Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2018shares | |
Document Information [Line Items] | |
Document Type | 10-Q |
Entity Registrant Name | Schneider National, Inc. |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2018 |
Document Fiscal Year Focus | 2,018 |
Document Fiscal Period Focus | Q1 |
Trading Symbol | SNDR |
Entity Central Index Key | 1,692,063 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Class A Common Shares | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding (shares) | 83,029,500 |
Class B Common Stock | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding (shares) | 94,603,373 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | ||
OPERATING REVENUES | $ 1,139 | $ 1,006.4 |
OPERATING EXPENSES: | ||
Purchased transportation | 425 | 367.3 |
Salaries, wages, and benefits | 311.3 | 297.7 |
Fuel and fuel taxes | 84.7 | 73.2 |
Depreciation and amortization | 71.7 | 67.9 |
Operating supplies and expenses | 119.1 | 106.3 |
Insurance and related expenses | 23.1 | 21.8 |
Other general expenses, net | 36.5 | 28.7 |
Total operating expenses | 1,071.4 | 962.9 |
INCOME FROM OPERATIONS | 67.6 | 43.5 |
OTHER EXPENSES (INCOME): | ||
Interest expense—net | 3.5 | 5.5 |
Other expenses (income)—net | (0.4) | 0.1 |
Total other expenses | 3.1 | 5.6 |
INCOME BEFORE INCOME TAXES | 64.5 | 37.9 |
PROVISION FOR INCOME TAXES | 16.9 | 15.3 |
NET INCOME | 47.6 | 22.6 |
OTHER COMPREHENSIVE INCOME (LOSS): | ||
Foreign currency translation adjustments | (0.4) | (0.1) |
Unrealized gain (loss) on marketable securities—net of tax | (0.2) | 0.1 |
Total other comprehensive income (loss) | (0.6) | 0 |
COMPREHENSIVE INCOME | $ 47 | $ 22.6 |
Weighted average common shares outstanding (shares) | 176.9 | 156.4 |
Basic earnings (usd per share) | $ 0.27 | $ 0.14 |
Weighted average diluted shares outstanding (shares) | 177.2 | 156.8 |
Diluted earnings (usd per share) | $ 0.27 | $ 0.14 |
Dividends per share of common stock (usd per share) | $ 0.06 | $ 0.05 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 300.1 | $ 238.5 |
Marketable securities | 40.3 | 41.6 |
Trade accounts receivable—net of allowance of $6.1 and $5.2, respectively | 530.4 | 527.9 |
Other receivables | 18.4 | 22.4 |
Current portion of lease receivables—net of allowance of $2.1 and $1.7, respectively | 115.6 | 104.9 |
Inventories | 73.2 | 83.1 |
Prepaid expenses and other current assets | 115 | 75.6 |
Total current assets | 1,193 | 1,094 |
Property and equipment: | ||
Transportation equipment | 2,771.5 | 2,770.1 |
Land, buildings, and improvements | 174 | 183.8 |
Other property and equipment | 177.3 | 175.7 |
Total property and equipment | 3,122.8 | 3,129.6 |
Accumulated depreciation | 1,275.6 | 1,271.5 |
Net property and equipment | 1,847.2 | 1,858.1 |
Lease receivables | 133.5 | 138.9 |
Capitalized software and other noncurrent assets | 73.8 | 74.7 |
Goodwill | 165.3 | 164.8 |
Total noncurrent assets | 2,219.8 | 2,236.5 |
TOTAL | 3,412.8 | 3,330.5 |
CURRENT LIABILITIES: | ||
Trade accounts payable | 270.6 | 230.4 |
Accrued salaries and wages | 65.9 | 85.8 |
Claims accruals - current | 54.4 | 48.3 |
Current maturities of debt and capital lease obligations | 15.7 | 19.1 |
Dividends payable | 10.7 | 8.8 |
Other current liabilities | 75.4 | 69.6 |
Total current liabilities | 492.7 | 462 |
NONCURRENT LIABILITIES: | ||
Long-term Debt and Capital Lease Obligations | 417.1 | 420.6 |
Claims accruals - noncurrent | 103.5 | 102.5 |
Deferred income taxes | 403 | 386.6 |
Other | 62.1 | 68.6 |
Total noncurrent liabilities | 985.7 | 978.3 |
SHAREHOLDERS' EQUITY | ||
Additional paid-in capital | 1,535.2 | 1,534.6 |
Retained earnings | 399.8 | 355.6 |
Accumulated other comprehensive income | (0.6) | 0 |
Total shareholders' equity | 1,934.4 | 1,890.2 |
TOTAL | 3,412.8 | 3,330.5 |
Class A Common Shares | ||
SHAREHOLDERS' EQUITY | ||
Common stock | 0 | 0 |
Class B Common Stock | ||
SHAREHOLDERS' EQUITY | ||
Common stock | $ 0 | $ 0 |
Consolidated Balance Sheets (U4
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Trade allowance | $ (6.1) | $ (5.2) |
Allowance for lease receivables | $ (2.1) | $ (1.7) |
Class A Common Shares | ||
Common stock, par value (usd per share) | $ 0 | |
Common stock, shares authorized (shares) | 250,000,000 | |
Common stock, shares issued (shares) | 83,029,500 | |
Common stock, shares outstanding (shares) | 83,029,500 | |
Class B Common Stock | ||
Common stock, par value (usd per share) | $ 0 | |
Common stock, shares authorized (shares) | 750,000,000 | |
Common stock, shares issued (shares) | 94,596,670 | |
Common stock, shares outstanding (shares) | 93,951,067 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
OPERATING ACTIVITIES: | ||
Net income | $ 47.6 | $ 22.6 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 71.7 | 67.9 |
Gains on sales of property and equipment | (0.9) | (3.2) |
Deferred income taxes | 14 | 15.1 |
Share-based Compensation | 5.9 | 5.6 |
Other noncash items | (2.8) | (0.1) |
Changes in operating assets and liabilities: | ||
Receivables | 1.7 | 21.4 |
Other assets | (24.2) | (20.5) |
Payables | 15.9 | 10.1 |
Other liabilities | (28.9) | (29.7) |
Net cash provided by operating activities | 100 | 89.2 |
INVESTING ACTIVITIES: | ||
Purchases of transportation equipment | (44.8) | (39.3) |
Purchases of other property and equipment | (7.5) | (8) |
Proceeds from sale of property and equipment | 26.3 | 15.3 |
Proceeds from lease receipts and sale of off-lease inventory | 16.4 | 14.6 |
Purchases of lease equipment | (13.9) | (23.7) |
Sales of marketable securities | 0.9 | 3.1 |
Net cash used in investing activities | (22.6) | (38) |
FINANCING ACTIVITIES: | ||
Payments under revolving credit agreements | 0 | (85) |
Payments of debt and capital lease obligations | (7) | (9.9) |
Dividends paid | (8.8) | (7.8) |
Net cash used in financing activities | (15.8) | (102.7) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 61.6 | (51.5) |
CASH AND CASH EQUIVALENTS: | ||
Beginning of period | 238.5 | 130.8 |
End of period | 300.1 | 79.3 |
Noncash investing and financing activity: | ||
Equipment purchases in accounts payable | 33.8 | 35.3 |
Dividends payable | 10.7 | 0 |
Costs In Accounts Payable From Initial Public Offering | 0 | 5.2 |
Costs in accounts payable related to our IPO | 0 | 126.6 |
Cash paid (refunded) during the period for: | ||
Interest | 5.4 | 6.1 |
Income taxes—net of refunds | $ 0.5 | $ (15.6) |
General
General | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | GENERAL Description of Business In this report, when we refer to “the Company,” “us,” “we,” “our,” or “ours,” we are referring to Schneider National, Inc. and its subsidiaries. We are a leading transportation services organization headquartered in Green Bay, Wisconsin. We provide a broad portfolio of premier truckload, intermodal, and logistics solutions and operate one of the largest trucking fleets in North America. Our IPO of shares of Class B Common Stock was completed in early April 2017, and additional shares were sold in May 2017 under an option granted to the underwriters. In connection with the offering, we sold a total of 20,145,000 shares of common stock at $19 per share and received proceeds of $382.7 million. Expenses related to the offering totaled approximately $42.1 million, resulting in net proceeds of $340.6 million. Basis of Presentation The accompanying unaudited interim Consolidated Financial Statements have been prepared in accordance with GAAP and the rules and regulations of the SEC applicable to quarterly reports on Form 10-Q. Therefore, these financial statements and footnotes do not include all disclosures required by GAAP for annual financial statements. These financial statements should be read in conjunction with the Consolidated Financial Statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2017. 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. Certain prior period amounts have been reclassified to conform with the current year presentation. Accounting Standards Issued But Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, Leases , which requires lessees to recognize assets and liabilities in the consolidated balance sheets for leases with lease terms of more than 12 months. Consistent with current accounting principles, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. However, unlike current accounting principles, which require only capital leases to be recognized in the consolidated balance sheets, the new ASU will require both types of leases to be recognized in the consolidated balance sheets. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients that companies may elect to apply. These practical expedients relate to the identification and classification of leases that commenced before the effective date, initial direct costs for leases that commenced before the effective date, and the ability to use hindsight in evaluating lessee options to extend or terminate a lease or to purchase the underlying asset. The transition guidance also provides specific guidance for sale and leaseback transactions, build-to-suit leases, leveraged leases, and amounts previously recognized in accordance with the business combinations guidance for leases. The new standard is effective for us beginning with the reporting period ending March 31, 2019, with early adoption permitted. We expect an increase in our assets and liabilities from the recognition of operating leases on the consolidated balance sheets and are in the process of evaluating other potential impacts that the adoption of this ASU will have on our consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments , which requires companies to use a forward-looking, expected loss model to estimate credit losses on various types of financial assets and net investments in leases. It also requires additional disclosure related to credit quality of trade and other receivables, including information related to management’s estimate of credit allowances. This guidance is effective for us beginning with the reporting period ending March 31, 2020. We currently cannot reasonably estimate the impact that the adoption of this ASU will have on our consolidated financial statements. |
