0001564590-20-049633 | 10-Q | XBRL Viewer

Employee Benefits - Additional Information (Details) - Qualified and Nonqualified - Defined Benefit Pension Plans - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jan. 01, 2021	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Non-union pension settlement charge	$ 1.9	$ 1.7	$ 1.9	$ 1.7
Contributions by employer			16.6
Scenario Forecast
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan expected future employer contributions current fiscal year deferral CARES Act					$ 15.2
Yellow Plan
Defined Benefit Plan Disclosure [Line Items]
Non-union pension settlement charge	1.9		1.9
Defined benefit pension plan increased liabilities due to decreasing discount rates	37.5		37.5
Defined benefit pension plan increased assets for plan benefits larger then expected return on plan assets	146.9		146.9
Net impact of remeasurement, yielded improvement in funded status net liability						$ 118.5
Net impact of remeasurement, yielded improvement in funded status net asset	$ 0.2		$ 0.2

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Current Assets:
Cash and cash equivalents	$ 434.1	$ 109.2
Restricted amounts held in escrow	4.4	0.0
Accounts receivable, net	541.3	464.4
Prepaid expenses and other	53.3	44.6
Total current assets	1,033.1	618.2
Property and Equipment:
Cost	2,709.8	2,761.6
Less – accumulated depreciation	(2,012.0)	(1,991.3)
Net property and equipment	697.8	770.3
Deferred income taxes, net	0.5	0.6
Operating lease right-of-use assets	299.4	386.0
Other assets	77.5	56.5
Total Assets	2,108.3	1,831.6
Current Liabilities:
Accounts payable	196.9	163.7
Wages, vacations and employee benefits	234.3	195.9
Current operating lease liabilities	115.9	120.8
Claims and insurance accruals	110.8	120.4
Other accrued taxes	28.0	25.8
Other current and accrued liabilities	21.6	21.3
Current maturities of long-term debt	4.0	4.1
Total current liabilities	711.5	652.0
Other Liabilities:
Long-term debt and financing, less current portion	1,099.2	858.1
Pension and postretirement	104.2	236.5
Operating lease liabilities	196.2	246.3
Claims and other liabilities	320.3	279.9
Commitments and contingencies
Shareholders’ Deficit:
Cumulative preferred stock, $1 par value per share
Common stock, $0.01 par value per share	0.5	0.3
Capital surplus	2,383.1	2,332.9
Accumulated deficit	(2,347.2)	(2,312.4)
Accumulated other comprehensive loss	(266.8)	(369.3)
Treasury stock, at cost (410 shares)	(92.7)	(92.7)
Total shareholders’ deficit	(323.1)	(441.2)
Total Liabilities and Shareholders’ Deficit	$ 2,108.3	$ 1,831.6

Statements of Consolidated Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating Activities:
Net loss	$ (34.8)	$ (88.7)
Adjustments to reconcile net loss to cash flows from operating activities:
Depreciation and amortization	102.4	115.7
Lease amortization and accretion expense	122.7	124.7
Lease payments	(94.6)	(113.4)
Paid-in-kind interest	40.5	0.0
Equity-based compensation and employee benefits expense	14.4	14.4
Non-union pension settlement charge	1.9	1.7
Gains on property disposals, net	(45.3)	(3.6)
Loss on extinguishment of debt	0.0	11.2
Impairment charges	0.0	8.2
Deferred income tax benefit, net	(11.1)	(2.3)
Other noncash items, net	11.6	4.1
Changes in assets and liabilities, net:
Accounts receivable	(76.9)	(42.8)
Accounts payable	24.8	(3.1)
Other operating assets	(9.3)	0.6
Other operating liabilities	62.2	(13.3)
Net cash provided by operating activities	108.5	13.4
Investing Activities:
Acquisition of property and equipment	(41.4)	(111.5)
Proceeds from disposal of property and equipment	55.3	9.9
Net cash provided by (used in) investing activities	13.9	(101.6)
Financing Activities:
Issuance of long-term debt, net	245.0	570.0
Repayment of long-term debt	(29.1)	(576.2)
Debt issuance costs	(8.4)	(11.1)
Payments for tax withheld on equity-based compensation	(0.6)	(0.8)
Net cash provided by (used in) financing activities	206.9	(18.1)
Net Increase (Decrease) In Cash and Cash Equivalents and Restricted Amounts Held in Escrow	329.3	(106.3)
Cash and Cash Equivalents and Restricted Amounts Held in Escrow, Beginning of Period	109.2	227.6
Cash and Cash Equivalents and Restricted Amounts Held in Escrow, End of Period	438.5	121.3
Supplemental Cash Flow Information:
Interest paid	(47.2)	(77.8)
Income tax payment, net	$ (0.7)	$ (2.6)

Basis of Presentation

9 Months Ended

Sep. 30, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Basis of Presentation

2. Basis of Presentation

The accompanying consolidated financial statements include the accounts of YRC Worldwide and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. We report on a calendar year basis. The quarters of Holland and Reddaway consist of thirteen weeks that end on a Saturday either before or after the end of March, June and September, whereas all other companies’ quarters end on the natural calendar quarter end.

Segments

As noted in our 2019 annual report on Form 10-K, our Chief Operating Decision Maker began evaluating performance and business results, as well as making resource and operating decisions under the single segment view as a result of the business transformation that began during 2019. As such, a single segment view is presented in this Form 10-Q. See further details in our 2019 annual report as filed March 11, 2020.

Revenue Disaggregation

We considered the disclosure requirements for revenue disaggregation guidance in ASC Topic 606, Revenue from Contracts with Customers, and noted that our business transformation has led to one consolidated LTL network as we joined our national and regional operations and no longer measure revenues by geographies. The following table presents disaggregated revenue by revenue source between LTL shipments and total. LTL shipments are defined as shipments less than 10,000 pounds that move in our network.

	Three Months				Nine Months
Disaggregated Revenue (in millions)	2020		2019		2020		2019
LTL revenue	$	1,073.0	$	1,161.0		3,044.2	$	3,426.8
Other revenue		110.4		95.8		305.0		284.9
Total revenue	$	1,183.4	$	1,256.8	$	3,349.2	$	3,711.7

Impact of Recently-Issued Accounting Standards

While there are recently issued accounting standards that are applicable to the Company, none of these standards are expected to have a material impact on our consolidated financial statements and accompanying notes.

Related Party Transactions

9 Months Ended

Sep. 30, 2020

Related Party Transactions

9. Related Party Transactions

We are deemed a related party under the applicable accounting standards with the United Stated federal government as a result of entering the UST Credit Agreements and the associated issuance of common stock to the UST. In the ordinary course of business, the Company has continued to regularly transact with various authorities associated with the United States federal government (the “U.S. government”) and to also operate in an industry subject to various U.S. government regulations. These transactions and regulatory oversight relationships include the Company providing a full range of transportation services to various U.S. government entities and the Company being subject to certain applicable U.S. government regulations such as those of the U.S. Departments of Transportation and Homeland Security, as examples.

Debt and Financing - Schedule of Outstanding Debt (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Par Value	$ 1,155.6
Discount	(22.5)
Commitment Fee	(15.4)
Debt Issuance Costs	(14.5)
Book Value	1,103.2
Book Value, Current Maturities	(4.0)	$ (4.1)
Par Value, Excluding Current Maturities	1,151.6
Premium (Discount), Excluding Current Maturities	(22.5)
Commitment Fee, Excluding Current Maturities	(15.4)
Debt Issuance Costs, Noncurrent	(14.5)
Book Value, Excluding Current Maturities	1,099.2	$ 858.1
New Term Loan
Debt Instrument [Line Items]
Par Value	613.5
Discount	(22.5)
Commitment Fee	0.0
Debt Issuance Costs	(10.0)
Book Value	$ 581.0
Effective Interest Rate	9.50%
ABL Facility \| 2014 ABL Facility Credit Agreement
Debt Instrument [Line Items]
Par Value	$ 0.0
Discount	0.0
Commitment Fee	0.0
Debt Issuance Costs	0.0
Book Value	0.0
Tranche A \| UST Loan
Debt Instrument [Line Items]
Par Value	246.7
Discount	0.0
Commitment Fee	(15.4)
Debt Issuance Costs	(4.1)
Book Value	$ 227.2
Effective Interest Rate	6.50%
Tranche B \| UST Loan
Debt Instrument [Line Items]
Par Value	$ 0.0
Discount	0.0
Commitment Fee	0.0
Debt Issuance Costs	0.0
Book Value	0.0
Secured Second A&R CDA
Debt Instrument [Line Items]
Par Value	24.1
Discount	0.0
Commitment Fee	0.0
Debt Issuance Costs	(0.1)
Book Value	$ 24.0
Effective Interest Rate	7.70%
Unsecured Second A&R CDA
Debt Instrument [Line Items]
Par Value	$ 45.2
Discount	0.0
Commitment Fee	0.0
Debt Issuance Costs	(0.1)
Book Value	$ 45.1
Effective Interest Rate	7.70%
Par Value, Current Maturities	$ (1.4)
Discount, Current Maturities	0.0
Commitment Fee, Current Maturities	0.0
Deferred Issuance Costs, Current	0.0
Book Value, Current Maturities	(1.4)
Lease financing obligations
Debt Instrument [Line Items]
Par Value	226.1
Discount	0.0
Commitment Fee	0.0
Debt Issuance Costs	(0.2)
Book Value	$ 225.9
Effective Interest Rate	17.20%
Par Value, Current Maturities	$ (2.6)
Discount, Current Maturities	0.0
Commitment Fee, Current Maturities	0.0
Deferred Issuance Costs, Current	0.0
Book Value, Current Maturities	$ (2.6)

