Schneider National (SNDR) 10-Q2 Nov 232023 Q3 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2023	Oct. 24, 2023
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-38054
Entity Registrant Name	Schneider National, Inc.
Entity Incorporation, State or Country Code	WI
Entity Tax Identification Number	39-1258315
Entity Address, Address Line One	3101 South Packerland Drive
Entity Address, City or Town	Green Bay
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	54313
City Area Code	920
Local Phone Number	592-2000
Title of 12(b) Security	Class B common stock, no par value
Trading Symbol	SNDR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001692063
Current Fiscal Year End Date	--12-31
Class A Common Shares
Document Information
Entity Common Stock, Shares Outstanding		83,029,500
Class B Common Stock
Document Information
Entity Common Stock, Shares Outstanding		93,417,155

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Operating revenues	$ 1,352	$ 1,675.3	$ 4,127.2	$ 5,042.7
Operating expenses:
Purchased transportation	540	735	1,634.9	2,254
Salaries, wages, and benefits	340.4	356	1,003.7	1,034.4
Fuel and fuel taxes	115.7	133.4	325.5	390.9
Depreciation and amortization	96.8	88.2	281.8	258.3
Operating supplies and expenses—net	138.5	149.7	427	392
Insurance and related expenses	26.6	26.5	77	78
Other general expenses	47.3	41.1	112.2	178
Total operating expenses	1,305.3	1,529.9	3,862.1	4,585.6
Income from operations	46.7	145.4	265.1	457.1
Other expenses (income):
Interest income	(1.6)	(0.8)	(6.3)	(1.5)
Interest expense	3.3	2.1	10.1	7.1
Other income—net	(1.1)	(23.6)	(17.3)	(12.3)
Total other expenses (income)—net	0.6	(22.3)	(13.5)	(6.7)
Income before income taxes	46.1	167.7	278.6	463.8
Provision for income taxes	10.5	41.9	67.5	116.1
Net income	35.6	125.8	211.1	347.7
Other comprehensive income (loss):
Foreign currency translation adjustment—net	(0.2)	(0.1)	0.4	0
Net unrealized losses on marketable securities—net of tax	(0.5)	(1.3)	(0.4)	(3.9)
Total other comprehensive loss—net	(0.7)	(1.4)	0	(3.9)
Comprehensive income	$ 34.9	$ 124.4	$ 211.1	$ 343.8
Weighted average common shares outstanding	176.9	178	177.7	177.9
Basic earnings per share	$ 0.20	$ 0.71	$ 1.19	$ 1.95
Weighted average diluted shares outstanding	177.7	178.7	178.5	178.6
Diluted earnings per share	$ 0.20	$ 0.70	$ 1.18	$ 1.95

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 58.5	$ 385.7
Marketable securities	56.4	45.9
Trade accounts receivable—net of allowance of $16.8 million and $13.7 million, respectively	612.1	643.7
Other receivables	72.8	21.3
Current portion of lease receivables—net of allowance of $0.9 million and $1.3 million, respectively	102.7	111.2
Inventories—net	113.8	53
Prepaid expenses and other current assets	130.7	89.5
Total current assets	1,147	1,350.3
Property and equipment:
Transportation equipment	3,707.6	3,410.7
Land, buildings, and improvements	227.9	219
Other property and equipment	179.3	174.1
Total property and equipment	4,114.8	3,803.8
Less accumulated depreciation	1,557.2	1,523.8
Net property and equipment	2,557.6	2,280
Lease receivables	142.3	163.1
Internal use software and other noncurrent assets	400.6	296.6
Goodwill	332.8	228.2
Total noncurrent assets	3,433.3	2,967.9
Total Assets	4,580.3	4,318.2
Current Liabilities:
Trade accounts payable	281.1	276.7
Accrued salaries, wages, and benefits	74	97.8
Claims accruals—current	76	75.5
Current maturities of debt and finance lease obligations	70.5	73.3
Other current liabilities	109	113.6
Total current liabilities	610.6	636.9
Noncurrent Liabilities:
Long-term debt and finance lease obligations	218.5	141.8
Claims accruals—noncurrent	96.9	95.2
Deferred income taxes	589.8	538.2
Other noncurrent liabilities	107.4	68.9
Total noncurrent liabilities	1,012.6	844.1
Total Liabilities	1,623.2	1,481
Shareholders’ Equity:
Additional paid-in capital	1,592.8	1,584.4
Retained earnings	1,420.3	1,257.8
Accumulated other comprehensive loss	(5)	(5)
Treasury stock, value	(51)	0
Total Shareholders' Equity	2,957.1	2,837.2
Total Liabilities and Shareholders’ Equity	4,580.3	4,318.2
Preferred Stock
Shareholders’ Equity:
Preferred stock	0	0
Class A Common Shares
Shareholders’ Equity:
Common stock	0	0
Class B Common Stock
Shareholders’ Equity:
Common stock	$ 0	$ 0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Net cash provided by operating activities
Net income	$ 211.1	$ 347.7
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	281.8	258.3
Gains on sales of property and equipment—net	(29.2)	(75.2)
Proceeds from lease receipts	57.7	62.3
Deferred income taxes	51.7	72.4
Long-term incentive and share-based compensation expense	13.4	12.6
Gains on investments in equity securities—net	(20.5)	(15.8)
Other noncash items—net	0.8	(15.2)
Changes in operating assets and liabilities:
Receivables	(5)	(26.5)
Other assets	(39.9)	(53.8)
Payables	(24.5)	5
Claims reserves and other receivables—net	0.4	6.3
Other liabilities	(11.7)	0.2
Net cash provided by operating activities	486.1	578.3
Investing Activities:
Purchases of transportation equipment	(500.6)	(321.1)
Purchases of other property and equipment	(33.9)	(38.4)
Proceeds from sale of property and equipment	106.2	101.1
Proceeds from sale of off-lease inventory	24.1	19.9
Purchases of lease equipment	(95)	(80.4)
Proceeds from marketable securities	5.2	4.2
Purchases of marketable securities	(16.2)	(4.6)
Investments in equity securities and equity method investment	(17.1)	(24.1)
Investment in note receivable	(10)	0
Acquisition of businesses, net of cash acquired	(239.5)	(28.1)
Net cash used in investing activities	(776.8)	(371.5)
Financing Activities:
Proceeds from Lines of Credit	166	0
Repayments of Lines of Credit	(75)	0
Proceeds from Issuance of Long-Term Debt	50	0
Payments of debt and finance lease obligations	(72.8)	(61.3)
Dividends paid	(47.7)	(41.4)
Repurchases of common stock	(51)	0
Other financing activities	(6)	0.8
Net cash used in financing activities	(36.5)	(101.9)
Net increase (decrease) in cash and cash equivalents	(327.2)	104.9
Cash and Cash Equivalents:
Cash and cash equivalents, beginning balance	385.7	244.8
Cash and cash equivalents, ending balance	58.5	349.7
Noncash investing and financing activity:
Transportation and lease equipment purchases in accounts payable	40.3	50.4
Dividends declared but not yet paid	17	16.1
Sale of assets in exchange for notes receivable	0	2.3
Noncash equity investment	3.3	0
Cash paid during the period for:
Interest	7.8	8.3
Income taxes—net of refunds	$ 65.1	$ 38

Consolidated Statements Shareho

Consolidated Statements Shareholders' Equity - USD ($) $ in Millions	Total	Class A Common Shares	Class B Common Stock	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock
Balance at Dec. 31, 2021	$ 2,423.8			$ 0	$ 1,566	$ 857.8	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity
Net income	92.1			0	0	92.1	0	0
Other comprehensive (loss) income	(1.5)			0	0	0	(1.5)	0
Share-based compensation expense	5.4			0	5.4	0	0	0
Dividends declared per share		$ 0.08	$ 0.08
Dividends declared	(14.9)			0	0	(14.9)	0	0
Share issuances	0.1			0	0.1	0	0	0
Exercise of employee stock options	2.3			0	2.3	0	0	0
Shares withheld for employee taxes	(2.4)			0	(2.4)	0	0	0
Balance at Mar. 31, 2022	2,504.9			0	1,571.4	935	(1.5)	0
Balance at Dec. 31, 2021	2,423.8			0	1,566	857.8	0	0
Increase (Decrease) in Stockholders' Equity
Net income	347.7
Balance at Sep. 30, 2022	2,737.9			0	1,579.8	1,162	(3.9)	0
Balance at Mar. 31, 2022	2,504.9			0	1,571.4	935	(1.5)	0
Increase (Decrease) in Stockholders' Equity
Net income	129.8			0	0	129.8	0	0
Other comprehensive (loss) income	(1)			0	0	0	(1)	0
Share-based compensation expense	3.4			0	3.4	0	0	0
Dividends declared per share		0.08	0.08
Dividends declared	(14.2)			0	0	(14.2)	0	0
Exercise of employee stock options	0.9			0	0.9	0	0	0
Balance at Jun. 30, 2022	2,623.8			0	1,575.7	1,050.6	(2.5)	0
Increase (Decrease) in Stockholders' Equity
Net income	125.8			0	0	125.8	0	0
Other comprehensive (loss) income	(1.4)			0	0	0	(1.4)	0
Share-based compensation expense	4.1			0	4.1	0	0	0
Dividends declared per share		0.08	0.08
Dividends declared	(14.4)			0	0	(14.4)	0	0
Balance at Sep. 30, 2022	2,737.9			0	1,579.8	1,162	(3.9)	0
Balance at Dec. 31, 2022	2,837.2			0	1,584.4	1,257.8	(5)	0
Increase (Decrease) in Stockholders' Equity
Net income	98			0	0	98	0	0
Other comprehensive (loss) income	0.8			0	0	0	0.8	0
Share-based compensation expense	5.1			0	5.1	0	0	0
Dividends declared per share		0.09	0.09
Dividends declared	(16.4)			0	0	(16.4)	0	0
Share issuances	0.1			0	0.1	0	0	0
Exercise of employee stock options	0.1			0	0.1	0	0	0
Shares withheld for employee taxes	(6.1)			0	(6.1)	0	0	0
Balance at Mar. 31, 2023	2,918.8			0	1,583.6	1,339.4	(4.2)	0
Balance at Dec. 31, 2022	2,837.2			0	1,584.4	1,257.8	(5)	0
Increase (Decrease) in Stockholders' Equity
Net income	211.1
Balance at Sep. 30, 2023	2,957.1			0	1,592.8	1,420.3	(5)	51
Balance at Mar. 31, 2023	2,918.8			0	1,583.6	1,339.4	(4.2)	0
Increase (Decrease) in Stockholders' Equity
Net income	77.5			0	0	77.5	0	0
Other comprehensive (loss) income	(0.1)			0	0	0	(0.1)	0
Share-based compensation expense	4.4			0	4.4	0	0	0
Dividends declared per share		0.09	0.09
Dividends declared	(16.1)			0	0	(16.1)	0	0
Repurchases of common stock	(36.1)			0	0	0	0	(36.1)
Balance at Jun. 30, 2023	2,948.4			0	1,588	1,400.8	(4.3)	36.1
Increase (Decrease) in Stockholders' Equity
Net income	35.6			0	0	35.6	0	0
Other comprehensive (loss) income	(0.7)			0	0	0	(0.7)	0
Share-based compensation expense	4.8			0	4.8	0	0	0
Dividends declared per share		$ 0.09	$ 0.09
Dividends declared	(16.1)			0	0	(16.1)	0	0
Repurchases of common stock	(14.9)			0	0	0	0	(14.9)
Balance at Sep. 30, 2023	$ 2,957.1			$ 0	$ 1,592.8	$ 1,420.3	$ (5)	$ 51