Revenue Recognition Revenue Rec
Revenue Recognition Revenue Recognition | 3 Months Ended |
Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | REVENUE RECOGNITION We implemented ASU 2014-09, Revenue from Contracts with Customers, which is codified as ASC 606, for the reporting period ended March 31, 2018 . We used the modified retrospective approach for adoption, which required us to record the cumulative effect of the transition through retained earnings as of January 1, 2018. Retained earnings increased by $7.3 million upon adoption. The adjustment related only to contracts that were not completed as of January 1, 2018. The following table shows the amount by which financial statement lines were affected by the adoption of the new standard. The changes relate to the recognition of transportation revenue over time rather than at delivery, as explained below under the Transportation heading. Three Months Ended March 31, 2018 Financial Statement Line Item ( in millions ) Under ASC 605 Adjustment As Reported Consolidated Statement of Comprehensive Income Operating revenues $ 1,138.5 $ 0.5 $ 1,139.0 Purchased transportation 424.2 0.8 425.0 Salaries, wages, and benefits 311.0 0.3 311.3 Total operating expenses 1,070.3 1.1 1,071.4 Income from operations 68.2 (0.6 ) 67.6 Provision for income taxes 17.1 (0.2 ) 16.9 Net income 48.0 (0.4 ) 47.6 Comprehensive Income 47.4 (0.4 ) 47.0 Consolidated Balance Sheet Prepaid expenses and other current assets 95.4 19.6 115.0 Total current assets 1,173.4 19.6 1,193.0 Total assets 3,393.2 19.6 3,412.8 Other current liabilities 65.1 10.3 75.4 Total current liabilities 482.4 10.3 492.7 Deferred income taxes 400.6 2.4 403.0 Total noncurrent liabilities 983.3 2.4 985.7 Retained earnings 392.9 6.9 399.8 Total shareholders' equity 1,927.5 6.9 1,934.4 Total liabilities and shareholders' equity 3,393.2 19.6 3,412.8 Consolidated Statement of Cash Flows Operating Cash Flows Net income 48.0 (0.4 ) 47.6 Other noncash items (3.4 ) 0.6 (2.8 ) Change in: Payables 16.1 (0.2 ) 15.9 ASC 606 requires us to look at revenue from customers at a contract level to determine the appropriate accounting. As defined by the new standard, a "contract" can range from an individual order to a multi-year agreement with a customer, depending on the specific arrangement. The majority of our revenues are related to transportation and have similar characteristics. The following table breaks down our revenues by type of service, and each type of service is further described below. Three Months Ended March 31, (in millions) 2018 2017 Transportation $ 1,049.9 $ 935.5 Logistics management 52.1 52.3 Other 37.0 18.6 Total operating revenues $ 1,139.0 $ 1,006.4 Transportation Transportation revenues relate to the Truckload and Intermodal reporting segments, as well as to our Brokerage business, which is included in the Logistics reporting segment. In the Transportation portfolio, our service obligation to customers is satisfied over time. We do not believe there is a significant impact on the nature, amount, timing, and uncertainty of revenue or cash flows based on the mode of transportation. The economic factors that impact our transportation revenue is generally consistent across these modes given the relatively short term nature of each contract. For the majority of our transportation business, the "contract with a customer" is identified as an individual order under a negotiated agreement. Some consideration is variable in that a final transaction price is uncertain and is susceptible to factors outside of Schneider's influence, such as the weather or the accumulation of accessorial charges. Pricing information is supplied by the rate schedules that accompany negotiated contracts. Transportation orders are very short-term in nature and generally have terms of significantly less than one year. They do not include significant financing components. A small portion of revenues in our transportation business relate to fixed payments in our Dedicated business. These payments are due regardless of volumes, and in these arrangements, the master agreement rather than the individual order may be considered the "contract." See the Remaining Performance Obligations table below for more information on fixed payments. Prior to the adoption of ASC 606, we recognized revenue from transportation services when we completed our obligation to the customer, upon delivery. In accordance with the new standard, we now recognize revenue over the period transportation services are provided to the customer, including service performed as of the end of the reporting period for loads currently in transit, in order to recognize the value that is transferred to a customer over the course of the transportation service. We determine revenue in transit using the input method, under which revenue is recognized based on time lapsed from the departure date (start of transportation services) to the arrival date (completion of transportation services). Measurement of revenue in transit requires the application of significant judgment. We calculate the estimated percentage of an order's transit time that is complete at period end, and we apply that percentage of completion to the order's estimated revenue. Revenue recognized in the period ended March 31, 2018 includes amounts related to orders that were partially completed (in transit) in prior periods. In certain transportation arrangements, an unrelated party contributes a specified service to our customer. For example, we contract with third-party carriers to perform transportation services on behalf of our customers in our Brokerage business, and we use third-party rail carriers in our Intermodal segment. In all situations that include the contributions of third parties, we act as principal in the arrangement, and, accordingly, we recognize gross revenues from these transactions. Logistics Management Logistics Management revenues relate to our Supply Chain Management and Import/Export Services operating segments, both of which are included in our Logistics reportable segment. Within this portfolio, the key service we provide to the customer is management of freight shipping and/or storage. The "contracts" in our Logistics Management portfolio are the negotiated agreements, which contain both fixed and variable components. The variability of revenues is driven by volumes and transactions, which are known as of an invoice date. See the Remaining Performance Obligations table below for additional information. Supply Chain Management and Import/Export Services contracts typically have terms that extend beyond one year, and they do not include financing components. Prior to the adoption of ASC 606, we recognized revenue under these contracts over time, based on pricing terms within the arrangements. Our recognition model will remain the same under the new standard, as we have elected to use the right to invoice practical expedient, which reflects the fact that a customer obtains the benefit associated with logistics services as they are provided (output method). In our Supply Chain Management business, we subcontract third parties to perform a portion of the services. We are responsible for ensuring the services are performed and that they are acceptable to the customer, and we are therefore considered to be the principal in these arrangements. Other Other revenues relate to activities that are out of scope for purposes of ASC 606, including our leasing and captive insurance businesses. Quantitative Disclosure The following table provides information related to the transactions and expected timing of revenue recognition related to performance obligations that are fixed in nature and relate to contracts with terms greater than one year. Remaining Performance Obligations (in millions) March 31, 2018 Expected to be recognized within one year Transportation $ 15.7 Logistics Management 14.7 Expected to be recognized after one year Transportation 1.3 Logistics Management 5.5 Total $ 37.2 This disclosure does not include revenue related to performance obligations that are part of a contract whose original expected duration is one year or less. In addition, this disclosure does not include expected consideration related to performance obligations for which the Company elects to recognize revenue in the amount it has a right to invoice (e.g., usage-based pricing terms). The following table provides information related to contract balances associated with our contracts with