Basis of Presentation - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue from External Customer [Line Items]
Operating Revenue	$ 1,183.4	$ 1,256.8	$ 3,349.2	$ 3,711.7
LTL revenue
Revenue from External Customer [Line Items]
Operating Revenue	1,073.0	1,161.0	3,044.2	3,426.8
Other revenue
Revenue from External Customer [Line Items]
Operating Revenue	$ 110.4	$ 95.8	$ 305.0	$ 284.9

Basis of Presentation (Tables)

9 Months Ended

Sep. 30, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Disaggregation of Revenue

The following table presents disaggregated revenue by revenue source between LTL shipments and total. LTL shipments are defined as shipments less than 10,000 pounds that move in our network.

	Three Months				Nine Months
Disaggregated Revenue (in millions)	2020		2019		2020		2019
LTL revenue	$	1,073.0	$	1,161.0		3,044.2	$	3,426.8
Other revenue		110.4		95.8		305.0		284.9
Total revenue	$	1,183.4	$	1,256.8	$	3,349.2	$	3,711.7

Loss Per Share

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Loss Per Share

7. Loss Per Share

Given our net loss position for each of the three and nine months ended September 30, 2020 and September 30, 2019, we do not report dilutive securities for these periods. At September 30, 2020 and 2019, our anti-dilutive unvested shares, options, and stock units were approximately 125,000 and 319,000, respectively.

On July 9, 2020, the Company issued 15,943,753 shares of common stock to the UST in connection with the execution of the UST Credit Agreements. These shares have been included in the average common shares outstanding used to calculate loss per share for the three and nine month periods ended September 30, 2020 from the date the shares were issued.

Employee Benefits (Tables)

9 Months Ended

Sep. 30, 2020

Compensation And Retirement Disclosure [Abstract]

Schedule of Costs of Retirement Plans

The following table presents the components of our Company-sponsored pension plan costs for the three and nine months ended September 30:

	Three Months						Nine Months
(in millions)	2020			2019			2020			2019
Interest cost	$	9.1		$	11.4		$	28.3		$	34.2
Expected return on plan assets		(15.5	)		(14.3	)		(45.3	)		(42.9	)
Amortization of prior service credit		(0.1	)		(0.1	)		(0.3	)		(0.3	)
Amortization of prior net pension loss		3.5			3.2			11.0			9.6
Settlement adjustment		1.9			1.7			1.9			1.7
Total net periodic pension cost	$	(1.1	)	$	1.9		$	(4.4	)	$	2.3

Commitments, Contingencies and Uncertainties

9 Months Ended

Sep. 30, 2020

Commitments And Contingencies Disclosure [Abstract]

Commitments, Contingencies and Uncertainties

8. Commitments, Contingencies and Uncertainties

Department of Defense Complaints

In December 2018, the United States on behalf of the United States Department of Defense filed a Complaint in Intervention (“Complaint”) against the Company in the U.S. District in the Western District of New York captioned United States ex rel. James Hannum v. YRC Freight, Inc.; Roadway Express, Inc.; and Yellow Transportation, Inc., Civil Action No. 08-0811(A). The Complaint alleges that the Company violated the False Claims Act by overcharging the Department of Defense for freight carrier services by failing to comply with the contractual terms of freight contracts between the Department of Defense and the Company and related government procurement rules. The Complaint also alleges claims for unjust enrichment and breach of contract. Under the False Claims Act, the Complaint seeks treble damages, civil penalties, attorneys’ fees and costs of suit, all in unspecified amounts. The remaining common causes of action seek an undetermined amount for an alleged breach of contract or alternatively causes constituting unjust enrichment or a payment by mistake. The Company has moved to dismiss the case, and the court heard oral arguments on the motion on August 12, 2019. On July 17, 2020, the court granted the Company’s motion to dismiss in part with respect to one claim and denied it in all other respects. Management believes the Company has meritorious defenses against the remaining counts and intends to vigorously defend this action. We are unable to estimate the possible loss, or range of possible loss, associated with these claims at this time.

Class Action Securities Complaint

In January 2019, a purported class action lawsuit captioned Christina Lewis v. YRC Worldwide Inc., et al., Case No. 1:19-cv-00001, was filed in the United States District Court for the Northern District of New York against the Company and certain of our current and former officers. The complaint was filed on behalf of persons who purchased or otherwise acquired the Company’s publicly traded securities between March 10, 2014 and December 14, 2018. The complaint generally alleged that the defendants had violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by making false and misleading statements relating to the Company’s freight billing practices as alleged in the Department of Defense complaint described above. The action included claims for damages, including interest, and an award of reasonable costs and attorneys’ fees. The co-lead plaintiffs filed an amended complaint on June 14, 2019, and the defendants moved to dismiss it on July 15, 2019. On March 27, 2020, the court granted defendants’ motion to dismiss in its entirety and entered judgment closing the case. The co-lead plaintiffs filed a notice of appeal to the U.S. Court of Appeals for the Second Circuit on April 27, 2020. That appeal is pending.

Shareholder Derivative Complaint

In May 2019, a putative shareholder filed an action derivatively and on behalf of the Company naming James L. Welch, Jamie G. Pierson, Stephanie D. Fisher, Raymond J. Bromark, Douglas A. Carty, William R. Davidson, Matthew A. Doheny, Robert L. Friedman, James E. Hoffman, Michael J. Kneeland, Patricia M. Nazemetz, and James F. Winestock individually as defendants and the Company as the nominal defendant. In an amended complaint, filed on October 15, 2019, Darren D. Hawkins was added as a defendant. The case, captioned Hastey v. Welch, et al., Case No. 2:19-cv-2266-KGG, was filed in the United States District Court for the District of Kansas. The Complaint alleged that the Company was exposed to harm by the individual defendants’ purported conduct concerning its freight-billing practices as alleged in the Department of Defense Complaint and the Class Action Securities Complaint described above. The Complaint asserted that the individual defendants’ purported conduct violated Section 14(a) of the Securities Exchange Act of 1934 and that they breached their fiduciary duties, were unjustly enriched, and engaged in corporate waste. On March 30, 2020, the Court granted the Company’s and individual defendants’ motion to dismiss, dismissing Plaintiff’s Section 14(a) claim with prejudice, and declining to exercise supplemental jurisdiction over the remaining claims and thus dismissing them without prejudice. The Court further denied as moot motions to intervene in the action that had been filed by three putative shareholders.

In October 2019, another putative shareholder filed an action derivatively and on behalf of the Company in the United States District Court for the District of Delaware naming the same defendants as did the October 15, 2019 amended complaint in the Hastey case. The case is captioned Broughton v. Hawkins, et al. Case No. 1:19-cv-01958-UNA, and makes claims similar to those made in Hastey. After a motion to dismiss the Broughton Complaint was filed on December 20, 2019, Plaintiff filed an unopposed motion for voluntary dismissal of her Complaint without prejudice on February 19, 2020. The court granted the motion on April 20, 2020.

Other Legal Matters

We are involved in litigation or proceedings that arise in ordinary business activities. When possible, we insure against these risks to the extent we deem prudent, but no assurance can be given that the nature or amount of such insurance will be sufficient to fully indemnify us against liabilities arising out of pending and future legal proceedings. Many of these insurance policies contain self-insured retentions in amounts we deem prudent. Based on our current assessment of information available as of the date of these consolidated financial statements, we believe that our consolidated financial statements include adequate provisions for estimated costs and losses that may be incurred within the litigation and proceedings to which we are a party.