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) - Parenthetical - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Trade accounts receivable allowance	$ 16.8	$ 13.7
Lease receivables allowance	$ 0.9	$ 1.3
Preferred Stock
Preferred stock, par value (usd per share)	$ 0	$ 0
Preferred stock, shares authorized (shares)	50,000,000	50,000,000
Preferred stock, shares outstanding (shares)	0	0
Preferred stock, shares issued (shares)	0	0
Class A Common Shares
Common stock, par value (usd per share)	$ 0	$ 0
Common stock, shares authorized (shares)	250,000,000	250,000,000
Common stock, shares outstanding (shares)	83,029,500	83,029,500
Common stock, shares issued (shares)	83,029,500	83,029,500
Class B Common Stock
Common stock, par value (usd per share)	$ 0	$ 0
Common stock, shares authorized (shares)	750,000,000	750,000,000
Common stock, shares outstanding (shares)	93,567,035	94,993,144
Common stock, shares issued (shares)	93,949,391	95,655,907
Treasury Stock
Treasury stock, common, shares	1,869,474	0

General

General	9 Months Ended
General	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	GENERAL Nature of Operations Schneider National, Inc. and its subsidiaries (together “Schneider,” the “Company,” “we,” “us,” or “our”) are among the largest providers of surface transportation and logistics solutions in North America. We offer a multimodal portfolio of services and an array of capabilities and resources that leverage artificial intelligence, data science, and analytics to provide innovative solutions that coordinate the timely, safe, and effective movement of customer products. The Company offers truckload, intermodal, and logistics services to a diverse customer base throughout the continental U.S., Canada, and Mexico. Principles of Consolidation and Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in conformity with GAAP and the rules and regulations of the SEC applicable to quarterly reports on Form 10-Q. Therefore, these consolidated financial statements and footnotes do not include all disclosures required by GAAP for annual financial statements and should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2022. Financial results for an interim period are not necessarily indicative of the results for a full year. All intercompany transactions have been eliminated in consolidation. In the opinion of management, these statements reflect all adjustments (consisting only of normal, recurring adjustments) necessary for the fair presentation of our financial results for the interim periods presented. Government Grants We have received funding from various California state organizations to be used towards the electrification of a portion of our fleet, inclusive of battery electric vehicles (“BEVs”) and charging stations. As there is no specific guidance under GAAP, we have elected to account for such grants under IAS 20, Accounting for Government Grants and Disclosure of Government Assistance , using the gross presentation model for the balance sheet and the net presentation model for the income statement. In accordance with IAS 20’s net presentation model, government grants can be offset against the related expenditures on the income statement when there is reasonable assurance that (1) the recipient will comply with the relevant conditions and (2) the grant will be received. For the three and nine months ended September 30, 2023, the Company placed assets in service that were covered by grants from the Environmental Protection Agency’s Targeted Airshed Grant (administered by the California Air Resources Board) and the South Coast Air Quality Management District’s Joint Electric Truck Scaling Initiative. Under the former, funds were paid directly to the manufacturer and reflected as a reduction in the invoiced amount, and under the latter, the Company paid the full amount up front and will apply for reimbursement of qualified expenses. As of September 30, 2023, the Company believes the above conditions have been met and during the three and nine months ended September 30, 2023, depreciation and amortization expense was reduced by $0.5 million and $0.7 million, respectively, in the consolidated statements of comprehensive income. As of September 30, 2023, the Company’s consolidated balance sheets included $16.1 million of grant receivables within other receivables and $2.3 million and $13.8 million in deferred grant income within other current liabilities and other noncurrent liabilities, respectively. Property and Equipment Gains and losses on property and equipment are recognized at the time of sale or disposition and are classified in operating supplies and expenses—net on the consolidated statements of comprehensive income. For the three months ended September 30, 2023 and 2022, we recognized $6.4 million and $11.4 million of net gains on the sale of property and equipment, respectively, and for the nine months ended September 30, 2023 and 2022, we recognized $29.2 million and $75.2 million of net gains on the sale of property and equipment, respectively. Net gains during 2022 were primarily related to the sale of the Company’s Canadian facility. New Accounting Pronouncements

Business Combinations and Asset

Business Combinations and Asset Acquisitions	3 Months Ended
Business Combinations and Asset Acquisitions	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	ACQUISITIONS M&M Transport Services, LLC On August 1, 2023 (“Acquisition Date”), we acquired 100% of the membership interest in M&M for $243.1 million, inclusive of cash and other working capital adjustments. M&M is a dedicated trucking company located primarily in New England with nearly 500 tractors and 1,900 trailers which we believe complements our dedicated operations. The acquisition of M&M was accounted for under the acquisition method of accounting, which requires that assets acquired and liabilities assumed be recognized on the consolidated balance sheets at their fair value as of the Acquisition Date. These inputs represent Level 3 measurements in the fair value hierarchy and required significant judgments and estimates at the time of valuation. Fair value estimates of acquired transportation equipment were based on an independent appraisal, giving consideration to the highest and best use of the assets with key assumptions based on the market approach. The assistance of an independent third-party valuation firm was used to determine the estimated fair values and useful lives of finite-lived intangible assets including customer relationships and trademarks. Valuation methods used were the multi-period excess earnings method and relief from royalty method for customer relationships and trademarks, respectively. Non-compete agreements were recorded based on amount paid at closing. The excess of the purchase price over the estimated fair values of assets acquired and liabilities assumed was recorded as goodwill within the Truckload reporting segment. The goodwill is attributable to expected synergies and growth opportunities within our dedicated business and is expected to be deductible for tax purposes. Acquisition-related costs, which consist of fees incurred for advisory, legal, and accounting services were $0.9 million and were included in other general expenses in the Company’s consolidated statements of comprehensive income for the three and nine months ended September 30, 2023. Certain amounts recorded in connection with the acquisition are still considered preliminary as we continue to gather the necessary information to finalize our fair value estimates and provisional amounts. Provisional amounts include items related to working capital adjustments, intangibles, indemnification assets and liabilities, and deferred taxes. During the measurement period, which is up to one year from the acquisition date, we may adjust provisional amounts that were recognized at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date. We anticipate finalizing the determination of the fair value no later than July 31, 2024. The preliminary purchase price allocation for M&M, which may be adjusted as we finalize our fair value estimates and provisional amounts, was as follows: Recognized amounts of identifiable assets acquired and liabilities assumed (in millions) August 1, 2023 Cash and cash equivalents $ 3.6 Trade accounts receivable—net of allowance 15.1 Prepaid expenses and other current assets 3.0 Net property and equipment 77.8 Internal use software and other noncurrent assets 56.9 Goodwill 104.6 Total assets acquired 261.0 Trade accounts payable 1.4 Accrued salaries, wages, and benefits 5.3 Claims accruals—current 1.8 Other current liabilities 4.2 Other noncurrent liabilities 5.2 Total liabilities assumed 17.9 Net assets acquired $ 243.1 The following unaudited pro forma revenues give effect to the acquisition had it been effective January 1, 2022. Combined unaudited pro forma operating revenues of the Company and M&M would have been approximately $1,361.6 million and $4,197.8 million during the three and nine months ended September 30, 2023, respectively, and $1,705.8 million, and $5,134.2 million during the three and nine months ended September 30, 2022, respectively, and our earnings for the same periods would not have been materially different. deBoer Transportation, Inc. We acquired 100% of the outstanding equity of deBoer on June 7, 2022 for a final purchase price of approximately $34.6 million inclusive of certain cash and net working capital adjustments. The purchase price allocation for deBoer was considered final as of December 31, 2022 and resulted in $6.1 million of goodwill being recorded within the Truckload reportable segment. deBoer was a regional, dedicated carrier headquartered in Blenker, WI, and the acquisition provided us the opportunity to expand our tractor and trailer fleet primarily within our dedicated Truckload operations. Operating results for deBoer are included in our consolidated results of operations from the acquisition date through July 2022 when their operations ceased and drivers and equipment were deployed within our Truckload segment. Midwest Logistics Systems, Ltd. On December 31, 2021, we acquired 100% of the outstanding equity of MLS, a dedicated trucking company based in Celina, OH, and certain affiliated entities holding assets comprising substantially all of MLS’s business. MLS is a dedicated carrier in the central U.S. that complements our growing dedicated operations. The aggregate purchase price of the acquisition was approximately $268.8 million inclusive of certain net working capital and other post-acquisition adjustments. The purchase price allocation for MLS was considered final as of December 31, 2022 and resulted in $104.3 million of goodwill being recorded within the Truckload reportable segment. Operating results for MLS are included in our consolidated results of operations beginning January 1, 2022.

