☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Wisconsin | 39-1258315 | |||||||||||||||||||||||||||
(State of Incorporation) | (IRS Employer Identification No.) | |||||||||||||||||||||||||||
3101 South Packerland Drive | ||||||||||||||||||||||||||||
Green Bay | Wisconsin | 54313 | ||||||||||||||||||||||||||
(Address of Registrant’s Principal Executive |
Title of each class | Trading | Name of each exchange on which registered | ||||||||||||
Class B common stock, no par value | SNDR | New York Stock Exchange |
Large accelerated filer | ☒ | Accelerated filer | ☐ | ||||||||||||||||||||||||||
Non-accelerated filer | ☐ (Do not check if a smaller reporting company) | Smaller reporting company | ☐ | ||||||||||||||||||||||||||
Emerging growth company | ☐ |
Page | ||||||||||||||||||||||||||
ITEM 1. | ||||||||||||||||||||||||||
Page | ||||||||||||||||||||||||||
Note 1 | ||||||||||||||||||||||||||
Note 2 | ||||||||||||||||||||||||||
Note 3 | ||||||||||||||||||||||||||
Note 4 | ||||||||||||||||||||||||||
Note 5 | ||||||||||||||||||||||||||
Note 6 | ||||||||||||||||||||||||||
Note 7 | ||||||||||||||||||||||||||
Note 8 | ||||||||||||||||||||||||||
Note | ||||||||||||||||||||||||||
Note | ||||||||||||||||||||||||||
Note | ||||||||||||||||||||||||||
Note | ||||||||||||||||||||||||||
Note | ||||||||||||||||||||||||||
Note | ||||||||||||||||||||||||||
ITEM 2. | ||||||||||||||||||||||||||
ITEM 3. | ||||||||||||||||||||||||||
ITEM 4. | ||||||||||||||||||||||||||
ITEM 1. | ||||||||||||||||||||||||||
ITEM | ||||||||||||||||||||||||||
ITEM | ||||||||||||||||||||||||||
ITEM 3. | ||||||||||||||||||||||||||
ITEM 4. | ||||||||||||||||||||||||||
ITEM 5. | ||||||||||||||||||||||||||
ITEM 6. | ||||||||||||||||||||||||||
3PL | Provider of outsourced logistics services. In logistics and supply chain management, it means a company’s use of third-party businesses, the 3PL(s), to outsource elements of the company’s distribution, fulfillment, and supply chain management services. | ||||
ASC | Accounting Standards Codification | ||||
ASU | Accounting Standards Update | ||||
Coronavirus Aid, Relief, and Economic Security | |||||
CODM | Chief Operating Decision Maker | ||||
Coronavirus pandemic | |||||
FASB | Financial Accounting Standards Board | ||||
FTFM | First to Final Mile operating segment | ||||
GAAP | United States Generally Accepted Accounting Principles | ||||
Key Performance Indicator | |||||
LIBOR | London InterBank Offered Rate | ||||
PSI | Platform Science, Inc. | ||||
Software as a Service | |||||
SEC | United States Securities and Exchange Commission | ||||
WSL | Watkins and Shepard Trucking, Inc. and Lodeso, Inc. These businesses were acquired simultaneously in June 2016. |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||
Operating revenues | $ | 1,183.9 | $ | 1,280.1 | $ | 3,590.7 | $ | 3,655.4 | Operating revenues | $ | 1,032.8 | $ | 1,212.7 | $ | 2,151.9 | $ | 2,406.8 | |||||||||||||||||||||||||||||||||
Operating expenses: | Operating expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchased transportation | 511.7 | 521.1 | 1,488.8 | 1,431.8 | Purchased transportation | 437.1 | 503.8 | 916.7 | 977.1 | |||||||||||||||||||||||||||||||||||||||||
Salaries, wages, and benefits | 257.3 | 317.2 | 856.6 | 943.2 | Salaries, wages, and benefits | 247.8 | 286.3 | 512.2 | 599.3 | |||||||||||||||||||||||||||||||||||||||||
Fuel and fuel taxes | 70.6 | 87.4 | 221.6 | 260.3 | Fuel and fuel taxes | 42.1 | 76.2 | 103.0 | 151.0 | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 74.1 | 73.3 | 222.4 | 216.9 | Depreciation and amortization | 72.3 | 74.9 | 142.1 | 148.3 | |||||||||||||||||||||||||||||||||||||||||
Operating supplies and expenses | 139.1 | 123.5 | 418.3 | 364.2 | Operating supplies and expenses | 119.1 | 134.1 | 251.1 | 279.2 | |||||||||||||||||||||||||||||||||||||||||
Insurance and related expenses | 24.4 | 24.1 | 78.0 | 69.4 | Insurance and related expenses | 28.3 | 25.4 | 57.5 | 53.6 | |||||||||||||||||||||||||||||||||||||||||
Other general expenses | 27.3 | 35.6 | 90.3 | 112.4 | Other general expenses | 22.5 | 28.2 | 52.0 | 63.0 | |||||||||||||||||||||||||||||||||||||||||
Goodwill impairment charge | — | — | 34.6 | — | Goodwill impairment charge | — | 34.6 | — | 34.6 | |||||||||||||||||||||||||||||||||||||||||
Restructuring charges | 50.4 | — | 50.4 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Restructuring—net | Restructuring—net | 0.2 | — | (1.0) | — | |||||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | 1,154.9 | 1,182.2 | 3,461.0 | 3,398.2 | Total operating expenses | 969.4 | 1,163.5 | 2,033.6 | 2,306.1 | |||||||||||||||||||||||||||||||||||||||||
Income from operations | 29.0 | 97.9 | 129.7 | 257.2 | Income from operations | 63.4 | 49.2 | 118.3 | 100.7 | |||||||||||||||||||||||||||||||||||||||||
Other expenses (income): | Other expenses (income): | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | (2.0 | ) | (1.5 | ) | (6.6 | ) | (2.9 | ) | Interest income | (0.5) | (2.4) | (2.3) | (4.6) | |||||||||||||||||||||||||||||||||||||
Interest expense | 3.8 | 4.2 | 13.1 | 13.0 | Interest expense | 3.3 | 5.4 | 7.1 | 9.3 | |||||||||||||||||||||||||||||||||||||||||
Other expenses (income)—net | 0.5 | (0.1 | ) | 1.2 | (1.0 | ) | Other expenses (income)—net | (2.1) | 0.3 | (7.5) | 0.7 | |||||||||||||||||||||||||||||||||||||||
Total other expense | 2.3 | 2.6 | 7.7 | 9.1 | ||||||||||||||||||||||||||||||||||||||||||||||
Total other expenses (income) | Total other expenses (income) | 0.7 | 3.3 | (2.7) | 5.4 | |||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 26.7 | 95.3 | 122.0 | 248.1 | Income before income taxes | 62.7 | 45.9 | 121.0 | 95.3 | |||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | 7.0 | 24.6 | 30.9 | 64.0 | Provision for income taxes | 16.2 | 11.4 | 30.7 | 23.9 | |||||||||||||||||||||||||||||||||||||||||
Net income | 19.7 | 70.7 | 91.1 | 184.1 | Net income | 46.5 | 34.5 | 90.3 | 71.4 | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss): | Other comprehensive income (loss): | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | (0.3 | ) | (0.9 | ) | (0.2 | ) | (0.8 | ) | ||||||||||||||||||||||||||||||||||||||||||
Unrealized income (loss) on marketable securities—net of tax | — | — | 0.7 | (0.3 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation gain (loss) | Foreign currency translation gain (loss) | 0.1 | (0.2) | (0.7) | 0.1 | |||||||||||||||||||||||||||||||||||||||||||||
Net unrealized gain on marketable securities—net of tax | Net unrealized gain on marketable securities—net of tax | 0.5 | 0.3 | 0.2 | 0.7 | |||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) | (0.3 | ) | (0.9 | ) | 0.5 | (1.1 | ) | Total other comprehensive income (loss) | 0.6 | 0.1 | (0.5) | 0.8 | ||||||||||||||||||||||||||||||||||||||
Comprehensive income | $ | 19.4 | $ | 69.8 | $ | 91.6 | $ | 183.0 | Comprehensive income | $ | 47.1 | $ | 34.6 | $ | 89.8 | $ | 72.2 | |||||||||||||||||||||||||||||||||
Weighted average common shares outstanding | 177.1 | 177.0 | 177.1 | 177.0 | Weighted average common shares outstanding | 177.2 | 177.1 | 177.2 | 177.1 | |||||||||||||||||||||||||||||||||||||||||
Basic earnings per share | $ | 0.11 | $ | 0.40 | $ | 0.51 | $ | 1.04 | Basic earnings per share | $ | 0.26 | $ | 0.19 | $ | 0.51 | $ | 0.40 | |||||||||||||||||||||||||||||||||
Weighted average diluted shares outstanding | 177.3 | 177.2 | 177.3 | 177.2 | Weighted average diluted shares outstanding | 177.5 | 177.4 | 177.4 | 177.4 | |||||||||||||||||||||||||||||||||||||||||
Diluted earnings per share | $ | 0.11 | $ | 0.40 | $ | 0.51 | $ | 1.04 | Diluted earnings per share | $ | 0.26 | $ | 0.19 | $ | 0.51 | $ | 0.40 |
September 30, | December 31, | June 30, | December 31, | |||||||||||||||
2019 | 2018 | 2020 | 2019 | |||||||||||||||
Assets | Assets | |||||||||||||||||
Current Assets: | Current Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 437.1 | $ | 378.7 | Cash and cash equivalents | $ | 713.8 | $ | 551.6 | |||||||||
Marketable securities | 47.4 | 51.3 | Marketable securities | 46.8 | 48.3 | |||||||||||||
Trade accounts receivable—net of allowance of $8.5 million and $6.8 million, respectively | 498.8 | 593.1 | ||||||||||||||||
