0001564590-21-040792 | 10-Q | XBRL Viewer

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2021	Jul. 30, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Trading Symbol	YELL
Entity Registrant Name	Yellow Corporation
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		51,273,210
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

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Current Assets:
Cash and cash equivalents	$ 372.1	$ 439.3
Restricted amounts held in escrow	52.2	38.7
Accounts receivable, net	633.6	505.0
Prepaid expenses and other	50.8	46.8
Total current assets	1,108.7	1,029.8
Property and Equipment:
Cost	3,099.5	2,795.5
Less – accumulated depreciation	(2,033.4)	(2,031.3)
Net property and equipment	1,066.1	764.2
Deferred income taxes, net	2.0	0.9
Pension	68.9	63.2
Operating lease right-of-use assets	219.3	276.0
Other assets	26.2	51.7
Total Assets	2,491.2	2,185.8
Current Liabilities:
Accounts payable	216.0	160.7
Wages, vacations and employee benefits	242.7	214.6
Current operating lease liabilities	98.5	114.2
Claims and insurance accruals	111.0	108.2
Other accrued taxes	73.8	68.6
Other current and accrued liabilities	57.9	30.4
Current maturities of long-term debt	4.9	4.0
Total current liabilities	804.8	700.7
Other Liabilities:
Long-term debt, less current portion	1,518.8	1,221.4
Operating lease liabilities	128.7	172.6
Claims and other liabilities	325.3	314.4
Commitments and contingencies
Shareholders’ Deficit:
Cumulative preferred stock, $1 par value per share
Common stock, $0.01 par value per share - authorized 95,000,000 shares, issued 50,862,000 and 50,192,000 shares, respectively	0.5	0.5
Capital surplus	2,386.3	2,383.6
Accumulated deficit	(2,438.6)	(2,365.9)
Accumulated other comprehensive loss	(141.9)	(148.8)
Treasury stock, at cost	(92.7)	(92.7)
Total shareholders’ deficit	(286.4)	(223.3)
Total Liabilities and Shareholders’ Deficit	$ 2,491.2	$ 2,185.8

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
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
Common stock, shares authorized	95,000,000	95,000,000
Common stock, shares issued	50,862,000	50,192,000

Statements of Consolidated Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Operating Revenue	$ 1,313.1	$ 1,015.4	$ 2,511.5	$ 2,165.8
Operating Expenses:
Salaries, wages and employee benefits	751.3	647.9	1,475.1	1,368.1
Fuel, operating expenses and supplies	217.0	162.7	420.5	370.7
Purchased transportation	210.3	126.0	410.3	262.2
Depreciation and amortization	35.0	34.2	68.3	69.9
Other operating expenses	72.2	55.2	136.6	116.8
(Gains) losses on property disposals, net	0.3	(6.0)	1.3	(45.3)
Total operating expenses	1,286.1	1,020.0	2,512.1	2,142.4
Operating Income (Loss)	27.0	(4.6)	(0.6)	23.4
Nonoperating Expenses:
Interest expense	37.7	40.2	73.6	68.5
Non-union pension and postretirement benefits	(1.1)	(1.6)	(2.4)	(3.2)
Other, net	(0.3)	1.4	(0.3)	(1.2)
Nonoperating expenses, net	36.3	40.0	70.9	64.1
Loss before income taxes	(9.3)	(44.6)	(71.5)	(40.7)
Income tax expense (benefit)	0.1	(7.5)	1.2	(7.9)
Net loss	(9.4)	(37.1)	(72.7)	(32.8)
Other comprehensive income, net of tax	3.3	3.2	6.9	4.5
Comprehensive Loss	$ (6.1)	$ (33.9)	$ (65.8)	$ (28.3)
Average Common Shares Outstanding - Basic	50,751	34,021	50,555	33,906
Average Common Shares Outstanding - Diluted	50,751	34,021	50,555	33,906
Loss Per Share - Basic	$ (0.18)	$ (1.09)	$ (1.44)	$ (0.97)
Loss Per Share - Diluted	$ (0.18)	$ (1.09)	$ (1.44)	$ (0.97)

