Schedule of Servicing Liabilities at Fair Value [Table Text Block]	The following table summarizes the key terms of the 2023 RSA (dollars in thousands): 2023 RSA (Dollars in thousands) Effective date October 23, 2023 Final maturity date October 1, 2025 Borrowing capacity $575,000 Accordion option 1 $100,000 Unused commitment fee rate 2 20 to 40 basis points Program fees on outstanding balances 3 one month SOFR + credit spread adjustment 10 basis points + 82.5 basis points 1 The accordion option increases the maximum borrowing capacity, subject to participation of the purchasers. 2 The commitment fee rates are based on the percentage of the maximum borrowing capacity utilized. 3 As identified within the 2023 RSA, the lender can trigger an amendment by identifying and deciding upon a replacement index for SOFR. Availability under the 2023 RSA is calculated as follows: September 30, 2024 December 31, 2023 (In thousands) Borrowing base, based on eligible receivables $ 492,400 $ 527,600 Less: outstanding borrowings 1 (459,200) (527,000) Less: outstanding letters of credit (27,167) — Availability under accounts receivable securitization facilities $ 6,033 $ 600 1 Outstanding borrowings are included in "Accounts receivable securitization" in the condensed consolidated balance sheets and are offset by deferred loan costs of $0.3 million and $0.5 million as of September 30, 2024 and December 31, 2023, respectively. Interest accrued on the aggregate principal balance at a rate of 6.1% and 6.3% as of September 30, 2024 and December 31, 2023, respectively.

Debt And Financing (Tables)

Debt And Financing (Tables)	9 Months Ended
Debt And Financing (Tables)	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt Balances by Instrument	Other than the Company's accounts receivable securitization as discussed in Note 5, the Company's long-term debt consisted of the following: September 30, 2024 December 31, 2023 (In thousands) 2021 Term Loan A-2, due September 3, 2026, net 1 2 349,021 199,902 2021 Term Loan A-3, due September 3, 2026, net 1 2 789,323 799,058 2023 Term Loan, due September 3, 2026, net 1 3 249,378 249,135 Revenue equipment installment notes 1 4 219,510 279,339 Prudential Notes, net 1 16,787 25,078 Other 6,952 8,567 Total long-term debt, including current portion 1,630,971 1,561,079 Less: current portion of long-term debt (129,406) (338,058) Long-term debt, less current portion $ 1,501,565 $ 1,223,021 September 30, 2024 December 31, 2023 (In thousands) Total long-term debt, including current portion $ 1,630,971 $ 1,561,079 2021 Revolver, due September 3, 2026 1 5 227,000 67,000 Long-term debt, including revolving line of credit $ 1,857,971 $ 1,628,079 1 Refer to Note 12 for information regarding the fair value of debt. 2 As of September 30, 2024, the carrying amounts of the 2021 Term Loan A-2 and 2021 Term Loan A-3 were net of $1.0 million and $0.7 million in deferred loan costs, respectively. As of December 31, 2023, the carrying amounts of the 2021 Term Loan A-2 and 2021 Term Loan A-3 were net of $0.1 million and $0.9 million in deferred loan costs, respectively. 3 As of September 30, 2024, the carrying amount of the 2023 Term Loan was net of $0.6 million in deferred loan costs. As of December 31, 2023, the carrying amounts of the 2023 Term Loan was net of $0.9 million in deferred loan costs. 4 The revenue equipment installment loans were assumed at the close of the U.S. Xpress Acquisition and have a weighted average interest rate of 4.8% and 4.7% as of September 30, 2024 and December 31, 2023, respectively. 5 The Company also had outstanding letters of credit of $18.1 million and $18.0 million under the 2021 Revolver, primarily related to workers' compensation and self-insurance liabilities for both September 30, 2024 and December 31, 2023, respectively. The Company also had outstanding letters of credit of $248.0 million and $264.3 million under a separate bilateral agreement which do not impact the availability of the 2021 Revolver as of September 30, 2024 and December 31, 2023, respectively.
Schedule of Long-term Debt Instruments	The following table presents the key terms of the 2021 Debt Agreement as amended by the 2024 Amendment: 2021 Term Loan A-2 2021 Term Loan A-3 2021 Revolver 2 2021 Debt Agreement Terms (Dollars in thousands) Maximum borrowing capacity $350,000 $800,000 $1,100,000 Final maturity date September 3, 2026 September 3, 2026 September 3, 2026 Interest rate margin reference rate SOFR + credit spread adjustment 10 basis points SOFR + credit spread adjustment 10 basis points SOFR + credit spread adjustment 10 basis points Interest rate minimum margin 1 0.88% 0.88% 0.88% Interest rate maximum margin 1 1.50% 1.50% 1.50% Minimum principal payment — amount $— $10,000 $— Minimum principal payment — frequency Once Quarterly Once Minimum principal payment — commencement date September 3, 2026 September 30, 2024 September 3, 2026 1 The interest rate margin for the 2021 Term Loans and 2021 Revolver is based on the Company's consolidated leverage ratio. As of September 30, 2024, interest accrued at 6.46% on the 2021 Term Loan A-2, 6.46% on the 2021 Term Loan A-3, and 6.46% on the 2021 Revolver. 2 The commitment fee for the unused portion of the 2021 Revolver is based on the Company's consolidated leverage ratio, and ranges from 0.1% to 0.2%. As of September 30, 2024, commitment fees on the unused portion of the 2021 Revolver accrued at 0.2% and outstanding letter of credit fees accrued at 1.5%.