Trade accounts receivable—net of allowance of $3.7 million and $3.4 million, respectively | Trade accounts receivable—net of allowance of $3.7 million and $3.4 million, respectively | 434.9 | 465.8 | |||||||||||||||
Other receivables | 160.2 | 31.8 | Other receivables | 31.6 | 28.9 | |||||||||||||
Current portion of lease receivables—net of allowance of $0.6 million and $0.5 million, respectively | 125.5 | 129.1 | ||||||||||||||||
Current portion of lease receivables—net of allowance of $0.8 million and $0.6 million, respectively | Current portion of lease receivables—net of allowance of $0.8 million and $0.6 million, respectively | 109.5 | 121.5 | |||||||||||||||
Inventories | 57.7 | 60.8 | Inventories | 56.5 | 71.9 | |||||||||||||
Prepaid expenses and other current assets | 200.9 | 79.5 | Prepaid expenses and other current assets | 125.1 | 117.7 | |||||||||||||
Total current assets | 1,527.6 | 1,324.3 | Total current assets | 1,518.2 | 1,405.7 | |||||||||||||
Noncurrent Assets: | Noncurrent Assets: | |||||||||||||||||
Property and equipment: | Property and equipment: | |||||||||||||||||
Transportation equipment | 2,814.1 | 2,900.2 | Transportation equipment | 2,841.2 | 2,790.1 | |||||||||||||
Land, buildings, and improvements | 189.5 | 177.2 | Land, buildings, and improvements | 201.4 | 199.3 | |||||||||||||
Other property and equipment | 161.9 | 157.6 | Other property and equipment | 165.0 | 162.7 | |||||||||||||
Total property and equipment | 3,165.5 | 3,235.0 | Total property and equipment | 3,207.6 | 3,152.1 | |||||||||||||
Accumulated depreciation | 1,270.7 | 1,312.8 | Accumulated depreciation | 1,382.1 | 1,300.5 | |||||||||||||
Net property and equipment | 1,894.8 | 1,922.2 | Net property and equipment | 1,825.5 | 1,851.6 | |||||||||||||
Lease receivables | 126.3 | 133.2 | Lease receivables | 109.5 | 109.4 | |||||||||||||
Capitalized software and other noncurrent assets | 155.0 | 82.6 | Capitalized software and other noncurrent assets | 197.2 | 165.9 | |||||||||||||
Goodwill | 127.3 | 162.2 | Goodwill | 127.3 | 127.5 | |||||||||||||
Total noncurrent assets | 2,303.4 | 2,300.2 | Total noncurrent assets | 2,259.5 | 2,254.4 | |||||||||||||
Total Assets | $ | 3,831.0 | $ | 3,624.5 | Total Assets | $ | 3,777.7 | $ | 3,660.1 | |||||||||
Liabilities and Shareholders' Equity | Liabilities and Shareholders' Equity | |||||||||||||||||
Current Liabilities: | Current Liabilities: | |||||||||||||||||
Trade accounts payable | $ | 239.8 | $ | 226.0 | Trade accounts payable | $ | 221.6 | $ | 207.7 | |||||||||
Accrued salaries, wages, and benefits | 60.2 | 94.8 | Accrued salaries, wages, and benefits | 66.7 | 63.8 | |||||||||||||
Claims accruals—current | 192.0 | 58.3 | Claims accruals—current | 42.8 | 42.0 | |||||||||||||
Current maturities of debt and finance lease obligations | 101.5 | 51.7 | Current maturities of debt and finance lease obligations | 30.4 | 55.5 | |||||||||||||
Dividends payable | 10.9 | 10.6 | Dividends payable | 11.8 | 10.8 | |||||||||||||
Other current liabilities | 94.0 | 81.2 | Other current liabilities | 108.9 | 85.4 | |||||||||||||
Total current liabilities | 698.4 | 522.6 | Total current liabilities | 482.2 | 465.2 | |||||||||||||
Noncurrent Liabilities: | Noncurrent Liabilities: | |||||||||||||||||
Long-term debt and finance lease obligations | 304.6 | 359.6 | Long-term debt and finance lease obligations | 306.4 | 305.8 | |||||||||||||
Claims accruals—noncurrent | 103.6 | 113.3 | Claims accruals—noncurrent | 138.0 | 118.7 | |||||||||||||
Deferred income taxes | 446.5 | 450.6 | Deferred income taxes | 451.8 | 449.0 | |||||||||||||
Other noncurrent liabilities | 85.7 | 46.1 | Other noncurrent liabilities | 93.5 | 85.0 | |||||||||||||
Total noncurrent liabilities | 940.4 | 969.6 | Total noncurrent liabilities | 989.7 | 958.5 | |||||||||||||
Total Liabilities | 1,638.8 | 1,492.2 | Total Liabilities | 1,471.9 | 1,423.7 | |||||||||||||
Commitments and Contingencies (Note 11) | ||||||||||||||||||
Commitments and Contingencies (Note 12) | Commitments and Contingencies (Note 12) | |||||||||||||||||
Shareholders' Equity: | Shareholders' Equity: | |||||||||||||||||
Class A common shares, no par value, 250,000,000 shares authorized, 83,029,500 shares issued and outstanding | — | — | Class A common shares, no par value, 250,000,000 shares authorized, 83,029,500 shares issued and outstanding | — | — | |||||||||||||
Class B common shares, no par value, 750,000,000 shares authorized, 94,834,653 and 94,593,588 shares issued, and 94,085,005 and 93,969,268 shares outstanding, respectively | — | — | ||||||||||||||||
Class B common shares, no par value, 750,000,000 shares authorized, 95,090,677 and 94,837,673 shares issued, and 94,242,695 and 94,088,025 shares outstanding, respectively | Class B common shares, no par value, 750,000,000 shares authorized, 95,090,677 and 94,837,673 shares issued, and 94,242,695 and 94,088,025 shares outstanding, respectively | — | — | |||||||||||||||
Additional paid-in capital | 1,544.5 | 1,544.0 | Additional paid-in capital | 1,545.4 | 1,542.7 | |||||||||||||
Retained earnings | 648.2 | 589.3 | Retained earnings | 760.8 | 693.6 | |||||||||||||
Accumulated other comprehensive loss | (0.5 | ) | (1.0 | ) | ||||||||||||||
Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) | (0.4) | 0.1 | |||||||||||||||
Total Shareholders' Equity | 2,192.2 | 2,132.3 | Total Shareholders' Equity | 2,305.8 | 2,236.4 | |||||||||||||
Total Liabilities and Shareholders' Equity | $ | 3,831.0 | $ | 3,624.5 | Total Liabilities and Shareholders' Equity | $ | 3,777.7 | $ | 3,660.1 |
Nine Months Ended September 30, | Six Months Ended June 30, | |||||||||||||||||||||||
2019 | 2018 | 2020 | 2019 | |||||||||||||||||||||
Operating Activities: | Operating Activities: | |||||||||||||||||||||||
Net income | $ | 91.1 | $ | 184.1 | Net income | $ | 90.3 | $ | 71.4 | |||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||||||
Depreciation and amortization | 222.4 | 216.9 | Depreciation and amortization | 142.1 | 148.3 | |||||||||||||||||||
Goodwill impairment | 34.6 | — | Goodwill impairment | — | 34.6 | |||||||||||||||||||
Gains on sales of property and equipment | (2.6 | ) | (4.5 | ) | ||||||||||||||||||||
Losses (gains) on sales of property and equipment—net | Losses (gains) on sales of property and equipment—net | 3.8 | (3.0) | |||||||||||||||||||||
Impairment on assets held for sale | 11.8 | 0.3 | Impairment on assets held for sale | 3.9 | 0.3 | |||||||||||||||||||
Proceeds from lease receipts | 59.6 | — | Proceeds from lease receipts | 35.7 | 40.1 | |||||||||||||||||||
Deferred income taxes | (4.3 | ) | 34.4 | Deferred income taxes | 2.8 | (1.9) | ||||||||||||||||||
Long-term incentive and share-based compensation expense | 3.4 | 15.3 | Long-term incentive and share-based compensation expense | 3.4 | 6.0 | |||||||||||||||||||
Non-cash restructuring charges | 43.3 | — | ||||||||||||||||||||||
Noncash restructuring—net | Noncash restructuring—net | (0.8) | — | |||||||||||||||||||||
Other noncash items | 2.9 | (3.1 | ) | Other noncash items | (7.0) | 1.8 | ||||||||||||||||||
Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | |||||||||||||||||||||||
Receivables | 82.2 | (67.3 | ) | Receivables | 34.7 | 66.2 | ||||||||||||||||||
Other assets | (31.1 | ) | (15.9 | ) | Other assets | (36.5) | (38.7) | |||||||||||||||||
Payables | 0.3 | 35.6 | Payables | 12.1 | (2.5) | |||||||||||||||||||
Claims reserves and other receivables—net | (1.1 | ) | 13.7 | Claims reserves and other receivables—net | 8.6 | 3.9 | ||||||||||||||||||
Other liabilities | (42.2 | ) | 0.6 | Other liabilities | 26.7 | (24.5) | ||||||||||||||||||
Net cash provided by operating activities | 470.3 | 410.1 | Net cash provided by operating activities | 319.8 | 302.0 | |||||||||||||||||||
Investing Activities: | Investing Activities: | |||||||||||||||||||||||
Purchases of transportation equipment | (308.6 | ) | (268.1 | ) | Purchases of transportation equipment | (83.3) | (231.4) | |||||||||||||||||
Purchases of other property and equipment | (42.8 | ) | (22.3 | ) | Purchases of other property and equipment | (25.0) | (25.7) | |||||||||||||||||