customers. Contract Balances ( in millions ) March 31, 2018 January 1, 2018 Other current assets - contract assets $ 22.8 $ 22.2 Other current liabilities - contract liabilities $ 8.3 $ — We generally receive payment within 40 days of completion of performance obligations. Contract assets in the table above relate to revenue in transit at the end of the reporting period. Contract liabilities relate to amounts that customers paid in advance of the associated service. For certain of our contracts, we incur upfront costs to fulfill the master agreement, including driver recruiting and equipment relocation, that are capitalized and amortized over the master contract term, which has been deemed to be the period of benefit. These costs usually relate to dedicated transportation arrangements. The following table presents the amounts capitalized for contract fulfillment costs. (in millions) March 31, 2018 December 31, 2017 Capitalized contract fulfillment costs $ 4.4 $ 3.7 Amortization of capitalized contract fulfillment costs was as follows: Three Months Ended March 31, 2018 (in millions) 2018 2017 Amortization of contract fulfillment costs $ 0.6 $ 0.6 Practical Expedients We elected to use the following practical expedients that are available under ASC 606: (i) not to adjust the promised amount of consideration for the effects of a significant financing component when we expect, at contract inception, that the period between our transfer of a promised service to a customer and when the customer pays for that service will be one year or less; (ii) to apply the new revenue standard to a portfolio of contracts (or performance obligations) with similar characteristics, as we reasonably expect that the effects on the financial statements of applying this guidance to the portfolio would not differ materially from applying this guidance to the individual contracts (or performance obligations) within that portfolio; and (iii) to recognize revenue in the Logistics Management portfolio in the amount of consideration to which we have a right to invoice, that corresponds directly with the value to the customer of the service completed to date. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value | FAIR VALUE Fair value focuses on the estimated price that would be received to sell an asset or paid to transfer a liability, which is referred to as the exit price. Inputs to valuation techniques used to measure fair value fall into three broad levels (Levels 1, 2, and 3) as follows: Level 1 —Observable inputs that reflect quoted prices for identical assets or liabilities in active markets that we have the ability to access at the measurement date. Level 2 —Observable inputs, other than quoted prices included in Level 1, for the asset or liability or prices for similar assets and liabilities. Level 3 —Unobservable inputs reflecting the reporting entity’s estimates of the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). All marketable securities were 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 (Level 2 in the fair value hierarchy). We measure our marketable securities on a recurring, monthly basis. See Note 4 , Marketable Securities , for information on the fair value of our marketable securities. In connection with the June 1, 2016 acquisition of WSL, a contingent payment arrangement based on the achievement of specified earnings targets is in place for three consecutive 12-month periods after the closing, with the aggregate payment total not to exceed $40.0 million. No payments have been made through March 31, 2018 . The fair value of the contingent consideration at March 31, 2018 and December 31, 2017 was zero . The valuation was based on Level 3 inputs. There were no transfers between levels for the periods shown. Fair Value of Other Financial Instruments The recorded value of cash, trade accounts receivable, and trade accounts payable approximates fair value. The table below presents the carrying value of our debt portfolio along with the fair value of a fixed-rate debt portfolio with similar terms and maturities, which is based on borrowing rates available to us in the applicable year. This valuation used Level 2 inputs. March 31, 2018 December 31, 2017 (in millions) Carrying Value Fair Value Carrying Value Fair Value Debt portfolio 423.8 418.1 429.8 432.4 |
Marketable Securities
Marketable Securities | 3 Months Ended |
Mar. 31, 2018 | |
Investments Schedule [Abstract] | |
Marketable Securities | MARKETABLE SECURITIES Our marketable securities have maturities ranging from 1 month to 80 months , but our intent is to hold them for less than one year. They are classified as available for sale and carried at fair value in current assets on the consolidated balance sheets. Any unrealized gains and losses, net of tax, are included as a component of accumulated other comprehensive income. The following table presents the values of our marketable securities as of the dates shown. March 31, 2018 December 31, 2017 (in millions) Amortized Cost Fair Value Amortized Cost Fair Value Zero coupon bonds $ 3.9 $ 3.8 $ 3.8 $ 3.9 U.S. treasury and government agencies 6.0 5.9 6.0 6.0 Asset-backed securities 0.1 0.2 0.3 0.3 Corporate debt securities 9.1 9.1 9.1 9.2 State and political subdivisions 21.7 21.3 22.7 22.2 Total marketable securities $ 40.8 $ 40.3 $ 41.9 $ 41.6 Gross realized and unrealized gains and losses on sales of marketable securities were not material for the three months ended March 31, 2018 and 2017 . |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill represents the excess of the purchase price of our acquisitions over the fair value of the identifiable net assets acquired. Changes in the carrying amount of goodwill were as follows: (in millions) Truckload Logistics Other Total Balance at December 31, 2017 $ 138.2 $ 14.2 $ 12.4 $ 164.8 Foreign currency translation — — 0.5 0.5 Balance at March 31, 2018 $ 138.2 $ 14.2 $ 12.9 $ 165.3 At March 31, 2018 and December 31, 2017 , we had accumulated goodwill impairment charges of $6 million . The identifiable intangible assets other than goodwill listed below are included in other noncurrent assets on the consolidated balance sheets. March 31, 2018 December 31, 2017 (in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer lists $ 10.5 $ 2.7 $ 7.8 $ 10.5 $ 2.5 $ 8.0 Trade names 1.4 0.9 0.5 1.4 0.7 0.7 Total intangible assets $ 11.9 $ 3.6 $ 8.3 $ 11.9 $ 3.2 $ 8.7 Amortization expense for intangible assets was $0.4 million and $0.4 million for the three months ended March 31, 2018 and 2017 , respectively. Accumulated amortization in the table above includes foreign currency translation related to a customer list. Estimated future amortization expense related to intangible assets is as follows (in millions): Remaining 2018 $ 1.0 2019 1.1 2020 1.0 2021 1.0 2022 1.0 2023 and thereafter 3.2 $ 8.3 |
Debt and Credit Facilities
Debt and Credit Facilities | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt and Credit Facilities | DEBT AND CREDIT FACILITIES As of March 31, 2018 and December 31, 2017 , debt included the following: (in millions) March 31, December 31, 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 2018 and 2017 $ 400.0 $ 400.0 Equipment financing notes: principal and interest payable in monthly installments through 2023; weighted average interest rate of 3.74% and 3.76% for 2018 and 2017, respectively 23.8 29.8 Total principal outstanding 423.8 429.8 Current maturities (12.2 ) (15.2 ) Debt issuance costs (0.8 ) (0.9 ) Long-term debt $ 410.8 $ 413.7 Our master revolving credit agreement provides borrowing capacity of up to $250.0 million through November 2018. This agreement also provides a sublimit of $100.0 million to be used for the issuance of letters of credit. We had no outstanding borrowings under this agreement as of March 31, 2018 or December 31, 2017 . Standby letters of credit under this agreement amounted to $3.9 million at March 31, 2018 and December 31, 2017 , and were primarily related to the requirements of certain of our real estate leases. We have a secured credit facility that allows us to borrow up to $200.0 million against qualifying trade receivables at rates based on the 30-day London InterBank Offered Rate. We had no outstanding borrowings under this facility at March 31, 2018 or December 31, 2017. At March 31, 2018 and December 31, 2017 , standby letters of credit under this agreement amounted to $63.3 million and $63.8 million, respectively, and were primarily related to the requirements of certain of our insurance obligations. |
Lease Receivables
Lease Receivables | 3 Months Ended |
Mar. 31, 2018 | |
Leases [Abstract] | |