Defined Benefit Pension Plan (T

Defined Benefit Pension Plan (Tables)	9 Months Ended
Defined Benefit Pension Plan (Tables)	Sep. 30, 2024
Retirement Benefits [Abstract]
Defined Benefit Plan, Assumptions	The following weighted-average assumptions were used to determine net periodic pension cost: Quarter Ended September 30, Year-to-Date September 30, 2024 2023 2024 2023 Discount rate 5.25 % 4.86 % 4.96 % 4.79 % Expected long-term rate of return on pension plan assets 6.00 % 6.00 % 6.00 % 6.00 %

Weighted Average Shares Outst_2

Weighted Average Shares Outstanding (Tables)	9 Months Ended
Weighted Average Shares Outstanding (Tables)	Sep. 30, 2024
Earnings Per Share [Abstract]
Calculation Of Basic And Diluted Earnings Per Share Attributable To Stockholders	The following table reconciles basic weighted average shares outstanding to diluted weighted average shares outstanding: Quarter Ended September 30, Year-to-Date September 30, 2024 2023 2024 2023 (In thousands) Basic weighted average common shares outstanding 161,861 161,332 161,687 161,124 Dilutive effect of equity awards 372 556 433 658 Diluted weighted average common shares outstanding 162,233 161,888 162,120 161,782 Anti-dilutive shares excluded from earnings per diluted share 1 232 57 426 141 1 Shares were excluded from the dilutive-effect calculation because the outstanding awards' exercise prices were greater than the average market price of the Company's common stock for the periods presented.

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	9 Months Ended
Fair Value Measurement (Tables)	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value by Balance Sheet Grouping	The following table presents the carrying amounts and estimated fair values of the Company's major categories of financial assets and liabilities: September 30, 2024 December 31, 2023 Condensed Consolidated Balance Sheets Caption Carrying Estimated Carrying Estimated (In thousands) Financial Assets: Equity method investments Other long-term assets $ 122,781 $ 122,781 $ 102,252 $ 102,252 Financial Liabilities: 2021 Term Loan A-2, due September 2026 1 Finance lease liabilities and long-term debt – current portion 349,021 350,000 199,902 200,000 2021 Term Loan A-3, due September 2026 1 Finance lease liabilities and long-term debt 789,323 790,000 799,058 800,000 2023 Term Loan, due September 2026 2 Long-term debt – less current portion 249,378 250,000 249,135 250,000 2021 Revolver, due September 2026 Revolving line of credit 227,000 227,000 67,000 67,000 Revenue equipment installment notes 3 Finance lease liabilities and long-term debt 219,510 219,510 279,339 279,339 2021 Prudential Notes 4 Finance lease liabilities and long-term debt 16,787 16,800 25,078 25,100 2023 RSA, due October 2025 5 Accounts receivable securitization -less current portion 458,911 459,200 526,508 527,000 Mandatorily redeemable contingent consideration 6 Accrued liabilities 134,107 134,107 134,107 134,107 Contingent consideration 6 Accrued liabilities, Other long-term liabilities 40,000 40,000 40,859 40,859 1 As of September 30, 2024, the carrying amounts of the 2021 Term Loan A-2 and 2021 Term Loan A-3 were net of $1.0 million and $0.7 million in deferred loan costs, respectively. As of December 31, 2023, the carrying amounts of the 2021 Term Loan A-2 and 2021 Term Loan A-3 were net of $0.1 million and $0.9 million in deferred loan costs, respectively. 2 As of September 30, 2024, the carrying amount of the 2023 Term Loan was net of $0.6 million in deferred loan costs. As of December 31, 2023, the carrying amount of the 2023 Term Loan was net of $0.9 million in deferred loan costs. 3 As of September 30, 2024, the carrying amount of the revenue equipment installment notes included $0.8 million in fair value adjustments. As of December 31, 2023, the carrying amount of the revenue equipment installment notes included $1.3 million in fair value adjustments. 4 As of September 30, 2024, the carrying amount of the 2021 Prudential Notes was net of approximately $13,000 in deferred loan costs and included $0.7 million in fair value adjustments. As of December 31, 2023, the carrying amount of the 2021 Prudential Notes was net of $22,000 in deferred loan costs and included $1.1 million in fair value adjustments. 5 The carrying amount of the 2023 RSA was net of $0.3 million and $0.5 million in deferred loan costs as of September 30, 2024 and December 31, 2023, respectively. 6 The contingent consideration is primarily related to the U.S. Xpress Acquisition.
Recurring Fair Value Measurements (Liabilities)	The following table depicts the level in the fair value hierarchy of the inputs used to estimate the fair value of liabilities measured on a recurring basis as of September 30, 2024 and December 31, 2023: Fair Value Measurements at Reporting Date Using Estimated Fair Value Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Gain (Loss) (In thousands) As of September 30, 2024 Mandatorily redeemable contingent consideration 1 2 $ 134,107 $ — $ — $ 134,107 $ — Contingent consideration 1 $ 40,000 $ — $ — $ 40,000 $ 859 As of December 31, 2023 Mandatorily redeemable contingent consideration 1 $ 134,107 $ — $ — $ 134,107 $ — Contingent consideration 1 $ 40,859 $ — $ — $ 40,859 $ 3,359 1 Contingent consideration is associated with the U.S. Xpress Acquisition and certain other investments. The Company recognized a gain of $0.9 million during the quarter and year-to-date periods ended September 30, 2024. The Company recognized a gain of $0.9 million during the quarter ended September 30, 2023 and a gain of $3.4 million during the year-to-date period ended September 30, 2023. 2 As of September 30, 2024, the call option has expired and the mandatorily redeemable contingent consideration is now in the put option period.
Nonrecurring Fair Value Measurements (Assets)	The following table depicts the level in the fair value hierarchy of the inputs used to estimate fair value of assets measured on a nonrecurring basis as of September 30, 2024 and December 31, 2023: Fair Value Measurements at Reporting Date Using Estimated Fair Value Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Loss (In thousands) As of September 30, 2024 Buildings 1 $ — $ — $ — $ — $ (288) Operating lease right-of-use assets 2 $ — $ — $ — $ — $ (5,300) Equipment 3 $ — $ — $ — $ — $ (5,279) As of December 31, 2023 Buildings 1 $ — $ — $ — $ — $ (187) Equipment 3 $ — $ — $ — $ — $ (469) Software 4 $ — $ — $ — $ — $ (1,580) 1 Reflects the non-cash impairment of building improvements (within the Truckload segment and the All Other Segments). 2 Reflects the non-cash impairment related to the market value of a facility lease (within the Truckload Segment). 3 Reflects the non-cash impairment of certain revenue equipment held for sale and other equipment (within the Truckload segment and the All Other Segments). 4 Reflects the non-cash impairment of software (within the All Other Segments).
Recurring Fair Value Measurements (Assets)	The following table sets forth by level the fair value hierarchy of ACT's pension plan financial assets accounted for at fair value on a recurring basis. Assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. ACT's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and their placement within the fair value hierarchy levels. Fair Value Measurements at Reporting Date Using: Estimated Level 1 Inputs Level 2 Inputs Level 3 Inputs (In thousands) As of September 30, 2024 Fixed income funds 34,528 34,528 — — Cash and cash equivalents 1,379 1,379 — — Total pension plan assets $ 35,907 $ 35,907 $ — $ — As of December 31, 2023 Fixed income funds 34,536 34,536 — — Cash and cash equivalents 887 887 — — Total pension plan assets $ 35,423 $ 35,423 $ — $ —