Leases (Notes)

Leases (Notes)	9 Months Ended
Leases (Notes)	Sep. 30, 2023
Leases [Abstract]
Finance Leases	LEASES As Lessee We lease real estate and equipment under operating and finance leases. Our real estate operating leases include operating centers, distribution warehouses, offices, and drop yards. Our non-real estate operating and finance leases include transportation, office, yard, warehouse, and other equipment, in addition to truck washes. The majority of our leases include an option to extend the lease, and a small number include an option to terminate the lease early, which may include a termination payment. In conjunction with our acquisition of M&M, the Company entered into nine related party leases. The leases are for the use of shop, warehouse, office, and drop yard locations throughout the country. The leases run through 2026 and the related lease payments are not material. Additional information related to our leases is as follows: Nine Months Ended (in millions) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 27.0 $ 24.6 Operating cash flows for finance leases 0.3 0.1 Financing cash flows for finance leases 2.8 1.3 Right-of-use assets obtained in exchange for new lease liabilities Operating leases $ 38.6 $ 17.8 Finance leases 5.7 3.8 As of September 30, 2023, we had signed leases that had not yet commenced totaling $1.2 million. These leases will commence during the remainder of 2023 and have lease terms of one As Lessor We finance various types of transportation-related equipment for independent third parties under lease contracts, which are generally for one As of September 30, 2023 and December 31, 2022, investments in lease receivables were as follows: (in millions) September 30, 2023 December 31, 2022 Future minimum payments to be received on leases $ 178.2 $ 198.4 Guaranteed residual lease values 113.2 126.1 Total minimum lease payments to be received 291.4 324.5 Unearned income (46.4) (50.2) Net investment in leases $ 245.0 $ 274.3 Prior to entering a lease contract, we assess the credit quality of the potential lessee using credit checks and other relevant factors, ensuring that the inherent credit risk is consistent with our existing lease portfolio. Given our leases have fully guaranteed residual values and we can take possession of the transportation-related equipment in the event of default, we do not categorize net investment in leases by different credit quality indicators upon origination. We monitor our lease portfolio weekly by tracking amounts past due, days past due, and outstanding maintenance account balances, including performing subsequent credit checks as needed. Our net investment in leases with any portion past due as of September 30, 2023 was $61.4 million, which includes both current and future lease payments. Lease payments on our lease receivables are generally due on a weekly basis and are classified as past due when the weekly payment is not received by its due date. As of September 30, 2023, our lease payments past due were $3.2 million. The table below provides additional information on our sales-type leases. Revenue and cost of goods sold are recorded in operating revenues and operating supplies and expenses—net in the consolidated statements of comprehensive income, respectively. Three Months Ended Nine Months Ended (in millions) 2023 2022 2023 2022 Revenue $ 50.7 $ 53.1 $ 161.3 $ 146.2 Cost of goods sold (43.0) (43.5) (136.4) (121.0) Operating profit $ 7.7 $ 9.6 $ 24.9 $ 25.2 Interest income on lease receivable $ 9.0 $ 9.4 $ 27.7 $ 27.3
Operating Leases	LEASES As Lessee We lease real estate and equipment under operating and finance leases. Our real estate operating leases include operating centers, distribution warehouses, offices, and drop yards. Our non-real estate operating and finance leases include transportation, office, yard, warehouse, and other equipment, in addition to truck washes. The majority of our leases include an option to extend the lease, and a small number include an option to terminate the lease early, which may include a termination payment. In conjunction with our acquisition of M&M, the Company entered into nine related party leases. The leases are for the use of shop, warehouse, office, and drop yard locations throughout the country. The leases run through 2026 and the related lease payments are not material. Additional information related to our leases is as follows: Nine Months Ended (in millions) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 27.0 $ 24.6 Operating cash flows for finance leases 0.3 0.1 Financing cash flows for finance leases 2.8 1.3 Right-of-use assets obtained in exchange for new lease liabilities Operating leases $ 38.6 $ 17.8 Finance leases 5.7 3.8 As of September 30, 2023, we had signed leases that had not yet commenced totaling $1.2 million. These leases will commence during the remainder of 2023 and have lease terms of one As Lessor We finance various types of transportation-related equipment for independent third parties under lease contracts, which are generally for one As of September 30, 2023 and December 31, 2022, investments in lease receivables were as follows: (in millions) September 30, 2023 December 31, 2022 Future minimum payments to be received on leases $ 178.2 $ 198.4 Guaranteed residual lease values 113.2 126.1 Total minimum lease payments to be received 291.4 324.5 Unearned income (46.4) (50.2) Net investment in leases $ 245.0 $ 274.3 Prior to entering a lease contract, we assess the credit quality of the potential lessee using credit checks and other relevant factors, ensuring that the inherent credit risk is consistent with our existing lease portfolio. Given our leases have fully guaranteed residual values and we can take possession of the transportation-related equipment in the event of default, we do not categorize net investment in leases by different credit quality indicators upon origination. We monitor our lease portfolio weekly by tracking amounts past due, days past due, and outstanding maintenance account balances, including performing subsequent credit checks as needed. Our net investment in leases with any portion past due as of September 30, 2023 was $61.4 million, which includes both current and future lease payments. Lease payments on our lease receivables are generally due on a weekly basis and are classified as past due when the weekly payment is not received by its due date. As of September 30, 2023, our lease payments past due were $3.2 million. The table below provides additional information on our sales-type leases. Revenue and cost of goods sold are recorded in operating revenues and operating supplies and expenses—net in the consolidated statements of comprehensive income, respectively. Three Months Ended Nine Months Ended (in millions) 2023 2022 2023 2022 Revenue $ 50.7 $ 53.1 $ 161.3 $ 146.2 Cost of goods sold (43.0) (43.5) (136.4) (121.0) Operating profit $ 7.7 $ 9.6 $ 24.9 $ 25.2 Interest income on lease receivable $ 9.0 $ 9.4 $ 27.7 $ 27.3
Sales-type Leases	LEASES As Lessee We lease real estate and equipment under operating and finance leases. Our real estate operating leases include operating centers, distribution warehouses, offices, and drop yards. Our non-real estate operating and finance leases include transportation, office, yard, warehouse, and other equipment, in addition to truck washes. The majority of our leases include an option to extend the lease, and a small number include an option to terminate the lease early, which may include a termination payment. In conjunction with our acquisition of M&M, the Company entered into nine related party leases. The leases are for the use of shop, warehouse, office, and drop yard locations throughout the country. The leases run through 2026 and the related lease payments are not material. Additional information related to our leases is as follows: Nine Months Ended (in millions) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 27.0 $ 24.6 Operating cash flows for finance leases 0.3 0.1 Financing cash flows for finance leases 2.8 1.3 Right-of-use assets obtained in exchange for new lease liabilities Operating leases $ 38.6 $ 17.8 Finance leases 5.7 3.8 As of September 30, 2023, we had signed leases that had not yet commenced totaling $1.2 million. These leases will commence during the remainder of 2023 and have lease terms of one As Lessor We finance various types of transportation-related equipment for independent third parties under lease contracts, which are generally for one As of September 30, 2023 and December 31, 2022, investments in lease receivables were as follows: (in millions) September 30, 2023 December 31, 2022 Future minimum payments to be received on leases $ 178.2 $ 198.4 Guaranteed residual lease values 113.2 126.1 Total minimum lease payments to be received 291.4 324.5 Unearned income (46.4) (50.2) Net investment in leases $ 245.0 $ 274.3 Prior to entering a lease contract, we assess the credit quality of the potential lessee using credit checks and other relevant factors, ensuring that the inherent credit risk is consistent with our existing lease portfolio. Given our leases have fully guaranteed residual values and we can take possession of the transportation-related equipment in the event of default, we do not categorize net investment in leases by different credit quality indicators upon origination. We monitor our lease portfolio weekly by tracking amounts past due, days past due, and outstanding maintenance account balances, including performing subsequent credit checks as needed. Our net investment in leases with any portion past due as of September 30, 2023 was $61.4 million, which includes both current and future lease payments. Lease payments on our lease receivables are generally due on a weekly basis and are classified as past due when the weekly payment is not received by its due date. As of September 30, 2023, our lease payments past due were $3.2 million. The table below provides additional information on our sales-type leases. Revenue and cost of goods sold are recorded in operating revenues and operating supplies and expenses—net in the consolidated statements of comprehensive income, respectively. Three Months Ended Nine Months Ended (in millions) 2023 2022 2023 2022 Revenue $ 50.7 $ 53.1 $ 161.3 $ 146.2 Cost of goods sold (43.0) (43.5) (136.4) (121.0) Operating profit $ 7.7 $ 9.6 $ 24.9 $ 25.2 Interest income on lease receivable $ 9.0 $ 9.4 $ 27.7 $ 27.3

Revenue Recognition

Revenue Recognition	9 Months Ended
Revenue Recognition	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer	REVENUE RECOGNITION Disaggregated Revenues The majority of our revenues are related to transportation and have similar characteristics. Beginning on August 1, 2023, M&M revenues are included within Transportation revenues, consistent with the remainder of our Truckload segment. The following table summarizes our revenues by type of service. Three Months Ended Nine Months Ended Disaggregated Revenues (in millions) 2023 2022 2023 2022 Transportation $ 1,253.4 $ 1,551.1 $ 3,823.5 $ 4,663.2 Logistics Management 45.2 66.5 135.9 221.1 Other 53.4 57.7 167.8 158.4 Total operating revenues $ 1,352.0 $ 1,675.3 $ 4,127.2 $ 5,042.7 Quantitative Disclosure The following table provides information related to transactions and expected timing of revenue recognition for performance obligations that are fixed in nature and relate to contracts with terms greater than one year as of the date shown. Remaining Performance Obligations (in millions) September 30, 2023 Expected to be recognized within one year Transportation $ 27.8 Logistics Management 18.5 Expected to be recognized after one year Transportation 43.3 Logistics Management 17.9 Total $ 107.5 This disclosure does not include revenues related to performance obligations that are part of a contract with an original expected duration of one year or less, nor does it include expected consideration related to performance obligations for which the Company elects to recognize revenue in the amount it has a right to invoice (e.g., usage-based pricing terms). The following table provides information related to contract balances associated with our contracts with customers as of the dates shown. Contract Balances (in millions) September 30, 2023 December 31, 2022 Other current assets—Contract assets $ 30.4 $ 27.0 Other current liabilities—Contract liabilities 0.6 2.6 We generally receive payment within 40 days of completion of performance obligations. Contract assets in the table above relate to revenue in transit at the end of the reporting period. Contract liabilities relate to amounts that customers paid in advance of the associated services. Non-monetary Consideration Occasionally we provide freight movements to customers in exchange for non-monetary services. The fair value of non-monetary consideration on these freight movements is included in operating revenues on the consolidated statements of comprehensive income and consists primarily of transportation equipment. There was no revenue recorded for freight movements in exchange for non-monetary consideration for the three and nine months ended September 30, 2023. During the three and nine months ended September 30, 2022, $2.3 million and $15.6 million was recorded for these services.