Employee Benefits - Schedule of Components of Our Company-Sponsored Pension Plan Costs (Details) - Qualified and Nonqualified - Defined Benefit Pension Plans - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 9.1	$ 11.4	$ 28.3	$ 34.2
Expected return on plan assets	(15.5)	(14.3)	(45.3)	(42.9)
Amortization of prior service credit	(0.1)	(0.1)	(0.3)	(0.3)
Amortization of prior net pension loss	3.5	3.2	11.0	9.6
Settlement adjustment	1.9	1.7	1.9	1.7
Total net periodic pension cost	$ (1.1)	$ 1.9	$ (4.4)	$ 2.3

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2020	Oct. 29, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Trading Symbol	YRCW
Entity Registrant Name	YRC Worldwide Inc.
Entity Central Index Key	0000716006
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		53,280,855
Entity File Number	0-12255
Entity Tax Identification Number	48-0948788
Entity Address, Address Line One	10990 Roe Avenue
Entity Address, City or Town	Overland Park
Entity Address, State or Province	KS
Entity Address, Postal Zip Code	66211
City Area Code	913
Local Phone Number	696-6100
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock, $0.01 par value per share
Security Exchange Name	NASDAQ

Leases - Schedule of Remaining Maturities of Lease Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Operating Leases
2020	$ 40.2
2021	141.1
2022	93.2
2023	51.2
2024	21.8
After 2024	36.4
Total lease payments	383.9
Less: Imputed Interest	71.8
Present value of lease liabilities	312.1
Finance Leases
2020	0.4
2021	1.0
2022	0.6
2023	0.6
2024	0.6
After 2024	3.4
Total lease payments	6.6
Less: Imputed Interest	2.8
Present value of lease liabilities	3.8
Total
2020	40.6
2021	142.1
2022	93.8
2023	51.8
2024	22.4
After 2024	39.8
Total lease payments	390.5
Less: Imputed Interest	74.6
Present value of lease liabilities	$ 315.9	$ 370.6

Leases (Tables)

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Summary of Assets and Liabilities

Leases (in millions)	Classification	September 30, 2020		December 31, 2019
Assets
Operating	Operating lease right-of-use assets	$	299.4	$	386.0
Finance	Net property and equipment		2.3		2.6
Total lease assets		$	301.7	$	388.6
Liabilities
Current
Operating	Current operating lease liabilities	$	115.9	$	120.8
Finance	Other current and accrued liabilities		0.7		0.2
Noncurrent
Operating	Operating lease liabilities		196.2		246.3
Finance	Claims and other liabilities		3.1		3.3
Total lease liabilities		$	315.9	$	370.6

Summary of Lease Cost

		Three Months				Nine Months
Lease Cost (in millions)	Classification	2020		2019		2020		2019
Operating lease cost	Purchased transportation; Fuel, operating expenses and supplies	$	39.2	$	42.3	$	122.7	$	124.7
Short-term cost	Purchased transportation; Fuel, operating expenses and supplies		5.4	4.5			9.5	11.4
Variable lease cost	Purchased transportation; Fuel, operating expenses and supplies		2.9	1.9		7.1		5.2
Finance lease cost
Amortization of leased assets	Depreciation and amortization		0.1	0.1		0.2		0.3
Interest on lease liabilities	Interest expense	0.1		0.1		0.3		0.3
Total lease cost		$	47.7	$	48.9	$	139.8	$	141.9

	Three Months				Nine Months
Other Information (in millions)	2020		2019		2020		2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases^(a)	$	38.8	$	37.9	$	94.3	$	113.1
Operating cash flows from finance leases	0.1		0.1		0.3		0.3
Financing cash flows from finance leases	0.2		0.1		0.4		0.3
Leased assets obtained in exchange for new operating lease liabilities	$	3.3	$	57.6	$	13.3	$	111.4

(a)	Payments arising from operating leases are reported in operating activities on the statements of consolidated cash flows.

Schedule of Remaining Maturities of Lease Liabilities

Remaining Maturities of Lease Liabilities	Operating Leases		Finance Leases		Total
2020	$	40.2	$	0.4	$	40.6
2021		141.1		1.0		142.1
2022		93.2		0.6		93.8
2023		51.2		0.6		51.8
2024		21.8		0.6		22.4
After 2024		36.4		3.4		39.8
Total lease payments	$	383.9	$	6.6	$	390.5
Less: Imputed Interest		71.8		2.8		74.6
Present value of lease liabilities	$	312.1	$	3.8	$	315.9

Summary of Lease Term and Discount Rate

Lease Term and Discount Rate

(years and percent)

Weighted-Average Remaining Lease Term

Weighted-Average Discount Rate

Operating leases

3.4

12.5%

Finance leases

8.1

10.5%

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Treasury stock, shares (in shares)	410	410

Description of Business

9 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

Description of Business

1. Description of Business

YRC Worldwide Inc. (also referred to as “YRC Worldwide,” the “Company,” “we,” “us” or “our”) is a holding company that, through its operating subsidiaries, offers its customers a wide range of transportation services. We have one of the largest, most comprehensive less-than-truckload (“LTL”) networks in North America with local, regional, national and international capabilities. Through our team of experienced service professionals, we offer expertise in LTL shipments and flexible supply chain solutions, ensuring customers can ship industrial, commercial and retail goods with confidence.

YRC Worldwide provides for the movement of industrial, commercial and retail goods through our LTL subsidiaries including USF Holland LLC (“Holland”), New Penn Motor Express LLC (“New Penn”), USF Reddaway Inc. (“Reddaway”), YRC Inc. and YRC Freight Canada Company (both doing business as, and herein referred to as, “YRC Freight”). Our LTL companies provide regional, national and international services through a consolidated network of facilities located across the United States, Canada, and Puerto Rico. We also offer services through HNRY Logistics, Inc. (“HNRY Logistics”), our customer-specific logistics solutions provider, specializing in truckload, residential, and warehouse solutions.

As of September 30, 2020, approximately 80% of our labor force is subject to collective bargaining agreements, which predominantly expire on March 31, 2024.

Subsequent Events - Additional Information (Details) $ in Millions	Oct. 20, 2020 USD ($)
UST Credit Agreement \| Tranche B \| Subsequent Event
Subsequent Event [Line Items]
Initial draw of funds to acquire tractors and trailers	$ 74.8

Debt and Financing - Schedule of Outstanding Debt (Parenthetical) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020 USD ($)
Tranche A \| UST Loan
Debt Instrument [Line Items]
Floor interest rate	1.00%
Basis spread on variable rate	3.50%
Accumulated paid-in-kind interest	$ 1.7
London Interbank Offered Rate (LIBOR) \| New Term Loan
Debt Instrument [Line Items]
Floor interest rate	1.00%
Basis spread on variable rate	7.50%

Leases - Summary of Other Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Leases [Abstract]
Operating cash flows from operating leases	$ 38.8	$ 37.9	$ 94.3	$ 113.1
Operating cash flows from finance leases	0.1	0.1	0.3	0.3
Financing cash flows from finance leases	0.2	0.1	0.4	0.3
Leased assets obtained in exchange for new operating lease liabilities	$ 3.3	$ 57.6	$ 13.3	$ 111.4

Basis of Presentation (Policies)

9 Months Ended

Sep. 30, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Basis of Presentation

Segments

Revenue Disaggregation

	Three Months				Nine Months
Disaggregated Revenue (in millions)	2020		2019		2020		2019
LTL revenue	$	1,073.0	$	1,161.0		3,044.2	$	3,426.8
Other revenue		110.4		95.8		305.0		284.9
Total revenue	$	1,183.4	$	1,256.8	$	3,349.2	$	3,711.7