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
Related Party Transactions (Tables)	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Quarter Ended September 30, Year-to-Date September 30, 2024 2023 2024 2023 Provided by Knight-Swift Received by Knight-Swift Provided by Knight-Swift Received by Knight-Swift Provided by Knight-Swift Received by Knight-Swift Provided by Knight-Swift Received by Knight-Swift (In thousands) Facility and Equipment Leases $ 250 $ 145 $ — $ 21 $ 697 $ 436 $ — $ 67 Other Services $ — $ 9 $ — $ 9 $ — $ 26 $ 27 $ 402 September 30, 2024 December 31, 2023 Receivable Payable Receivable Payable (In thousands) Certain affiliates 1 $ — $ 58 $ 23 $ 37 1

Information by Segment and Ge_2

Information by Segment and Geography (Tables)	9 Months Ended
Information by Segment and Geography (Tables)	Sep. 30, 2024
Segment Reporting [Abstract]
Summary Of Financial Information By Segments	Quarter Ended September 30, Year-to-Date September 30, 2024 2023 2024 2023 Revenue: (In thousands) Truckload $ 1,258,156 $ 1,380,781 $ 3,785,408 $ 3,346,685 LTL 325,412 284,168 914,012 806,577 Logistics 143,581 159,489 402,010 417,715 Intermodal 102,679 101,219 288,192 316,118 Subtotal $ 1,829,828 $ 1,925,657 $ 5,389,622 $ 4,887,095 All Other Segments 68,438 119,677 221,796 391,773 Intersegment eliminations (21,590) (25,398) (65,621) (69,021) Total revenue $ 1,876,676 $ 2,019,936 $ 5,545,797 $ 5,209,847 Quarter Ended September 30, Year-to-Date September 30, 2024 2023 2024 2023 Operating income (loss): (In thousands) Truckload $ 45,356 $ 48,361 $ 91,986 $ 232,171 LTL 24,556 32,275 77,892 89,095 Logistics 6,684 10,364 13,916 32,750 Intermodal (1,387) (4,524) (8,012) (6,054) Subtotal $ 75,209 $ 86,476 $ 175,782 $ 347,962 All Other Segments 1 6,211 (5,420) (10,347) (28,089) Operating income $ 81,420 $ 81,056 $ 165,435 $ 319,873 Quarter Ended September 30, Year-to-Date September 30, 2024 2023 2024 2023 Depreciation and amortization of property and equipment: (In thousands) Truckload $ 135,376 $ 135,774 $ 412,321 $ 369,006 LTL 20,872 17,069 57,966 50,077 Logistics 778 1,048 2,708 3,078 Intermodal 5,641 5,194 16,651 14,403 Subtotal $ 162,667 $ 159,085 $ 489,646 $ 436,564 All Other Segments 15,931 17,528 49,667 52,396 Depreciation and amortization of property and equipment $ 178,598 $ 176,613 $ 539,313 $ 488,960 1 The year-to-date $10.3 million operating loss within our All Other Segments is primarily driven by the $17.1 million operating loss in the third-party insurance business.

Introduction and Basis of Pre_3

Introduction and Basis of Presentation (Details)	9 Months Ended
Introduction and Basis of Presentation (Details)	Sep. 30, 2024 Vehicle Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operational tractors in fleet	22,986
Number of company tractors	20,838
Number of independent contractor tractors	2,148
Number of trailers	92,642
Number of LTL tractors	3,505
Number of LTL trailers	9,160
Number of intermodal tractors	615
Number of intermodal containers	12,577
Number of reportable segments \| Segment	4

Recently Issued Accounting Pr_3

Recently Issued Accounting Pronouncements (Details)	9 Months Ended
Recently Issued Accounting Pronouncements (Details)	Sep. 30, 2024
Accounting Standards Update 2024-02
Recently Issued Accounting Pronouncements [Line Items]
New Accounting Pronouncement or change in Accounting Principle, Description	The amendments in this ASU contain amendments to the Codification that remove references to various Concepts Statements. In most cases, the references are extraneous and not required to understand or apply the guidance. In other instances, the references were used in prior Statements to provide guidance in certain topical areas.
New Accounting Pronouncement Adoption Method and Date	January 2025, Prospective or retrospective
New Accounting Pronouncement Financial Statement Impact	Currently under evaluation, but not expected to be material
Accounting Standards Update 2024-01
Recently Issued Accounting Pronouncements [Line Items]
New Accounting Pronouncement or change in Accounting Principle, Description	The amendments in this ASU improve GAAP by adding an illustrative example that includes four fact patterns to demonstrate how an entity should apply the scope guidance in paragraph 718-10-15-3 to determine whether a profits interest award should be accounted for in accordance with Topic 718.
New Accounting Pronouncement Adoption Method and Date	January 2025, Prospective or retrospective
New Accounting Pronouncement Financial Statement Impact	Currently under evaluation, but not expected to be material
Accounting Standards Update 2023-07
Recently Issued Accounting Pronouncements [Line Items]
New Accounting Pronouncement or change in Accounting Principle, Description	The amendments in this ASU update reportable segment disclosure requirements by requiring that an entity disclose significant segment expenses, disclose other segment items by reportable segments, provide annual disclosures about a reportable segment's profit and loss, the title of the chief operating decision maker, and other items.
New Accounting Pronouncement Adoption Method and Date	January 2024
New Accounting Pronouncement Financial Statement Impact	Currently under evaluation, but not expected to be material 1	[1]

[1]ASC Topic 280, Segment Reporting — The Company has evaluated the segment reporting disclosure changes required by ASU 2023-07. Management has created a quantitative mock-up of our segments disclosure under ASC Topic 280. Since management is continuing to evaluate the impact of ASU 2023-07, the above disclosures are tentative and subject to change.