Proceeds from sale of property and equipment | 38.8 | 74.6 | Proceeds from sale of property and equipment | 29.6 | 26.0 | |||||||||||||||||||
Proceeds from lease receipts | — | 56.2 | ||||||||||||||||||||||
Proceeds from sale of off-lease inventory | 15.0 | — | Proceeds from sale of off-lease inventory | 9.0 | 10.0 | |||||||||||||||||||
Purchases of lease equipment | (62.7 | ) | (58.4 | ) | Purchases of lease equipment | (41.7) | (42.9) | |||||||||||||||||
Sales of marketable securities | 13.2 | 3.9 | ||||||||||||||||||||||
Proceeds from marketable securities | Proceeds from marketable securities | 10.2 | 11.0 | |||||||||||||||||||||
Purchases of marketable securities | (8.5 | ) | (8.0 | ) | Purchases of marketable securities | (8.9) | (6.4) | |||||||||||||||||
Net cash used in investing activities | (355.6 | ) | (222.1 | ) | Net cash used in investing activities | (110.1) | (259.4) | |||||||||||||||||
Financing Activities: | Financing Activities: | |||||||||||||||||||||||
Payments of debt and finance lease obligations | (5.7 | ) | (17.3 | ) | Payments of debt and finance lease obligations | (25.3) | (3.6) | |||||||||||||||||
Payments of deferred consideration related to acquisition | (18.7 | ) | (19.3 | ) | Payments of deferred consideration related to acquisition | — | (18.7) | |||||||||||||||||
Dividends paid | (31.9 | ) | (30.1 | ) | Dividends paid | (22.2) | (21.3) | |||||||||||||||||
Net cash used in financing activities | (56.3 | ) | (66.7 | ) | Net cash used in financing activities | (47.5) | (43.6) | |||||||||||||||||
Net increase in cash and cash equivalents | 58.4 | 121.3 | ||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | Net increase (decrease) in cash and cash equivalents | 162.2 | (1.0) | |||||||||||||||||||||
Cash and Cash Equivalents: | Cash and Cash Equivalents: | |||||||||||||||||||||||
Beginning of period | 378.7 | 238.5 | Beginning of period | 551.6 | 378.7 | |||||||||||||||||||
End of period | $ | 437.1 | $ | 359.8 | End of period | $ | 713.8 | $ | 377.7 | |||||||||||||||
Additional Cash Flow Information: | Additional Cash Flow Information: | |||||||||||||||||||||||
Noncash investing and financing activity: | Noncash investing and financing activity: | |||||||||||||||||||||||
Equipment purchases in accounts payable | $ | 15.5 | $ | 36.5 | ||||||||||||||||||||
Equipment and inventory purchases in accounts payable | Equipment and inventory purchases in accounts payable | $ | 20.9 | $ | 46.7 | |||||||||||||||||||
Dividends declared but not yet paid | 10.9 | 10.7 | Dividends declared but not yet paid | 11.8 | 11.0 | |||||||||||||||||||
Ownership interest in Platform Science, Inc. | — | 2.5 | ||||||||||||||||||||||
Cash paid during the period for: | ||||||||||||||||||||||||
Cash Paid During the Period For: | Cash Paid During the Period For: | |||||||||||||||||||||||
Interest | 12.4 | 13.2 | Interest | 6.6 | 7.3 | |||||||||||||||||||
Income taxes—net of refunds | 42.6 | 25.5 | Income taxes—net of refunds | 2.6 | 20.5 |
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total | |||||||||||||||||
Balance—December 31, 2017 | $ | — | $ | 1,534.6 | $ | 355.6 | $ | — | $ | 1,890.2 | |||||||||||
Net income | — | — | 47.6 | — | 47.6 | ||||||||||||||||
Other comprehensive loss | — | — | — | (0.6 | ) | (0.6 | ) | ||||||||||||||
Share-based compensation expense | — | 2.0 | — | — | 2.0 | ||||||||||||||||
Dividends declared at $0.06 per share of Class A and Class B common shares | — | — | (10.7 | ) | — | (10.7 | ) | ||||||||||||||
Share issuances | — | 0.2 | — | — | 0.2 | ||||||||||||||||
Shares withheld for employee taxes | — | (1.8 | ) | — | — | (1.8 | ) | ||||||||||||||
Cumulative-effect adjustment of ASU 2014-09 adoption | — | — | 7.3 | — | 7.3 | ||||||||||||||||
Other | — | 0.2 | — | — | 0.2 | ||||||||||||||||
Balance—March 31, 2018 | — | 1,535.2 | 399.8 | (0.6 | ) | 1,934.4 | |||||||||||||||
Net income | — | — | 65.8 | — | 65.8 | ||||||||||||||||
Other comprehensive gain | — | — | — | 0.4 | 0.4 | ||||||||||||||||
Share-based compensation expense | — | 2.1 | — | — | 2.1 | ||||||||||||||||
Dividends declared at $0.06 per share of Class A and Class B common shares | — | — | (10.5 | ) | — | (10.5 | ) | ||||||||||||||
Share issuances | — | 0.3 | — | — | 0.3 | ||||||||||||||||
Shares withheld for employee taxes | — | (0.1 | ) | — | — | (0.1 | ) | ||||||||||||||
Exercise of employee stock options | — | 0.2 | — | — | 0.2 | ||||||||||||||||
Other | — | (0.1 | ) | — | — | (0.1 | ) | ||||||||||||||
Balance—June 30, 2018 | — | 1,537.6 | 455.1 | (0.2 | ) | 1,992.5 | |||||||||||||||
Net income | — | — | 70.7 | — | 70.7 | ||||||||||||||||
Other comprehensive loss | — | — | — | (0.9 | ) | (0.9 | ) | ||||||||||||||
Share-based compensation expense | — | 2.1 | — | — | 2.1 | ||||||||||||||||
Dividends declared at $0.06 per share of Class A and Class B common shares | — | — | (10.8 | ) | — | (10.8 | ) | ||||||||||||||
Shares withheld for employee taxes | — | (0.4 | ) | — | — | (0.4 | ) | ||||||||||||||
Balance—September 30, 2018 | $ | — | $ | 1,539.3 | $ | 515.0 | $ | (1.1 | ) | $ | 2,053.2 |
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total | |||||||||||||||||
Balance—December 31, 2018 | $ | — | $ | 1,544.0 | $ | 589.3 | $ | (1.0 | ) | $ | 2,132.3 | ||||||||||
Net income | — | — | 36.9 | — | 36.9 | ||||||||||||||||
Other comprehensive gain | — | — | — | 0.7 | 0.7 | ||||||||||||||||
Share-based compensation expense | — | 2.0 | — | — | 2.0 | ||||||||||||||||
Dividends declared at $0.06 per share of Class A and Class B common shares | — | — | (10.7 | ) | — | (10.7 | ) | ||||||||||||||
Shares withheld for employee taxes | — | (1.2 | ) | — | — | (1.2 | ) | ||||||||||||||
Balance—March 31, 2019 | — | 1,544.8 | 615.5 | (0.3 | ) | 2,160.0 | |||||||||||||||
Net income | — | — | 34.5 | — | 34.5 | ||||||||||||||||
Other comprehensive gain | — | — | — | 0.1 | 0.1 | ||||||||||||||||
Share-based compensation expense | — | 1.6 | — | — | 1.6 | ||||||||||||||||
Dividends declared at $0.06 per share of Class A and Class B common shares | — | — | (11.0 | ) | — | (11.0 | ) | ||||||||||||||
Share issuances | — | 0.2 | — | — | 0.2 | ||||||||||||||||
Balance—June 30, 2019 | — | 1,546.6 | 639.0 | (0.2 | ) | 2,185.4 | |||||||||||||||
Net income | — | — | 19.7 | — | 19.7 | ||||||||||||||||
Other comprehensive loss | — | — | — | (0.3 | ) | (0.3 | ) | ||||||||||||||
Share-based compensation expense | — | (2.2 | ) | — | — | (2.2 | ) | ||||||||||||||
Dividends declared at $0.06 per share of Class A and Class B common shares | — | — | (10.5 | ) | — | (10.5 | ) | ||||||||||||||
Share issuances | — | 0.1 | — | — | 0.1 | ||||||||||||||||
Balance—September 30, 2019 | $ | — | $ | 1,544.5 | $ | 648.2 | $ | (0.5 | ) | $ | 2,192.2 |
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total | ||||||||||||||||||||||||||||
Balance—December 31, 2018 | $ | — | $ | 1,544.0 | $ | 589.3 | $ | (1.0) | $ | 2,132.3 | ||||||||||||||||||||||
Net income | — | — | 36.9 | — | 36.9 | |||||||||||||||||||||||||||
Other comprehensive income | — | — | — | 0.7 | 0.7 | |||||||||||||||||||||||||||
Share-based compensation expense | — | 2.0 | — | — | 2.0 | |||||||||||||||||||||||||||
Dividends declared at $0.06 per share of Class A and Class B common shares | — | — | (10.7) | — | (10.7) | |||||||||||||||||||||||||||
Shares withheld for employee taxes | — | (1.2) | — | — | (1.2) | |||||||||||||||||||||||||||
Balance—March 31, 2019 | — | 1,544.8 | 615.5 | (0.3) | 2,160.0 | |||||||||||||||||||||||||||
Net income | — | — | 34.5 | — | 34.5 | |||||||||||||||||||||||||||
Other comprehensive income | — | — | — | 0.1 | 0.1 | |||||||||||||||||||||||||||
Share-based compensation expense | — | 1.6 | — | — | 1.6 | |||||||||||||||||||||||||||
Dividends declared at $0.06 per share of Class A and Class B common shares | — | — | (11.0) | — | (11.0) | |||||||||||||||||||||||||||
Share issuances | — | 0.2 | — | — | 0.2 | |||||||||||||||||||||||||||
Balance—June 30, 2019 | $ | — | $ | 1,546.6 | $ | 639.0 | $ | (0.2) | $ | 2,185.4 | ||||||||||||||||||||||
Balance—December 31, 2019 | $ | — | $ | 1,542.7 | $ | 693.6 | $ | 0.1 | $ | 2,236.4 | ||||||||||||||||||||||