Impact of Recently Issued Accounting Standards

Impact of Recently-Issued Accounting Standards

Debt and Financing - Additional Information (Details) - USD ($)				3 Months Ended	6 Months Ended	9 Months Ended	12 Months Ended
	Apr. 01, 2022	Jul. 07, 2020	Sep. 11, 2019	Dec. 31, 2021	Jun. 30, 2020	Sep. 30, 2020	Mar. 31, 2022	Dec. 31, 2021	Jul. 09, 2020	Dec. 31, 2019	Feb. 13, 2014
Minimum \| 2014 ABL Facility Credit Agreement
Debt Instrument [Line Items]
Commitment fee percentage						0.25%
Maximum \| 2014 ABL Facility Credit Agreement
Debt Instrument [Line Items]
Commitment fee percentage						0.375%
2014 ABL Facility Credit Agreement
Debt Instrument [Line Items]
Principal amount issued											$ 450,000,000
Basis spread on variable rate						2.25%
2014 ABL Facility Credit Agreement \| ABL Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate						1.25%
ABL Facility \| Minimum \| 2014 ABL Facility Credit Agreement
Debt Instrument [Line Items]
Interest rate						2.25%
UST Credit Agreement
Debt Instrument [Line Items]
Principal amount issued		$ 700,000,000.0
Debt instrument maturity date		Sep. 30, 2024
Common stock shares, issued						15,943,753			15,943,753
Fair value of common stock shares issued						$ 46,700,000
Unamortized commitment fees						15,400,000
Residual balance						28,600,000
Unamortized debt issuance costs						4,100,000
Debt issuance costs, residual balance						$ 7,400,000
Debt issuance costs incurred for origination and legal fees		$ 12,200,000
Expenses qualifying as adjustment cap, percent						10.00%
Adjusted EBITDA expenses qualifying as adjustment cap, percent						10.00%
Cash, cash equivalents and managed accessibility						$ 453,700,000
UST Credit Agreement \| Forecast
Debt Instrument [Line Items]
Minimum adjusted EBITDA							$ 150,000,000.0	$ 100,000,000.0
Minimum adjusted EBITDA thereafter	$ 200,000,000.0
UST Credit Agreement \| Tranche A
Debt Instrument [Line Items]
Principal amount issued		$ 300,000,000.0
Percentage of paid in kind remainder		1.50%
Proceeds from line of credit						245,000,000.0
UST Credit Agreement \| Tranche A \| Eurodollar
Debt Instrument [Line Items]
Basis spread on variable rate		3.50%
Floor interest rate		1.00%
UST Credit Agreement \| Tranche B
Debt Instrument [Line Items]
Principal amount issued		$ 400,000,000.0
Proceeds from line of credit						0
UST Credit Agreement \| Tranche B \| Eurodollar
Debt Instrument [Line Items]
Basis spread on variable rate		3.50%
Floor interest rate		1.00%
UST Credit Agreement \| 2014 ABL Facility Credit Agreement
Debt Instrument [Line Items]
Line of credit facility borrowing capacity		$ 125,000,000.0
Increase in interest rate		0.50%
New Term Loan Agreement \| Term Loan
Debt Instrument [Line Items]
Principal amount issued			$ 600,000,000.0
Basis spread on variable rate			7.50%
Margin step down if certain EBITDA is achieved			1.00%
New Term Loan Agreement \| Term Loan \| Minimum
Debt Instrument [Line Items]
Adjusted EBITDA threshold for margin step down			$ 400,000,000.0
New Term Loan Agreement \| Term Loan \| Eurodollar
Debt Instrument [Line Items]
Floor interest rate			1.00%
First New Term Loan Amendment \| Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate					14.00%
Second New Term Loan Amendment
Debt Instrument [Line Items]
Minimum adjusted EBITDA						125,000,000.0
Second New Term Loan Amendment \| Forecast
Debt Instrument [Line Items]
Minimum adjusted EBITDA							$ 150,000,000.0
Minimum adjusted EBITDA thereafter	$ 200,000,000.0
Second New Term Loan Amendment \| Forecast \| Minimum
Debt Instrument [Line Items]
Minimum adjusted EBITDA								$ 100,000,000.0
Second New Term Loan Amendment \| Term Loan \| Eurodollar
Debt Instrument [Line Items]
Basis spread on variable rate		7.50%
Second New Term Loan Amendment \| Term Loan \| Alternative Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		6.50%
2014 ABL Facility Credit Agreement
Debt Instrument [Line Items]
Managed accessibility						19,600,000				$ 200,000
Cash, cash equivalents and managed accessibility						453,700,000				80,400,000
2014 ABL Facility Credit Agreement \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount						353,300,000
2014 ABL Facility Credit Agreement \| ABL Facility
Debt Instrument [Line Items]
Line of credit facility, total cash and availability						$ 61,000,000.0
Restricted cash										$ 29,000,000.0
UST Credit Agreements and the New Term Loan Agreement
Debt Instrument [Line Items]
Minimum adjusted EBITDA				$ 125,000,000.0

Subsequent Events

9 Months Ended

Sep. 30, 2020

Subsequent Events [Abstract]

Subsequent Events

10. Subsequent Events

On October 20, 2020, the Company received $74.8 million of funds on an initial draw of the Tranche B UST Credit Agreement, which is more fully described in the “Debt and Financing” footnote to the consolidated financial statements. These funds are required to be used to fund the purchase of tractors and trailers.

Description of Business - Additional Information (Details)	9 Months Ended
	Sep. 30, 2020
Workforce Subject to Collective Bargaining Arrangements [Member] \| Labor Force Concentration Risk [Member]
Concentration Risk [Line Items]
Percentage of workforce subject to collective bargaining agreements	80.00%

Statements of Consolidated Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement Of Income And Comprehensive Income [Abstract]
Operating Revenue	$ 1,183.4	$ 1,256.8	$ 3,349.2	$ 3,711.7
Operating Expenses:
Salaries, wages and employee benefits	720.6	756.2	2,088.7	2,256.7
Fuel, operating expenses and supplies	175.4	218.9	546.1	683.1
Purchased transportation	177.1	160.7	439.3	465.0
Depreciation and amortization	32.5	37.2	102.4	115.7
Other operating expenses	58.4	59.0	175.2	180.2
(Gains) losses on property disposals, net	0.0	1.0	(45.3)	(3.6)
Impairment charges	0.0	0.0	0.0	8.2
Total operating expenses	1,164.0	1,233.0	3,306.4	3,705.3
Operating Income	19.4	23.8	42.8	6.4
Nonoperating Expenses:
Interest expense	33.4	27.9	101.9	83.1
Loss on extinguishment of debt	0.0	11.2	0.0	11.2
Non-union pension and postretirement benefits	(1.1)	2.0	(4.3)	2.8
Other, net	0.0	(0.8)	(1.2)	(0.9)
Nonoperating expenses, net	32.3	40.3	96.4	96.2
Loss before income taxes	(12.9)	(16.5)	(53.6)	(89.8)
Income tax benefit	(10.9)	(0.5)	(18.8)	(1.1)
Net loss	(2.0)	(16.0)	(34.8)	(88.7)
Other comprehensive income, net of tax	98.0	3.6	102.5	9.1
Comprehensive Income (Loss)	$ 96.0	$ (12.4)	$ 67.7	$ (79.6)
Average Common Shares Outstanding - Basic	48,672	33,259	38,864	33,098
Average Common Shares Outstanding - Diluted	48,672	33,259	38,864	33,098
Loss Per Share - Basic	$ (0.04)	$ (0.48)	$ (0.90)	$ (2.68)
Loss Per Share - Diluted	$ (0.04)	$ (0.48)	$ (0.90)	$ (2.68)

Debt and Financing (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of Outstanding Debt

Our outstanding debt as of September 30, 2020 consisted of the following:

(in millions)	Par Value			Discount			Commitment Fee			Debt Issuance Costs			Book Value				Effective Interest Rate
New Term Loan	$	613.5		$	(22.5	)	$	—		$	(10.0	)	$	581.0		^(a)		9.5	%
ABL Facility		—			—			—			—			—			N/A
UST Loan Tranche A^(b)		246.7			—			(15.4	)		(4.1	)	$	227.2		^(c)		6.5	%
UST Loan Tranche B		—			—			—			—			—			N/A
Secured Second A&R CDA		24.1			—			—			(0.1	)		24.0				7.7	%
Unsecured Second A&R CDA		45.2			—			—			(0.1	)		45.1				7.7	%
Lease financing obligations		226.1			—			—			(0.2	)		225.9		^(d)		17.2	%
Total debt	$	1,155.6		$	(22.5	)	$	(15.4	)	$	(14.5	)	$	1,103.2
Current maturities of Unsecured Second A&R CDA		(1.4	)		—			—			—			(1.4	)
Current maturities of lease financing obligations		(2.6	)		—			—			—			(2.6	)
Long-term debt	$	1,151.6		$	(22.5	)	$	(15.4	)	$	(14.5	)	$	1,099.2

(a)	Variable interest rate based on the Eurodollar rate, which is currently determined by the 1, 3 or 6-month LIBOR, with a floor of 1.0%, plus a fixed margin of 7.5%.