Acquisitions and Investments -

Acquisitions and Investments - Narrative (Details) - USD ($) $ in Thousands					3 Months Ended		9 Months Ended
	Sep. 30, 2024	Jul. 30, 2024	Dec. 31, 2023	Jul. 01, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jul. 17, 2024
Business Acquisition [Line Items]
Total revenue					$ 1,876,676	$ 2,019,936	$ 5,545,797	$ 5,209,847
Net income					30,059	59,897	46,959	226,514
Amortization of Intangible Assets					18,922	18,907	56,009	51,595
Equity Method Investment, Realized Gain (Loss) on Disposal					(12,100)		(12,100)
U.S. Xpress
Business Acquisition [Line Items]
Business Acquisition, Effective Date of Acquisition		Jul. 30, 2024		Jul. 01, 2023
Total revenue					409,600		1,200,000
Net income					10,100		29,400
Amortization of Intangible Assets					$ 2,300		$ 6,900
Business Combination, Acquisition Related Costs						$ 6,500		$ 31,800
Fair value of the consideration transferred	$ 632,109		$ 632,109
Eleos
Business Acquisition [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired									18.50%
DHE
Business Acquisition [Line Items]
Fair value of the consideration transferred	$ 184,986	$ 185,000
DHE \| Escrow For Sellers
Business Acquisition [Line Items]
Fair value of the consideration transferred		$ 1,500

Acquisitions and Investments _2

Acquisitions and Investments - Tables (Details) - USD ($) $ / shares in Units, $ in Thousands					3 Months Ended		9 Months Ended
		Sep. 30, 2024	Jul. 30, 2024	Dec. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Business Acquisition [Line Items]
Noncontrolling interest					$ (739)	$ (5,839)	$ (2,212)	$ (7,555)
Goodwill		$ 3,963,142		$ 3,848,798	3,963,142		3,963,142
DHE
Business Acquisition [Line Items]
Fair value of the consideration transferred		184,986	$ 185,000
Other current assets		445			445		445
Property and equipment		29,796			29,796		29,796
Operating lease right-of-use assets		15,448			15,448		15,448
Identifiable intangible assets 1	[1]	72,400			72,400		72,400
Other noncurrent assets		98			98		98
Total assets		118,187			118,187		118,187
Claims accruals – current and noncurrent portions		(4,000)			(4,000)		(4,000)
Operating lease liabilities – current and noncurrent portions		(12,400)			(12,400)		(12,400)
Total liabilities		(16,400)			(16,400)		(16,400)
Goodwill		83,199			83,199		83,199
Trade names		15,400			15,400		15,400
DHE \| Customer relationships [Member]
Business Acquisition [Line Items]
Finite-lived intangible assets		57,000			57,000		57,000
U.S. Xpress
Business Acquisition [Line Items]
Fair value of the consideration transferred		632,109		632,109
Cash and cash equivalents		3,321		3,321	3,321		3,321
Receivables		217,004		216,659	217,004		217,004
Prepaid expenses		21,347		21,347	21,347		21,347
Other current assets		47,317		47,317	47,317		47,317
Property and equipment		433,210		433,210	433,210		433,210
Operating lease right-of-use assets		337,055		337,055	337,055		337,055
Identifiable intangible assets 1	[2]	348,000		348,000	348,000		348,000
Other noncurrent assets		28,457		28,457	28,457		28,457
Total assets		1,435,711		1,435,366	1,435,711		1,435,711
Accounts payable		(117,094)		(115,494)	(117,094)		(117,094)
Accrued payroll and payroll-related expenses		(27,485)		(27,485)	(27,485)		(27,485)
Accrued liabilities		(20,775)		(19,966)	(20,775)		(20,775)
Claims accruals – current and noncurrent portions		(191,901)		(180,251)	(191,901)		(191,901)
Operating lease liabilities – current and noncurrent portions		(376,763)		(376,763)	(376,763)		(376,763)
Long-term debt and finance leases – current and noncurrent portions		(337,949)		(337,949)	(337,949)		(337,949)
Deferred Tax Liabilities		(23,130)		(33,072)	(23,130)		(23,130)
Other long-term liabilities		(61,102)		(34,230)	(61,102)		(61,102)
Total liabilities		(1,156,199)		(1,125,210)	(1,156,199)		(1,156,199)
Noncontrolling interest		(391)		(391)
Total stockholders' equity		(391)		(391)	(391)		(391)
Goodwill		352,988		322,344	352,988		352,988
Trade names		163,500		$ 163,500	163,500		163,500
Total revenue						2,019,936		6,165,131
Net income attributable to Knight-Swift						$ 33,584		$ 146,522
Earnings per share – diluted						$ 0.21		$ 0.91
U.S. Xpress \| Revision of Prior Period, Adjustment [Member]
Business Acquisition [Line Items]
Fair value of the consideration transferred		0
Cash and cash equivalents		0			0		0
Receivables		345			345		345
Prepaid expenses		0			0		0
Other current assets		0			0		0
Property and equipment		0			0		0
Operating lease right-of-use assets		0			0		0
Identifiable intangible assets 1		0			0		0
Other noncurrent assets		0			0		0
Total assets		345			345		345
Accounts payable		(1,600)			(1,600)		(1,600)
Accrued payroll and payroll-related expenses		0			0		0
Accrued liabilities		(809)			(809)		(809)
Claims accruals – current and noncurrent portions		(11,650)			(11,650)		(11,650)
Operating lease liabilities – current and noncurrent portions		0			0		0
Long-term debt and finance leases – current and noncurrent portions		0			0		0
Deferred Tax Liabilities		9,942			9,942		9,942
Other long-term liabilities		(26,872)			(26,872)		(26,872)
Total liabilities		(30,989)			(30,989)		(30,989)
Noncontrolling interest		0
Total stockholders' equity		0			0		0
Goodwill		30,644			30,644		30,644
U.S. Xpress \| Customer relationships [Member]
Business Acquisition [Line Items]
Finite-lived intangible assets		$ 184,500			$ 184,500		$ 184,500

[1]Includes $57.0 million in customer relationships and $15.4 million in trade names.[2] Includes $184.5 million in customer relationships and $163.5 million in trade names.