Statements of Consolidated Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating Activities:
Net loss	$ (72.7)	$ (32.8)
Adjustments to reconcile net loss to cash flows from operating activities:
Depreciation and amortization	68.3	69.9
Lease amortization and accretion expense	71.1	83.5
Lease payments	(74.6)	(55.7)
Paid-in-kind interest	4.6	38.8
Debt-related amortization	11.5	6.0
Equity-based compensation and employee benefits expense	8.6	10.5
Non-union pension settlement charge	0.3	0.0
(Gains) losses on property disposals, net	1.3	(45.3)
Deferred income tax benefit, net	(1.0)	0.1
Other noncash items, net	0.8	(1.2)
Changes in assets and liabilities, net:
Accounts receivable	(128.5)	(31.9)
Accounts payable	44.0	22.0
Other operating assets	1.2	8.6
Other operating liabilities	52.4	141.1
Net cash provided by (used in) operating activities	(12.7)	213.6
Investing Activities:
Acquisition of property and equipment	(346.2)	(24.1)
Proceeds from disposal of property and equipment	0.6	54.1
Net cash provided by (used in) investing activities	(345.6)	30.0
Financing Activities:
Issuance of long-term debt, net	306.3	0.0
Repayment of long-term debt	(1.1)	(28.2)
Debt issuance costs	(0.2)	(3.8)
Payments for tax withheld on equity-based compensation	(0.4)	(0.6)
Net cash provided by (used in) financing activities	304.6	(32.6)
Net Increase (Decrease) In Cash and Cash Equivalents and Restricted Amounts Held in Escrow	(53.7)	211.0
Cash and Cash Equivalents and Restricted Amounts Held in Escrow, Beginning of Period	478.0	109.2
Cash and Cash Equivalents and Restricted Amounts Held in Escrow, End of Period	424.3	320.2
Supplemental Cash Flow Information:
Interest paid	$ (56.1)	$ (22.1)

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, 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	(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)	(32.8)
Ending balance at Jun. 30, 2020	(466.9)	0.0	0.3	2,335.5	(2,345.2)	(364.8)	(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	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)
Beginning balance at Dec. 31, 2020	(223.3)	0.0	0.5	2,383.6	(2,365.9)	(148.8)	(92.7)
Equity-based compensation	1.8	0.0		1.8
Net income (loss)	(63.3)	0.0			(63.3)
Amortization of prior net losses	3.0	0.0				3.0
Amortization of prior service credit	(0.1)	0.0				(0.1)
Foreign currency translation	0.7	0.0				0.7
Ending balance at Mar. 31, 2021	(281.2)	0.0	0.5	2,385.4	(2,429.2)	(145.2)	(92.7)
Beginning balance at Dec. 31, 2020	(223.3)	0.0	0.5	2,383.6	(2,365.9)	(148.8)	(92.7)
Net income (loss)	(72.7)
Ending balance at Jun. 30, 2021	(286.4)	0.0	0.5	2,386.3	(2,438.6)	(141.9)	(92.7)
Beginning balance at Mar. 31, 2021	(281.2)	0.0	0.5	2,385.4	(2,429.2)	(145.2)	(92.7)
Equity-based compensation	0.9	0.0		0.9
Net income (loss)	(9.4)	0.0			(9.4)
Amortization of prior net losses	3.0	0.0				3.0
Amortization of prior service credit	(0.1)	0.0				(0.1)
Settlement adjustment	0.3	0.0				0.3
Foreign currency translation	0.1	0.0				0.1
Ending balance at Jun. 30, 2021	$ (286.4)	$ 0.0	$ 0.5	$ 2,386.3	$ (2,438.6)	$ (141.9)	$ (92.7)

- Definition

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

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+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Description of Business

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Description of Business

1. Description of Business

Yellow Corporation (also referred to as “Yellow,” 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.

Yellow Corporation’s LTL subsidiaries include 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 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 June 30, 2021, approximately 80% of our labor force is subject to collective bargaining agreements, which predominantly expire on March 31, 2024.

Basis of Presentation

6 Months Ended

Jun. 30, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Basis of Presentation

2. Basis of Presentation

The accompanying unaudited consolidated financial statements include the accounts of Yellow Corporation 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.