Fair Value

Fair Value	9 Months Ended
Fair Value	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value	FAIR VALUE Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability. Inputs to valuation techniques used to measure fair value fall into three broad levels (Levels 1, 2, and 3) as follows: Level 1 —Observable inputs that reflect quoted prices for identical assets or liabilities in active markets that we have the ability to access at the measurement date. Level 2 —Observable inputs, other than quoted prices included in Level 1, for the asset or liability or prices for similar assets and liabilities. Level 3 —Unobservable inputs reflecting the reporting entity’s estimates of the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The table below sets forth the Company’s financial assets that are measured at fair value on a recurring, monthly basis in accordance with ASC 820. Fair Value (in millions) Level in Fair September 30, 2023 December 31, 2022 Equity investment in TuSimple (1) 1 $ 0.6 $ 0.6 Marketable securities (2) 2 56.4 45.9 (1) Our equity investment in TuSimple is classified as Level 1 in the fair value hierarchy as shares of TuSimple’s Class A common stock are traded on the NASDAQ. See Note 6, Investments, for additional information. (2) Marketable securities are classified as Level 2 in the fair value hierarchy as they are valued based on quoted prices for similar assets in active markets or quoted prices for identical or similar assets in markets that are not active. See Note 6, Investments , for additional information. The fair value of the Company’s debt was $178.8 million and $199.1 million as of September 30, 2023 and December 31, 2022, respectively. The carrying value of the Company’s debt was $185.0 million and $205.0 million as of September 30, 2023 and December 31, 2022, respectively. The fair value of our debt was calculated using a fixed rate debt portfolio with similar terms and maturities, which is based on the borrowing rates available to us in the applicable period. This valuation used Level 2 inputs. The recorded values of cash, trade accounts receivable, lease receivables, trade accounts payable, and amounts outstanding under revolving credit agreements approximate fair values. As part of the acquisition of M&M on August 1, 2023, certain assets acquired and liabilities assumed were recorded at their fair values as of the acquisition date. Refer to Note 2, Acquisitions , for further details.

Investments

Investments	9 Months Ended
Investments	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Investments	INVESTMENTS Marketable Securities Our marketable securities are classified as available-for-sale and carried at fair value in current assets on the consolidated balance sheets. While our intent is to hold our securities to maturity, sudden changes in the market or our liquidity needs may cause us to sell certain securities in advance of their maturity date. Any unrealized gains and losses, net of tax, are included as a component of accumulated other comprehensive income on the consolidated balance sheets, unless we determine that the amortized cost basis is not recoverable. If we determine that the amortized cost basis of the impaired security is not recoverable, we recognize the credit loss by increasing the allowance for those losses. We did not have an allowance for credit losses on our marketable securities as of September 30, 2023 or December 31, 2022. Cost basis is determined using the specific identification method. The following table presents the maturities and values of our marketable securities as of the dates shown. September 30, 2023 December 31, 2022 (in millions, except maturities in months) Maturities Amortized Cost Fair Value Amortized Cost Fair Value U.S. treasury and government agencies 2 to 89 months $ 25.9 $ 23.1 $ 21.9 $ 19.3 Corporate debt securities 7 to 115 months 20.0 18.9 16.0 14.9 State and municipal bonds 9 to 181 months 15.5 14.4 12.4 11.7 Total marketable securities $ 61.4 $ 56.4 $ 50.3 $ 45.9 Equity Investments without Readily Determinable Fair Values The Company’s primary strategic equity investments without readily determinable fair values include Platform Science, Inc., a provider of telematics and fleet management tools; MLSI, a transportation technology development company; and ChemDirect, a business-to-business digital marketplace for the chemical industry. These investments are being accounted for under ASC 321, Investments - Equity Securities, using the measurement alternative, and their combined values as of September 30, 2023 and December 31, 2022 were $121.3 million and $86.0 million, respectively. If the Company identifies observable price changes for identical or similar securities of the same issuer, the equity security is measured at fair value as of the date the observable transaction occurred using Level 3 inputs. In addition to our investment in MLSI, we also hold a $10.0 million note receivable from MLSI as of September 30, 2023. The note was funded during the first quarter of 2023, is subject to interest over its term, and matures in March 2030. As of September 30, 2023, our cumulative upward adjustments were $69.5 million. The following table summarizes the activity related to these equity investments during the periods presented. Three Months Ended Nine Months Ended (in millions) 2023 2022 2023 2022 Investment in equity securities $ 10.3 $ 20.0 $ 15.3 $ 24.0 Upward adjustments (1) 2.3 25.8 20.0 25.8 (1) Our updated investment value in 2023 was determined using a hybrid backsolve method, a valuation approach incorporating both IPO and M&A scenarios to estimate the value based on recently issued shares. Equity Investments with Readily Determinable Fair Values In 2021, the Company purchased a $5.0 million non-controlling interest in TuSimple, a global self-driving technology company. Upon completion of its IPO in April 2021, our investment in TuSimple was converted into Class A common shares and is now being accounted for under ASC 321, Investments - Equity Securities . Our pre-tax net losses were not material for the three and nine months ended September 30, 2023. In the three and nine months ended September 30, 2022, the Company recognized pre-tax net gains of $0.1 million and pre-tax net losses of $10.0 million, respectively. See Note 5, Fair Value , for additional information on the fair value of our investment in TuSimple. Equity Method Investment In the second quarter of 2023, the Company invested $5.0 million consisting primarily of internal use software and cash in exchange for a 50% non-controlling ownership interest in Scope 23 LLC, an entity that provides a platform for shippers to track and manage their greenhouse gas emissions. Our interest is being accounted for under ASC 323, Investments - Equity Method and Joint Ventures. For the three months ended September 30, 2023, activity was not material, and for the nine months ended September 30, 2023, we recorded losses in the amount of $0.5 million. The carrying value of our investment was $4.5 million as of September 30, 2023. All of our equity investments, as well as our note receivable from MLSI, are included in internal use software and other noncurrent assets on the consolidated balance sheets. Gains or losses on our equity investments are recognized within other expenses (income)—net on the consolidated statements of comprehensive income.

Goodwill and Other Intangibles

Goodwill and Other Intangibles	9 Months Ended
Goodwill and Other Intangibles	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangibles Disclosure	GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill represents the excess of the purchase price of acquisitions over the fair value of the identifiable net assets acquired. The following table shows changes to our goodwill balances by segment during the period ended September 30, 2023. (in millions) Truckload Logistics Total Balance at December 31, 2022 $ 214.0 $ 14.2 $ 228.2 Acquisition (see Note 2) 104.6 — 104.6 Balance at September 30, 2023 $ 318.6 $ 14.2 $ 332.8 During the nine months ended September 30, 2023, we recorded goodwill in conjunction with the acquisition of M&M, which was recorded within the Truckload segment. Refer to Note 2, Acquisitions, for further details. As of both September 30, 2023 and December 31, 2022, our Truckload segment had accumulated goodwill impairment charges of $34.6 million. During the nine months ended September 30, 2023, we recorded $40.4 million of customer relationships, $4.1 million of trademarks, and $5.2 million of non-compete agreements related to the acquisition of M&M. The weighted-average amortization period is 15.0 years for customer relationships and trademarks and 5.0 years for non-compete agreements for a total weighted-average amortization period of 13.9 years. Refer to Note 2, Acquisitions, for further details. September 30, 2023 December 31, 2022 (in millions) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Customer relationships $ 43.6 $ 1.0 $ 42.6 $ 3.2 $ 0.3 $ 2.9 Trademarks 10.9 1.2 9.7 6.8 0.7 6.1 Non-compete agreements 5.2 0.2 5.0 — — — Total intangible assets $ 59.7 $ 2.4 $ 57.3 $ 10.0 $ 1.0 $ 9.0 Amortization expense for intangible assets was $0.9 million and $1.4 million for the three and nine months ended September 30, 2023, respectively, and $0.2 million and $0.7 million for the three and nine months ended September 30, 2022. Estimated future amortization expense related to intangible assets is as follows: (in millions) September 30, 2023 Remaining 2023 $ 1.3 2024 5.0 2025 5.0 2026 5.0 2027 5.0 2028 and thereafter 36.0 Total $ 57.3

Debt and Credit Facilities

Debt and Credit Facilities	9 Months Ended
Debt and Credit Facilities	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt and Credit Facilities	DEBT AND CREDIT FACILITIES As of September 30, 2023 and December 31, 2022, debt included the following: (in millions) September 30, 2023 December 31, 2022 Unsecured senior notes: principal maturities ranging from 2024 through 2025; interest payable in semiannual installments through the same timeframe; weighted average interest rate of 3.59% and 3.93% for 2023 and 2022, respectively $ 135.0 $ 205.0 Unsecured senior notes: principal payable August 2028; interest payable in semiannual installments through same timeframe; interest at a fixed rate of 5.63%. 50.0 — Total principal outstanding 185.0 205.0 Current maturities — (70.0) Long-term debt $ 185.0 $ 135.0 Our Credit Agreement (the “2022 Credit Facility”) provides borrowing capacity of $250.0 million and allows us to request an additional increase in total commitment by up to $150.0 million, for a total potential commitment of $400.0 million through November 2027. The agreement also provides a sublimit of $100.0 million to be used for the issuance of letters of credit. We had borrowings of $25.0 million outstanding under this agreement as of September 30, 2023 and none outstanding on December 31, 2022. Balances are included within long-term debt and finance lease obligations on the consolidated balance sheets. Standby letters of credit under this agreement amounted to $0.1 million as of both September 30, 2023 and December 31, 2022 and were primarily related to the requirements of certain of our real estate leases. We also have a Receivables Purchase Agreement (the “2021 Receivables Purchase Agreement”), which allows us to borrow funds against qualifying trade receivables at rates based on one-month Term SOFR up to $150.0 million and provides for the issuance of standby letters of credit through July 2024. Borrowings under this agreement were $66.0 million as of September 30, 2023. There were no outstanding borrowings on December 31, 2022. Borrowings under this agreement are included within current maturities of debt and finance lease obligations on the consolidated balance sheets. As of September 30, 2023 and December 31, 2022, standby letters of credit under this agreement amounted to $81.4 million and $77.1 million, respectively, and were primarily related to the requirements of certain of our insurance obligations. Our combined available capacity under our Credit Agreement and our Receivables Purchase Agreement as of September 30, 2023 was $227.5 million.

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXESOur effective income tax rate was 22.8% and 25.0% for the three months ended September 30, 2023 and 2022, respectively, and 24.2% and 25.0% for the nine months ended September 30, 2023 and 2022, respectively. In determining the quarterly provision for income taxes, we use an estimated annual effective tax rate adjusted for discrete items. This rate is based on our expected annual income, statutory tax rates, and best estimates of nontaxable and nondeductible income and expense items.