Lease Receivables | LEASE RECEIVABLES We finance various types of transportation-related equipment for independent third parties. The transactions are generally for one to five years and are accounted for as sales-type or direct financing leases. As of March 31, 2018 and December 31, 2017 , the investment in lease receivables was as follows: (in millions) March 31, 2018 December 31, 2017 Future minimum payments to be received on leases $ 141.2 $ 141.2 Guaranteed residual lease values 136.0 130.7 Total minimum lease payments to be received 277.2 271.9 Unearned income (28.1 ) (28.1 ) Net investment in leases 249.1 243.8 Current maturities of lease receivables 117.7 106.6 Less—allowance for doubtful accounts (2.1 ) (1.7 ) Current portion of lease receivables—net of allowance 115.6 104.9 Lease receivables—noncurrent $ 133.5 $ 138.9 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Our effective income tax rate was 26.2% and 40.5% for the three months ended March 31, 2018 , and 2017 , respectively. The decrease in the rate quarter over quarter was due to the enactment of the Tax Cuts and Jobs Act. 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 estimate of nontaxable and nondeductible items of income and expense. In accordance with SEC Staff Accounting Bulletin No. 118, the amounts recorded in the fourth quarter of 2017 related to the Tax Cuts and Jobs Act represent reasonable estimates based on our analysis to date and are considered to be provisional and subject to revision during 2018. Provisional amounts were recorded for the remeasurement of our 2017 net deferred tax liabilities and ancillary state tax effects. These amounts are considered to be provisional as we continue to assess available tax methods and elections and refine our computations. In addition, further regulatory guidance related to the Tax Cuts and Jobs Act is expected to be issued in 2018 which may result in changes to our current estimates. Any revisions to the estimated impacts of the Tax Cuts and Jobs Act will be recorded quarterly until the computations are complete, which is expected to be no later than the fourth quarter of 2018. No changes were made to the estimated impacts in the first quarter of 2018. |
Common Equity
Common Equity | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Common Equity | COMMON EQUITY Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2018 and 2017 . Three Months Ended March 31, (in millions, except per share data) 2018 2017 Basic earnings per common share: Net income available to common shareholders $ 47.6 $ 22.6 Weighted average common shares issued and outstanding 176.9 156.4 Basic earnings per common share $ 0.27 $ 0.14 Diluted earnings per common share: Net income applicable to diluted earnings per common share $ 47.6 $ 22.6 Dilutive potential common shares: Restricted share units 0.3 0.4 Dilutive potential common shares 0.3 0.4 Total diluted average common shares issued and outstanding 177.2 156.8 Diluted earnings per common share $ 0.27 $ 0.14 The calculation of diluted earnings per share for the three months ended March 31, 2018 excluded an immaterial amount of share-based compensation awards that had an anti-dilutive effect. Subsequent Event - Dividends Declared In April 2018, our Board of Directors declared a quarterly cash dividend for the second fiscal quarter of 2018 in the amount of $0.06 per share to holders of our Class A and Class B common stock. The dividend is payable to shareholders of record at the close of business on June 15, 2018, and is expected to be paid on July 9, 2018. |
Share-based Compensation
Share-based Compensation | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation | SHARE-BASED COMPENSATION We grant various equity-based awards relating to Class B Common Stock under our 2017 Omnibus Incentive Plan ("the Plan"). These awards consist of the following: restricted shares, restricted stock units ("RSUs"), performance-based restricted shares ("Performance Shares"), performance-based restricted stock units ("PSUs"), and non-qualified stock options. The following table summarizes the components of our share-based compensation program expense: Three Months Ended March 31, (in millions) 2018 2017 Restricted Shares and RSUs 0.6 — Pre-IPO Restricted Shares 0.5 0.6 Performance Shares and PSUs 0.6 — Nonqualified Stock Options 0.3 — Share-based compensation expense 2.0 0.6 Related tax benefit 0.5 0.2 As of March 31, 2018 , we had $17.6 million of pre-tax unrecognized compensation cost related to outstanding share-based compensation awards that is expected to be recognized over a weighted-average period of 2.8 years . Restricted Shares and RSUs The majority of the restricted shares and RSUs granted in 2017 and 2018 under the Plan vest ratably over a four -year period, with the first 25% of the grant vesting approximately one year after the date of grant, subject to continued employment through the vesting date or retirement eligibility. Dividend equivalents equal to dividends paid on our common shares during the vesting period are tracked and accumulated for each restricted share and RSU. The dividend equivalents are forfeitable and are distributed to participants in cash consistent with the date the awards vest. A small portion of the restricted shares relate to a one-time 2018 grant, which vests 50% after a five -year period, with the remaining 50% vesting after a six -year period after the grant date, subject to continued employment through the vesting date. Dividend equivalents equal to dividends paid on our common shares during the vesting period are tracked and accumulated for each restricted share. The dividends equivalents are distributed to participants in cash consistent with the date the awards vest. Restricted Shares and RSUs Number of Awards Weighted Average Grant Date Fair Value Unvested at December 31, 2017 240,016 $ 19.00 Granted 215,212 26.81 Vested (59,281 ) 19.00 Forfeited (3,636 ) 20.60 Unvested at March 31, 2018 392,311 $ 23.27 Prior to our IPO, we granted restricted shares of Class B Common Stock. Shares included in the pre-IPO restricted share grants vest ratably over a three -year period. Cash dividends are not paid on the unvested pre-IPO restricted shares, nor do they accumulate during the vesting period. Pre-IPO Restricted Shares Number of Awards Weighted Average Grant Date Fair Value Unvested at December 31, 2017 152,199 $ 19.00 Granted — — Vested (101,643 ) 19.00 Forfeited — — Unvested at March 31, 2018 50,556 $ 19.00 Performance Shares and PSUs Performance shares and PSUs include a three -year performance period with vesting based on attainment of threshold performance of net income and return on capital targets. These awards cliff-vest at the end of the three year performance period, subject to continued employment through the vesting date or retirement eligibility, and payout ranges from 0% - 200% for PSUs and from 0% - 100% for performance shares. Dividend equivalents equal to dividends paid on our common shares during the vesting period are tracked and accumulated for each award. The dividend equivalents are forfeitable and are distributed to participants in cash consistent with the date the awards vest. Performance Shares and PSUs Number of Awards Weighted Average Grant Date Fair Value Unvested at December 31, 2017 391,541 $ 19.00 Granted 260,726 26.81 Vested — — Forfeited — — Unvested at March 31, 2018 652,267 $ 22.12 Nonqualified Stock Options The options granted under the Plan have an exercise price equal to the fair market value of the underlying stock at the date of grant and vest ratably over a four year period, with the first 25% of the grant becoming exercisable approximately one year after the date of grant. The options expire ten years from the date of grant. Nonqualified Stock Options Number of Awards Weighted Average Grant Date Fair Value Unvested at December 31, 2017 229,620 $ 6.37 Granted 145,368 8.95 Vested (57,405 ) 6.37 Forfeited — — Unvested at March 31, 2018 317,583 $ 7.55 Assumptions used in calculating the Black-Scholes value of options granted during 2018 were as follows: Three Months Ended March 31, 2018 Weighted-average Black-Scholes value $ 8.95 Black-Scholes Assumptions: Expected term 6.25 years Expected volatility 32.0 % Expected dividend yield 0.9 % Risk-free interest rate 2.8 % |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES In the ordinary course of conducting our business we become involved in certain legal matters and investigations on a number of matters, including liability claims, taxes other than income taxes, contract disputes, employment, and other litigation matters. We accrue for anticipated costs to defend and resolve matters that are probable and estimable. We believe the outcomes of these matters will not have a material impact on our business or our financial statements. At March 31, 2018 , our firm commitments to purchase transportation equipment totaled approximately $217.4 million. WSL Acquisition The purchase and sale agreement related to our June 2016 acquisition of WSL included guaranteed payments of $20.0 million to the former owners of WSL on each of the first three anniversary dates of the closing. The liability recorded was discounted between one percent and three percent , based on credit-adjusted discount rates. The initial payment in the amount of $19.7 million, including calculated interest based on the discounted amount recorded, was made in June 2017 and reflected an adjustment for a working capital true-up. The total present value of the remaining two payments was $38.0 million at March 31, 2018 , which is recorded in other current and noncurrent liabilities on the Consolidated Balance Sheets. The representative of the former owners of WSL has claimed that we have not fulfilled certain obligations under the purchase and sale agreement relating to the post-closing operation of the business and that, as a result, the former owners are entitled to an accelerated payment of the contingent amount described in Note 3 , Fair Value , without regard to whether the specified earnings targets are met. We believe this claim is meritless and have filed an action in the Delaware Court of Chancery seeking a declaratory judgment that we have complied with our obligations under the agreement and that no accelerated payment is owed. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting | SEGMENT REPORTING We have three reportable segments – Truckload, Intermodal, and Logistics – which are based primarily on the services each segment provides. The chief operating decision maker reviews revenue for each segment upon delivery and without the inclusion of fuel surcharge revenue. For segment purposes, any fuel surcharge revenues earned are recorded as a reduction of the segment’s fuel expenses, and in-transit revenue is not reflected in segment results. Income from operations at a segment level reflects the measures presented to the chief operating decision maker 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 reporting segments are eliminated in consolidation. The following tables summarize our segment information. Intersegment 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. Intersegment revenues included in Other revenues below were $20.7 million and $16.9 million for the three months ended March 31, 2018 and 2017 , respectively. Three Months Ended March 31, Revenues by Segment (in millions) 2018 2017 Truckload $ 551.3 $ 522.1 Intermodal 201.0 181.1 Logistics 220.8 183.9 Total revenues of reportable segments 973.1 887.1 Other 74.6 50.3 Fuel surcharge 117.8 90.2 Inter-segment eliminations (26.5 ) (21.2 ) Operating revenues $ 1,139.0 $ 1,006.4 Three Months Ended March 31, Income (Loss) from Operations by Segment (in millions) 2018 2017 Truckload $ 47.4 $ 38.5 Intermodal 21.8 6.6 Logistics 7.7 5.2 Other (9.3 ) (6.8 ) Income from operations $ 67.6 $ 43.5 Other expenses (income) $ 3.1 $ 5.6 Income before income taxes $ 64.5 $ 37.9 Three Months Ended March 31, Depreciation and Amortization Expense by Segment (in millions) 2018 2017 Truckload $ 52.5 $ 50.4 Intermodal 9.2 8.0 Logistics 0.1 0.1 Other 9.9 9.4 Depreciation and amortization expense $ 71.7 $ 67.9 |
General (Policies)
General (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of Business In this report, when we refer to “the Company,” “us,” “we,” “our,” or “ours,” we are referring to Schneider National, Inc. and its subsidiaries. We are a leading transportation services organization headquartered in Green Bay, Wisconsin. We provide a broad portfolio of premier truckload, intermodal, and logistics solutions and operate one of the largest trucking fleets in North America. |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim Consolidated Financial Statements have been prepared in accordance with GAAP and the rules and regulations of the SEC applicable to quarterly reports on Form 10-Q. Therefore, these financial statements and footnotes do not include all disclosures required by GAAP for annual financial statements. These financial statements should be read in conjunction with the Consolidated Financial Statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2017. Financial results for an interim period are not necessarily indicative of the results for a full year. All intercompany transactions have been eliminated in consolidation. In the opinion of management, these statements reflect all adjustments (consisting only of normal recurring adjustments) necessary for the fair presentation of our financial results for the interim periods presented. |
Accounting Standards Issued But Not Yet Adopted | Accounting Standards Issued But Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, Leases , which requires lessees to recognize assets and liabilities in the consolidated balance sheets for leases with lease terms of more than 12 months. Consistent with current accounting principles, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. However, unlike current accounting principles, which require only capital leases to be recognized in the consolidated balance sheets, the new ASU will require both types of leases to be recognized in the consolidated balance sheets. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients that companies may elect to apply. These practical expedients relate to the identification and classification of leases that commenced before the effective date, initial direct costs for leases that commenced before the effective date, and the ability to use hindsight in evaluating lessee options to extend or terminate a lease or to purchase the underlying asset. The transition guidance also provides specific guidance for sale and leaseback transactions, build-to-suit leases, leveraged leases, and amounts previously recognized in accordance with the business combinations guidance for leases. The new standard is effective for us beginning with the reporting period ending March 31, 2019, with early adoption permitted. We expect an increase in our assets and liabilities from the recognition of operating leases on the consolidated balance sheets and are in the process of evaluating other potential impacts that the adoption of this ASU will have on our consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments , which requires companies to use a forward-looking, expected loss model to estimate credit losses on various types of financial assets and net investments in leases. It also requires additional disclosure related to credit quality of trade and other receivables, including information related to management’s estimate of credit allowances. This guidance is effective for us beginning with the reporting period ending March 31, 2020. We currently cannot reasonably estimate the impact that the adoption of this ASU will have on our consolidated financial statements. |
Revenue Recognition Revenue R19
Revenue Recognition Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Impact of Adoption of Accounting Standards [Table Text Block] | The following table shows the amount by which financial statement lines were affected by the adoption of the new standard. The changes relate to the recognition of transportation revenue over time rather than at delivery, as explained below under the Transportation heading. Three Months Ended March 31, 2018 Financial Statement Line Item ( in millions ) Under ASC 605 Adjustment As Reported Consolidated Statement of Comprehensive Income Operating revenues $ 1,138.5 $ 0.5 $ 1,139.0 Purchased transportation 424.2 0.8 425.0 Salaries, wages, and benefits 311.0 0.3 311.3 Total operating expenses 1,070.3 1.1 1,071.4 Income from operations 68.2 (0.6 ) 67.6 Provision for income taxes 17.1 (0.2 ) 16.9 Net income 48.0 (0.4 ) 47.6 Comprehensive Income 47.4 (0.4 ) 47.0 Consolidated Balance Sheet Prepaid expenses and other current assets 95.4 19.6 115.0 Total current assets 1,173.4 19.6 1,193.0 Total assets 3,393.2 19.6 3,412.8 Other current liabilities 65.1 10.3 75.4 Total current liabilities 482.4 10.3 492.7 Deferred income taxes 400.6 2.4 403.0 Total noncurrent liabilities 983.3 2.4 985.7 Retained earnings 392.9 6.9 399.8 Total shareholders' equity 1,927.5 6.9 1,934.4 Total liabilities and shareholders' equity 3,393.2 19.6 3,412.8 Consolidated Statement of Cash Flows Operating Cash Flows Net income 48.0 (0.4 ) 47.6 Other noncash items (3.4 ) 0.6 (2.8 ) Change in: Payables 16.1 (0.2 ) 15.9 |
Disaggregation of Revenue [Table Text Block] | The following table breaks down our revenues by type of service, and each type of service is further described below. Three Months Ended March 31, (in millions) 2018 2017 Transportation $ 1,049.9 $ 935.5 Logistics management 52.1 52.3 Other 37.0 18.6 Total operating revenues $ 1,139.0 $ 1,006.4 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | The following table provides information related to the transactions and expected timing of revenue recognition related to performance obligations that are fixed in nature and relate to contracts with terms greater than one year. Remaining Performance Obligations (in millions) March 31, 2018 Expected to be recognized within one year Transportation $ 15.7 Logistics Management 14.7 Expected to be recognized after one year Transportation 1.3 Logistics Management 5.5 Total $ 37.2 |
Contract with Customer, Asset and Liability [Table Text Block] | The following table provides information related to contract balances associated with our contracts with customers. Contract Balances ( in millions ) March 31, 2018 January 1, 2018 Other current assets - contract assets $ 22.8 $ 22.2 Other current liabilities - contract liabilities $ 8.3 $ — |
Capitalized Contract Cost [Table Text Block] | The following table presents the amounts capitalized for contract fulfillment costs. (in millions) March 31, 2018 December 31, 2017 Capitalized contract fulfillment costs $ 4.4 $ 3.7 |
Amortization of Contract Fulfillment Costs [Table Text Block] | Amortization of capitalized contract fulfillment costs was as follows: Three Months Ended March 31, 2018 (in millions) 2018 2017 Amortization of contract fulfillment costs $ 0.6 $ 0.6 |
Fair Value Fair Value (Tables)