All normal recurring adjustments necessary for a fair presentation of the consolidated financial statements for the interim periods included herein have been made. These unaudited interim consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information, the instructions to Quarterly Report on Form 10-Q and the applicable rules and regulations. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted from these statements. The accompanying consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (“the 2020 Form 10-K”). Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results of operations that may be expected for the year ended December 31, 2021 or other reporting periods.

Reclassifications

Certain immaterial reclassifications have been made to prior year’s balances to conform with current year presentation.

Disaggregation of Revenue

The Company’s revenue is summarized below with LTL shipments defined as shipments less than 10,000 pounds that move in our network:

	Three Months				Six Months
(in millions)	2021		2020		2021		2020
LTL revenue	$	1,182.8	$	920.5	$	2,266.3	$	1,971.2
Other revenue		130.3		94.9		245.2		194.6
Total revenue	$	1,313.1	$	1,015.4	$	2,511.5	$	2,165.8

Newly-Adopted Accounting Standards

In December 2019, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments of ASU 2019-12 are meant to simplify and reduce the cost of accounting for income taxes. The new standard became effective for the Company on January 1, 2021. ASU 2019-12, upon becoming effective, also removed certain exceptions to the general principles in Topic 740 including the general intraperiod tax allocation exception, and clarified and amended existing guidance to improve consistent application. Application of the exception to the intraperiod tax allocation rules was a factor in 2020 and certain previous years.

While there are other 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.

Debt and Financing

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Debt and Financing

3. Debt and Financing

Our outstanding debt as of June 30, 2021, which includes our $129.8 million and $306.3 million of additional United States Treasury (“UST”) Loan Tranche B draws during the three and six months then ended, respectively, consisted of the following:

(in millions)	Par Value			Discount			Commitment Fee			Debt Issuance Costs			Book Value				Effective Interest Rate
Term Loan	$	612.9		$	(18.0	)	$	—		$	(8.0	)	$	586.9		^(a)		9.5	%
ABL Facility		—			—			—			—			—			N/A
UST Loan Tranche A^(b)		306.7			—			(15.3	)		(4.0	)		287.4		^(c)		6.4	%
UST Loan Tranche B		381.1			—			(19.5	)		(5.1	)		356.5		^(c)		6.5	%
Secured Second A&R CDA		24.1			—			—			—			24.1				7.7	%
Unsecured Second A&R CDA		43.9			—			—			(0.1	)		43.8				7.7	%
Lease financing obligations		225.2			—			—			(0.2	)		225.0		^(d)		17.2	%
Total debt	$	1,593.9		$	(18.0	)	$	(34.8	)	$	(17.4	)	$	1,523.7
Current maturities of Unsecured Second A&R CDA		(1.3	)		—			—			—			(1.3	)
Current maturities of lease financing obligations		(3.6	)		—			—			—			(3.6	)
Long-term debt	$	1,589.0		$	(18.0	)	$	(34.8	)	$	(17.4	)	$	1,518.8

(a)	Variable interest rate based on the Eurodollar rate, which is currently determined by the 1, 3 or 6-month USD 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 $6.7 million as of June 30, 2021.

(c)	Variable interest rate based on the Eurodollar rate, which is currently determined by the 1, 2, 3 or 6-month USD 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.

Principal Maturities of Long-Term Debt

The principal maturities of long-term debt for the next five years are as follows:

(in millions)	Principal Maturity Amount
2021 - remaining portion	$	2.8
2022		70.7
2023		5.0
2024		1,303.2
2025		0.3
Thereafter		211.9
Total	$	1,593.9

Fair Value Measurement

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

	June 30, 2021				December 31, 2020
(in millions)	Book Value		Fair Value		Book Value		Fair Value
Term Loan	$	586.9	$	615.8	$	582.7	$	611.0
UST Loans		643.9		602.2		349.2		322.0
Second A&R CDA		67.9		68.3		67.8		67.8
Lease financing obligations		225.0		224.8		225.7		225.8
Total debt	$	1,523.7	$	1,511.1	$	1,225.4	$	1,226.6

The fair values of the Term Loan and Second A&R CDA were estimated based on observable prices (level two inputs for fair value measurements). The fair value of the UST Loans is estimated using certain inputs that are unobservable (level three input for fair value measurement), which are based on the discounted amount of future cash flows using our current estimated

incremental rate of borrowing for similar liabilities or assets. 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).