Net income | — | — | 43.8 | — | 43.8 | |||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | (1.1) | (1.1) | |||||||||||||||||||||||||||
Share-based compensation expense | — | 1.9 | — | — | 1.9 | |||||||||||||||||||||||||||
Dividends declared at $0.065 per share of Class A and Class B common shares | — | — | (11.7) | — | (11.7) | |||||||||||||||||||||||||||
Share issuances | — | 0.1 | — | — | 0.1 | |||||||||||||||||||||||||||
Shares withheld for employee taxes | — | (0.9) | — | — | (0.9) | |||||||||||||||||||||||||||
Balance—March 31, 2020 | — | 1,543.8 | 725.7 | (1.0) | 2,268.5 | |||||||||||||||||||||||||||
Net income | — | — | 46.5 | — | 46.5 | |||||||||||||||||||||||||||
Other comprehensive income | — | — | — | 0.6 | 0.6 | |||||||||||||||||||||||||||
Share-based compensation expense | — | 1.1 | — | — | 1.1 | |||||||||||||||||||||||||||
Dividends declared at $0.065 per share of Class A and Class B common shares | — | — | (11.4) | — | (11.4) | |||||||||||||||||||||||||||
Share issuances | — | 0.1 | — | — | 0.1 | |||||||||||||||||||||||||||
Exercise of employee stock options | — | 0.4 | — | — | 0.4 | |||||||||||||||||||||||||||
Balance—June 30, 2020 | $ | — | $ | 1,545.4 | $ | 760.8 | $ | (0.4) | $ | 2,305.8 |
Three Months Ended | Six Months Ended | |||||||||||||||||||
(in millions) | June 30, 2020 | |||||||||||||||||||
Balance at beginning of period | $ | 1.0 | $ | 0.9 | ||||||||||||||||
Charges to expense | 0.8 | 1.1 | ||||||||||||||||||
Write-offs | (0.4) | (0.7) | ||||||||||||||||||
Recoveries | — | 0.1 | ||||||||||||||||||
Balance at end of period | $ | 1.4 | $ | 1.4 |
Financial Statement Classification | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||
(in millions) | 2019 | 2019 | ||||||||
Operating lease cost | ||||||||||
Operating lease cost | Operating supplies and expenses | $ | 8.7 | $ | 26.5 | |||||
Short-term lease cost (1) | Operating supplies and expenses | 2.0 | 5.5 | |||||||
Finance lease cost | ||||||||||
Amortization of right-of-use assets | Depreciation and amortization | 0.9 | 2.5 | |||||||
Interest on lease liabilities | Interest expense | — | 0.2 | |||||||
Variable lease cost | Operating supplies and expenses | 0.7 | 2.1 | |||||||
Sublease income | Operating revenues | (1.5 | ) | (4.1 | ) | |||||
Total net lease cost | $ | 10.8 | $ | 32.7 |
Nine Months Ended September 30, | Six Months Ended June 30, | |||||||||||||||||||||||
(in millions) | 2019 | (in millions) | 2020 | 2019 | ||||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities | Cash paid for amounts included in the measurement of lease liabilities | |||||||||||||||||||||||
Operating cash flows from operating leases | $ | 26.7 | Operating cash flows from operating leases | $ | 17.3 | $ | 17.7 | |||||||||||||||||
Operating cash flows from finance leases | 0.2 | Operating cash flows from finance leases | — | 0.1 | ||||||||||||||||||||
Financing cash flows from finance leases | 2.0 | Financing cash flows from finance leases | 0.3 | 1.3 | ||||||||||||||||||||
Right-of-use assets obtained in exchange for new lease liabilities | Right-of-use assets obtained in exchange for new lease liabilities | |||||||||||||||||||||||
Operating leases | $ | 20.6 | Operating leases | $ | 21.6 | $ | 28.7 | |||||||||||||||||
Finance leases | — | Finance leases | 0.7 | — |
(in millions) | Operating Leases | Finance Leases | ||||||
Remaining 2019 | $ | 8.5 | $ | 4.9 | ||||
2020 | 27.2 | 0.4 | ||||||
2021 | 17.1 | — | ||||||
2022 | 11.1 | — | ||||||
2023 | 8.8 | — | ||||||
2024 and thereafter | 15.9 | — | ||||||
Total | 88.6 | 5.3 | ||||||
Amount representing interest | (7.7 | ) | — | |||||
Present value of lease payments | 80.9 | 5.3 | ||||||
Current maturities | (27.1 | ) | (5.3 | ) | ||||
Long-term lease obligations | $ | 53.8 | $ | — |
(in millions) | Operating Leases | Capital Leases | ||||||
2019 | $ | 35.8 | $ | 6.9 | ||||
2020 | 25.7 | 0.2 | ||||||
2021 | 14.9 | — | ||||||
2022 | 8.4 | — | ||||||
2023 | 6.8 | — | ||||||
2024 and thereafter | 12.7 | — | ||||||
Total | $ | 104.3 | 7.1 | |||||
Amount representing interest | (0.2 | ) | ||||||
Present value of minimum lease payments | 6.9 | |||||||
Current maturities | (6.7 | ) | ||||||
Long-term capital lease obligations | $ | 0.2 |
(in millions) | September 30, 2019 | January 1, 2019 | ||||||
Transportation equipment | $ | 19.9 | $ | 19.9 | ||||
Real property | 0.8 | 0.8 | ||||||
Other property | 1.5 | 0.6 | ||||||
Accumulated amortization | (13.1 | ) | (11.2 | ) | ||||
Total | $ | 9.1 | $ | 10.1 |
(in millions) | June 30, 2020 | December 31, 2019 | ||||||||||||
Future minimum payments to be received on leases | $ | 138.4 | $ | 135.0 | ||||||||||
Guaranteed residual lease values | 113.6 | 126.6 | ||||||||||||
Total minimum lease payments to be received | 252.0 | 261.6 | ||||||||||||
Unearned income | (33.0) | (30.7) | ||||||||||||
Net investment in leases | 219.0 | 230.9 | ||||||||||||
Current maturities of lease receivables | 110.3 | 122.1 | ||||||||||||
Allowance for doubtful accounts | (0.8) | (0.6) | ||||||||||||
Current portion of lease receivables—net of allowance | 109.5 | 121.5 | ||||||||||||
Lease receivables—noncurrent | $ | 109.5 | $ | 109.4 |
Net Investment in Leases by Lease Origination Year (in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts Past Due (in ones) | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Greater than $3,000 | $ | 4.5 | $ | 4.6 | $ | 1.6 | $ | 2.3 | $ | 0.1 | $ | 0.1 | $ | 13.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Between $2,999 and $1,500 | 6.9 | 4.0 | 1.9 | 0.1 | 0.2 | — | 13.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than $1,499 | 11.1 | 10.9 | 5.9 | 1.7 | 0.5 | — | 30.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 22.5 | $ | 19.5 | $ | 9.4 | $ | 4.1 | $ | 0.8 | $ | 0.1 | $ | 56.4 |
September 30, 2019 | January 1, 2019 | |||||||
Future minimum payments to be received on leases | $ | 146.9 | $ | 140.0 | ||||
Guaranteed residual lease values | 138.2 | 151.0 | ||||||
Total minimum lease payments to be received | 285.1 | 291.0 | ||||||
Unearned income | (33.3 | ) | (28.7 | ) | ||||
Net investment in leases | 251.8 | 262.3 | ||||||
Current maturities of lease receivables | 126.1 | 129.6 | ||||||
Less—allowance for doubtful accounts | (0.6 | ) | (0.5 | ) | ||||
Current portion of lease receivables—net of allowance | 125.5 | 129.1 | ||||||
Lease receivables—noncurrent | $ | 126.3 | $ | 133.2 |
(in millions) | September 30, 2019 | |||
Remaining 2019 | $ | 35.8 | ||
2020 | 142.8 | |||
2021 | 75.7 | |||
2022 | 30.6 | |||
2023 | 0.2 | |||
2024 and thereafter | — | |||
Total undiscounted lease cash flows | 285.1 | |||
Amount representing interest | (33.3 | ) | ||
Present value of lease receivables | 251.8 | |||
Current lease receivables, net of allowance | (125.5 | ) | ||
Long-term lease receivable | $ | 126.3 |
(in millions) | June 30, 2020 | |||||||
1-29 days | $ | 1.7 | ||||||
30-59 days | 0.6 | |||||||
60-89 days | 0.4 | |||||||
90 days or greater | 0.4 | |||||||
Total past due | $ | 3.1 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||
Revenue | $ | 44.7 | $ | 52.7 | $ | 99.4 | $ | 108.9 | ||||||||||||||||||||||||||||||
Cost of goods sold | (40.8) | (47.3) | (89.7) | (97.2) | ||||||||||||||||||||||||||||||||||
Operating profit | $ | 3.9 | $ | 5.4 | $ | 9.7 | $ | 11.7 | ||||||||||||||||||||||||||||||
Interest income on lease receivable | $ | 6.7 | $ | 6.8 | $ | 13.2 | $ | 13.4 | ||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
(in millions) | 2019 | 2019 | ||||||
Revenue | $ | 50.9 | $ | 159.8 | ||||
Cost of goods sold | (46.8 | ) | (144.0 | ) | ||||
Operating profit | $ | 4.1 | $ | 15.8 | ||||
Interest income on lease receivable | $ | 7.0 | $ | 20.4 | ||||
Initial direct cost incurred | — | — |
(in millions) | December 31, 2018 | |||
2019 | $ | 149.0 | ||
2020 | 112.7 | |||
2021 | 29.0 | |||
2022 | 0.3 | |||
2023 | — | |||
2024 and thereafter | — | |||
Total | $ | 291.0 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregated Revenues (in millions) | 2019 | 2018 | 2019 | 2018 | Disaggregated Revenues (in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||