Fair Value Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | The table below presents the carrying value of our debt portfolio along with the fair value of a fixed-rate debt portfolio with similar terms and maturities, which is based on borrowing rates available to us in the applicable year. This valuation used Level 2 inputs. March 31, 2018 December 31, 2017 (in millions) Carrying Value Fair Value Carrying Value Fair Value Debt portfolio 423.8 418.1 429.8 432.4 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Investments Schedule [Abstract] | |
Schedule of Marketable Securities | The following table presents the values of our marketable securities as of the dates shown. March 31, 2018 December 31, 2017 (in millions) Amortized Cost Fair Value Amortized Cost Fair Value Zero coupon bonds $ 3.9 $ 3.8 $ 3.8 $ 3.9 U.S. treasury and government agencies 6.0 5.9 6.0 6.0 Asset-backed securities 0.1 0.2 0.3 0.3 Corporate debt securities 9.1 9.1 9.1 9.2 State and political subdivisions 21.7 21.3 22.7 22.2 Total marketable securities $ 40.8 $ 40.3 $ 41.9 $ 41.6 |
Goodwill and Other Intangible22
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Carrying Amount of Goodwill | Changes in the carrying amount of goodwill were as follows: (in millions) Truckload Logistics Other Total Balance at December 31, 2017 $ 138.2 $ 14.2 $ 12.4 $ 164.8 Foreign currency translation — — 0.5 0.5 Balance at March 31, 2018 $ 138.2 $ 14.2 $ 12.9 $ 165.3 |
Schedule of Identifiable Intangible Assets Other Than Goodwill | The identifiable intangible assets other than goodwill listed below are included in other noncurrent assets on the consolidated balance sheets. March 31, 2018 December 31, 2017 (in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer lists $ 10.5 $ 2.7 $ 7.8 $ 10.5 $ 2.5 $ 8.0 Trade names 1.4 0.9 0.5 1.4 0.7 0.7 Total intangible assets $ 11.9 $ 3.6 $ 8.3 $ 11.9 $ 3.2 $ 8.7 |
Schedule Estimated Future Amortization Expense | Estimated future amortization expense related to intangible assets is as follows (in millions): Remaining 2018 $ 1.0 2019 1.1 2020 1.0 2021 1.0 2022 1.0 2023 and thereafter 3.2 $ 8.3 |
Debt and Credit Facilities (Tab
Debt and Credit Facilities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Summary of Debt | As of March 31, 2018 and December 31, 2017 , debt included the following: (in millions) March 31, December 31, 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 2018 and 2017 $ 400.0 $ 400.0 Equipment financing notes: principal and interest payable in monthly installments through 2023; weighted average interest rate of 3.74% and 3.76% for 2018 and 2017, respectively 23.8 29.8 Total principal outstanding 423.8 429.8 Current maturities (12.2 ) (15.2 ) Debt issuance costs (0.8 ) (0.9 ) Long-term debt $ 410.8 $ 413.7 |
Lease Receivables (Tables)
Lease Receivables (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Leases [Abstract] | |
Summary of Investment in Lease Receivables | As of March 31, 2018 and December 31, 2017 , the investment in lease receivables was as follows: (in millions) March 31, 2018 December 31, 2017 Future minimum payments to be received on leases $ 141.2 $ 141.2 Guaranteed residual lease values 136.0 130.7 Total minimum lease payments to be received 277.2 271.9 Unearned income (28.1 ) (28.1 ) Net investment in leases 249.1 243.8 Current maturities of lease receivables 117.7 106.6 Less—allowance for doubtful accounts (2.1 ) (1.7 ) Current portion of lease receivables—net of allowance 115.6 104.9 Lease receivables—noncurrent $ 133.5 $ 138.9 |
Common Equity (Tables)
Common Equity (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Calculation of Basic and Diluted Earnings Per Share | Three Months Ended March 31, (in millions, except per share data) 2018 2017 Basic earnings per common share: Net income available to common shareholders $ 47.6 $ 22.6 Weighted average common shares issued and outstanding 176.9 156.4 Basic earnings per common share $ 0.27 $ 0.14 Diluted earnings per common share: Net income applicable to diluted earnings per common share $ 47.6 $ 22.6 Dilutive potential common shares: Restricted share units 0.3 0.4 Dilutive potential common shares 0.3 0.4 Total diluted average common shares issued and outstanding 177.2 156.8 Diluted earnings per common share $ 0.27 $ 0.14 |
Share-based Compensation (Table
Share-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | The following table summarizes the components of our share-based compensation program expense: Three Months Ended March 31, (in millions) 2018 2017 Restricted Shares and RSUs 0.6 — Pre-IPO Restricted Shares 0.5 0.6 Performance Shares and PSUs 0.6 — Nonqualified Stock Options 0.3 — Share-based compensation expense 2.0 0.6 Related tax benefit 0.5 0.2 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Restricted Shares and RSUs Number of Awards Weighted Average Grant Date Fair Value Unvested at December 31, 2017 240,016 $ 19.00 Granted 215,212 26.81 Vested (59,281 ) 19.00 Forfeited (3,636 ) 20.60 Unvested at March 31, 2018 392,311 $ 23.27 Prior to our IPO, we granted restricted shares of Class B Common Stock. Shares included in the pre-IPO restricted share grants vest ratably over a three -year period. Cash dividends are not paid on the unvested pre-IPO restricted shares, nor do they accumulate during the vesting period. Pre-IPO Restricted Shares Number of Awards Weighted Average Grant Date Fair Value Unvested at December 31, 2017 152,199 $ 19.00 Granted — — Vested (101,643 ) 19.00 Forfeited — — Unvested at March 31, 2018 50,556 $ 19.00 |
Share-based Compensation, Performance Shares Award Outstanding Activity [Table Text Block] | Performance Shares and PSUs Number of Awards Weighted Average Grant Date Fair Value Unvested at December 31, 2017 391,541 $ 19.00 Granted 260,726 26.81 Vested — — Forfeited — — Unvested at March 31, 2018 652,267 $ 22.12 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Nonqualified Stock Options Number of Awards Weighted Average Grant Date Fair Value Unvested at December 31, 2017 229,620 $ 6.37 Granted 145,368 8.95 Vested (57,405 ) 6.37 Forfeited — — Unvested at March 31, 2018 317,583 $ 7.55 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Assumptions used in calculating the Black-Scholes value of options granted during 2018 were as follows: Three Months Ended March 31, 2018 Weighted-average Black-Scholes value $ 8.95 Black-Scholes Assumptions: Expected term 6.25 years Expected volatility 32.0 % Expected dividend yield 0.9 % Risk-free interest rate 2.8 % |
Share-based Compensation Compon
Share-based Compensation Components of Share-Based Compensation Expense (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | $ 2 | $ 0.6 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 0.5 | 0.2 |
Restricted Shares And Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | 0.6 | 0 |
Performance Shares And Performance Share Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | 0.6 | 0 |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | 0.3 | 0 |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | $ 0.5 | $ 0.6 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Summary of Segment Reporting Information | The following tables summarize our segment information. Intersegment 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. Intersegment revenues included in Other revenues below were $20.7 million and $16.9 million for the three months ended March 31, 2018 and 2017 , respectively. Three Months Ended March 31, Revenues by Segment (in millions) 2018 2017 Truckload $ 551.3 $ 522.1 Intermodal 201.0 181.1 Logistics 220.8 183.9 Total revenues of reportable segments 973.1 887.1 Other 74.6 50.3 Fuel surcharge 117.8 90.2 Inter-segment eliminations (26.5 ) (21.2 ) Operating revenues $ 1,139.0 $ 1,006.4 Three Months Ended March 31, Income (Loss) from Operations by Segment (in millions) 2018 2017 Truckload $ 47.4 $ 38.5 Intermodal 21.8 6.6 Logistics 7.7 5.2 Other (9.3 ) (6.8 ) Income from operations $ 67.6 $ 43.5 Other expenses (income) $ 3.1 $ 5.6 Income before income taxes $ 64.5 $ 37.9 Three Months Ended March 31, Depreciation and Amortization Expense by Segment (in millions) 2018 2017 Truckload $ 52.5 $ 50.4 Intermodal 9.2 8.0 Logistics 0.1 0.1 Other 9.9 9.4 Depreciation and amortization expense $ 71.7 $ 67.9 |
General - Additional Informatio
General - Additional Information (Details) - Class B Common Stock - IPO $ / shares in Units, $ in Millions | 1 Months Ended |
May 31, 2017USD ($)$ / sharesshares | |
Class of Stock [Line Items] | |
Share issued during the period (shares) | shares | 20,145,000 |
Share issued, (price per share) | $ / shares | $ 19 |
Proceeds from IPO, net of issuance costs | $ 382.7 |
Proceeds from IPO, net of issuance costs | 0 |
Expenses related to the offering | $ 42.1 |
Revenue Recognition Summary of
Revenue Recognition Summary of Impact of Adoption of Accounting Standards (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Item Effected [Line Items] | |||
Operating revenues | $ 1,139 | $ 1,006.4 | |
Purchased transportation | 425 | 367.3 | |
Salaries, wages, and benefits | 311.3 | 297.7 | |
Total operating expenses | 1,071.4 | 962.9 | |
Income from operations | 67.6 | 43.5 | |
Provision for income taxes | 16.9 | 15.3 | |
Net income | 47.6 | 22.6 | |
Comprehensive Income | 47 | 22.6 | |
Prepaid expenses and other current assets | 115 | $ 75.6 | |
Total current assets | 1,193 | 1,094 | |
Total assets | 3,412.8 | 3,330.5 | |
Other current liabilities | 75.4 | 69.6 | |
Total current liabilities | 492.7 | 462 | |
Deferred income taxes | 403 | 386.6 | |
Total noncurrent liabilities | 985.7 | 978.3 | |