Leases

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Leases

4. Leases

Leases (in millions)	June 30, 2021		December 31, 2020
Assets
Operating lease right-of-use assets	$	219.3	$	276.0
Liabilities
Current operating lease liabilities	$	98.5	$	114.2
Noncurrent operating lease liabilities		128.7		172.6
Total lease liabilities	$	227.2	$	286.8

	Three Months				Six Months
Lease Cost (in millions)	2021		2020		2021		2020
Operating lease cost^(a)	$	34.2	$	40.4	$	71.1	$	83.5
Short-term cost^(b)		9.5		2.1		19.1	4.1
Variable lease cost^(b)	2.6		1.8		5.1		4.2
Total lease cost	$	46.3	$	44.3	$	95.3	$	91.8

(a)	Operating lease cost represents non-cash amortization of ROU assets and accretion of the discounted lease liabilities and is segregated on the statements of consolidated cash flows.

(b)	These operating expenses are classified and recorded primarily within purchased transportation.

Remaining Maturities of Lease Liabilities (in millions)	Operating Leases
2021 - remaining portion	$	67.3
2022		93.9
2023		53.8
2024		23.6
2025		11.3
After 2025		27.1
Total lease payments	$	277.0
Less: imputed interest		49.8
Present value of lease liabilities	$	227.2

Lease Term and Discount Rate

(years and percent)

Weighted-Average Remaining Lease Term

Weighted-Average Discount Rate

Operating leases

3.2

11.9%

	Three Months					Six Months
Other Information (in millions)	2021		2020			2021		2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	37.3	$	17.5	^(a)	$	74.5	$	55.5	^(a)
Leased assets obtained in exchange for new operating lease liabilities	$	0.3	$	6.3		$	0.9	$	10.0

(a)	In an effort to preserve liquidity, certain equipment leases were modified during the three months ended June 30, 2020 to reduce short-term cash payments, which deferred certain operating lease payments into future reporting periods.

Employee Benefits

6 Months Ended

Jun. 30, 2021

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 plans:

	Three Months						Six Months
(in millions)	2021			2020			2021			2020
Interest cost	$	7.7		$	9.6		$	15.3		$	19.2
Expected return on plan assets		(12.0	)		(14.9	)		(24.0	)		(29.9	)
Amortization of prior service credit		(0.1	)		(0.1	)		(0.2	)		(0.2	)
Amortization of prior net pension loss		3.0			3.7			6.1			7.5
Settlement adjustment		0.3			-			0.3			-
Total net periodic pension (benefit) cost	$	(1.1	)	$	(1.7	)	$	(2.5	)	$	(3.4	)

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Loss Per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Loss Per Share

6. Loss Per Share

Given our net loss position for the three and six months ended June 30, 2021 and 2020, we do not report dilutive securities for these periods. At June 30, 2021 and 2020, our anti-dilutive unvested shares and stock units not included in the calculation of diluted earnings (loss) per share were approximately 133,000 and 436,000, respectively.

Commitments, Contingencies and Uncertainties

6 Months Ended

Jun. 30, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments, Contingencies and Uncertainties

7. 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 against the Company (and two other defendants) in the U.S. District Court for 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 Magistrate Judge to whom the case had been referred issued a Report and Recommendation recommending that the District Judge grant the Company’s motion to dismiss in part with respect to one claim and deny it in all other respects. On May 10, 2021, the District Court entered a Decision and Order adopting Magistrate Judge’s Report and Recommendation and Decision and Order. On June 6, 2021, the District Court granted a stay of the case for sixty days to allow parties time to discuss a potential resolution in this action. 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 U.S. 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 and has been fully briefed. On December 16, 2020, the parties to the appeal filed an informative notice to inform the Second Circuit that they would engage in mediation to explore whether the case can be resolved. In February 2021, the parties to the appeal reached an agreement in principle to settle the matter for an immaterial amount, subject to certain conditions, including execution of a definitive settlement agreement and court approval. On February 10, 2021, the Second Circuit granted the parties’ joint motion to stay the appeal and remand the case to the District Court. On April 12, 2021, the parties executed the definitive settlement documents, agreeing to settle the case for $2.1 million, subject to court approval. Plaintiffs filed a motion on April 15, 2021 asking the court to preliminarily approve the proposed settlement and authorize notice to the settlement class. The court granted preliminary approval on April 19, 2021, and scheduled a fairness hearing for August 18, 2021.