Transportation | $ | 1,093.9 | $ | 1,175.0 | $ | 3,297.7 | $ | 3,362.9 | Transportation | $ | 951.1 | $ | 1,126.6 | $ | 1,979.4 | $ | 2,203.9 | |||||||||||||||||||||||||||||||||||||
Logistics management | 32.3 | 57.7 | 120.1 | 163.7 | Logistics management | 29.8 | 29.7 | 60.9 | 87.8 | |||||||||||||||||||||||||||||||||||||||||||||
Other | 57.7 | 47.4 | 172.9 | 128.8 | Other | 51.9 | 56.4 | 111.6 | 115.1 | |||||||||||||||||||||||||||||||||||||||||||||
Total operating revenues | $ | 1,183.9 | $ | 1,280.1 | $ | 3,590.7 | $ | 3,655.4 | Total operating revenues | $ | 1,032.8 | $ | 1,212.7 | $ | 2,151.9 | $ | 2,406.8 |
Remaining Performance Obligations (in millions) | September 30, 2019 | |||
Expected to be recognized within one year | ||||
Transportation | $ | 10.5 | ||
Logistics Management | 8.6 | |||
Expected to be recognized after one year | ||||
Transportation | 1.3 | |||
Logistics Management | 6.9 | |||
Total | $ | 27.3 |
Remaining Performance Obligations (in millions) | June 30, 2020 | |||||||
Expected to be recognized within one year | ||||||||
Transportation | $ | 1.3 | ||||||
Logistics management | 11.9 | |||||||
Expected to be recognized after one year | ||||||||
Transportation | 0.3 | |||||||
Logistics management | 14.6 | |||||||
Total | $ | 28.1 |
Contract Balances (in millions) | September 30, 2019 | December 31, 2018 | ||||||||||||||||||||||||||||||||
Contract Balances (in millions) | Contract Balances (in millions) | June 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||
Other current assets - Contract assets | $ | 25.8 | $ | 21.7 | Other current assets - Contract assets | $ | 22.2 | $ | 17.6 | |||||||||||||||||||||||||
Other current liabilities - Contract liabilities | — | — | Other current liabilities - Contract liabilities | — | — |
Fair Value | ||||||||||||||||||||||||||
(in millions) | Level in Fair Value Hierarchy | June 30, 2020 | December 31, 2019 | |||||||||||||||||||||||
Marketable securities (1) | 2 | $ | 46.8 | $ | 48.3 |
September 30, 2019 | December 31, 2018 | |||||||||||||||
(in millions) | Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||
Fixed-rate debt portfolio | $ | 401.3 | $ | 408.9 | $ | 405.0 | $ | 398.4 |
June 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except maturities in months) | Maturities | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||
U.S. treasury and government agencies | 9 to 76 | $ | 12.7 | $ | 12.8 | $ | 16.5 | $ | 17.0 | |||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | 7 | — | — | 0.1 | 0.1 | |||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | 13 to 64 | 17.3 | 18.1 | 15.1 | 15.4 | |||||||||||||||||||||||||||||||||||||||||||||
State and municipal bonds | 1 to 69 | 11.5 | 11.9 | 11.6 | 11.8 | |||||||||||||||||||||||||||||||||||||||||||||
Other U.S. and non-U.S. government bonds | 1 to 51 | 4.0 | 4.0 | 4.0 | 4.0 | |||||||||||||||||||||||||||||||||||||||||||||
Total marketable securities | $ | 45.5 | $ | 46.8 | $ | 47.3 | $ | 48.3 |
September 30, 2019 | December 31, 2018 | |||||||||||||||
(in millions) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
Zero coupon bonds | $ | 2.0 | $ | 2.0 | $ | 3.9 | $ | 3.9 | ||||||||
U.S. treasury and government agencies | 19.0 | 19.0 | 20.0 | 19.8 | ||||||||||||
Asset-backed securities | 0.1 | 0.1 | 0.1 | 0.1 | ||||||||||||
Corporate debt securities | 14.1 | 14.5 | 15.1 | 15.0 | ||||||||||||
State and municipal bonds | 11.6 | 11.8 | 12.5 | 12.5 | ||||||||||||
Total marketable securities | $ | 46.8 | $ | 47.4 | $ | 51.6 | $ | 51.3 |
(in millions) | Truckload | Logistics | Other | Total | ||||||||||||||||||||||
Balance at December 31, 2019 | $ | 103.6 | $ | 14.2 | $ | 9.7 | $ | 127.5 | ||||||||||||||||||
Foreign currency translation loss | — | — | (0.2) | (0.2) | ||||||||||||||||||||||
Balance at June 30, 2020 | $ | 103.6 | $ | 14.2 | $ | 9.5 | $ | 127.3 |
(in millions) | Truckload | Logistics | Other | Total | ||||||||||||
Balance at December 31, 2018 | $ | 138.2 | $ | 14.2 | $ | 9.8 | $ | 162.2 | ||||||||
Goodwill impairment charge | (34.6 | ) | — | — | (34.6 | ) | ||||||||||
Foreign currency translation | — | — | (0.3 | ) | (0.3 | ) | ||||||||||
Balance at September 30, 2019 | $ | 103.6 | $ | 14.2 | $ | 9.5 | $ | 127.3 |
(in millions) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||
Balance at September 30, 2019 | ||||||||||||
Customer lists | $ | 1.1 | $ | 1.1 | $ | — | ||||||
Trade name | — | — | — | |||||||||
Total intangible assets | 1.1 | 1.1 | — | |||||||||
Balance at December 31, 2018 | ||||||||||||
Customer lists | 10.5 | 3.5 | 7.0 | |||||||||
Trade name | 1.4 | 1.2 | 0.2 | |||||||||
Total intangible assets | $ | 11.9 | $ | 4.7 | $ | 7.2 |
(in millions) | June 30, 2020 | December 31, 2019 | ||||||||||||
Unsecured senior notes: principal payable at maturities ranging from 2020 through 2025; interest payable in semiannual installments through the same timeframe; weighted-average interest rate of 3.54% and 3.42% for 2020 and 2019, respectively. | $ | 335.0 | $ | 360.0 | ||||||||||
Current maturities | (30.0) | (55.0) | ||||||||||||
Debt issuance costs | (0.3) | (0.4) | ||||||||||||
Long-term debt | $ | 304.7 | $ | 304.6 |
(in millions) | September 30, 2019 | December 31, 2018 | ||||||
Unsecured senior notes: principal payable at maturities ranging from 2019 through 2025; interest payable in semiannual installments through the same timeframe; weighted-average interest rate of 3.36% for both 2019 and 2018 | $ | 400.0 | $ | 400.0 | ||||
Equipment financing notes: principal and interest payable in monthly installments through 2019; weighted average interest rate of 3.98% and 3.72% for 2019 and 2018, respectively | 1.3 | 5.0 | ||||||
Total principal outstanding | 401.3 | 405.0 | ||||||
Current maturities | (96.2 | ) | (45.0 | ) | ||||
Debt issuance costs | (0.5 | ) | (0.6 | ) | ||||
Long-term debt | $ | 304.6 | $ | 359.4 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||
(in millions, except per share data) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||||||||||||||||
Net income available to common shareholders | $ | 46.5 | $ | 34.5 | $ | 90.3 | $ | 71.4 | ||||||||||||||||||||||||||||||
Denominator: | ||||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding | 177.2 | 177.1 | 177.2 | 177.1 | ||||||||||||||||||||||||||||||||||
Effect of dilutive restricted share units | 0.2 | 0.3 | 0.2 | 0.3 | ||||||||||||||||||||||||||||||||||
Weighted average diluted common shares outstanding (1) | 177.5 | 177.4 | 177.4 | 177.4 | ||||||||||||||||||||||||||||||||||
Basic earnings per common share | $ | 0.26 | $ | 0.19 | $ | 0.51 | $ | 0.40 | ||||||||||||||||||||||||||||||
Diluted earnings per common share | 0.26 | 0.19 | 0.51 | 0.40 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(in millions, except per share data) | 2019 | 2018 | 2019 | 2018 | |||||||||||||
Numerator: | |||||||||||||||||
Net income available to common shareholders | $ | 19.7 | $ | 70.7 | $ | 91.1 | $ | 184.1 | |||||||||
Denominator: | |||||||||||||||||
Weighted average common shares outstanding | 177.1 | 177.0 | 177.1 | 177.0 | |||||||||||||
Effect of dilutive restricted share units | 0.2 | 0.2 | 0.2 | 0.2 | |||||||||||||
Weighted average diluted common shares outstanding | 177.3 | 177.2 | 177.3 | 177.2 | |||||||||||||
Basic earnings per common share | $ | 0.11 | $ | 0.40 | $ | 0.51 | $ | 1.04 | |||||||||
Diluted earnings per common share | 0.11 | 0.40 | 0.51 | 1.04 |
Revenues by Segment | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||
Truckload | $ | 451.1 | $ | 534.9 | $ | 920.5 | $ | 1,066.7 | ||||||||||||||||||||||||||||||
Intermodal | 219.0 | 259.8 | 457.0 | 497.4 | ||||||||||||||||||||||||||||||||||
Logistics | 230.9 | 227.0 | 470.5 | 470.9 | ||||||||||||||||||||||||||||||||||
Other | 89.8 | 95.8 | 189.2 | 195.7 | ||||||||||||||||||||||||||||||||||
Fuel surcharge | 68.7 | 124.2 | 171.7 | 236.0 | ||||||||||||||||||||||||||||||||||
Inter-segment eliminations | (26.7) | (29.0) | (57.0) | (59.9) | ||||||||||||||||||||||||||||||||||
Operating revenues | $ | 1,032.8 | $ | 1,212.7 | $ | 2,151.9 | $ | 2,406.8 |