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Income Tax Contingency [Line Items]
Effective tax rate	32%	(2.10%)	32.20%	19.10%
Deferred Tax Assets, Valuation Allowance	$ 10.4		$ 10.4		$ 10.4
Accrued interest and penalties	$ 0		$ 0		$ 0
Year subject to examination	2018
State and Local Jurisdiction [Member] \| Minimum [Member]
Income Tax Contingency [Line Items]
Year under income tax examination			2009
State and Local Jurisdiction [Member] \| Maximum [Member]
Income Tax Contingency [Line Items]
Year under income tax examination			2022

Accounts Receivable Securitiz_3

Accounts Receivable Securitization (Details) - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023	Oct. 23, 2023
Servicing Liabilities at Fair Value [Line Items]
Less: outstanding letters of credit		$ (248,000)	$ (264,300)
2023 RSA
Servicing Liabilities at Fair Value [Line Items]
Effective date				Oct. 23, 2023
Final maturity date				Oct. 01, 2025
Receivables Sales Agreement, Borrowing Capacity				$ 575,000
Accordion Option Accounts Receivable Securitization	[1]			$ 100,000
Unused commitment fee rate	[2]			20 to 40 basis points
Program fees on outstanding balances	[3]			one month SOFR + credit spread adjustment 10 basis points + 82.5 basis points
Borrowing base, based on eligible receivables		492,400	527,600
Accounts receivable securitization	[4]	(459,200)	(527,000)
Less: outstanding letters of credit		(27,167)	0
Availability under accounts receivable securitization facilities		6,033	600
Deferred loan costs		$ 300	$ 500
Debt Instrument, Interest Rate During Period		6.10%	6.30%

[1] The accordion option increases the maximum borrowing capacity, subject to participation of the purchasers. The commitment fee rates are based on the percentage of the maximum borrowing capacity utilized. As identified within the 2023 RSA, the lender can trigger an amendment by identifying and deciding upon a replacement index for SOFR. Outstanding borrowings are included in "Accounts receivable securitization" in the condensed consolidated balance sheets and are offset by deferred loan costs of $0.3 million and $0.5 million as of September 30, 2024 and December 31, 2023, respectively. Interest accrued on the aggregate principal balance at a rate of 6.1% and 6.3% as of September 30, 2024 and December 31, 2023, respectively.

Debt And Financing (Details)

Debt And Financing (Details) - USD ($) $ in Thousands						9 Months Ended
Debt And Financing (Details) - USD ($) $ in Thousands		Sep. 30, 2024	Aug. 06, 2024	Jun. 22, 2023	Sep. 03, 2021	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-Term Debt		$ 1,630,971				$ 1,630,971	$ 1,561,079
Less: current portion of long-term debt		(129,406)				(129,406)	(338,058)
Long-term debt – less current portion		1,501,565				1,501,565	1,223,021
Revolving line of credit		227,000				227,000	67,000
Long-term Debt		1,857,971				1,857,971	1,628,079
Letters of Credit Outstanding, Amount		248,000				248,000	264,300
2021 Term Loan A-2
Debt Instrument [Line Items]
Long-Term Debt	[1],[2]	349,021				349,021	199,902
Deferred loan costs		$ 1,000				1,000	100
Line of Credit Facility, Maximum Borrowing Capacity			$ 350,000		$ 200,000
Final maturity date					Sep. 03, 2026
Program fees on outstanding balances			SOFR + credit spread adjustment 10 basis points
Minimum principal payment — amount					$ 0
Minimum principal payment — frequency					Once
Minimum principal payment — commencement date			Sep. 03, 2026
Debt Instrument, Interest Rate During Period		6.46%
2021 Term Loan A-2 \| Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	[3]		0.88%
2021 Term Loan A-2 \| Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	[3]		1.50%
2021 Term Loan A-3
Debt Instrument [Line Items]
Long-Term Debt	[1],[2]	$ 789,323				789,323	799,058
Deferred loan costs		$ 700				700	900
Line of Credit Facility, Maximum Borrowing Capacity					$ 800,000
Final maturity date					Sep. 03, 2026
Program fees on outstanding balances			SOFR + credit spread adjustment 10 basis points
Minimum principal payment — amount					$ 10,000
Minimum principal payment — frequency					Quarterly
Minimum principal payment — commencement date					Sep. 30, 2024
Debt Instrument, Interest Rate During Period		6.46%
2021 Term Loan A-3 \| Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	[3]				0.88%
2021 Term Loan A-3 \| Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	[3]				1.50%
2023 Term Loan
Debt Instrument [Line Items]
Long-Term Debt	[2],[4]	$ 249,378				249,378	249,135
Deferred loan costs		$ 600				600	900
Line of Credit Facility, Maximum Borrowing Capacity				$ 250,000
Final maturity date				Sep. 03, 2026
Program fees on outstanding balances				SOFR
Debt Instrument, Interest Rate, Stated Percentage				1.75%
Minimum principal payment — amount				$ 0
Debt Instrument, Interest Rate During Period		6.71%
Debt Instrument, Basis Spread on Variable Rate				0.10%
2021 Prudential Notes
Debt Instrument [Line Items]
Long-Term Debt	[2]	$ 16,787				16,787	25,078
2021 Prudential Notes \| Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage					4.05%
2021 Prudential Notes \| Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage					4.40%
Other Debt
Debt Instrument [Line Items]
Secured Debt, Other		6,952				6,952	8,567
2021 Revolver
Debt Instrument [Line Items]
Letters of Credit Outstanding, Amount		$ 18,100				18,100	18,000
Line of Credit Facility, Maximum Borrowing Capacity	[5]				$ 1,100,000
Final maturity date	[5]				Sep. 03, 2026
Program fees on outstanding balances	[5]		SOFR + credit spread adjustment 10 basis points
Minimum principal payment — amount	[5]				$ 0
Minimum principal payment — frequency	[5]				Once
Minimum principal payment — commencement date	[5]				Sep. 03, 2026
Debt Instrument, Interest Rate During Period		6.46%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.20%
Line of Credit Facility, Commitment Fee Percentage		1.50%
2021 Revolver \| Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	[3],[5]				0.88%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage					0.10%
2021 Revolver \| Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	[3],[5]				1.50%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage					0.20%
U.S. Xpress Revenue Equipment Installment Notes
Debt Instrument [Line Items]
Secured Debt	[2],[6]	$ 219,510				$ 219,510	$ 279,339
Debt, Weighted Average Interest Rate		4.80%				4.80%	4.70%
Debt Instrument, Collateral Amount		$ 190,200				$ 190,200
U.S. Xpress Revenue Equipment Installment Notes \| Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate During Period		2%
Debt Instrument, Term						48 months
U.S. Xpress Revenue Equipment Installment Notes \| Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate During Period		7.20%
Debt Instrument, Term						84 months
Line of Credit \| 2021 Revolver
Debt Instrument [Line Items]
Revolving line of credit	[2],[7]	$ 227,000				$ 227,000	$ 67,000
Loans Payable [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity					$ 2,300,000
Loans Payable [Member] \| 2021 Term Loan A-2
Debt Instrument [Line Items]
Deferred loan costs		1,000				1,000	100
Loans Payable [Member] \| 2021 Term Loan A-3
Debt Instrument [Line Items]
Deferred loan costs		700				700	900
Loans Payable [Member] \| 2023 Term Loan
Debt Instrument [Line Items]
Deferred loan costs		$ 600				$ 600	$ 900
Loans Payable [Member] \| 2021 Prudential Notes
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity					$ 125,000