Shareholder Derivative Complaint

In February 2021, two putative shareholders filed an action derivatively and on behalf of the Company naming Douglas A. Carty, Raymond J. Bromark, William R. Davidson, Matthew A. Doheny, Robert L Friedman, James E. Hoffman, Michael J. Kneeland, Patricia M. Nazemetz, James F. Winestock, Jamie G. Pierson, Darren D. Hawkins, James L. Welch and Stephanie D. Fisher individually as defendants and the Company as the nominal defendant. The case, captioned Bhandari, et al. v. Carty, et al., Case No. 2021-0090-SG, was filed in the Court of Chancery in the State of Delaware. The complaint alleges 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 asserts that the individual defendants breached their fiduciary duties and were unjustly enriched as a result of their purported conduct. Claims similar to those raised in Bhandari had been raised in two shareholder derivative cases that were previously disclosed by the Company and have been dismissed. The defendants moved to dismiss the action on April 19, 2021. On July 16, 2021, the putative shareholders moved for entry of an order dismissing the Bhandari action without prejudice. On July 19, 2021, the Court entered an order dismissing the action without prejudice.

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.

Related Party Transactions

6 Months Ended

Jun. 30, 2021

Related Party Transactions

8. Related Party Transactions

Under the applicable accounting standards the Company is deemed a related party with the United States federal government as a result of the UST Credit Agreements and the associated issuance of common stock to the UST in July 2020. 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.

Basis of Presentation (Policies)

6 Months Ended

Jun. 30, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Basis of Presentation

Reclassifications

Certain immaterial reclassifications have been made to prior year’s balances to conform with current year presentation.

Revenue Disaggregation

Disaggregation of Revenue

The Company’s revenue is summarized below with LTL shipments defined as shipments less than 10,000 pounds that move in our network:

	Three Months				Six Months
(in millions)	2021		2020		2021		2020
LTL revenue	$	1,182.8	$	920.5	$	2,266.3	$	1,971.2
Other revenue		130.3		94.9		245.2		194.6
Total revenue	$	1,313.1	$	1,015.4	$	2,511.5	$	2,165.8

Newly Adopted Accounting Standards

Newly-Adopted Accounting Standards

Basis of Presentation (Tables)

6 Months Ended

Jun. 30, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Disaggregation of Revenue

The Company’s revenue is summarized below with LTL shipments defined as shipments less than 10,000 pounds that move in our network:

	Three Months				Six Months
(in millions)	2021		2020		2021		2020
LTL revenue	$	1,182.8	$	920.5	$	2,266.3	$	1,971.2
Other revenue		130.3		94.9		245.2		194.6
Total revenue	$	1,313.1	$	1,015.4	$	2,511.5	$	2,165.8

Debt and Financing (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Schedule of Outstanding Debt

(in millions)	Par Value			Discount			Commitment Fee			Debt Issuance Costs			Book Value				Effective Interest Rate
Term Loan	$	612.9		$	(18.0	)	$	—		$	(8.0	)	$	586.9		^(a)		9.5	%
ABL Facility		—			—			—			—			—			N/A
UST Loan Tranche A^(b)		306.7			—			(15.3	)		(4.0	)		287.4		^(c)		6.4	%
UST Loan Tranche B		381.1			—			(19.5	)		(5.1	)		356.5		^(c)		6.5	%
Secured Second A&R CDA		24.1			—			—			—			24.1				7.7	%
Unsecured Second A&R CDA		43.9			—			—			(0.1	)		43.8				7.7	%
Lease financing obligations		225.2			—			—			(0.2	)		225.0		^(d)		17.2	%
Total debt	$	1,593.9		$	(18.0	)	$	(34.8	)	$	(17.4	)	$	1,523.7
Current maturities of Unsecured Second A&R CDA		(1.3	)		—			—			—			(1.3	)
Current maturities of lease financing obligations		(3.6	)		—			—			—			(3.6	)
Long-term debt	$	1,589.0		$	(18.0	)	$	(34.8	)	$	(17.4	)	$	1,518.8

(a)	Variable interest rate based on the Eurodollar rate, which is currently determined by the 1, 3 or 6-month USD 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 $6.7 million as of June 30, 2021.