(b)	The Par Value and the Book Value both reflect the accumulated cash funds that have been drawn and the accumulated paid-in-kind interest, which was $1.7 million as of September 30, 2020.

(c)	Variable interest rate based on the Eurodollar rate, which is currently determined by the 1, 2, 3 or 6-month LIBOR, with a floor of 1.0%, plus a fixed margin of 3.5%.

(d)	Interest rate for lease financing obligations is derived from the difference between total rent payment and calculated principal amortization over the life of lease agreements.

Schedule of Cash and Cash Equivalents and Managed Accessibility

The table below summarizes cash and cash equivalents and Managed Accessibility:

(in millions)	September 30, 2020		December 31, 2019
Cash and cash equivalents	$	434.1	$	109.2
Amounts placed (into)/out of restricted cash subsequent to period end		—		(29.0	)
Managed Accessibility		19.6		0.2
Total cash and cash equivalents and Managed Accessibility	$	453.7	$	80.4

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The book value and estimated fair values of our long-term debt, including current maturities and other financial instruments, are summarized as follows:

	September 30, 2020				December 31, 2019
(in millions)	Book Value		Fair Value		Book Value		Fair Value
New Term Loan	$	581.0	$	593.8	$	559.9	$	559.3
ABL Facility		—		—		—		—
UST Loan Tranche A		227.2		227.2		—		—
UST Loan Tranche B		—		—		—		—
Lease financing obligations		225.9		223.0		231.3		233.7
Second A&R CDA		69.1		67.0		71.0		71.7
Total debt	$	1,103.2	$	1,111.0	$	862.2	$	864.7

Debt and Financing - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Book Value
Debt Instrument [Line Items]
Long-term debt, fair value	$ 1,103.2	$ 862.2
Fair Value
Debt Instrument [Line Items]
Long-term debt, fair value	1,111.0	864.7
Term Loan \| New Term Loan Agreement \| Book Value
Debt Instrument [Line Items]
Long-term debt, fair value	581.0	559.9
Term Loan \| New Term Loan Agreement \| Fair Value
Debt Instrument [Line Items]
Long-term debt, fair value	593.8	559.3
Tranche A \| UST Loan \| Book Value
Debt Instrument [Line Items]
Long-term debt, fair value	227.2
Tranche A \| UST Loan \| Fair Value
Debt Instrument [Line Items]
Long-term debt, fair value	227.2
Lease financing obligations \| Book Value
Debt Instrument [Line Items]
Long-term debt, fair value	225.9	231.3
Lease financing obligations \| Fair Value
Debt Instrument [Line Items]
Long-term debt, fair value	223.0	233.7
Second A&R CDA \| Book Value
Debt Instrument [Line Items]
Long-term debt, fair value	69.1	71.0
Second A&R CDA \| Fair Value
Debt Instrument [Line Items]
Long-term debt, fair value	$ 67.0	$ 71.7

Debt and Financing

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Debt and Financing

3. Debt and Financing

Our outstanding debt as of September 30, 2020 consisted of the following:

(in millions)	Par Value			Discount			Commitment Fee			Debt Issuance Costs			Book Value				Effective Interest Rate
New Term Loan	$	613.5		$	(22.5	)	$	—		$	(10.0	)	$	581.0		^(a)		9.5	%
ABL Facility		—			—			—			—			—			N/A
UST Loan Tranche A^(b)		246.7			—			(15.4	)		(4.1	)	$	227.2		^(c)		6.5	%
UST Loan Tranche B		—			—			—			—			—			N/A
Secured Second A&R CDA		24.1			—			—			(0.1	)		24.0				7.7	%
Unsecured Second A&R CDA		45.2			—			—			(0.1	)		45.1				7.7	%
Lease financing obligations		226.1			—			—			(0.2	)		225.9		^(d)		17.2	%
Total debt	$	1,155.6		$	(22.5	)	$	(15.4	)	$	(14.5	)	$	1,103.2
Current maturities of Unsecured Second A&R CDA		(1.4	)		—			—			—			(1.4	)
Current maturities of lease financing obligations		(2.6	)		—			—			—			(2.6	)
Long-term debt	$	1,151.6		$	(22.5	)	$	(15.4	)	$	(14.5	)	$	1,099.2

(a)	Variable interest rate based on the Eurodollar rate, which is currently determined by the 1, 3 or 6-month LIBOR, with a floor of 1.0%, plus a fixed margin of 7.5%.

(b)	The Par Value and the Book Value both reflect the accumulated cash funds that have been drawn and the accumulated paid-in-kind interest, which was $1.7 million as of September 30, 2020.

(c)	Variable interest rate based on the Eurodollar rate, which is currently determined by the 1, 2, 3 or 6-month LIBOR, with a floor of 1.0%, plus a fixed margin of 3.5%.

(d)	Interest rate for lease financing obligations is derived from the difference between total rent payment and calculated principal amortization over the life of lease agreements.

US Treasury Loan

On July 7, 2020, the Company and certain of its subsidiaries, as guarantors (the “Term Guarantors”), entered into the UST Tranche A Term Loan Credit Agreement (the “Tranche A UST Credit Agreement”) with The Bank of New York Mellon, as administrative agent and collateral agent and the UST Tranche B Term Loan Credit Agreement (the “Tranche B UST Credit Agreement” and together with the Tranche A UST Credit Agreement, the “UST Credit Agreements”) with The Bank of New York Mellon, as administrative agent and collateral agent, pursuant to which the United States Treasury (“UST”) committed to an aggregate of $700.0 million to the Company pursuant to the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The obligations of the Company under the UST Credit Agreements are unconditionally guaranteed by the Term Guarantors.

The UST Credit Agreements have maturity dates of September 30, 2024, with a single payment at maturity of the outstanding balance. The Tranche A UST Credit Agreement consists of a $300.0 million term loan and bears interest at a rate of Eurodollar rate (subject to a floor of 1.0%) plus a margin of 3.5% per annum, consisting of 1.50% in cash and the remainder paid-in-kind. Proceeds from the Tranche A UST Credit Agreement will primarily be used to meet the Company’s contractual obligations and maintain working capital. The Tranche B UST Credit Agreement consists of a $400.0 million term loan and bears interest at a rate of Eurodollar rate (subject to a floor of 1.0%) plus a margin of 3.5% per annum, paid in cash. Proceeds from the Tranche B UST Credit Agreement will be used predominantly for the acquisition of tractors and trailers. Each agreement requires that the Company must maintain minimum “Liquidity” (defined in the UST Credit Agreements to indicate that such amount is calculated as the Company’s unrestricted cash on hand plus the amount of “Availability” (as defined in the loan agreement for the ABL Facility (as defined below)) to the extent such Availability could be borrowed under the ABL Facility) of $125.0 million and a minimum Adjusted EBITDA commencing with the fiscal quarter ending December 31, 2021, to be not less than $100.0 million for the four quarters ending December 31, 2021, $150.0 million for the four quarters ending March 31, 2022, and $200.0 million thereafter. Obligations under the UST Credit Agreements are secured by a perfected first priority security interest in the escrow or controlled account supporting the respective UST Credit Facility, certain tractors and trailers (in the case of the UST Tranche B Credit Facility) and a perfected junior priority security interest (subject in each case to permitted liens) in substantially all other assets of the Company and the Term Guarantors, subject to certain exceptions.

The UST Credit Agreements will be funded through a series of draws made over time as the proceeds are utilized for the purposes outlined by the agreements. Borrowings are subject to the various requirements stated in the UST Credit Agreements. As of September 30, 2020, $245.0 million of funds have been drawn on the Tranche A Credit Agreement and no funds have been drawn on the Tranche B UST Credit Agreement. The funds drawn after September 30, 2020 on the Tranche B UST Credit agreement are further described in the “Subsequent Events” footnote to the consolidated financial statements.