Revenues by Segment | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(in millions) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Truckload | $ | 515.6 | $ | 566.9 | $ | 1,582.3 | $ | 1,685.0 | ||||||||
Intermodal | 249.2 | 254.4 | 746.6 | 688.0 | ||||||||||||
Logistics | 236.1 | 271.8 | 707.0 | 743.7 | ||||||||||||
Other | 94.3 | 83.9 | 290.0 | 237.0 | ||||||||||||
Fuel surcharge | 114.2 | 134.9 | 350.2 | 385.8 | ||||||||||||
Inter-segment eliminations | (25.5 | ) | (31.8 | ) | (85.4 | ) | (84.1 | ) | ||||||||
Operating revenues | $ | 1,183.9 | $ | 1,280.1 | $ | 3,590.7 | $ | 3,655.4 |
Income (Loss) from Operations by Segment | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||
Truckload | $ | 40.5 | $ | 7.9 | $ | 77.1 | $ | 31.1 | ||||||||||||||||||||||||||||||
Intermodal | 11.0 | 30.5 | 27.3 | 50.4 | ||||||||||||||||||||||||||||||||||
Logistics | 8.2 | 9.2 | 12.4 | 19.5 | ||||||||||||||||||||||||||||||||||
Other | 3.7 | 1.6 | 1.5 | (0.3) | ||||||||||||||||||||||||||||||||||
Income from operations | $ | 63.4 | $ | 49.2 | $ | 118.3 | $ | 100.7 |
Depreciation and Amortization Expense by Segment | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||
Truckload | $ | 52.5 | $ | 54.9 | $ | 103.5 | $ | 108.3 | ||||||||||||||||||||||||||||||
Intermodal | 11.7 | 11.0 | 22.5 | 21.9 | ||||||||||||||||||||||||||||||||||
Logistics | — | 0.2 | — | 0.3 | ||||||||||||||||||||||||||||||||||
Other | 8.1 | 8.8 | 16.1 | 17.8 | ||||||||||||||||||||||||||||||||||
Depreciation and amortization expense | $ | 72.3 | $ | 74.9 | $ | 142.1 | $ | 148.3 |
Income (Loss) from Operations by Segment | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(in millions) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Truckload (1) | $ | (12.5 | ) | $ | 54.4 | $ | 18.6 | $ | 162.2 | |||||||
Intermodal | 25.1 | 36.1 | 75.5 | 90.7 | ||||||||||||
Logistics | 9.9 | 13.0 | 29.4 | 31.2 | ||||||||||||
Other | 6.5 | (5.6 | ) | 6.2 | (26.9 | ) | ||||||||||
Income from operations | $ | 29.0 | $ | 97.9 | $ | 129.7 | $ | 257.2 |
Depreciation and Amortization Expense by Segment | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(in millions) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Truckload | $ | 53.2 | $ | 52.6 | $ | 161.5 | $ | 157.3 | ||||||||
Intermodal | 11.3 | 10.3 | 33.2 | 29.0 | ||||||||||||
Logistics | 0.2 | 0.1 | 0.5 | 0.3 | ||||||||||||
Other | 9.4 | 10.3 | 27.2 | 30.3 | ||||||||||||
Depreciation and amortization expense | $ | 74.1 | $ | 73.3 | $ | 222.4 | $ | 216.9 |
Increase (Decrease) in Revenues (excluding fuel surcharge) by Segment | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
(in millions) | 2018 | 2018 | ||||||
Truckload | $ | 1.9 | $ | — | ||||
Intermodal | 2.3 | 7.0 | ||||||
Logistics | 3.1 | 4.5 | ||||||
Other | (7.3 | ) | (11.5 | ) | ||||
Total | $ | — | $ | — |
Increase (Decrease) in Income (Loss) from Operations by Segment | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
(in millions) | 2018 | 2018 | ||||||
Truckload | $ | 1.3 | $ | (0.6 | ) | |||
Intermodal | — | 2.0 | ||||||
Logistics | 0.5 | 0.8 | ||||||
Other | (1.8 | ) | (2.2 | ) | ||||
Total | $ | — | $ | — |
(in millions) | Cumulative | |||||||
Impairment charges and losses on asset disposals—net | $ | 45.3 | ||||||
Receivable write-downs—net | 3.1 | |||||||
Other costs | 14.3 | |||||||
Total restructuring—net | $ | 62.7 |
(in millions) | September 30, 2019 | |||
Impairment charges | $ | 35.7 | ||
Receivables write-down | 7.6 | |||
Other costs | 7.1 | |||
Total restructuring charges | $ | 50.4 |
(in millions) | Restructuring Liabilities | |||||||
Balance at December 31, 2018 | $ | — | ||||||
Restructuring—net | 13.7 | |||||||
Cash payments | (8.6) | |||||||
Balance at December 31, 2019 | 5.1 | |||||||
Restructuring—net | 0.6 | |||||||
Cash payments | (1.2) | |||||||
Balance at June 30, 2020 | $ | 4.5 |
(in millions) | Restructuring Liabilities | |||
Balance at December 31, 2018 | $ | — | ||
Restructuring charges | 7.1 | |||
Cash payments | (5.2 | ) | ||
Balance at September 30, 2019 | $ | 1.9 |
(in millions) | September 30, 2019 | December 31, 2018 | ||||||
Truckload | $ | 119.2 | $ | 19.5 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||
(in millions, except ratios) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||
Operating revenues | $ | 1,032.8 | $ | 1,212.7 | $ | 2,151.9 | $ | 2,406.8 | ||||||||||||||||||||||||||||||
Revenues (excluding fuel surcharge) (1) | 964.1 | 1,088.5 | 1,980.2 | 2,170.8 | ||||||||||||||||||||||||||||||||||
Income from operations | 63.4 | 49.2 | 118.3 | 100.7 | ||||||||||||||||||||||||||||||||||
Adjusted income from operations (2) | 63.6 | 83.8 | 117.3 | 135.3 | ||||||||||||||||||||||||||||||||||
Operating ratio | 93.9 | % | 95.9 | % | 94.5 | % | 95.8 | % | ||||||||||||||||||||||||||||||
Adjusted operating ratio (3) | 93.4 | % | 92.3 | % | 94.1 | % | 93.8 | % | ||||||||||||||||||||||||||||||
Net income | $ | 46.5 | $ | 34.5 | $ | 90.3 | $ | 71.4 | ||||||||||||||||||||||||||||||
Adjusted net income (4) | 46.7 | 60.3 | 89.6 | 97.2 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(in millions, except ratios) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Operating revenues | $ | 1,183.9 | $ | 1,280.1 | $ | 3,590.7 | $ | 3,655.4 | ||||||||
Revenues (excluding fuel surcharge) (1) | 1,069.7 | 1,145.2 | 3,240.5 | 3,269.6 | ||||||||||||
Income from operations | 29.0 | 97.9 | 129.7 | 257.2 | ||||||||||||
Adjusted income from operations (2) | 79.4 | 97.9 | 214.7 | 263.0 | ||||||||||||
Operating ratio | 97.6 | % | 92.4 | % | 96.4 | % | 93.0 | % | ||||||||
Adjusted operating ratio (3) | 92.6 | % | 91.5 | % | 93.4 | % | 92.0 | % | ||||||||
Net income | $ | 19.7 | $ | 70.7 | $ | 91.1 | $ | 184.1 | ||||||||
Adjusted net income (4) | 57.2 | 70.7 | 154.4 | 188.4 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||
Operating revenues | $ | 1,032.8 | $ | 1,212.7 | $ | 2,151.9 | $ | 2,406.8 | ||||||||||||||||||||||||||||||
Less: Fuel surcharge revenues | 68.7 | 124.2 | 171.7 | 236.0 | ||||||||||||||||||||||||||||||||||
Revenues (excluding fuel surcharge) | $ | 964.1 | $ | 1,088.5 | $ | 1,980.2 | $ | 2,170.8 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(in millions) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Operating revenues | $ | 1,183.9 | $ | 1,280.1 | $ | 3,590.7 | $ | 3,655.4 | ||||||||
Less: Fuel surcharge revenues | 114.2 | 134.9 | 350.2 | 385.8 | ||||||||||||
Revenues (excluding fuel surcharge) | $ | 1,069.7 | $ | 1,145.2 | $ | 3,240.5 | $ | 3,269.6 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||
Income from operations | $ | 63.4 | $ | 49.2 | $ | 118.3 | $ | 100.7 | ||||||||||||||||||||||||||||||
Goodwill impairment (1) | — | 34.6 | — | 34.6 | ||||||||||||||||||||||||||||||||||
Restructuring—net (2) | 0.2 | — | (1.0) | — | ||||||||||||||||||||||||||||||||||
Adjusted income from operations | $ | 63.6 | $ | 83.8 | $ | 117.3 | $ | 135.3 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(in millions) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Income from operations | $ | 29.0 | $ | 97.9 | $ | 129.7 | $ | 257.2 | ||||||||
Litigation (1) | — | — | — | 5.8 | ||||||||||||
Goodwill impairment (2) | — | — | 34.6 | — | ||||||||||||
Restructuring charges (3) | 50.4 | — | 50.4 | — | ||||||||||||
Adjusted income from operations | $ | 79.4 | $ | 97.9 | $ | 214.7 | $ | 263.0 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||
(in millions, except ratios) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||
Total operating expenses | $ | 969.4 | $ | 1,163.5 | $ | 2,033.6 | $ | 2,306.1 | ||||||||||||||||||||||||||||||
Divide by: Operating revenues | 1,032.8 | 1,212.7 | 2,151.9 | 2,406.8 | ||||||||||||||||||||||||||||||||||
Operating ratio | 93.9 | % | 95.9 | % | 94.5 | % | 95.8 | % | ||||||||||||||||||||||||||||||
Total operating expenses | $ | 969.4 | $ | 1,163.5 | $ | 2,033.6 | $ | 2,306.1 | ||||||||||||||||||||||||||||||
Adjusted for: | ||||||||||||||||||||||||||||||||||||||
Fuel surcharge revenues | (68.7) | (124.2) | (171.7) | (236.0) | ||||||||||||||||||||||||||||||||||
Goodwill impairment | — | (34.6) | — | (34.6) | ||||||||||||||||||||||||||||||||||
Restructuring—net | (0.2) | — | 1.0 | — | ||||||||||||||||||||||||||||||||||