(c)	Variable interest rate based on the Eurodollar rate, which is currently determined by the 1, 2, 3 or 6-month USD 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 Maturities of Long-term Debt

The principal maturities of long-term debt for the next five years are as follows:

(in millions)	Principal Maturity Amount
2021 - remaining portion	$	2.8
2022		70.7
2023		5.0
2024		1,303.2
2025		0.3
Thereafter		211.9
Total	$	1,593.9

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, are summarized as follows:

	June 30, 2021				December 31, 2020
(in millions)	Book Value		Fair Value		Book Value		Fair Value
Term Loan	$	586.9	$	615.8	$	582.7	$	611.0
UST Loans		643.9		602.2		349.2		322.0
Second A&R CDA		67.9		68.3		67.8		67.8
Lease financing obligations		225.0		224.8		225.7		225.8
Total debt	$	1,523.7	$	1,511.1	$	1,225.4	$	1,226.6

Leases (Tables)

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Summary of Assets and Liabilities

Leases (in millions)	June 30, 2021		December 31, 2020
Assets
Operating lease right-of-use assets	$	219.3	$	276.0
Liabilities
Current operating lease liabilities	$	98.5	$	114.2
Noncurrent operating lease liabilities		128.7		172.6
Total lease liabilities	$	227.2	$	286.8

Summary of Lease Cost

	Three Months				Six Months
Lease Cost (in millions)	2021		2020		2021		2020
Operating lease cost^(a)	$	34.2	$	40.4	$	71.1	$	83.5
Short-term cost^(b)		9.5		2.1		19.1	4.1
Variable lease cost^(b)	2.6		1.8		5.1		4.2
Total lease cost	$	46.3	$	44.3	$	95.3	$	91.8

(a)	Operating lease cost represents non-cash amortization of ROU assets and accretion of the discounted lease liabilities and is segregated on the statements of consolidated cash flows.

(b)	These operating expenses are classified and recorded primarily within purchased transportation.

	Three Months					Six Months
Other Information (in millions)	2021		2020			2021		2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	37.3	$	17.5	^(a)	$	74.5	$	55.5	^(a)
Leased assets obtained in exchange for new operating lease liabilities	$	0.3	$	6.3		$	0.9	$	10.0

(a)	In an effort to preserve liquidity, certain equipment leases were modified during the three months ended June 30, 2020 to reduce short-term cash payments, which deferred certain operating lease payments into future reporting periods.

Summary of Remaining Maturities of Lease Liabilities

Remaining Maturities of Lease Liabilities (in millions)	Operating Leases
2021 - remaining portion	$	67.3
2022		93.9
2023		53.8
2024		23.6
2025		11.3
After 2025		27.1
Total lease payments	$	277.0
Less: imputed interest		49.8
Present value of lease liabilities	$	227.2

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

3.2

11.9%

Employee Benefits (Tables)

6 Months Ended

Jun. 30, 2021

Compensation And Retirement Disclosure [Abstract]

Schedule of Costs of Retirement Plans

The following table presents the components of our Company-sponsored pension plans:

	Three Months						Six Months
(in millions)	2021			2020			2021			2020
Interest cost	$	7.7		$	9.6		$	15.3		$	19.2
Expected return on plan assets		(12.0	)		(14.9	)		(24.0	)		(29.9	)
Amortization of prior service credit		(0.1	)		(0.1	)		(0.2	)		(0.2	)
Amortization of prior net pension loss		3.0			3.7			6.1			7.5
Settlement adjustment		0.3			-			0.3			-
Total net periodic pension (benefit) cost	$	(1.1	)	$	(1.7	)	$	(2.5	)	$	(3.4	)