[1] As of September 30, 2024, the carrying amounts of the 2021 Term Loan A-2 and 2021 Term Loan A-3 were net of $1.0 million and $0.7 million in deferred loan costs, respectively. As of December 31, 2023, the carrying amounts of the 2021 Term Loan A-2 and 2021 Term Loan A-3 were net of $0.1 million and $0.9 million in deferred loan costs, respectively. Refer to Note 12 for information regarding the fair value of debt. The interest rate margin for the 2021 Term Loans and 2021 Revolver is based on the Company's consolidated leverage ratio. As of September 30, 2024, interest accrued at 6.46% on the 2021 Term Loan A-2, 6.46% on the 2021 Term Loan A-3, and 6.46% on the 2021 Revolver. As of September 30, 2024, the carrying amount of the 2023 Term Loan was net of $0.6 million in deferred loan costs. As of December 31, 2023, the carrying amounts of the 2023 Term Loan was net of $0.9 million in deferred loan costs. The commitment fee for the unused portion of the 2021 Revolver is based on the Company's consolidated leverage ratio, and ranges from 0.1% to 0.2%. As of September 30, 2024, commitment fees on the unused portion of the 2021 Revolver accrued at 0.2% and outstanding letter of credit fees accrued at 1.5%. The revenue equipment installment loans were assumed at the close of the U.S. Xpress Acquisition and have a weighted average interest rate of 4.8% and 4.7% as of September 30, 2024 and December 31, 2023, respectively. The Company also had outstanding letters of credit of $18.1 million and $18.0 million under the 2021 Revolver, primarily related to workers' compensation and self-insurance liabilities for both September 30, 2024 and December 31, 2023, respectively. The Company also had outstanding letters of credit of $248.0 million and $264.3 million under a separate bilateral agreement which do not impact the availability of the 2021 Revolver as of September 30, 2024 and December 31, 2023, respectively.

Defined Benefit Pension Plan (D

Defined Benefit Pension Plan (Details)	3 Months Ended		9 Months Ended
Defined Benefit Pension Plan (Details)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Retirement Benefits [Abstract]
Discount Rate (Point in Time)	4.73%		4.73%
Discount Rate (Period of Time)	5.25%	4.86%	4.96%	4.79%
Expected long-term rate of return on pension plan assets	6%	6%	6%	6%

Purchase Commitments (Details)

Purchase Commitments (Details) $ in Millions	Sep. 30, 2024 USD ($)
Capital Addition Purchase Commitments Total Revenue Equipment [Member]
Long-term Purchase Commitment [Line Items]
Purchase Obligation, Future Minimum Payments, Remainder of Fiscal Year	$ 203.8
Purchase Obligation, to be Paid, Year One	203.8
Purchase Obligation, to be Paid, Year Two	0
Purchase Obligation, to be Paid, Year Three	0
Purchase Obligation, Due in Fourth and Fifth Year	0
Purchase Obligation, Due after Fifth Year	0
Capital Addition Purchase Commitments of Tractors [Member]
Long-term Purchase Commitment [Line Items]
Purchase Obligation, Future Minimum Payments, Remainder of Fiscal Year	163.8
Capital Addition Purchase Commitments Non revenue equipment [Member]
Long-term Purchase Commitment [Line Items]
Purchase Obligation, Future Minimum Payments, Remainder of Fiscal Year	50.3
Purchase Obligation, to be Paid, Year One	50.3
Purchase Obligation, Due in Second and Third Year	65
Purchase Obligation, Due in Fourth and Fifth Year	5.3
Purchase Obligation, Due after Fifth Year	$ 0.2

Contingencies and Legal Proce_2

Contingencies and Legal Proceedings (Details) $ in Millions	9 Months Ended
Contingencies and Legal Proceedings (Details) $ in Millions	Sep. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Loss contingency accrual	$ 6.9
Payments for Reinsurance	$ 161.1

Share Repurchase Plans (Details

Share Repurchase Plans (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2024	Dec. 31, 2023	Apr. 19, 2022
Knight-Swift Share Repurchase Plan, November 24, 2020
Class of Stock [Line Items]
Share repurchase plan, remaining authorized amount, value				$ 42,800
Knight-Swift Share Repurchase Plan, April 19, 2022
Class of Stock [Line Items]
Share repurchase plan, authorized amount, value				$ 350,000
Share repurchase plan, remaining authorized amount, value		$ 200,000	$ 200,000
Share repurchase, shares	0	0
Company shares repurchased, value	$ 0	$ 0

Weighted Average Shares Outst_3

Weighted Average Shares Outstanding (Details) - shares shares in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Basic weighted average common shares outstanding		161,861	161,332	161,687	161,124
Dilutive effect of equity awards		372	556	433	658
Diluted weighted average common shares outstanding		162,233	161,888	162,120	161,782
Anti-dilutive shares excluded from diluted earnings per share	[1]	232	57	426	141

[1]Shares were excluded from the dilutive-effect calculation because the outstanding awards' exercise prices were greater than the average market price of the Company's common stock for the periods presented.