The Company issued 15,943,753 shares of common stock as consideration related to the UST Credit Agreements, which has impacted both the capital surplus and common stock, for the par value per share. Accordingly, the fair value of those shares at issuance of approximately $46.7 million was recorded as a commitment fee that will be amortized into interest expense on a straight-line basis over the term of the availability of the UST funds, which ends on September 30, 2024. The Company classified the unamortized commitment fee both as a non-current asset, included within other assets, and as a reduction to long-term debt and financing, less current portion, for the remaining balance associated with the undrawn UST funds and the drawn UST funds, respectively, on our consolidated balance sheet. Prospectively, as the Company draws funds, a portion of the commitment fee will be reclassified from other assets to a reduction to long-term debt and financing, less current portion, based on the amount of UST funds drawn compared to total UST funds available. As of September 30, 2020, a total of $15.4 million of unamortized commitment fees are classified as a reduction to long-term debt and financing and the residual balance of $28.6 million remains in other assets.

The shares issued to the UST are subject to a Voting Trust Agreement (the “Voting Trust Agreement”) entered on July 9, 2020 which provides that all shares of the Company’s common stock owned by the UST shall be delivered to a voting trust and voted in proportion as all other common stock shares are voted, subject to certain exceptions defined therein. Additionally, prior to one year after the date of the Voting Trust Agreement, the shares may not be transferred without either the Company’s consent or other certain exceptions defined therein.

As a result of entering into the UST Credit Agreements, the Company incurred $12.2 million in debt issuance costs for the origination, legal and related fees. The debt issuance costs will be amortized into interest expense on a straight-line basis over the term of the UST funds, which ends September 30, 2024. The Company classified the debt issuance costs both as a non-current asset, included within other assets, and as a reduction to long-term debt and financing, less current portion, for the remaining balances associated with the undrawn UST Funds and the drawn UST funds, respectively, on our consolidated balance sheet. Prospectively, as the Company draws funds, a portion of the debt issuance costs will be reclassified from other assets to a reduction to long-term debt and financing, less current portion, based on the amount of UST funds drawn compared to total UST funds available. As of September 30, 2020, a total of $4.1 million of unamortized debt issuance costs are classified as a reduction to long-term debt and financing and the residual balance of $7.4 million remains in other assets.

Adjusted EBITDA, defined in our UST Credit Agreements and the New Term Loan Agreement (defined below), as amended, (collectively, the “TL Agreements”) as “Consolidated EBITDA,” is a measure that reflects our earnings before interest, taxes, depreciation, and amortization expense, and is further adjusted for, among other things, letter of credit fees, equity-based compensation expense, net gains or losses on property disposals, restructuring charges, transaction costs related to issuances of debt, non-recurring consulting fees, non-cash impairment charges, integration costs, severance, non-recurring charges, the gains or losses from permitted dispositions, discontinued operations, and certain non-cash expenses, charges and losses (provided that if any of such non-cash expenses, charges or losses represents an accrual or reserve for potential cash items in any future period, the cash payment in respect thereof in such future period will be subtracted from Adjusted EBITDA in such future period to the extent paid). Certain expenses that qualify as adjustments are capped at 10.0% of the trailing-twelve-month Adjusted EBITDA, in aggregate. Adjustments subject to the 10.0% cap include, but are not limited to, restructuring charges, integration costs, severance, and non-recurring charges. Additionally, all net gains from the disposition of properties are excluded from the definition of Adjusted EBITDA. Therefore any gains previously recognized in Adjusted EBITDA, as that term was previously defined in our filings with the Securities and Exchange Commission (the “SEC”), in accordance with its definition in the Prior Term Loan Agreement, will not be included in the calculation of Adjusted EBITDA under the UST Credit Agreements.

New Term Loan

On September 11, 2019, the Company and certain of its subsidiaries, as guarantors (the “Term Guarantors”), amended and restated the existing credit facilities under the credit agreement dated February 13, 2014 (the “Prior Term Loan Agreement”) and entered into a $600.0 million term loan agreement (“New Term Loan”) with funds managed by Apollo Global Management, LLC acting collectively as lead lender, and Cortland Products Corp, as administrative agent and collateral agent. The obligations of the Company under the agreement governing (the “New Term Loan Agreement”) are unconditionally guaranteed by the Term Guarantors.

The New Term Loan has a maturity date of June 30, 2024, with a single payment due at maturity of the outstanding balance. The New Term Loan initially bore interest at Eurodollar rate (subject to a floor of 1.0%) plus a margin of 7.5% per annum, payable at least quarterly in cash, subject to a 1.0% margin step down in the event the Company achieves greater than $400.0 million in trailing-twelve-month Adjusted EBITDA. Obligations under the New Term Loan are secured by a perfected first priority security interest in (subject to permitted liens) assets of the Company and the Term Guarantors, including but not limited to all of the Company’s wholly owned terminals, tractors and trailers, subject to certain limited exceptions.

On April 7, 2020, the Company and certain of its subsidiaries entered into Amendment No. 1 (the “First New Term Loan Amendment”) to the New Term Loan Agreement as a result of expected future covenant and liquidity tightening due to unprecedented economic deterioration. Beginning the last two weeks of March 2020, our industry and the economy at-large experienced an unexpected and significant decline in economic activity due to the impact of the 2019 novel coronavirus disease (“COVID-19”) and the resulting business shutdown and shelter-in-place orders made across North America by various governmental entities and private enterprises. The First New Term Loan Amendment principally provided additional liquidity allowing the Company to defer quarterly interest payments for the quarter ended March 31, 2020 and the quarter ending June 30, 2020 with almost all of such interest to be paid-in-kind. The First New Term Loan Amendment also provided for a waiver with respect to the Consolidated EBITDA financial covenant during each fiscal quarter during the fiscal year ending December 31, 2020. The interest rate was retroactively reset to a fixed 14% during the first six months of 2020.

On July 7, 2020, the Company and the Term Guarantors entered into Amendment No. 2 (the “Second New Term Loan Amendment”) to the New Term Loan Agreement. The material terms of the Second New Term Loan Amendment include, among other things, a consent to the refinancing and conforming changes to the description of collateral set forth in the UST Credit Agreements, permanently capitalizing previously paid-in-kind interest on borrowings under the New Term Loan Agreement, that all future interest shall accrue at Eurodollar rate plus a margin of 7.5% per annum and 6.5% per annum in the case of alternative base rate borrowings paid in cash and a requirement that the Company must maintain minimum Liquidity of $125.0 million and a minimum Consolidated EBITDA commencing with the fiscal quarter ending December 31, 2021, to be not less than $100.0 million for the four quarters ending December 31, 2021, $150.0 million for the four quarters ending March 31, 2022 and $200.0 million thereafter, and an extension of the EBITDA covenant holiday through the fiscal quarter ending December 31, 2021.

$450 Million ABL Facility

On February 13, 2014, we entered into our $450 million asset-based loan facility (the “ABL Facility”) from a syndicate of banks arranged by Citizens Bank N.A. (formerly known as RBS Citizens, N.A.) (the “ABL Agent”), Merrill Lynch, Pierce, Fenner & Smith and CIT Finance LLC. YRC Worldwide and our subsidiaries, YRC Freight, Reddaway, Holland and New Penn are borrowers under the ABL Facility, and certain of the Company’s domestic subsidiaries are guarantors thereunder.

Availability under the ABL Facility is derived by reducing the amount that may be advanced against eligible receivables plus eligible borrowing base cash by certain reserves imposed by the ABL Agent and our outstanding letters of credit and revolving loans. Eligible borrowing base cash is cash that is deposited from time to time into a segregated restricted account and is included in “Restricted amounts held in escrow” in the accompanying consolidated balance sheet.

At our option, borrowings under the ABL Facility bear interest at either: (i) the applicable LIBOR rate plus 2.25%, as amended, or (ii) the base rate (as defined in the ABL Facility) plus 1.25%, as amended.

Letter of credit fees equal to the applicable LIBOR margin in effect, 2.25% as amended, are charged quarterly in arrears on the average daily stated amount of all letters of credit outstanding during the quarter. Unused line fees are charged quarterly in arrears (such unused line fee percentage is equal to 0.375% per annum if the average revolver usage is less than 50% or 0.25% per annum if the average revolver usage is greater than 50%).

The ABL Facility is secured by a perfected first priority security interest (subject to permitted liens) in accounts receivable, cash, deposit accounts and other assets related to accounts receivable of the Company and the other loan parties and an additional second priority security interest (subject to permitted liens) in substantially all remaining assets of the borrowers and the guarantors other than the CDA collateral.

The ABL Facility contains conditions, representations and warranties, events of default and indemnification provisions that are customary for financings of this type, including, but not limited to, a springing minimum fixed charge coverage ratio covenant, borrowing base reporting, limitations on incurrence of debt, investments, liens on assets, certain sale and leaseback transactions, transactions with affiliates, mergers, consolidations, purchases and sales of assets, and restricted payments. Certain provisions relating to investments, restricted payments and capital expenditures are relaxed upon meeting specified payment conditions or debt repayment conditions.