Common Equity

Common Equity	9 Months Ended
Common Equity	Sep. 30, 2023
Equity [Abstract]
Common Equity	COMMON EQUITY Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2023 and 2022, respectively. Three Months Ended Nine Months Ended (in millions, except per share data) 2023 2022 2023 2022 Numerator: Net income available to common shareholders $ 35.6 $ 125.8 $ 211.1 $ 347.7 Denominator: Weighted average common shares outstanding 176.9 178.0 177.7 177.9 Dilutive effect of share-based awards and options outstanding 0.9 0.7 0.8 0.7 Weighted average diluted common shares outstanding (1) 177.7 178.7 178.5 178.6 Basic earnings per common share $ 0.20 $ 0.71 $ 1.19 $ 1.95 Diluted earnings per common share 0.20 0.70 1.18 1.95 (1) Weighted average diluted common shares outstanding may not sum due to rounding. The calculation of diluted earnings per share excluded 0.1 million and 0.3 million share-based awards and options that had an anti-dilutive effect for the three and nine months ended September 30, 2023 and 0.3 million share-based awards and options that had an anti-dilutive effect for the three and nine months ended September 30, 2022, respectively. Common Shares Outstanding As of both September 30, 2023 and December 31, 2022, we had 83,029,500 shares of Class A common stock outstanding. There were no changes to the number of shares of Class A common stock outstanding for the three and nine months ended September 30, 2023 and 2022. The following table shows changes to our Class B common shares outstanding for the three and nine months ended September 30, 2023 and 2022. Three Months Ended Nine Months Ended 2023 2022 2023 2022 Outstanding at beginning of period 94,064,251 94,978,340 94,993,144 94,626,740 Repurchases of common stock (497,435) — (1,869,474) — Share issuances 219 2,145 681,642 305,538 Exercise of employee stock options — — 6,000 140,328 Shares withheld for employee taxes — — (244,277) (92,121) Outstanding at end of period 93,567,035 94,980,485 93,567,035 94,980,485 In January 2023, our Board approved a share repurchase program under which the Company is authorized to repurchase up to $150.0 million of its Class A and/or Class B common shares. The program does not obligate the Company to repurchase a minimum number of shares and is intended to help offset the dilutive effect of equity grants to employees over time. Under this program, the Company may repurchase shares in privately negotiated and/or open market transactions. As of September 30, 2023, the Company has repurchased $50.6 million of the $150.0 million authorized under the repurchase program. Subsequent Event - Dividends Declared In October of 2023, the Board of Directors declared a quarterly cash dividend for the fourth fiscal quarter of 2023 in the amount of $0.09 per share to holders of our Class A and Class B common stock. The dividend is payable to shareholders of record at the close of business on December 8, 2023 and will be paid on January 8, 2024.

Share-based Compensation

Share-based Compensation	9 Months Ended
Share-based Compensation	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Share-based Payment Arrangement	SHARE-BASED COMPENSATIONWe grant various equity-based awards relating to Class B common stock to employees under our 2017 Omnibus Incentive Plan (“the Plan”). These awards have historically consisted of restricted shares, RSUs, performance-based restricted shares (“performance shares”), PSUs, and non-qualified stock options. Performance shares and PSUs granted are earned based on attainment of threshold performance of earnings and return on capital targets, in addition to a multiplier applied based on rTSR against peers over the performance period.Share-based compensation expense was $4.4 million and $3.8 million for the three months ended September 30, 2023 and 2022, respectively, and $13.3 million and $11.9 million for the nine months ended September 30, 2023 and 2022, respectively. We recognize share-based compensation expense over the awards’ vesting period. As of September 30, 2023, we had $23.4 million of pre-tax unrecognized compensation cost related to outstanding share-based compensation awards expected to be recognized over a weighted average period of 1.9 years.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES We record liabilities for claims against the Company based on our best estimate of expected losses. The primary claims arising for the Company through its trucking, intermodal, and logistics operations consist of accident-related claims for personal injury, collision, and comprehensive compensation, in addition to workers’ compensation, property damage, cargo, and wage and benefit claims. We maintain excess liability insurance with licensed insurance carriers for liability in excess of amounts we self-insure, which serves to largely offset the Company’s liability associated with these claims, with the exception of wage and benefit claims for which we self-insure. We review our accruals periodically to ensure that the aggregate amounts of our accruals are appropriate at any period after consideration of available insurance coverage. Although we expect that our claims accruals will continue to vary based on future developments, assuming that we are able to continue to obtain and maintain excess liability insurance coverage for such claims, we do not anticipate that such accruals will, in any period, materially impact our operating results. As of September 30, 2023, our firm commitments to purchase transportation equipment totaled $232.5 million. During the first quarter of 2022, the Company recorded a $5.2 million charge as a result of an adverse audit assessment by a state jurisdiction over the applicability of sales tax for prior periods on rolling stock equipment used within that state. The Company filed a request for appeal of the audit assessment with the state jurisdiction, and during the second quarter of 2023, a ruling was made in favor of the state resulting in an additional $2.9 million in interest and penalties being recorded by the Company. The Company filed another request for appeal during the third quarter of 2023. Both the initial charge and the additional interest and penalties incurred are recorded within operating supplies and expenses—net on the consolidated statements of comprehensive income.

Segment Reporting

Segment Reporting	9 Months Ended
Segment Reporting	Sep. 30, 2023
Segment Reporting [Abstract]
Segment Reporting	SEGMENT REPORTINGWe have three reportable segments – Truckload, Intermodal, and Logistics – which are based primarily on the services each segment provides. As of December 31, 2022, our operating segments within the Truckload reportable segment were VTL, Bulk, and MLS. The operating results of M&M have been aggregated into the Truckload reportable segment as of August 1, 2023, as it shares similar economic characteristics with our other Truckload operating segments and meets the other aggregation criteria described in ASC 280. VTL delivers truckload quantities over irregular routes and customer freight with dedicated contracts using dry van and specialty trailers. Bulk transports key inputs to manufacturing processes, such as specialty chemicals, using specialty trailers. MLS provides dedicated truckload services focusing primarily on freight with consistent routes. In November 2022, the Company executed a management buyout agreement to sell its Asia operations. While Asia met the definition of an operating segment, it did not meet the quantitative threshold for separate disclosure, and the results were included in “Other” in the tables below during 2022. The CODM reviews revenues for each segment without the inclusion of fuel surcharge revenues. For segment purposes, any fuel surcharge revenues earned are recorded as a reduction of the segment’s fuel expenses. Income from operations at the segment level reflects the measure presented to the CODM for each segment. Separate balance sheets are not prepared by segment, and as a result, assets are not separately identifiable by segment. All transactions between reportable segments are eliminated in consolidation. Substantially all of our revenues and assets were generated or located within the U.S. The following tables summarize our segment information. Inter-segment revenues were immaterial for all segments, with the exception of Other, which included revenues from insurance premiums charged to other segments for workers’ compensation, auto, and other types of insurance. Inter-segment revenues included in Other revenues below were $15.6 million and $19.0 million for the three months ended September 30, 2023 and 2022, respectively, and $50.0 million and $53.4 million for the nine months ended September 30, 2023 and 2022. Revenues by Segment Three Months Ended Nine Months Ended (in millions) 2023 2022 2023 2022 Truckload $ 535.3 $ 571.2 $ 1,605.0 $ 1,691.2 Intermodal 263.0 334.7 790.1 971.9 Logistics 326.0 464.2 1,051.6 1,531.2 Other 78.4 97.3 249.5 274.2 Fuel surcharge 172.6 233.5 507.4 648.5 Inter-segment eliminations (23.3) (25.6) (76.4) (74.3) Operating revenues $ 1,352.0 $ 1,675.3 $ 4,127.2 $ 5,042.7 Income (Loss) from Operations by Segment Three Months Ended Nine Months Ended (in millions) 2023 2022 2023 2022 Truckload $ 24.5 $ 83.2 $ 151.9 $ 283.3 Intermodal 11.1 31.1 64.8 112.3 Logistics 8.5 27.9 39.8 117.1 Other 2.6 3.2 8.6 (55.6) Income from operations $ 46.7 $ 145.4 $ 265.1 $ 457.1 Depreciation and Amortization by Segment Three Months Ended Nine Months Ended (in millions) 2023 2022 2023 2022 Truckload $ 70.2 $ 62.8 $ 205.4 $ 183.6 Intermodal 13.3 14.6 39.8 42.4 Logistics — — 0.1 0.1 Other 13.3 10.8 36.5 32.2 Depreciation and amortization $ 96.8 $ 88.2 $ 281.8 $ 258.3

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income	$ 35.6	$ 77.5	$ 98	$ 125.8	$ 129.8	$ 92.1	$ 211.1	$ 347.7

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false

General (Policies)

General (Policies)	9 Months Ended
General (Policies)	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of OperationsSchneider National, Inc. and its subsidiaries (together “Schneider,” the “Company,” “we,” “us,” or “our”) are among the largest providers of surface transportation and logistics solutions in North America. We offer a multimodal portfolio of services and an array of capabilities and resources that leverage artificial intelligence, data science, and analytics to provide innovative solutions that coordinate the timely, safe, and effective movement of customer products. The Company offers truckload, intermodal, and logistics services to a diverse customer base throughout the continental U.S., Canada, and Mexico.
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in conformity with GAAP and the rules and regulations of the SEC applicable to quarterly reports on Form 10-Q. Therefore, these consolidated financial statements and footnotes do not include all disclosures required by GAAP for annual financial statements and should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2022. Financial results for an interim period are not necessarily indicative of the results for a full year. All intercompany transactions have been eliminated in consolidation. In the opinion of management, these statements reflect all adjustments (consisting only of normal, recurring adjustments) necessary for the fair presentation of our financial results for the interim periods presented.
Government Assistance	Government Grants We have received funding from various California state organizations to be used towards the electrification of a portion of our fleet, inclusive of battery electric vehicles (“BEVs”) and charging stations. As there is no specific guidance under GAAP, we have elected to account for such grants under IAS 20, Accounting for Government Grants and Disclosure of Government Assistance , using the gross presentation model for the balance sheet and the net presentation model for the income statement. In accordance with IAS 20’s net presentation model, government grants can be offset against the related expenditures on the income statement when there is reasonable assurance that (1) the recipient will comply with the relevant conditions and (2) the grant will be received. For the three and nine months ended September 30, 2023, the Company placed assets in service that were covered by grants from the Environmental Protection Agency’s Targeted Airshed Grant (administered by the California Air Resources Board) and the South Coast Air Quality Management District’s Joint Electric Truck Scaling Initiative. Under the former, funds were paid directly to the manufacturer and reflected as a reduction in the invoiced amount, and under the latter, the Company paid the full amount up front and will apply for reimbursement of qualified expenses. As of September 30, 2023, the Company believes the above conditions have been met and during the three and nine months ended September 30, 2023, depreciation and amortization expense was reduced by $0.5 million and $0.7 million, respectively, in the consolidated statements of comprehensive income. As of September 30, 2023, the Company’s consolidated balance sheets included $16.1 million of grant receivables within other receivables and $2.3 million and $13.8 million in deferred grant income within other current liabilities and other noncurrent liabilities, respectively.
Property and Equipment	Property and Equipment Gains and losses on property and equipment are recognized at the time of sale or disposition and are classified in operating supplies and expenses—net on the consolidated statements of comprehensive income. For the three months ended September 30, 2023 and 2022, we recognized $6.4 million and $11.4 million of net gains on the sale of property and equipment, respectively, and for the nine months ended September 30, 2023 and 2022, we recognized $29.2 million and $75.2 million of net gains on the sale of property and equipment, respectively. Net gains during 2022 were primarily related to the sale of the Company’s Canadian facility.
New accounting pronouncements	New Accounting PronouncementsOn July 26, 2023, the SEC adopted amendments intended to enhance and standardize disclosures related to cybersecurity. The amendments require timely disclosure of material cybersecurity incidents and annual disclosures related to cybersecurity risk management, strategy, and governance. These annual disclosures will be required beginning with reports for fiscal years ending after December 15, 2023. We do not believe the adoption of this standard will have a material impact on our consolidated financial statements or disclosures.