Fair Value Measurement - Estima

Fair Value Measurement - Estimated Fair Values (Details) - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Financial Assets:
Equity method investments		$ 122,781	$ 102,252
Equity method investments (Estimated Fair Value)		122,781	102,252
Financial Liabilities:
Term loan Carrying Value		1,857,971	1,628,079
Revolving line of credit		227,000	67,000
Accounts receivable securitization		458,911	526,508
Business Combination, Contingent Consideration, Liability	[1]	40,000	40,859
U.S. Xpress \| Class A
Financial Liabilities:
Business Combination, Contingent Consideration, Liability	[1]	134,107	134,107
2021 Term Loan A-2
Financial Liabilities:
Term loan Carrying Value	[2]	349,021	199,902
Term loan, Fair Value	[2]	350,000	200,000
2021 Term Loan A-3
Financial Liabilities:
Term loan Carrying Value	[2]	789,323	799,058
Term loan, Fair Value	[2]	790,000	800,000
2023 Term Loan
Financial Liabilities:
Term loan Carrying Value	[3]	249,378	249,135
Term loan, Fair Value	[3]	250,000	250,000
2021 Revolver
Financial Liabilities:
Revolving line of credit		227,000	67,000
U.S. Xpress Revenue Equipment Installment Notes
Financial Liabilities:
Secured Debt	[4]	219,510	279,339
Debt Instrument, Fair Value Disclosure		800	1,300
2021 Prudential Notes
Financial Liabilities:
Term loan Carrying Value	[5]	16,787	25,078
Term loan, Fair Value	[5]	16,800	25,100
Debt Instrument, Fair Value Disclosure		700	1,100
Deferred loan costs		13	22
2023 RSA
Financial Liabilities:
Accounts receivable securitization	[6]	458,911	526,508
Debt Instrument, Fair Value Disclosure	[6]	459,200	527,000
Deferred loan costs		$ 300	$ 500

[1] The contingent consideration is primarily related to the U.S. Xpress Acquisition. As of September 30, 2024, the carrying amount of the 2023 Term Loan was net of $0.6 million in deferred loan costs. As of December 31, 2023, the carrying amount of the 2023 Term Loan was net of $0.9 million in deferred loan costs. As of September 30, 2024, the carrying amount of the revenue equipment installment notes included $0.8 million in fair value adjustments. As of December 31, 2023, the carrying amount of the revenue equipment installment notes included $1.3 million in fair value adjustments. As of September 30, 2024, the carrying amount of the 2021 Prudential Notes was net of approximately $13,000 in deferred loan costs and included $0.7 million in fair value adjustments. As of December 31, 2023, the carrying amount of the 2021 Prudential Notes was net of $22,000 in deferred loan costs and included $1.1 million in fair value adjustments. The carrying amount of the 2023 RSA was net of $0.3 million and $0.5 million in deferred loan costs as of September 30, 2024 and December 31, 2023, respectively.

Fair Value Measurement - Recurr

Fair Value Measurement - Recurring and Nonrecurring Measurements (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended			12 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024		Sep. 30, 2023	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business Combination, Contingent Consideration, Liability	[1]	$ 40,000		$ 40,000			$ 40,859
Asset Impairment Charges		(1,008)	$ 0	(10,867)		$ 0
Gain (Loss) on Disposition of Property Plant Equipment				21,839		46,628
Equipment [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (Loss) on Disposition of Property Plant Equipment		9,200	11,400	21,800		46,600
U.S. Xpress \| Class A
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business Combination, Contingent Consideration, Liability	[1]	134,107		134,107			134,107
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure		0		0			0
Business Combination, Contingent Consideration, Liability	[2]	40,000		40,000			40,859
Contingent Consideration Gain (Loss)		900	$ 900	859	[2]	$ 3,400	3,359	[2]
Total pension plan assets		35,907		35,907			35,423
Fair Value, Recurring [Member] \| U.S. Xpress \| Class A
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business Combination, Contingent Consideration, Liability	[2]	134,107		134,107			134,107
Contingent Consideration Gain (Loss)	[2]			0			0
Fair Value, Recurring [Member] \| Fixed income funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total pension plan assets		34,528		34,528			34,536
Fair Value, Recurring [Member] \| Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total pension plan assets		1,379		1,379			887
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business Combination, Contingent Consideration, Liability	[2]	0		0			0
Total pension plan assets		35,907		35,907			35,423
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| U.S. Xpress \| Class A
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business Combination, Contingent Consideration, Liability	[2]	0		0			0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Fixed income funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total pension plan assets		34,528		34,528			34,536
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total pension plan assets		1,379		1,379			887
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business Combination, Contingent Consideration, Liability	[2]	0		0			0
Total pension plan assets		0		0			0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| U.S. Xpress \| Class A
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business Combination, Contingent Consideration, Liability	[2]	0		0			0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Fixed income funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total pension plan assets		0		0			0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total pension plan assets		0		0			0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business Combination, Contingent Consideration, Liability	[2]	40,000		40,000			40,859
Total pension plan assets		0		0			0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| U.S. Xpress \| Class A
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business Combination, Contingent Consideration, Liability	[2]	134,107		134,107			134,107
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| Fixed income funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total pension plan assets		0		0			0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total pension plan assets		0		0			0
Fair Value, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial and Nonfinancial Liabilities, Fair Value Disclosure		0		0			0
Fair Value, Nonrecurring [Member] \| Software and Software Development Costs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property, Plant, and Equipment, Fair Value Disclosure	[3]						0
Fair Value, Nonrecurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Software and Software Development Costs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property, Plant, and Equipment, Fair Value Disclosure	[3]						0
Fair Value, Nonrecurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Software and Software Development Costs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property, Plant, and Equipment, Fair Value Disclosure	[3]						0
Fair Value, Nonrecurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| Software and Software Development Costs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property, Plant, and Equipment, Fair Value Disclosure	[3]						0
Building and Building Improvements \| Fair Value, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property, Plant, and Equipment, Fair Value Disclosure	[4]	0		0			0
Asset Impairment Charges	[4]			(288)			(187)
Building and Building Improvements \| Fair Value, Nonrecurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property, Plant, and Equipment, Fair Value Disclosure	[4]	0		0			0
Building and Building Improvements \| Fair Value, Nonrecurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property, Plant, and Equipment, Fair Value Disclosure	[4]	0		0			0
Building and Building Improvements \| Fair Value, Nonrecurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property, Plant, and Equipment, Fair Value Disclosure	[4]	0		0			0
Property Subject to Operating Lease \| Fair Value, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property, Plant, and Equipment, Fair Value Disclosure	[5]	0		0
Asset Impairment Charges	[5]			(5,300)
Property Subject to Operating Lease \| Fair Value, Nonrecurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property, Plant, and Equipment, Fair Value Disclosure	[5]	0		0
Property Subject to Operating Lease \| Fair Value, Nonrecurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property, Plant, and Equipment, Fair Value Disclosure	[5]	0		0
Property Subject to Operating Lease \| Fair Value, Nonrecurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property, Plant, and Equipment, Fair Value Disclosure	[5]	0		0
Equipment [Member] \| Fair Value, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property, Plant, and Equipment, Fair Value Disclosure	[6]	0		0			0
Total Losses, nonrecurring assets	[6]			(5,279)			(469)
Equipment [Member] \| Fair Value, Nonrecurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property, Plant, and Equipment, Fair Value Disclosure	[6]	0		0			0
Equipment [Member] \| Fair Value, Nonrecurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property, Plant, and Equipment, Fair Value Disclosure	[6]	0		0			0
Equipment [Member] \| Fair Value, Nonrecurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property, Plant, and Equipment, Fair Value Disclosure	[6]	$ 0		$ 0			0
Software and Software Development Costs \| Fair Value, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Impairment Charges	[3]						$ (1,580)