Retained earnings | 399.8 | 355.6 | |
Total shareholders' equity | 1,934.4 | 1,890.2 | |
Total liabilities and shareholders' equity | 3,412.8 | 3,330.5 | |
Other noncash items | 2.8 | 0.1 | |
Change in: Payables | 15.9 | $ 10.1 | |
Balances under ASC 605 [Member] | |||
Item Effected [Line Items] | |||
Operating revenues | 1,138.5 | ||
Purchased transportation | 424.2 | ||
Salaries, wages, and benefits | 311 | ||
Total operating expenses | 1,070.3 | ||
Income from operations | 68.2 | ||
Provision for income taxes | 17.1 | ||
Net income | 48 | ||
Comprehensive Income | 47.4 | ||
Prepaid expenses and other current assets | 95.4 | ||
Total current assets | 1,173.4 | ||
Total assets | 3,393.2 | ||
Other current liabilities | 65.1 | ||
Total current liabilities | 482.4 | ||
Deferred income taxes | 400.6 | ||
Total noncurrent liabilities | 983.3 | ||
Retained earnings | 392.9 | ||
Total shareholders' equity | 1,927.5 | ||
Total liabilities and shareholders' equity | 3,393.2 | ||
Other noncash items | 3.4 | ||
Change in: Payables | 16.1 | ||
Effect on line items of ASC 606 [Member] | |||
Item Effected [Line Items] | |||
Operating revenues | 0.5 | ||
Purchased transportation | 0.8 | ||
Salaries, wages, and benefits | 0.3 | ||
Total operating expenses | 1.1 | ||
Income from operations | (0.6) | ||
Provision for income taxes | (0.2) | ||
Net income | (0.4) | ||
Prepaid expenses and other current assets | 19.6 | ||
Total current assets | 19.6 | ||
Total assets | 19.6 | ||
Other current liabilities | 10.3 | ||
Total current liabilities | 10.3 | ||
Deferred income taxes | 2.4 | ||
Total noncurrent liabilities | 2.4 | ||
Retained earnings | $ 6.9 | ||
Total shareholders' equity | 6.9 | ||
Total liabilities and shareholders' equity | 19.6 | ||
Other noncash items | 0.6 | ||
Change in: Payables | $ (0.2) |
Revenue Recognition Disaggregat
Revenue Recognition Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Disaggregation of Revenue [Line Items] | ||
OPERATING REVENUES | $ 1,139 | $ 1,006.4 |
Transportation [Member] | ||
Disaggregation of Revenue [Line Items] | ||
OPERATING REVENUES | 1,049.9 | 935.5 |
Logistics Management [Member] | ||
Disaggregation of Revenue [Line Items] | ||
OPERATING REVENUES | 52.1 | 52.3 |
Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
OPERATING REVENUES | $ 37 | $ 18.6 |
Revenue Recognition Revenue, Re
Revenue Recognition Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Details) $ in Millions | Mar. 31, 2018USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation | $ 37.2 |
Expected to be recongized within one year [Member] | Transportation [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation | 15.7 |
Expected to be recongized within one year [Member] | Logistics Management [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation | 14.7 |
Expected to be recognized after one year [Member] | Transportation [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation | 1.3 |
Expected to be recognized after one year [Member] | Logistics Management [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation | $ 5.5 |
Revenue Recognition Contract wi
Revenue Recognition Contract with Customer, Asset and Liability (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Jan. 01, 2018 |
Contract Balances [Line Items] | ||
Contract with Customer, Asset, Net | $ 22.8 | $ 22.2 |
Contract with Customer, Liability | $ 8.3 | $ 0 |
Revenue Recognition Capitalized
Revenue Recognition Capitalized Contract Cost (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Capitalized Contract Cost [Line Items] | ||
Capitalized Contract Cost | $ 4.4 | $ 3.7 |
Revenue Recognition Amortizatio
Revenue Recognition Amortization of Contract Fulfillment Costs (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Capitalized Contract Cost, Amortization [Line Items] | ||
Capitalized Contract Cost, Amortization | $ 0.6 | $ 0.6 |
Revenue Recognition Initial App
Revenue Recognition Initial Application Period Cumulative Effect Adjustment (Details) $ in Millions | Jan. 01, 2018USD ($) |
Initial Application Period Cumulative Translation Adjustment [Abstract] | |
Cumulative Effect on Retained Earnings, Net of Tax | $ 7.3 |
Fair Value Fair Value - Additio
Fair Value Fair Value - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value Transfers Between Levels Transfers Amount | $ 0 | |
Fair Value, Inputs, Level 3 [Member] | Watkins and Shepard Trucking Inc [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Business Combination, Contingent Consideration, Liability, Fair Value | $ 0 | $ 40,000,000 |
Fair Value Fair value of debt p
Fair Value Fair value of debt portfolio (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Reported Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Percentage Bearing Fixed Interest, Amount | $ 423.8 | $ 429.8 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Percentage Bearing Fixed Interest, Amount | $ 418.1 | $ 432.4 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2018 | |
Minimum | |
Schedule of Available-for-sale Securities [Line Items] | |
Marketable securities maturity term | 1 month |
Maximum | |
Schedule of Available-for-sale Securities [Line Items] | |
Marketable securities maturity term | 80 months |
Marketable Securities - Schedul
Marketable Securities - Schedule of Marketable Securities (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 40.8 | $ 41.9 |
Fair Value | 40.3 | 41.6 |
Current Asset | Zero coupon bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 3.9 | 3.8 |
Fair Value | 3.8 | 3.9 |
Current Asset | U.S. treasury and government agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 6 | 6 |
Fair Value | 5.9 | 6 |
Current Asset | Asset-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 0.1 | 0.3 |
Fair Value | 0.2 | 0.3 |
Current Asset | Corporate debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 9.1 | 9.1 |
Fair Value | 9.1 | 9.2 |
Current Asset | State and political subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 21.7 | 22.7 |
Fair Value | $ 21.3 | $ 22.2 |
Goodwill and Other Intangible41
Goodwill and Other Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Goodwill | |
Beginning balance | $ 164.8 |
Foreign currency translation | 0.5 |
Ending balance | 165.3 |
Truckload | |
Goodwill | |
Beginning balance | 138.2 |
Foreign currency translation | 0 |
Ending balance | 138.2 |
Logistics | |
Goodwill | |
Beginning balance | 14.2 |
Foreign currency translation | 0 |
Ending balance | 14.2 |
Other | |
Goodwill | |
Beginning balance | 12.4 |
Foreign currency translation | 0.5 |
Ending balance | $ 12.9 |
Goodwill and Other Intangible42
Goodwill and Other Intangible Assets - Schedule of Identifiable Intangible Assets Other Than Goodwill (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Net Carrying Amount | $ 8.3 | |
Other Noncurrent Assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 11.9 | $ 11.9 |
Accumulated Amortization | 3.6 | 3.2 |
Net Carrying Amount | 8.3 | 8.7 |
Other Noncurrent Assets | Customer lists | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 10.5 | 10.5 |
Accumulated Amortization | 2.7 | 2.5 |
Net Carrying Amount | 7.8 | 8 |
Other Noncurrent Assets | Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1.4 | 1.4 |
Accumulated Amortization | 0.9 | 0.7 |
Net Carrying Amount | $ 0.5 | $ 0.7 |
Goodwill and Other Intangible43
Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense for intangible assets | $ 0.4 | $ 0.4 |
Goodwill, Impaired, Accumulated Impairment Loss | $ 6 |
Goodwill and Other Intangible44
Goodwill and Other Intangible Assets - Schedule Estimated Future Amortization Expense (Details) $ in Millions | Mar. 31, 2018USD ($) |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule | |
Remaining 2,018 | $ 1 |
2,018 | 1.1 |
2,019 | 1 |
2,020 | 1 |
2,021 | 1 |
2023 and thereafter | 3.2 |
Net Carrying Amount | $ 8.3 |
Debt and Credit Facilities - Su
Debt and Credit Facilities - Summary of Debt (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Total principal outstanding | $ 423.8 | $ 429.8 |
Current maturities | (12.2) | (15.2) |
Debt issuance costs | (0.8) | (0.9) |
Long-term debt | 410.8 | 413.7 |
Unsecured Senior Notes | ||
Debt Instrument [Line Items] | ||
Total principal outstanding | $ 400 | $ 400 |
Maturity year | 2,025 | |
Weighted-average interest rate | 3.36% | 3.36% |
Equipment Financing Notes | ||
Debt Instrument [Line Items] | ||
Total principal outstanding | $ 23.8 | $ 29.8 |
Maturity year | 2,023 | |
Weighted-average interest rate | 3.74% | 3.76% |
Debt and Credit Facilities - Ad
Debt and Credit Facilities - Additional Information (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Total principal outstanding | $ 423,800,000 | $ 429,800,000 |
Revolving Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Credit facility, Outstanding borrowings | 0 | 0 |
Revolving Credit Agreement [Member] | Standby Letters of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Credit facility, Standby letters of credit | 3,900,000 | 3,900,000 |
Secured Credit Facility | ||
Debt Instrument [Line Items] | ||
Credit facility, Maximum borrowing capacity against qualifying trade receivables | 0 | |
Secured Credit Facility | Standby Letters of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Credit facility, Standby letters of credit | $ 63,300,000 | $ 63,800,000 |
Lease Receivables - Summary of