Business Combinations and Ass_2

Business Combinations and Asset Acquisitions (Tables)	9 Months Ended
Business Combinations and Asset Acquisitions (Tables)	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of recognized identified assets acquired and liabilities assumed	The preliminary purchase price allocation for M&M, which may be adjusted as we finalize our fair value estimates and provisional amounts, was as follows: Recognized amounts of identifiable assets acquired and liabilities assumed (in millions) August 1, 2023 Cash and cash equivalents $ 3.6 Trade accounts receivable—net of allowance 15.1 Prepaid expenses and other current assets 3.0 Net property and equipment 77.8 Internal use software and other noncurrent assets 56.9 Goodwill 104.6 Total assets acquired 261.0 Trade accounts payable 1.4 Accrued salaries, wages, and benefits 5.3 Claims accruals—current 1.8 Other current liabilities 4.2 Other noncurrent liabilities 5.2 Total liabilities assumed 17.9 Net assets acquired $ 243.1

Leases (Tables)

Leases (Tables)	9 Months Ended
Leases (Tables)	Sep. 30, 2023
Leases [Abstract]
Schedule of Lease Information	Additional information related to our leases is as follows: Nine Months Ended (in millions) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 27.0 $ 24.6 Operating cash flows for finance leases 0.3 0.1 Financing cash flows for finance leases 2.8 1.3 Right-of-use assets obtained in exchange for new lease liabilities Operating leases $ 38.6 $ 17.8 Finance leases 5.7 3.8
Schedule of Investment In Lease Receivables	As of September 30, 2023 and December 31, 2022, investments in lease receivables were as follows: (in millions) September 30, 2023 December 31, 2022 Future minimum payments to be received on leases $ 178.2 $ 198.4 Guaranteed residual lease values 113.2 126.1 Total minimum lease payments to be received 291.4 324.5 Unearned income (46.4) (50.2) Net investment in leases $ 245.0 $ 274.3
Schedule of Sales-type Lease Income	The table below provides additional information on our sales-type leases. Revenue and cost of goods sold are recorded in operating revenues and operating supplies and expenses—net in the consolidated statements of comprehensive income, respectively. Three Months Ended Nine Months Ended (in millions) 2023 2022 2023 2022 Revenue $ 50.7 $ 53.1 $ 161.3 $ 146.2 Cost of goods sold (43.0) (43.5) (136.4) (121.0) Operating profit $ 7.7 $ 9.6 $ 24.9 $ 25.2 Interest income on lease receivable $ 9.0 $ 9.4 $ 27.7 $ 27.3

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
Revenue Recognition (Tables)	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table summarizes our revenues by type of service. Three Months Ended Nine Months Ended Disaggregated Revenues (in millions) 2023 2022 2023 2022 Transportation $ 1,253.4 $ 1,551.1 $ 3,823.5 $ 4,663.2 Logistics Management 45.2 66.5 135.9 221.1 Other 53.4 57.7 167.8 158.4 Total operating revenues $ 1,352.0 $ 1,675.3 $ 4,127.2 $ 5,042.7
Remaining Performance Obligations	The following table provides information related to transactions and expected timing of revenue recognition for performance obligations that are fixed in nature and relate to contracts with terms greater than one year as of the date shown. Remaining Performance Obligations (in millions) September 30, 2023 Expected to be recognized within one year Transportation $ 27.8 Logistics Management 18.5 Expected to be recognized after one year Transportation 43.3 Logistics Management 17.9 Total $ 107.5
Contract Balances	The following table provides information related to contract balances associated with our contracts with customers as of the dates shown. Contract Balances (in millions) September 30, 2023 December 31, 2022 Other current assets—Contract assets $ 30.4 $ 27.0 Other current liabilities—Contract liabilities 0.6 2.6

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
Fair Value (Tables)	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Assets Measured on Recurring Basis	The table below sets forth the Company’s financial assets that are measured at fair value on a recurring, monthly basis in accordance with ASC 820. Fair Value (in millions) Level in Fair September 30, 2023 December 31, 2022 Equity investment in TuSimple (1) 1 $ 0.6 $ 0.6 Marketable securities (2) 2 56.4 45.9 (1) Our equity investment in TuSimple is classified as Level 1 in the fair value hierarchy as shares of TuSimple’s Class A common stock are traded on the NASDAQ. See Note 6, Investments, for additional information. (2) Marketable securities are classified as Level 2 in the fair value hierarchy as they are valued based on quoted prices for similar assets in active markets or quoted prices for identical or similar assets in markets that are not active. See Note 6, Investments , for additional information.

Investments (Tables)

Investments (Tables)	9 Months Ended
Investments (Tables)	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of Marketable Securities	The following table presents the maturities and values of our marketable securities as of the dates shown. September 30, 2023 December 31, 2022 (in millions, except maturities in months) Maturities Amortized Cost Fair Value Amortized Cost Fair Value U.S. treasury and government agencies 2 to 89 months $ 25.9 $ 23.1 $ 21.9 $ 19.3 Corporate debt securities 7 to 115 months 20.0 18.9 16.0 14.9 State and municipal bonds 9 to 181 months 15.5 14.4 12.4 11.7 Total marketable securities $ 61.4 $ 56.4 $ 50.3 $ 45.9
Equity Investments without Readily Determinable Fair Values	As of September 30, 2023, our cumulative upward adjustments were $69.5 million. The following table summarizes the activity related to these equity investments during the periods presented. Three Months Ended Nine Months Ended (in millions) 2023 2022 2023 2022 Investment in equity securities $ 10.3 $ 20.0 $ 15.3 $ 24.0 Upward adjustments (1) 2.3 25.8 20.0 25.8 (1) Our updated investment value in 2023 was determined using a hybrid backsolve method, a valuation approach incorporating both IPO and M&A scenarios to estimate the value based on recently issued shares.

Goodwill (Tables)

Goodwill (Tables)	9 Months Ended
Goodwill (Tables)	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Carrying Amount of Goodwill	Goodwill represents the excess of the purchase price of acquisitions over the fair value of the identifiable net assets acquired. The following table shows changes to our goodwill balances by segment during the period ended September 30, 2023. (in millions) Truckload Logistics Total Balance at December 31, 2022 $ 214.0 $ 14.2 $ 228.2 Acquisition (see Note 2) 104.6 — 104.6 Balance at September 30, 2023 $ 318.6 $ 14.2 $ 332.8
Schedule of Finite-Lived Intangible Assets	During the nine months ended September 30, 2023, we recorded $40.4 million of customer relationships, $4.1 million of trademarks, and $5.2 million of non-compete agreements related to the acquisition of M&M. The weighted-average amortization period is 15.0 years for customer relationships and trademarks and 5.0 years for non-compete agreements for a total weighted-average amortization period of 13.9 years. Refer to Note 2, Acquisitions, for further details. September 30, 2023 December 31, 2022 (in millions) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Customer relationships $ 43.6 $ 1.0 $ 42.6 $ 3.2 $ 0.3 $ 2.9 Trademarks 10.9 1.2 9.7 6.8 0.7 6.1 Non-compete agreements 5.2 0.2 5.0 — — — Total intangible assets $ 59.7 $ 2.4 $ 57.3 $ 10.0 $ 1.0 $ 9.0
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Estimated future amortization expense related to intangible assets is as follows: (in millions) September 30, 2023 Remaining 2023 $ 1.3 2024 5.0 2025 5.0 2026 5.0 2027 5.0 2028 and thereafter 36.0 Total $ 57.3

Debt and Credit Facilities (Tab

Debt and Credit Facilities (Tables)	9 Months Ended
Debt and Credit Facilities (Tables)	Sep. 30, 2023
Debt Disclosure [Abstract]
Summary of Debt	As of September 30, 2023 and December 31, 2022, debt included the following: (in millions) September 30, 2023 December 31, 2022 Unsecured senior notes: principal maturities ranging from 2024 through 2025; interest payable in semiannual installments through the same timeframe; weighted average interest rate of 3.59% and 3.93% for 2023 and 2022, respectively $ 135.0 $ 205.0 Unsecured senior notes: principal payable August 2028; interest payable in semiannual installments through same timeframe; interest at a fixed rate of 5.63%. 50.0 — Total principal outstanding 185.0 205.0 Current maturities — (70.0) Long-term debt $ 185.0 $ 135.0

Common Equity (Tables)

Common Equity (Tables)	9 Months Ended
Common Equity (Tables)	Sep. 30, 2023
Equity [Abstract]
Calculation of Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2023 and 2022, respectively. Three Months Ended Nine Months Ended (in millions, except per share data) 2023 2022 2023 2022 Numerator: Net income available to common shareholders $ 35.6 $ 125.8 $ 211.1 $ 347.7 Denominator: Weighted average common shares outstanding 176.9 178.0 177.7 177.9 Dilutive effect of share-based awards and options outstanding 0.9 0.7 0.8 0.7 Weighted average diluted common shares outstanding (1) 177.7 178.7 178.5 178.6 Basic earnings per common share $ 0.20 $ 0.71 $ 1.19 $ 1.95 Diluted earnings per common share 0.20 0.70 1.18 1.95 (1) Weighted average diluted common shares outstanding may not sum due to rounding.
Schedule of Common Shares Outstanding Roll Forward	The following table shows changes to our Class B common shares outstanding for the three and nine months ended September 30, 2023 and 2022. Three Months Ended Nine Months Ended 2023 2022 2023 2022 Outstanding at beginning of period 94,064,251 94,978,340 94,993,144 94,626,740 Repurchases of common stock (497,435) — (1,869,474) — Share issuances 219 2,145 681,642 305,538 Exercise of employee stock options — — 6,000 140,328 Shares withheld for employee taxes — — (244,277) (92,121) Outstanding at end of period 93,567,035 94,980,485 93,567,035 94,980,485