[1] The contingent consideration is primarily related to the U.S. Xpress Acquisition. Contingent consideration is associated with the U.S. Xpress Acquisition and certain other investments. The Company recognized a gain of $0.9 million during the quarter and year-to-date periods ended September 30, 2024. The Company recognized a gain of $0.9 million during the quarter ended September 30, 2023 and a gain of $3.4 million during the year-to-date period ended September 30, 2023. 2 As of September 30, 2024, the call option has expired and the mandatorily redeemable contingent consideration is now in the put option period.

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Total revenue		$ 1,876,676	$ 2,019,936	$ 5,545,797	$ 5,209,847
Costs and Expenses		1,795,256	1,938,880	5,380,362	4,889,974
Trade receivables, net of allowance for doubtful accounts of $39,298 and $39,458, respectively		835,248		835,248		$ 888,603
Accounts payable		293,244		293,244		355,173
Certain Affiliates [Member]
Related Party Transaction [Line Items]
Trade receivables, net of allowance for doubtful accounts of $39,298 and $39,458, respectively	[1]	0		0		23
Accounts payable	[1]	58		58		$ 37
Certain Affiliates [Member] \| Facility and Equipment Leases [Member]
Related Party Transaction [Line Items]
Total revenue		250	0	697	0
Costs and Expenses		145	21	436	67
Certain Affiliates [Member] \| Other Services [Member]
Related Party Transaction [Line Items]
Total revenue		0	0	0	27
Costs and Expenses		$ 9	$ 9	$ 26	$ 402

[1] "Certain affiliates" includes entities that are associated with various board members and executives and require approval by the Audit Committee of the Board prior to completing transactions. Transactions with these entities generally include facility and equipment leases and other services.

Information by Segment and Ge_3

Information by Segment and Geography - Segment Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024		Sep. 30, 2023
Segment Reporting Information [Line Items]
Total revenue	$ 1,876,676	$ 2,019,936	$ 5,545,797		$ 5,209,847
Operating income	81,420	81,056	165,435		319,873
Depreciation and amortization of property and equipment	178,598	176,613	539,313		488,960
Third Party Carrier Services
Segment Reporting Information [Line Items]
Operating income			(17,100)
Operating Segments [Member]
Segment Reporting Information [Line Items]
Total revenue	1,829,828	1,925,657	5,389,622		4,887,095
Operating income	75,209	86,476	175,782		347,962
Depreciation and amortization of property and equipment	162,667	159,085	489,646		436,564
Operating Segments [Member] \| Truckload [Member]
Segment Reporting Information [Line Items]
Total revenue	1,258,156	1,380,781	3,785,408		3,346,685
Operating income	45,356	48,361	91,986		232,171
Depreciation and amortization of property and equipment	135,376	135,774	412,321		369,006
Operating Segments [Member] \| LTL
Segment Reporting Information [Line Items]
Total revenue	325,412	284,168	914,012		806,577
Operating income	24,556	32,275	77,892		89,095
Depreciation and amortization of property and equipment	20,872	17,069	57,966		50,077
Operating Segments [Member] \| Logistics [Member]
Segment Reporting Information [Line Items]
Total revenue	143,581	159,489	402,010		417,715
Operating income	6,684	10,364	13,916		32,750
Depreciation and amortization of property and equipment	778	1,048	2,708		3,078
Operating Segments [Member] \| Intermodal [Member]
Segment Reporting Information [Line Items]
Total revenue	102,679	101,219	288,192		316,118
Operating income	(1,387)	(4,524)	(8,012)		(6,054)
Depreciation and amortization of property and equipment	5,641	5,194	16,651		14,403
Non-reportable segments [Member]
Segment Reporting Information [Line Items]
Total revenue	68,438	119,677	221,796		391,773
Operating income	6,211	(5,420)	(10,347)	[1]	(28,089)
Depreciation and amortization of property and equipment	15,931	17,528	49,667		52,396
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Total revenue	$ (21,590)	$ (25,398)	$ (65,621)		$ (69,021)

[1] The year-to-date $10.3 million operating loss within our All Other Segments is primarily driven by the $17.1 million operating loss in the third-party insurance business.

Information by Segment and Ge_4

Information by Segment and Geography - Narrative (Details)	3 Months Ended		9 Months Ended
Information by Segment and Geography - Narrative (Details)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Segment Reporting [Abstract]
Percentages Of Foreign Operations Consolidated Revenue	5%	5%	5%	5%
Long lived assets of foreign operations	5%		5%		5%