Description of Business - Additional Information (Details)	6 Months Ended
	Jun. 30, 2021
Workforce Subject to Collective Bargaining Arrangements \| Labor Force Concentration Risk
Concentration Risk [Line Items]
Percentage of workforce subject to collective bargaining agreements	80.00%

Basis of Presentation - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue from External Customer [Line Items]
Operating Revenue	$ 1,313.1	$ 1,015.4	$ 2,511.5	$ 2,165.8
LTL revenue
Revenue from External Customer [Line Items]
Operating Revenue	1,182.8	920.5	2,266.3	1,971.2
Other revenue
Revenue from External Customer [Line Items]
Operating Revenue	$ 130.3	$ 94.9	$ 245.2	$ 194.6

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

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+ Details

Basis of Presentation - Additional Information (Details) - Accounting Standards Update 2019-12	Jun. 30, 2021
Accounting Policy [Line Items]
Change in accounting principle, ASU adopted	true
Change in accounting principle, ASU adoption date	Jan. 01, 2021
Change in accounting principle, ASU, immaterial effect	true

- Definition

Indicates (true false) whether accounting standards update was adopted.

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- Definition

Date accounting standards update was adopted, in CCYY-MM-DD format.

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+ Details

Debt and Financing - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
UST Loan \| Tranche B
Debt Instrument [Line Items]
Proceeds from debt	$ 129.8	$ 306.3

Debt and Financing - Schedule of Outstanding Debt (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Par Value	$ 1,593.9
Discount	(18.0)
Commitment Fee	(34.8)
Debt Issuance Costs	(17.4)
Book Value	1,523.7
Book Value, Current Maturities	(4.9)	$ (4.0)
Par Value, Excluding Current Maturities	1,589.0
Premium (Discount), Excluding Current Maturities	(18.0)
Commitment Fee, Excluding Current Maturities	(34.8)
Debt Issuance Costs, Noncurrent	(17.4)
Book Value, Excluding Current Maturities	1,518.8	$ 1,221.4
Term Loan
Debt Instrument [Line Items]
Par Value	612.9
Discount	(18.0)
Commitment Fee	0.0
Debt Issuance Costs	(8.0)
Book Value	$ 586.9
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	306.7
Discount	0.0
Commitment Fee	(15.3)
Debt Issuance Costs	(4.0)
Book Value	$ 287.4
Effective Interest Rate	6.40%
Tranche B \| UST Loan
Debt Instrument [Line Items]
Par Value	$ 381.1
Discount	0.0
Commitment Fee	(19.5)
Debt Issuance Costs	(5.1)
Book Value	$ 356.5
Effective Interest Rate	6.50%
Secured Second A&R CDA
Debt Instrument [Line Items]
Par Value	$ 24.1
Discount	0.0
Commitment Fee	0.0
Debt Issuance Costs	0.0
Book Value	$ 24.1
Effective Interest Rate	7.70%
Unsecured Second A&R CDA
Debt Instrument [Line Items]
Par Value	$ 43.9
Discount	0.0
Commitment Fee	0.0
Debt Issuance Costs	(0.1)
Book Value	$ 43.8
Effective Interest Rate	7.70%
Par Value, Current Maturities	$ (1.3)
Discount, Current Maturities	0.0
Commitment Fee, Current Maturities	0.0
Deferred Issuance Costs, Current	0.0
Book Value, Current Maturities	(1.3)
Lease financing obligations
Debt Instrument [Line Items]
Par Value	225.2
Discount	0.0
Commitment Fee	0.0
Debt Issuance Costs	(0.2)
Book Value	$ 225.0
Effective Interest Rate	17.20%
Par Value, Current Maturities	$ (3.6)
Discount, Current Maturities	0.0
Commitment Fee, Current Maturities	0.0
Deferred Issuance Costs, Current	0.0
Book Value, Current Maturities	$ (3.6)

Debt and Financing - Schedule of Outstanding Debt (Parenthetical) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021 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	$ 6.7
London Interbank Offered Rate (LIBOR) \| New Term Loan
Debt Instrument [Line Items]
Floor interest rate	1.00%
Basis spread on variable rate	7.50%