On July 7, 2020, the Company and certain of its subsidiaries entered into Amendment No. 6 (the “ABL Treasury Amendment”) in which the maturity date of the ABL Facility was extended to January 9, 2024 and it included a consent to the refinancing and conforming changes to the description of collateral set forth in the UST Credit Agreements as well as an increase of 0.5% to applicable margin to borrowings under the ABL Facility (which increase is already reflected above).

Liquidity

Our principal sources of liquidity are cash and cash equivalents, available borrowings under our ABL Facility and any prospective net cash flow from operations. As of September 30, 2020, our maximum availability under our ABL Facility was $61.0 million, and our managed accessibility was $19.6 million. “Managed Accessibility” represents the maximum amount we would access on the ABL Facility and is adjusted for eligible receivables plus eligible borrowing base cash measured as of September 30, 2020. Maximum availability is derived by reducing the amount that may be advanced against eligible receivables plus eligible borrowing base cash by certain reserves imposed by the ABL Agent and our $353.3 million of outstanding letters of credit. Our Managed Accessibility of $19.6 million represents the maximum amount we would access on the ABL Facility and is adjusted for eligible receivables plus eligible borrowing base cash measured at September 30, 2020. The credit agreement governing the ABL Facility permits adjustments from eligible borrowing base cash to restricted cash prior to the compliance measurement date of October 15, 2020.

For the December 31, 2019 borrowing base certificate, which was filed in January of 2020, we transferred $29.0 million of cash into restricted cash as permitted under the ABL Facility, which transfer effectively put our cash and cash equivalents and Managed Accessibility to $80.4 million.

The table below summarizes cash and cash equivalents and Managed Accessibility:

(in millions)	September 30, 2020		December 31, 2019
Cash and cash equivalents	$	434.1	$	109.2
Amounts placed (into)/out of restricted cash subsequent to period end		—		(29.0	)
Managed Accessibility		19.6		0.2
Total cash and cash equivalents and Managed Accessibility	$	453.7	$	80.4

Covenants

The TL Agreements include a financial covenant requirement for the Company to maintain a minimum Liquidity. The Company is in compliance with the applicable financial covenant as of September 30, 2020.

The only applicable financial covenant until December 31, 2021 is the Liquidity requirement of $125.0 million. With Liquidity as of September 30, 2020 of $453.7 million, UST loan availability, and forecasted operating results, management concludes it probable the Company will meet this covenant requirement for the next twelve months.

Fair Value Measurement

The book value and estimated fair values of our long-term debt, including current maturities and other financial instruments, are summarized as follows:

	September 30, 2020				December 31, 2019
(in millions)	Book Value		Fair Value		Book Value		Fair Value
New Term Loan	$	581.0	$	593.8	$	559.9	$	559.3
ABL Facility		—		—		—		—
UST Loan Tranche A		227.2		227.2		—		—
UST Loan Tranche B		—		—		—		—
Lease financing obligations		225.9		223.0		231.3		233.7
Second A&R CDA		69.1		67.0		71.0		71.7
Total debt	$	1,103.2	$	1,111.0	$	862.2	$	864.7

The fair values of the New Term Loan and the Second Amended and Restated Contribution Deferral Agreement (the “Second A&R CDA”) were estimated based on observable prices (level two inputs for fair value measurements). The fair value of the UST Loan Tranche A is estimated using certain inputs that are unobservable (level three input for fair value measurement). The fair value of the lease financing obligations are estimated using a publicly traded secured loan with similar characteristics (level three input for fair value measurement).

Employee Benefits

9 Months Ended

Sep. 30, 2020

Compensation And Retirement Disclosure [Abstract]

Employee Benefits

5. Employee Benefits

Qualified and Nonqualified Defined Benefit Pension Plans

The following table presents the components of our Company-sponsored pension plan costs for the three and nine months ended September 30:

	Three Months						Nine Months
(in millions)	2020			2019			2020			2019
Interest cost	$	9.1		$	11.4		$	28.3		$	34.2
Expected return on plan assets		(15.5	)		(14.3	)		(45.3	)		(42.9	)
Amortization of prior service credit		(0.1	)		(0.1	)		(0.3	)		(0.3	)
Amortization of prior net pension loss		3.5			3.2			11.0			9.6
Settlement adjustment		1.9			1.7			1.9			1.7
Total net periodic pension cost	$	(1.1	)	$	1.9		$	(4.4	)	$	2.3

For the three and nine months ended September 30, 2020, net periodic pension cost included a non-union pension settlement charge for the Yellow Corporation Pension Plan (the “Yellow Plan”) of $1.9 million. The pension settlement charge was triggered due to the amount of lump sum benefit payments distributed from plan assets in 2020. The lump sum benefit payments reduce pension obligations and are funded from existing pension plan assets and therefore do not impact the Company’s cash balance. As a result of this settlement, the Company was required to measure the Yellow Plan as of July 31, 2020.

While plan liabilities increased by $37.5 million largely due to decreasing discount rates, plan assets specific to the Yellow Plan increased by $146.9 million as a result of larger than expected return on plan assets held in a master trust over our three pension plans. The return on plan assets was achieved primarily on the strength of one investment where we have trading restrictions in place until late in the fourth quarter of 2020. The net impact of the remeasurement yielded an improvement in the funded status of the Yellow Plan from a net liability of $118.5 million as of December 31, 2019 to a net asset of $0.2 million as of September 30, 2020.

The other two plans held in the same master trust, the Roadway LLC Pension Plan and the YRC Retirement Pension Plan, have not been remeasured as they did not trigger a similar settlement charge and will be remeasured on December 31, 2020.

We have contributed $16.6 million to our Company-sponsored pension plans through September 30, 2020. Due to funding relief provided by the CARES Act, we are not required to make the remaining $15.2 million of required annual contributions until January 1, 2021 but required contributions may be made sooner.

Leases - Summary of Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Leases [Abstract]
Operating	$ 299.4	$ 386.0
Finance	2.3	2.6
Total lease assets	301.7	388.6
Current operating lease liabilities	115.9	120.8
Current finance lease liabilities	0.7	0.2
Operating lease liabilities, noncurrent	196.2	246.3
Finance lease liabilities, noncurrent	3.1	3.3
Present value of lease liabilities	$ 315.9	$ 370.6

Debt and Financing - Schedule of Cash and Cash Equivalents and Managed Accessibility (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Cash and cash equivalents	$ 434.1	$ 109.2
2014 ABL Facility Credit Agreement
Debt Instrument [Line Items]
Cash and cash equivalents	434.1	109.2
Amounts placed (into)/out of restricted cash subsequent to period end	0.0	(29.0)
Managed Accessibility	19.6	0.2
Total cash and cash equivalents and Managed Accessibility	$ 453.7	$ 80.4