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
Segment Reporting (Tables)	Sep. 30, 2023
Segment Reporting [Abstract]
Summary of Segment Reporting Information	The following tables summarize our segment information. Inter-segment revenues were immaterial for all segments, with the exception of Other, which included revenues from insurance premiums charged to other segments for workers’ compensation, auto, and other types of insurance. Inter-segment revenues included in Other revenues below were $15.6 million and $19.0 million for the three months ended September 30, 2023 and 2022, respectively, and $50.0 million and $53.4 million for the nine months ended September 30, 2023 and 2022. Revenues by Segment Three Months Ended Nine Months Ended (in millions) 2023 2022 2023 2022 Truckload $ 535.3 $ 571.2 $ 1,605.0 $ 1,691.2 Intermodal 263.0 334.7 790.1 971.9 Logistics 326.0 464.2 1,051.6 1,531.2 Other 78.4 97.3 249.5 274.2 Fuel surcharge 172.6 233.5 507.4 648.5 Inter-segment eliminations (23.3) (25.6) (76.4) (74.3) Operating revenues $ 1,352.0 $ 1,675.3 $ 4,127.2 $ 5,042.7 Income (Loss) from Operations by Segment Three Months Ended Nine Months Ended (in millions) 2023 2022 2023 2022 Truckload $ 24.5 $ 83.2 $ 151.9 $ 283.3 Intermodal 11.1 31.1 64.8 112.3 Logistics 8.5 27.9 39.8 117.1 Other 2.6 3.2 8.6 (55.6) Income from operations $ 46.7 $ 145.4 $ 265.1 $ 457.1 Depreciation and Amortization by Segment Three Months Ended Nine Months Ended (in millions) 2023 2022 2023 2022 Truckload $ 70.2 $ 62.8 $ 205.4 $ 183.6 Intermodal 13.3 14.6 39.8 42.4 Logistics — — 0.1 0.1 Other 13.3 10.8 36.5 32.2 Depreciation and amortization $ 96.8 $ 88.2 $ 281.8 $ 258.3

General (Details)

General (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
General (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Government assistance, amount	$ 0.5		$ 0.7
Grants receivable	16.1		16.1
Deferred income, current	2.3		2.3
Deferred income, noncurrent	13.8		13.8
Gains on sales of property and equipment—net	$ 6.4	$ 11.4	$ 29.2	$ 75.2

Business Combinations Asset Acq

Business Combinations Asset Acquisition - Assets and Liabilties (Details) - USD ($) $ in Millions	Sep. 30, 2023	Aug. 01, 2023	Dec. 31, 2022
Business Acquisition
Goodwill	$ 332.8		$ 228.2
M&M Transport Services, Inc.
Business Acquisition
Cash and cash equivalents		$ 3.6
Trade accounts receivable-net of allowance		15.1
Prepaid expenses and other current assets		3
Net property and equipment		77.8
Internal use software and other noncurrent assets		56.9
Goodwill		104.6
Total assets acquired		261
Trade accounts payable		1.4
Accrued salaries, wages, and benefits		5.3
Claims accruals		1.8
Other current liabilities		4.2
Other noncurrent liabilities		5.2
Total liabilities assumed		17.9
Net assets acquired		$ 243.1

Business Combinations and Ass_3

Business Combinations and Asset Acquisitions- Acquisition Details (Details) - USD ($) $ in Millions				3 Months Ended		9 Months Ended
	Aug. 01, 2023	Jun. 07, 2022	Dec. 31, 2021	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Business Acquisition
Goodwill acquired during period						$ 104.6
Midwest Logistics Systems (MLS)
Business Acquisition
Date of acquisition			Dec. 31, 2021
Percentage of business acquired			100%
Fair value of consideration transferred			$ 268.8
Goodwill acquired during period			$ 104.3
deBoer Transportation, Inc.
Business Acquisition
Date of acquisition		Jun. 07, 2022
Percentage of business acquired		100%
Fair value of consideration transferred		$ 34.6
Goodwill acquired during period		$ 6.1
M&M Transport Services, Inc.
Business Acquisition
Date of acquisition	Aug. 01, 2023
Percentage of business acquired	100%
Fair value of consideration transferred	$ 243.1
Acquisition-related costs				$ 0.9		0.9
Pro forma operating revenues				$ 1,361.6	$ 1,705.8	$ 4,197.8	$ 5,134.2

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Leases - Lessee
Leases not yet commenced	$ 1.2
Leases - Lessor
Lease payments	291.4	$ 324.5
Past due
Leases - Lessor
Lease payments	3.2
Past Due
Leases - Lessor
Net investment in leases	$ 61.4
Minimum
Leases - Lessee
Lease terms of leases not yet commenced	1 year
Leases - Lessor
Terms of sales-type lease	1 year
Maximum
Leases - Lessee
Lease terms of leases not yet commenced	7 years
Leases - Lessor
Terms of sales-type lease	3 years

Leases - Schedule of Lease Info

Leases - Schedule of Lease Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating cash flows for operating leases	$ 27	$ 24.6
Operating cash flows for finance leases	0.3	0.1
Financing cash flows for finance leases	2.8	1.3
Right-of-use assets obtained in exchange for new operating lease liability	38.6	17.8
Right-of-use assets obtained in exchange for new finance lease liability	$ 5.7	$ 3.8

Leases - Summary of Investment

Leases - Summary of Investment in Lease Receivables (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Future minimum payments to be received on leases	$ 178.2	$ 198.4
Guaranteed residual lease values	113.2	126.1
Total minimum lease payments to be received	291.4	324.5
Unearned income	(46.4)	(50.2)
Net investment in leases	$ 245	$ 274.3

Leases - Schedule of Sales-type

Leases - Schedule of Sales-type Lease Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Revenue	$ 50.7	$ 53.1	$ 161.3	$ 146.2
Cost of goods sold	(43)	(43.5)	(136.4)	(121)
Operating profit	7.7	9.6	24.9	25.2
Interest income on lease receivable	$ 9	$ 9.4	$ 27.7	$ 27.3

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue
Operating revenues	$ 1,352	$ 1,675.3	$ 4,127.2	$ 5,042.7
Transportation
Disaggregation of Revenue
Operating revenues	1,253.4	1,551.1	3,823.5	4,663.2
Logistics Management
Disaggregation of Revenue
Operating revenues	45.2	66.5	135.9	221.1
Other
Disaggregation of Revenue
Operating revenues	$ 53.4	$ 57.7	$ 167.8	$ 158.4

Revenue Recognition - Revenue R

Revenue Recognition - Revenue Remaining Performance Obligation (Details) $ in Millions	Sep. 30, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Remaining Performance Obligation	$ 107.5
Expected to be recognized within one year \| Transportation
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Remaining Performance Obligation	27.8
Expected to be recognized within one year \| Logistics Management
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Remaining Performance Obligation	18.5
Expected to be recognized after one year \| Transportation
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Remaining Performance Obligation	43.3
Expected to be recognized after one year \| Logistics Management
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Remaining Performance Obligation	$ 17.9

Revenue Recognition - Contract

Revenue Recognition - Contract Balances (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract assets	$ 30.4	$ 27
Contract liabilities	$ 0.6	$ 2.6

Revenue Recognition- Additional

Revenue Recognition- Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Timing of payment after completion of performance obligations			40 days
Noncash consideration recorded as revenue	$ 0	$ 2.3	$ 0	$ 15.6

Fair Value - Recurring Fair Val

Fair Value - Recurring Fair Value Measurements (Details) - Recurring fair value measurements - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Level 1 inputs
Fair Value, Assets Measured on Recurring Basis
Fair value of equity investment in TuSimple	$ 0.6	$ 0.6
Level 2 inputs
Fair Value, Assets Measured on Recurring Basis
Fair value of marketable securities	$ 56.4	$ 45.9

Fair Value - Debt Portfolio (De

Fair Value - Debt Portfolio (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument
Total principal outstanding	$ 185	$ 205
Unsecured Senior Notes
Debt Instrument
Total principal outstanding	135	205
Unsecured Senior Notes \| Level 2 inputs
Debt Instrument
Fair value of debt	178.8	199.1
Unsecured Senior Notes Series 2023A
Debt Instrument
Total principal outstanding	$ 50	$ 0

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Other Investments
Credit loss allowance	$ 0	$ 0
Value of investments without readily determinable fair values	121.3	$ 86
Mastery Logistics \| Notes receivable
Other Investments
Notes receivable	$ 10

Investments - Schedule of Marke

Investments - Schedule of Marketable Securities (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Available for Sale Debt Securities
Amortized cost	$ 61.4	$ 50.3
US treasury and government agencies
Available for Sale Debt Securities
Amortized cost	25.9	21.9
Corporate debt securities
Available for Sale Debt Securities
Amortized cost	20	16
State and municipal bonds
Available for Sale Debt Securities
Amortized cost	15.5	12.4
Current asset
Available for Sale Debt Securities
Fair value	56.4	45.9
Current asset \| US treasury and government agencies
Available for Sale Debt Securities
Fair value	23.1	19.3
Current asset \| Corporate debt securities
Available for Sale Debt Securities
Fair value	18.9	14.9
Current asset \| State and municipal bonds
Available for Sale Debt Securities
Fair value	$ 14.4	$ 11.7
Minimum \| US treasury and government agencies
Available for Sale Debt Securities
Maturity date	Nov. 30, 2023
Minimum \| Corporate debt securities
Available for Sale Debt Securities
Maturity date	Apr. 01, 2024
Minimum \| State and municipal bonds
Available for Sale Debt Securities
Maturity date	Jun. 01, 2024
Maximum \| US treasury and government agencies
Available for Sale Debt Securities
Maturity date	Feb. 15, 2031
Maximum \| Corporate debt securities
Available for Sale Debt Securities
Maturity date	Apr. 01, 2033
Maximum \| State and municipal bonds
Available for Sale Debt Securities
Maturity date	Oct. 01, 2038