Debt and Financing - Schedule of Maturities of Long-term Debt (Details) $ in Millions	Jun. 30, 2021 USD ($)
Debt Disclosure [Abstract]
2021 - remaining portion	$ 2.8
2022	70.7
2023	5.0
2024	1,303.2
2025	0.3
Thereafter	211.9
Total	$ 1,593.9

Debt and Financing - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Book Value
Debt Instrument [Line Items]
Long-term debt, fair value	$ 1,523.7	$ 1,225.4
Fair Value
Debt Instrument [Line Items]
Long-term debt, fair value	1,511.1	1,226.6
UST Loan \| Book Value
Debt Instrument [Line Items]
Long-term debt, fair value	643.9	349.2
UST Loan \| Fair Value
Debt Instrument [Line Items]
Long-term debt, fair value	602.2	322.0
Term Loan \| Book Value
Debt Instrument [Line Items]
Long-term debt, fair value	586.9	582.7
Term Loan \| Fair Value
Debt Instrument [Line Items]
Long-term debt, fair value	615.8	611.0
Lease financing obligations \| Book Value
Debt Instrument [Line Items]
Long-term debt, fair value	225.0	225.7
Lease financing obligations \| Fair Value
Debt Instrument [Line Items]
Long-term debt, fair value	224.8	225.8
Second A&R CDA \| Book Value
Debt Instrument [Line Items]
Long-term debt, fair value	67.9	67.8
Second A&R CDA \| Fair Value
Debt Instrument [Line Items]
Long-term debt, fair value	$ 68.3	$ 67.8

Leases - Summary of Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease right-of-use assets	$ 219.3	$ 276.0
Current operating lease liabilities	98.5	114.2
Operating lease liabilities	128.7	172.6
Present value of lease liabilities	$ 227.2	$ 286.8

Leases - Summary of Lease Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Operating lease cost	$ 34.2	$ 40.4	$ 71.1	$ 83.5
Short-term cost	9.5	2.1	19.1	4.1
Variable lease cost	2.6	1.8	5.1	4.2
Total lease cost	$ 46.3	$ 44.3	$ 95.3	$ 91.8

Leases - Schedule of Remaining Maturities of Lease Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Remaining Maturities of Lease Liabilities (in millions)
2021 - remaining portion	$ 67.3
2022	93.9
2023	53.8
2024	23.6
2025	11.3
After 2025	27.1
Total lease payments	277.0
Less: imputed interest	49.8
Present value of lease liabilities	$ 227.2	$ 286.8

Leases - Summary of Lease Term and Discount Rate (Details)	Jun. 30, 2021
Leases [Abstract]
Weighted-Average Remaining Lease Term	3 years 2 months 12 days
Weighted-Average Discount Rate	11.90%

Leases - Summary of Other Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Operating cash flows from operating leases	$ 37.3	$ 17.5	$ 74.5	$ 55.5
Leased assets obtained in exchange for new operating lease liabilities	$ 0.3	$ 6.3	$ 0.9	$ 10.0

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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 7.7	$ 9.6	$ 15.3	$ 19.2
Expected return on plan assets	(12.0)	(14.9)	(24.0)	(29.9)
Amortization of prior service credit	(0.1)	(0.1)	(0.2)	(0.2)
Amortization of prior net pension loss	3.0	3.7	6.1	7.5
Settlement adjustment	0.3		0.3
Total net periodic pension (benefit) cost	$ (1.1)	$ (1.7)	$ (2.5)	$ (3.4)

Loss Per Share - Additional Information (Details) - shares	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Anti-Dilutive Unvested Shares and Options
Earnings Per Share [Line Items]
Anti-dilutive unvested shares and options	133,000	436,000

Commitments, Contingencies and Uncertainties - Additional Information (Details) - USD ($) $ in Millions	Jun. 06, 2021	Apr. 12, 2021
Loss Contingencies [Line Items]
Number of days granted to discuss potential resolution	60 days
Christina Lewis
Loss Contingencies [Line Items]
Agreed settlement amount subject to court approval		$ 2.1