Statements of Consolidated Shareholders' Deficit (Unaudited) - USD ($) $ in Millions	Total	Preferred Stock	Common Stock	Capital Surplus	Accumulated Deficit	Accumulated Other Comprehensive Loss	Treasury Stock, At Cost
Beginning balance at Dec. 31, 2018	$ (305.5)	$ 0.0	$ 0.3	$ 2,327.6	$ (2,208.4)	$ (332.3)	$ (92.7)
Equity-based compensation	1.6	0.0		1.6
Net income (loss)	(49.1)	0.0			(49.1)
Amortization of prior net losses	3.2	0.0				3.2
Amortization of prior service credit	(0.1)	0.0				(0.1)
Foreign currency translation adjustments	0.4	0.0				0.4
Ending balance at Mar. 31, 2019	(349.5)	0.0	0.3	2,329.2	(2,257.5)	(328.8)	(92.7)
Beginning balance at Dec. 31, 2018	(305.5)	0.0	0.3	2,327.6	(2,208.4)	(332.3)	(92.7)
Net income (loss)	(88.7)
Ending balance at Sep. 30, 2019	(380.7)	0.0	0.3	2,332.0	(2,297.1)	(323.2)	(92.7)
Beginning balance at Mar. 31, 2019	(349.5)	0.0	0.3	2,329.2	(2,257.5)	(328.8)	(92.7)
Equity-based compensation	1.0	0.0		1.0
Net income (loss)	(23.6)	0.0			(23.6)
Amortization of prior net losses	1.6	0.0				1.6
Amortization of prior service credit	(0.1)	0.0				(0.1)
Foreign currency translation adjustments	0.5	0.0				0.5
Ending balance at Jun. 30, 2019	(370.1)	0.0	0.3	2,330.2	(2,281.1)	(326.8)	(92.7)
Equity-based compensation	1.8	0.0		1.8
Net income (loss)	(16.0)	0.0			(16.0)
Amortization of prior net losses	2.5	0.0				2.5
Amortization of prior service credit	(0.1)	0.0				(0.1)
Settlement adjustment	1.7	0.0				1.7
Net actuarial gain	0.3	0.0				0.3
Foreign currency translation adjustments	(0.8)	0.0				(0.8)
Ending balance at Sep. 30, 2019	(380.7)	0.0	0.3	2,332.0	(2,297.1)	(323.2)	(92.7)
Beginning balance at Dec. 31, 2019	(441.2)	0.0	0.3	2,332.9	(2,312.4)	(369.3)	(92.7)
Equity-based compensation	1.8	0.0		1.8
Net income (loss)	4.3	0.0			4.3
Amortization of prior net losses	3.3	0.0				3.3
Amortization of prior service credit	(0.1)	0.0				(0.1)
Foreign currency translation adjustments	(1.9)	0.0				(1.9)
Ending balance at Mar. 31, 2020	(433.8)	0.0	0.3	2,334.7	(2,308.1)	(368.0)	(92.7)
Beginning balance at Dec. 31, 2019	(441.2)	0.0	0.3	2,332.9	(2,312.4)	(369.3)	(92.7)
Net income (loss)	(34.8)
Ending balance at Sep. 30, 2020	(323.1)	0.0	0.5	2,383.1	(2,347.2)	(266.8)	(92.7)
Beginning balance at Mar. 31, 2020	(433.8)	0.0	0.3	2,334.7	(2,308.1)	(368.0)	(92.7)
Equity-based compensation	0.8	0.0		0.8
Net income (loss)	(37.1)	0.0			(37.1)
Amortization of prior net losses	2.4	0.0				2.4
Amortization of prior service credit	(0.1)	0.0				(0.1)
Foreign currency translation adjustments	0.9	0.0				0.9
Ending balance at Jun. 30, 2020	(466.9)	0.0	0.3	2,335.5	(2,345.2)	(364.8)	(92.7)
Equity-based compensation	1.1	0.0		1.1
Equity issuance - UST commitment fee	46.7	0.0	0.2	46.5
Net income (loss)	(2.0)	0.0			(2.0)
Amortization of prior net losses	4.0	0.0				4.0
Amortization of prior service credit	(0.1)	0.0				(0.1)
Settlement adjustment	1.4	0.0				1.4
Net actuarial gain	92.1	0.0				92.1
Foreign currency translation adjustments	0.6	0.0				0.6
Ending balance at Sep. 30, 2020	$ (323.1)	$ 0.0	$ 0.5	$ 2,383.1	$ (2,347.2)	$ (266.8)	$ (92.7)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Leases - Summary of Lease Term and Discount Rate (Details)	Sep. 30, 2020
Leases [Abstract]
Operating leases, Weighted Average Remaining Lease Term	3 years 4 months 24 days
Finance leases, Weighted Average Remaining Lease Term	8 years 1 month 6 days
Operating leases, Weighted Average Discount Rate	12.50%
Finance leases, Weighted Average Discount Rate	10.50%

Income Taxes - Additional Information (Details)	3 Months Ended		9 Months Ended
Income Taxes - Additional Information (Details)	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Effective tax rate	83.80%	3.00%	35.10%	1.20%

Leases

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Leases

4. Leases

Leases (in millions)	Classification	September 30, 2020		December 31, 2019
Assets
Operating	Operating lease right-of-use assets	$	299.4	$	386.0
Finance	Net property and equipment		2.3		2.6
Total lease assets		$	301.7	$	388.6
Liabilities
Current
Operating	Current operating lease liabilities	$	115.9	$	120.8
Finance	Other current and accrued liabilities		0.7		0.2
Noncurrent
Operating	Operating lease liabilities		196.2		246.3
Finance	Claims and other liabilities		3.1		3.3
Total lease liabilities		$	315.9	$	370.6

		Three Months				Nine Months
Lease Cost (in millions)	Classification	2020		2019		2020		2019
Operating lease cost	Purchased transportation; Fuel, operating expenses and supplies	$	39.2	$	42.3	$	122.7	$	124.7
Short-term cost	Purchased transportation; Fuel, operating expenses and supplies		5.4	4.5			9.5	11.4
Variable lease cost	Purchased transportation; Fuel, operating expenses and supplies		2.9	1.9		7.1		5.2
Finance lease cost
Amortization of leased assets	Depreciation and amortization		0.1	0.1		0.2		0.3
Interest on lease liabilities	Interest expense	0.1		0.1		0.3		0.3
Total lease cost		$	47.7	$	48.9	$	139.8	$	141.9

Remaining Maturities of Lease Liabilities	Operating Leases		Finance Leases		Total
2020	$	40.2	$	0.4	$	40.6
2021		141.1		1.0		142.1
2022		93.2		0.6		93.8
2023		51.2		0.6		51.8
2024		21.8		0.6		22.4
After 2024		36.4		3.4		39.8
Total lease payments	$	383.9	$	6.6	$	390.5
Less: Imputed Interest		71.8		2.8		74.6
Present value of lease liabilities	$	312.1	$	3.8	$	315.9

Lease Term and Discount Rate

(years and percent)

Weighted-Average Remaining Lease Term

Weighted-Average Discount Rate

Operating leases

3.4

12.5%

Finance leases

8.1

10.5%

	Three Months				Nine Months
Other Information (in millions)	2020		2019		2020		2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases^(a)	$	38.8	$	37.9	$	94.3	$	113.1
Operating cash flows from finance leases	0.1		0.1		0.3		0.3
Financing cash flows from finance leases	0.2		0.1		0.4		0.3
Leased assets obtained in exchange for new operating lease liabilities	$	3.3	$	57.6	$	13.3	$	111.4

(a)	Payments arising from operating leases are reported in operating activities on the statements of consolidated cash flows.

Loss Per Share - Additional Information (Details) - shares	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Jul. 09, 2020
UST Credit Agreement
Earnings Per Share [Line Items]
Common stock shares, issued	15,943,753		15,943,753
Anti-Dilutive Unvested Shares and Options
Earnings Per Share [Line Items]
Anti-dilutive unvested shares, options and stock units	125,000	319,000

Leases - Summary of Lease Cost (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Leases [Abstract]
Lease amortization and accretion expense	$ 39.2	$ 42.3	$ 122.7	$ 124.7
Short-term cost	5.4	4.5	9.5	11.4
Variable lease cost	2.9	1.9	7.1	5.2
Amortization of leased assets	0.1	0.1	0.2	0.3
Interest on lease liabilities	0.1	0.1	0.3	0.3
Total lease cost	$ 47.7	$ 48.9	$ 139.8	$ 141.9

Income Taxes

9 Months Ended

Sep. 30, 2020

Income Tax Disclosure [Abstract]

Income Taxes

6. Income Taxes

Our effective tax rate for the three and nine months ended September 30, 2020 was 83.8% and 35.1%, respectively, compared to 3.0% and 1.2%, respectively, for the three and nine months ended September 30, 2019. The significant items impacting the 2020 rates include a benefit from the reversal of liability for an uncertain tax position resulting from statute expiration, a benefit recognized due to application of the exception to the rules regarding intraperiod tax allocation, a provision for net state and foreign taxes, certain permanent items and a change in the valuation allowance established for the net deferred tax asset balance projected for December 31, 2020. The significant items impacting the 2019 rates include a benefit recognized due to application of the exception to the rules regarding intraperiod tax allocation, a provision for net state and foreign taxes, certain permanent items and a change in the valuation allowance established for the net deferred tax asset balance that had been projected for December 31, 2019. We recognize valuation allowances on deferred tax assets if, based on the weight of the evidence, we determine it is more likely than not such assets will not be realized. Changes in valuation allowances are included

in our tax provision in the period of change. In determining whether a valuation allowance is warranted, we evaluate factors such as prior years’ earnings history, expected future earnings, loss carry-forward periods, reversals of existing deferred tax liabilities and tax planning strategies that potentially enhance the likelihood of the realization of a deferred tax asset. At September 30, 2020 and December 31, 2019, substantially all of our net deferred tax assets were subject to a valuation allowance.