Investments - Equity Investment

Investments - Equity Investments without Readily Determinable Fair Values (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Other Investments
Cumulative upward adjustments	$ 69.5		$ 69.5
Investment in equity security	10.3	$ 20	15.3	$ 24
Upward adjustments	$ 2.3	$ 25.8	$ 20	$ 25.8

Investments - Investment in TuS

Investments - Investment in TuSimple (Details) - TuSimple - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Jan. 12, 2021
Other Investments
Investment in equity security			$ 5
Net loss on investment	$ 0.1	$ 10

Investments - Equity Method Inv

Investments - Equity Method Investment (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Other Investments
Investment in equity method investment	$ 5
Income (Loss) from Equity Method Investments	(0.5)
Equity Method Investments	$ 4.5
Scope 23
Other Investments
Ownership interest in investment	50%

Intangibles- Schedule of Change

Intangibles- Schedule of Changes in Carrying Amount of Intangibles (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets
Gross carrying amount	$ 59.7	$ 10
Accumulated amortization	2.4	1
Net carrying amount	57.3	9
Customer Relationships
Finite-Lived Intangible Assets
Gross carrying amount	43.6	3.2
Accumulated amortization	1	0.3
Net carrying amount	$ 42.6	2.9
Weighted average useful life	15 years
Customer Relationships \| Midwest Logistics Systems (MLS)
Finite-Lived Intangible Assets
Weighted average useful life	13 years 10 months 24 days
Trademarks
Finite-Lived Intangible Assets
Gross carrying amount	$ 10.9	6.8
Accumulated amortization	1.2	0.7
Net carrying amount	$ 9.7	6.1
Weighted average useful life	15 years
Noncompete Agreements
Finite-Lived Intangible Assets
Gross carrying amount	$ 5.2	0
Accumulated amortization	0.2	0
Net carrying amount	$ 5	$ 0
Noncompete Agreements \| M&M Transport Services, Inc.
Finite-Lived Intangible Assets
Weighted average useful life	5 years

Intangibles- Future Amortizatio

Intangibles- Future Amortization Expense (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets
Remaining 2023	$ 1.3
2024	5
2025	5
2026	5
2027	5
2028 and thereafter	36
Net carrying amount	$ 57.3	$ 9

Goodwill - Additional Informati

Goodwill - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Goodwill
Goodwill	$ 332.8	$ 228.2
Goodwill acquired during period	104.6
Truckload
Goodwill
Goodwill	318.6	214
Goodwill acquired during period	104.6
Accumulated goodwill impairment charge	34.6	34.6
Logistics
Goodwill
Goodwill	14.2	$ 14.2
Goodwill acquired during period	$ 0

Intangibles- Additional Informa

Intangibles- Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Finite-Lived Intangible Assets
Amortization of intangible assets	$ 0.9	$ 0.2	$ 1.4	$ 0.7
M&M Transport Services, Inc.
Finite-Lived Intangible Assets
Finite-Lived Customer Relationships, Gross	40.4		40.4
Finite-Lived Noncompete Agreements, Gross	4.1		4.1
Finite-Lived Trademarks, Gross	$ 5.2		$ 5.2

Debt and Credit Facilities - Su

Debt and Credit Facilities - Summary of Debt (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument
Total principal outstanding	$ 185	$ 205
Unsecured Senior Notes
Debt Instrument
Frequency of payments	semiannual
Weighted-average interest rate	3.59%	3.93%
Total principal outstanding	$ 135	$ 205
Current maturities	0	(70)
Long-term debt	$ 185	135
Unsecured Senior Notes \| Minimum
Debt Instrument
Maturity year	2024
Unsecured Senior Notes \| Maximum
Debt Instrument
Maturity year	2025
Unsecured Senior Notes Series 2023A
Debt Instrument
Maturity year	2028
Frequency of payments	semiannual
Weighted-average interest rate	5.63%
Total principal outstanding	$ 50	$ 0

Debt and Credit Facilities - Ad

Debt and Credit Facilities - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument
Line of Credit Facility, Remaining Borrowing Capacity	$ 227.5
Credit Facility
Debt Instrument
Current borrowing capacity	250
Potential increase amount	$ 150
Line of Credit Facility, Expiration Date	Nov. 04, 2027
Outstanding borrowings	$ 25	$ 0
Maximum borrowing capacity	400
Credit Facility \| Standby Letters of Credit
Debt Instrument
Standby letters of credit	0.1	0.1
Maximum borrowing capacity	$ 100
Receivables Purchase Agreement
Debt Instrument
Line of Credit Facility, Expiration Date	Jul. 30, 2024
Outstanding borrowings	$ 66	0
Maximum borrowing capacity	150
Receivables Purchase Agreement \| Standby Letters of Credit
Debt Instrument
Standby letters of credit	$ 81.4	$ 77.1

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	3 Months Ended		9 Months Ended
Income Taxes - Additional Information (Details)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	22.80%	25%	24.20%	25%

Common Equity - Calculation of

Common Equity - Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Basic earnings per common share
Net income available to common shareholders	$ 35.6	$ 77.5	$ 98	$ 125.8	$ 129.8	$ 92.1	$ 211.1	$ 347.7
Weighted average common shares outstanding	176.9			178			177.7	177.9
Diluted earnings per common share
Dilutive effect of share-based awards and options outstanding	0.9			0.7			0.8	0.7
Weighted average diluted shares outstanding	177.7			178.7			178.5	178.6
Basic earnings per share	$ 0.20			$ 0.71			$ 1.19	$ 1.95
Diluted earnings per share	$ 0.20			$ 0.70			$ 1.18	$ 1.95

Common Equity - Schedule of com

Common Equity - Schedule of common shares outstanding (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Class A Common Shares
Class of Stock
Common shares outstanding			83,029,500
Common shares outstanding	83,029,500		83,029,500
Class B Common Stock
Class of Stock
Common shares outstanding	94,064,251	94,978,340	94,993,144	94,626,740
Repurchases of common stock	(497,435)	0	(1,869,474)	0
Share issuances	219	2,145	681,642	305,538
Exercise of employee stock options	0	0	6,000	140,328
Shares withheld for employee taxes	0	0	(244,277)	(92,121)
Common shares outstanding	93,567,035	94,980,485	93,567,035	94,980,485

Common Equity - Additional Info

Common Equity - Additional Information (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended						9 Months Ended
	Oct. 30, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Jan. 31, 2023	Dec. 31, 2022
Class of Stock
Anti-dilutive share-based awards and options excluded from computation of diluted earnings per share		0.1			0.3			0.3	0.3
Stock repurchase program - amount authorized										$ 150
Treasury stock, value		$ 51						$ 51			$ 0
Repurchase Program 2023
Class of Stock
Treasury stock, value		$ 50.6						$ 50.6
Class A Common Shares
Class of Stock
Dividends declared per share		$ 0.09	$ 0.09	$ 0.09	$ 0.08	$ 0.08	$ 0.08
Class A Common Shares \| Subsequent Event \| Quarterly Dividend Declared
Class of Stock
Dividends declared per share	$ 0.09
Class B Common Stock
Class of Stock
Dividends declared per share		$ 0.09	$ 0.09	$ 0.09	$ 0.08	$ 0.08	$ 0.08
Class B Common Stock \| Subsequent Event \| Quarterly Dividend Declared
Class of Stock
Dividends declared per share	$ 0.09

Share-based Compensation - Addi

Share-based Compensation - Additional Information (Details) - 2017 Omnibus Incentive Plan - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation expense	$ 4.4	$ 3.8	$ 13.3	$ 11.9
Pre-tax unrecognized compensation cost	$ 23.4		$ 23.4
Unrecognized compensation cost, period for recognition	1 year 10 months 24 days

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments to purchase transportation equipment	$ 232.5
Loss Contingencies
Loss contingency expense	$ 2.9	$ 5.2
WSL
Loss Contingencies
Loss contingency damages sought			$ 40
Loss contingency damages awarded			$ 40
Loss contingency expense		$ 57

Segment Reporting - Additional

Segment Reporting - Additional Information (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) Segment	Sep. 30, 2022 USD ($)
Segment Reporting Information
Number of reportable segments \| Segment			3
Operating revenues	$ 1,352	$ 1,675.3	$ 4,127.2	$ 5,042.7
Other \| Other Insurance
Segment Reporting Information
Operating revenues	$ 15.6	$ 19	$ 50	$ 53.4

Segment Reporting - Revenue by

Segment Reporting - Revenue by Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information
Operating revenues	$ 1,352	$ 1,675.3	$ 4,127.2	$ 5,042.7
Intersegment Eliminations
Segment Reporting Information
Operating revenues	(23.3)	(25.6)	(76.4)	(74.3)
Truckload \| Operating Segments
Segment Reporting Information
Revenues (excluding fuel charge by segment)	535.3	571.2	1,605	1,691.2
Intermodal \| Operating Segments
Segment Reporting Information
Revenues (excluding fuel charge by segment)	263	334.7	790.1	971.9
Logistics \| Operating Segments
Segment Reporting Information
Revenues (excluding fuel charge by segment)	326	464.2	1,051.6	1,531.2
Other \| Operating Segments
Segment Reporting Information
Operating revenues	78.4	97.3	249.5	274.2
Fuel Surcharge \| Operating Segments
Segment Reporting Information
Operating revenues	$ 172.6	$ 233.5	$ 507.4	$ 648.5

Segment Reporting - Income From

Segment Reporting - Income From Operations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information
Income from operations	$ 46.7	$ 145.4	$ 265.1	$ 457.1
Truckload
Segment Reporting Information
Income from operations	24.5	83.2	151.9	283.3
Intermodal
Segment Reporting Information
Income from operations	11.1	31.1	64.8	112.3
Logistics
Segment Reporting Information
Income from operations	8.5	27.9	39.8	117.1
Other
Segment Reporting Information
Income from operations	$ 2.6	$ 3.2	$ 8.6	$ (55.6)

Segment Reporting - Depreciatio

Segment Reporting - Depreciation and Amortization Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information
Depreciation and amortization	$ 96.8	$ 88.2	$ 281.8	$ 258.3
Truckload
Segment Reporting Information
Depreciation and amortization	70.2	62.8	205.4	183.6
Intermodal
Segment Reporting Information
Depreciation and amortization	13.3	14.6	39.8	42.4
Logistics
Segment Reporting Information
Depreciation and amortization	0	0	0.1	0.1
Other
Segment Reporting Information
Depreciation and amortization	$ 13.3	$ 10.8	$ 36.5	$ 32.2