Lease Receivables - Summary of Investment in Lease Receivables (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Leases [Abstract] | ||
Future minimum payments to be received on leases | $ 141.2 | $ 141.2 |
Guaranteed residual lease values | 136 | 130.7 |
Total minimum lease payments to be received | 277.2 | 271.9 |
Unearned income | (28.1) | (28.1) |
Net investment in leases | 249.1 | 243.8 |
Current maturities of lease receivables | 117.7 | 106.6 |
Less—allowance for doubtful accounts | (2.1) | (1.7) |
Current portion of lease receivables—net of allowance | 115.6 | 104.9 |
Lease receivables—noncurrent | $ 133.5 | $ 138.9 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 26.20% | 40.50% |
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 | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Basic earnings per common share: | ||
Net income available to common shareholders | $ 47.6 | $ 22.6 |
Weighted average common shares outstanding (shares) | 176.9 | 156.4 |
Basic earnings (usd per share) | $ 0.27 | $ 0.14 |
Diluted earnings per common share: | ||
Net income applicable to diluted earnings per common share | $ 47.6 | $ 22.6 |
Dilutive potential common shares: | ||
Restricted share units (shares) | 0.3 | 0.4 |
Dilutive potential common shares (shares) | 0.3 | 0.4 |
Total diluted average common shares issued and outstanding (shares) | 177.2 | 156.8 |
Diluted earnings (usd per share) | $ 0.27 | $ 0.14 |
Common Equity - Additional Info
Common Equity - Additional Information (Details) - $ / shares | 3 Months Ended | ||
Jun. 30, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | |
Class of Stock [Line Items] | |||
Dividends declared per share (usd per share) | $ 0.06 | $ 0.05 | |
Subsequent Event | Class A Common Shares | |||
Class of Stock [Line Items] | |||
Dividends declared per share (usd per share) | $ 0.06 |
Share-based Compensation Restri
Share-based Compensation Restricted Shares and RSUs (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Restricted Shares And Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 23.27 | $ 19 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 26.81 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 19 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 20.60 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 215,212 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (59,281) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 392,311 | 240,016 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (3,636) | |
Share-based Compensation Award, Tranche One [Member] | Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |
Share-based Compensation Award, Tranche One [Member] | Restricted Shares And Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |
Share-based Compensation Award, Tranche Two [Member] | Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 6 years | |
Pre-IPO Share-Based Compensation Plan [Member] | Restricted Shares And Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 19 | $ 19 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 19 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (101,643) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 50,556 | 152,199 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 |
Share-based Compensation Perfor
Share-based Compensation Performance Shares and PSUs (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Performance Shares And Performance Share Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Period | 3 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 260,726 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 652,267 | 391,541 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 26.81 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 22.12 | $ 19 |
PSU [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement By Share-based Payment Award, Payout Range, Percentage | 200.00% | |
Performance Shares [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement By Share-based Payment Award, Payout Range, Percentage | 0.00% | |
Performance Shares [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement By Share-based Payment Award, Payout Range, Percentage | 100.00% |
Share-based Compensation Nonqua
Share-based Compensation Nonqualified Stock Options (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 145,368 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares | (57,405) | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 317,583 | 229,620 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value | $ 7.55 | $ 6.37 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | 8.95 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value | $ 6.37 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Weighted Average Grant Date Fair Value | $ 0 | |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 8.95 | |
Employee Stock Option [Member] | Share-based Compensation Award, Tranche One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% |
Share-based Compensation Stock
Share-based Compensation Stock Option Valuation Assumptions (Details) | 3 Months Ended |
Mar. 31, 2018$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | $ 8.95 |
Employee Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | $ 8.95 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years 3 months |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 32.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.90% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.80% |
Share-based Compensation Additi
Share-based Compensation Additional Information (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 17.6 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 9 months |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended |
Jun. 30, 2017 | Mar. 31, 2018 | |
Business Acquisition [Line Items] | ||
Commitments to purchase transportation equipment | $ 217,400,000 | |
WSL | ||
Business Acquisition [Line Items] | ||
Initial guaranteed payment | $ 0 | |
Business Combination Consideration Transferred Guaranteed Payment | 38,000,000 | |
Former Owner [Member] | ||
Business Acquisition [Line Items] | ||
Cash payments | $ 20,000,000 | |
Former Owner [Member] | Minimum | ||
Business Acquisition [Line Items] | ||
Business Acquisition Contingent Consideration Discounted Cash Flow Discount Rate | 1.00% | |
Former Owner [Member] | Maximum [Member] | ||
Business Acquisition [Line Items] | ||
Business Acquisition Contingent Consideration Discounted Cash Flow Discount Rate | 3.00% |
Segment Reporting - Additional
Segment Reporting - Additional Information (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2018USD ($)Segment | Mar. 31, 2017USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of reportable segments | Segment | 3 | |
Operating revenues | $ 1,139 | $ 1,006.4 |
Other | ||
Segment Reporting Information [Line Items] | ||
Operating revenues | 74.6 | 50.3 |
Other | Other Insurance | ||
Segment Reporting Information [Line Items] | ||
Operating revenues | $ 20.7 | $ 16.9 |
Segment Reporting - Revenue by
Segment Reporting - Revenue by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Segment Reporting Information [Line Items] | ||
Operating revenues | $ 1,139 | $ 1,006.4 |
Revenues excluding fuel surcharge | 973.1 | 887.1 |
Intersegment Eliminations | ||
Segment Reporting Information [Line Items] | ||
Operating revenues | (26.5) | (21.2) |
Truckload | ||
Segment Reporting Information [Line Items] | ||
Revenues excluding fuel surcharge | 551.3 | 522.1 |
Intermodal | ||
Segment Reporting Information [Line Items] | ||
Revenues excluding fuel surcharge | 201 | 181.1 |
Logistics | ||
Segment Reporting Information [Line Items] | ||
Revenues excluding fuel surcharge | 220.8 | 183.9 |
Other | ||
Segment Reporting Information [Line Items] | ||
Operating revenues | 74.6 | 50.3 |
Fuel Surcharge | ||
Segment Reporting Information [Line Items] | ||
Operating revenues | $ 117.8 | $ 90.2 |
Segment Reporting - Income From
Segment Reporting - Income From Operations (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Segment Reporting Information [Line Items] | ||
Income from operations | $ 67.6 | $ 43.5 |
Nonoperating Income (Expense) | (3.1) | (5.6) |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 64.5 | 37.9 |
Truckload | ||
Segment Reporting Information [Line Items] | ||
Income from operations | 47.4 | 38.5 |
Intermodal | ||
Segment Reporting Information [Line Items] | ||
Income from operations | 21.8 | 6.6 |
Logistics | ||
Segment Reporting Information [Line Items] | ||
Income from operations | 7.7 | 5.2 |
Other | ||
Segment Reporting Information [Line Items] | ||
Income from operations | $ (9.3) | $ (6.8) |
Segment Reporting - Depreciatio
Segment Reporting - Depreciation and Amortization Expense (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Segment Reporting Information [Line Items] | ||
Depreciation and amortization expense | $ 71.7 | $ 67.9 |
Truckload | ||
Segment Reporting Information [Line Items] | ||
Depreciation and amortization expense | 52.5 | 50.4 |
Intermodal | ||
Segment Reporting Information [Line Items] | ||
Depreciation and amortization expense | 9.2 | 8 |
Logistics | ||
Segment Reporting Information [Line Items] | ||
Depreciation and amortization expense | 0.1 | 0.1 |
Other | ||
Segment Reporting Information [Line Items] | ||
Depreciation and amortization expense | $ 9.9 | $ 9.4 |