Adjusted total operating expenses | $ | 900.5 | $ | 1,004.7 | $ | 1,862.9 | $ | 2,035.5 | ||||||||||||||||||||||||||||||
Operating revenues | $ | 1,032.8 | $ | 1,212.7 | $ | 2,151.9 | $ | 2,406.8 | ||||||||||||||||||||||||||||||
Less: Fuel surcharge revenues | 68.7 | 124.2 | 171.7 | 236.0 | ||||||||||||||||||||||||||||||||||
Revenues (excluding fuel surcharge) | $ | 964.1 | $ | 1,088.5 | $ | 1,980.2 | $ | 2,170.8 | ||||||||||||||||||||||||||||||
Adjusted operating ratio | 93.4 | % | 92.3 | % | 94.1 | % | 93.8 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(in millions, except ratios) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Total operating expenses | $ | 1,154.9 | $ | 1,182.2 | $ | 3,461.0 | $ | 3,398.2 | ||||||||
Divide by: Operating revenues | 1,183.9 | 1,280.1 | 3,590.7 | 3,655.4 | ||||||||||||
Operating ratio | 97.6 | % | 92.4 | % | 96.4 | % | 93.0 | % | ||||||||
Total operating expenses | $ | 1,154.9 | $ | 1,182.2 | $ | 3,461.0 | $ | 3,398.2 | ||||||||
Adjusted for: | ||||||||||||||||
Fuel surcharge revenues | (114.2 | ) | (134.9 | ) | (350.2 | ) | (385.8 | ) | ||||||||
Litigation | — | — | — | (5.8 | ) | |||||||||||
Goodwill impairment | — | — | (34.6 | ) | — | |||||||||||
Restructuring charges | (50.4 | ) | — | (50.4 | ) | — | ||||||||||
Adjusted total operating expenses | $ | 990.3 | $ | 1,047.3 | $ | 3,025.8 | $ | 3,006.6 | ||||||||
Operating revenues | $ | 1,183.9 | $ | 1,280.1 | $ | 3,590.7 | $ | 3,655.4 | ||||||||
Less: Fuel surcharge revenues | 114.2 | 134.9 | 350.2 | 385.8 | ||||||||||||
Revenues (excluding fuel surcharge) | $ | 1,069.7 | $ | 1,145.2 | $ | 3,240.5 | $ | 3,269.6 | ||||||||
Adjusted operating ratio | 92.6 | % | 91.5 | % | 93.4 | % | 92.0 | % |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||
Net income | $ | 46.5 | $ | 34.5 | $ | 90.3 | $ | 71.4 | ||||||||||||||||||||||||||||||
Goodwill impairment | — | 34.6 | — | 34.6 | ||||||||||||||||||||||||||||||||||
Restructuring—net | 0.2 | — | (1.0) | — | ||||||||||||||||||||||||||||||||||
Income tax effect of non-GAAP adjustments (1) | — | (8.8) | 0.3 | (8.8) | ||||||||||||||||||||||||||||||||||
Adjusted net income | $ | 46.7 | $ | 60.3 | $ | 89.6 | $ | 97.2 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(in millions) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Net income | $ | 19.7 | $ | 70.7 | $ | 91.1 | $ | 184.1 | ||||||||
Litigation | — | — | — | 5.8 | ||||||||||||
Goodwill impairment | — | — | 34.6 | — | ||||||||||||
Restructuring charges | 50.4 | — | 50.4 | — | ||||||||||||
Income tax effect of non-GAAP adjustments(1) | (12.9 | ) | — | (21.7 | ) | (1.5 | ) | |||||||||
Adjusted net income | $ | 57.2 | $ | 70.7 | $ | 154.4 | $ | 188.4 |
Three Months Ended June 30, | ||||||||||||||||||||
Revenues by Segment (in millions) | 2020 | 2019 | ||||||||||||||||||
Truckload | $ | 451.1 | $ | 534.9 | ||||||||||||||||
Intermodal | 219.0 | 259.8 | ||||||||||||||||||
Logistics | 230.9 | 227.0 | ||||||||||||||||||
Other | 89.8 | 95.8 | ||||||||||||||||||
Fuel surcharge | 68.7 | 124.2 | ||||||||||||||||||
Inter-segment eliminations | (26.7) | (29.0) | ||||||||||||||||||
Operating revenues | $ | 1,032.8 | $ | 1,212.7 |
Three Months Ended September 30, | ||||||||
Revenues by Segment (in millions) | 2019 | 2018 | ||||||
Truckload | $ | 515.6 | $ | 566.9 | ||||
Intermodal | 249.2 | 254.4 | ||||||
Logistics | 236.1 | 271.8 | ||||||
Other | 94.3 | 83.9 | ||||||
Fuel surcharge | 114.2 | 134.9 | ||||||
Inter-segment eliminations | (25.5 | ) | (31.8 | ) | ||||
Operating revenues | $ | 1,183.9 | $ | 1,280.1 |
Three Months Ended September 30, | ||||||||
Income (Loss) from Operations by Segment (in millions) | 2019 | 2018 | ||||||
Truckload | $ | (12.5 | ) | $ | 54.4 | |||
Intermodal | 25.1 | 36.1 | ||||||
Logistics | 9.9 | 13.0 | ||||||
Other | 6.5 | (5.6 | ) | |||||
Income from operations | 29.0 | 97.9 | ||||||
Adjustments: | ||||||||
Restructuring charges | 50.4 | — | ||||||
Adjusted income from operations | $ | 79.4 | $ | 97.9 |
Three Months Ended June 30, | ||||||||||||||||||||
Income from Operations by Segment (in millions) | 2020 | 2019 | ||||||||||||||||||
Truckload | $ | 40.5 | $ | 7.9 | ||||||||||||||||
Intermodal | 11.0 | 30.5 | ||||||||||||||||||
Logistics | 8.2 | 9.2 | ||||||||||||||||||
Other | 3.7 | 1.6 | ||||||||||||||||||
Income from operations | 63.4 | 49.2 | ||||||||||||||||||
Adjustments: | ||||||||||||||||||||
Goodwill impairment | — | 34.6 | ||||||||||||||||||
Restructuring—net | 0.2 | — | ||||||||||||||||||
Adjusted income from operations | $ | 63.6 | $ | 83.8 |
•Dedicated - Transportation services with equipment devoted to customers under long-term contracts. •Network |
Three Months Ended September 30, | |||||||
2019 | 2018 | ||||||
Dedicated standard | |||||||
Revenues (excluding fuel surcharge) (1) | $ | 82.3 | $ | 81.2 | |||
Average trucks (2) (3) | 1,807 | 1,671 | |||||
Revenue per truck per week (4) | $ | 3,515 | $ | 3,792 | |||
Dedicated specialty | |||||||
Revenues (excluding fuel surcharge) (1) | $ | 93.4 | $ | 95.9 | |||
Average trucks (2) (3) | 2,100 | 2,107 | |||||
Revenue per truck per week (4) | $ | 3,433 | $ | 3,551 | |||
For-hire standard | |||||||
Revenues (excluding fuel surcharge) (1) | $ | 291.4 | $ | 306.3 | |||
Average trucks (2) (3) | 6,003 | 6,094 | |||||
Revenue per truck per week (4) | $ | 3,746 | $ | 3,921 | |||
For-hire specialty | |||||||
Revenues (excluding fuel surcharge) (1) | $ | 48.9 | $ | 81.6 | |||
Average trucks (2) (3) | 1,009 | 1,521 | |||||
Revenue per truck per week (4) | $ | 3,746 | $ | 4,180 | |||
Total Truckload | |||||||
Revenues (excluding fuel surcharge) (6) | $ | 515.6 | $ | 566.9 | |||
Average trucks (2) (3) | 10,919 | 11,393 | |||||
Revenue per truck per week (4) | $ | 3,648 | $ | 3,868 | |||
Average company trucks (3) | 7,998 | 8,634 | |||||
Average owner-operator trucks (3) | 2,921 | 2,759 | |||||
Trailers | 35,612 | 38,026 | |||||
Operating ratio (5) | 102.4 | % | 90.4 | % |
Three Months Ended June 30, | |||||||||||||||||
2020 | 2019 | ||||||||||||||||
Dedicated | |||||||||||||||||
Revenues (excluding fuel surcharge) (1) | $ | 172.2 | $ | 177.7 | |||||||||||||
Average trucks (2) (3) | 3,891 | 3,991 | |||||||||||||||
Revenue per truck per week (4) | $ | 3,448 | $ | 3,467 | |||||||||||||
Network | |||||||||||||||||
Revenues (excluding fuel surcharge) (1) | $ | 279.3 | $ | 357.3 | |||||||||||||
Average trucks (2) (3) | 6,350 | 7,615 | |||||||||||||||
Revenue per truck per week (4) | $ | 3,426 | $ | 3,654 | |||||||||||||
Total Truckload | |||||||||||||||||
Revenues (excluding fuel surcharge) (5) | $ | 451.1 | $ | 534.9 | |||||||||||||
Average trucks (2) (3) | 10,241 | 11,606 | |||||||||||||||
Revenue per truck per week (4) | $ | 3,434 | $ | 3,590 | |||||||||||||
Average company trucks (3) | 7,366 | 8,728 | |||||||||||||||
Average owner-operator trucks (3) | 2,875 | 2,878 | |||||||||||||||
Trailers | 36,141 | 37,409 | |||||||||||||||
Operating ratio (6) | 91.0 | % | 98.5 | % |
Three Months Ended June 30, | |||||||||||||||||
2020 | 2019 | ||||||||||||||||
Orders (1) | 98,362 | 113,007 | |||||||||||||||
Containers | 21,172 | 22,788 | |||||||||||||||
Trucks (2) | 1,508 | 1,539 | |||||||||||||||
Revenue per order (3) | $ | 2,145 | $ | 2,288 | |||||||||||||
Operating ratio (4) | 95.0 | % | 88.2 | % |
Three Months Ended June 30, | |||||||||||||||||
2020 | 2019 | ||||||||||||||||
Operating ratio (1) | 96.4 | % | 96.0 | % | |||||||||||||
Three Months Ended September 30, | |||||||
2019 | 2018 | ||||||
Orders (1) | 110,721 | 115,936 | |||||
Containers | 23,014 | 21,288 | |||||
Trucks (2) | 1,544 | 1,482 | |||||
Revenue per order (3) | $ | 2,259 | $ | 2,175 | |||
Operating ratio (4) | 89.9 | % | 85.8 | % |
Three Months Ended September 30, | |||||
2019 | 2018 | ||||
Operating ratio (1) | 95.8 | % | 95.2 | % | |
Brokerage revenues as a percentage of Logistics revenues (2) | 86.9 | % | 79.1 | % |
Six Months Ended June 30, | ||||||||||||||||||||
Revenues by Segment (in millions) | 2020 | 2019 | ||||||||||||||||||
Truckload | $ | 920.5 | $ | 1,066.7 | ||||||||||||||||
Intermodal | 457.0 | 497.4 | ||||||||||||||||||
Logistics | 470.5 | 470.9 | ||||||||||||||||||
Other | 189.2 | 195.7 | ||||||||||||||||||
Fuel surcharge | 171.7 | 236.0 | ||||||||||||||||||
Inter-segment eliminations | (57.0) | (59.9) | ||||||||||||||||||
Operating revenues | $ | 2,151.9 | $ | 2,406.8 |
Six Months Ended June 30, | ||||||||||||||||||||
Income (Loss) from Operations by Segment (in millions) | 2020 | 2019 | ||||||||||||||||||
Truckload | $ | 77.1 | $ | 31.1 | ||||||||||||||||
Intermodal | 27.3 | 50.4 | ||||||||||||||||||
Logistics | 12.4 | 19.5 | ||||||||||||||||||
Other | 1.5 | (0.3) | ||||||||||||||||||
Income from operations | 118.3 | 100.7 | ||||||||||||||||||
Adjustments: | ||||||||||||||||||||
Goodwill impairment | — | 34.6 | ||||||||||||||||||
Restructuring—net | (1.0) | — | ||||||||||||||||||
Adjusted income from operations | $ | 117.3 | $ | 135.3 |
Nine Months Ended September 30, | |||||||||
Revenues by Segment (in millions) | 2019 | 2018 | |||||||
Truckload | $ | 1,582.3 | $ | 1,685.0 | |||||
Intermodal | 746.6 | 688.0 | |||||||
Logistics | 707.0 | 743.7 | |||||||
Other | 290.0 | 237.0 | |||||||
Fuel surcharge | 350.2 | 385.8 | |||||||
Inter-segment eliminations | (85.4 | ) | (84.1 | ) | |||||
Operating revenues | $ | 3,590.7 | $ | 3,655.4 |
Nine Months Ended September 30, | |||||||||
Income (Loss) from Operations by Segment (in millions) | 2019 | 2018 | |||||||
Truckload | $ | 18.6 | $ | 162.2 | |||||
Intermodal | 75.5 | 90.7 | |||||||
Logistics | 29.4 | 31.2 | |||||||
Other | 6.2 | (26.9 | ) | ||||||
Income from operations | 129.7 | 257.2 | |||||||
Adjustments: | |||||||||
Litigation | — | 5.8 | |||||||
Goodwill impairment | 34.6 | — | |||||||
Restructuring charges | 50.4 | — | |||||||
Adjusted income from operations | $ | 214.7 | $ | 263.0 |
•Dedicated - Transportation services with equipment devoted to customers under long-term contracts. •Network |
Nine Months Ended September 30, | |||||||
2019 | 2018 | ||||||
Dedicated standard | |||||||
Revenues (excluding fuel surcharge) (1) | $ | 250.8 | $ | 237.7 | |||
Average trucks (2) (3) | 1,806 | 1,637 | |||||
Revenue per truck per week (4) | $ | 3,607 | $ | 3,780 | |||
Dedicated specialty | |||||||
Revenues (excluding fuel surcharge) (1) | $ | 281.9 | $ | 304.5 | |||
Average trucks (2) (3) | 2,132 | 2,279 | |||||
Revenue per truck per week (4) | $ | 3,435 | $ | 3,478 | |||
For-hire standard | |||||||
Revenues (excluding fuel surcharge) (1) | $ | 859.9 | $ | 901.2 | |||
Average trucks (2) (3) | 6,079 | 6,096 | |||||
Revenue per truck per week (4) | $ | 3,674 | $ | 3,848 | |||
For-hire specialty | |||||||
Revenues (excluding fuel surcharge) (1) | $ | 188.4 | $ | 241.6 | |||
Average trucks (2) (3) | 1,304 | 1,551 | |||||
Revenue per truck per week (4) | $ | 3,752 | $ | 4,052 | |||
Total Truckload | |||||||
Revenues (excluding fuel surcharge) (6) | $ | 1,582.3 | $ | 1,685.0 | |||
Average trucks (2) (3) | 11,321 | 11,563 | |||||
Revenue per truck per week (4) | $ | 3,628 | $ | 3,793 | |||
Average company trucks (3) | 8,433 | 8,833 | |||||
Average owner-operator trucks (3) | 2,888 | 2,730 | |||||
Trailers | 35,612 | 38,026 | |||||
Operating ratio (5) | 98.8 | % | 90.4 | % |
Six Months Ended June 30, | |||||||||||||||||
2020 | 2019 | ||||||||||||||||
Dedicated | |||||||||||||||||
Revenues (excluding fuel surcharge) (1) | $ | 348.3 | $ | 357.0 | |||||||||||||
Average trucks (2) (3) | 3,898 | 3,960 | |||||||||||||||
Revenue per truck per week (4) | $ | 3,475 | $ | 3,529 | |||||||||||||
Network | |||||||||||||||||
Revenues (excluding fuel surcharge) (1) | $ | 571.1 | $ | 708.0 | |||||||||||||
Average trucks (2) (3) | 6,325 | 7,613 | |||||||||||||||
Revenue per truck per week (4) | $ | 3,511 | $ | 3,641 | |||||||||||||
Total Truckload | |||||||||||||||||
Revenues (excluding fuel surcharge) (5) | $ | 920.5 | $ | 1,066.7 | |||||||||||||
Average trucks (2) (3) | 10,223 | 11,573 | |||||||||||||||
Revenue per truck per week (4) | $ | 3,497 | $ | 3,603 | |||||||||||||
Average company trucks (3) | 7,339 | 8,706 | |||||||||||||||
Average owner-operator trucks (3) | 2,884 | 2,867 | |||||||||||||||
Trailers | 36,141 | 37,409 | |||||||||||||||
Operating ratio (6) | 91.6 | % | 97.1 | % |
Nine Months Ended September 30, | |||||||
2019 | 2018 | ||||||
Orders (1) | 329,505 | 329,014 | |||||
Containers | 23,014 | 21,288 | |||||
Trucks (2) | 1,544 | 1,482 | |||||
Revenue per order (3) | $ | 2,258 | $ | 2,070 | |||
Operating ratio (4) | 89.9 | % | 86.8 | % |
Six Months Ended June 30, | |||||||||||||||||
2020 | 2019 | ||||||||||||||||
Orders (1) | 204,949 | 216,283 | |||||||||||||||
Containers | 21,172 | 22,788 | |||||||||||||||
Trucks (2) | 1,508 | 1,539 | |||||||||||||||
Revenue per order (3) | $ | 2,160 | $ | 2,280 | |||||||||||||
Operating ratio (4) | 94.0 | % | 89.9 | % |
Six Months Ended June 30, | |||||||||||||||||
2020 | 2019 | ||||||||||||||||
Operating ratio (1) | 97.4 | % | 95.9 | % |
Nine Months Ended September 30, | |||||
2019 | 2018 | ||||
Operating ratio (1) | 95.8 | % | 95.8 | % | |
Brokerage revenues as a percentage of Logistics revenues (2) | 83.6 | % | 78.3 | % |
(in millions) | June 30, 2020 | December 31, 2019 | ||||||||||||
Cash and cash equivalents | $ | 713.8 | $ | 551.6 | ||||||||||
Marketable securities | 46.8 | 48.3 | ||||||||||||
Total cash, cash equivalents, and marketable securities | $ | 760.6 | $ | 599.9 | ||||||||||
Debt: | ||||||||||||||
Senior notes | $ | 335.0 | $ | 360.0 | ||||||||||
Finance leases | 2.1 | 1.7 | ||||||||||||
Total debt (1) | $ | 337.1 | $ | 361.7 |
(in millions) | September 30, 2019 | December 31, 2018 | ||||||
Cash and cash equivalents | $ | 437.1 | $ | 378.7 | ||||
Marketable securities | 47.4 | 51.3 | ||||||
Total cash, cash equivalents, and marketable securities | $ | 484.5 | $ | 430.0 | ||||
Debt: | ||||||||
Senior notes | $ | 400.0 | $ | 400.0 | ||||
Equipment financing | 1.3 | 5.0 | ||||||
Finance leases | 5.3 | 6.9 | ||||||
Total debt (1) | $ | 406.6 | $ | 411.9 |
Nine Months Ended September 30, | |||||||||
(in millions) | 2019 | 2018 | |||||||
Net cash provided by operating activities | $ | 470.3 | $ | 410.1 | |||||
Net cash used in investing activities | (355.6 | ) | (222.1 | ) | |||||
Net cash used in financing activities | (56.3 | ) | (66.7 | ) |
Six Months Ended June 30, | ||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | ||||||||||||||||||||||||
Net cash provided by operating activities | $ | 319.8 | $ | 302.0 | ||||||||||||||||||||||
Net cash used in investing activities | (110.1) | (259.4) | ||||||||||||||||||||||||
Net cash used in financing activities | (47.5) | (43.6) |
Six Months Ended June 30, | ||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | ||||||||||||||||||||||||
Transportation equipment | $ | 83.3 | $ | 231.4 | ||||||||||||||||||||||
Other property and equipment | 25.0 | 25.7 | ||||||||||||||||||||||||
Proceeds from sale of property and equipment | (29.6) | (26.0) | ||||||||||||||||||||||||
Net capital expenditures | $ | 78.7 | $ | 231.1 |
Nine Months Ended September 30, | |||||||||
(in millions) | 2019 | 2018 | |||||||
Transportation equipment | $ | 308.6 | $ | 268.1 | |||||
Other property and equipment | 42.8 | 22.3 | |||||||
Proceeds from sale of property and equipment | (38.8 | ) | (74.6 | ) | |||||
Net capital expenditures | $ | 312.6 | $ | 215.8 |
Exhibit Number | Exhibit Description | ||||||||||
31.1* | |||||||||||
31.2* | |||||||||||
32.1** | |||||||||||
32.2** | |||||||||||
101.INS* | XBRL Instance Document - The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document. | ||||||||||
101.SCH* | XBRL Taxonomy Extension Schema Document | ||||||||||
101.CAL* | XBRL Taxonomy Calculation Linkbase Document | ||||||||||
101.DEF* | XBRL Taxonomy Extension Definition Linkbase Document | ||||||||||
101.LAB* | XBRL Taxonomy Extension Labels Linkbase Document | ||||||||||
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document | ||||||||||
104* | The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended |
SCHNEIDER NATIONAL, INC. | ||||||||
Date: | /s/ Stephen L. Bruffett | |||||||
Stephen L. Bruffett | ||||||||
Executive Vice President and Chief Financial Officer | ||||||||
(Duly Authorized Officer and Principal Financial Officer) |