0000950170-22-014226 | 10-Q | XBRL Viewer

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2022	Jul. 29, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
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		51,627,237
Entity File Number	0-12255
Entity Tax Identification Number	48-0948788
Entity Address, Address Line One	501 Commerce Street
Entity Address, Address Line Two	Suite 1120
Entity Address, City or Town	Nashville
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37203
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, 2022	Dec. 31, 2021
Current Assets:
Cash and cash equivalents	$ 266.8	$ 310.7
Restricted amounts held in escrow	8.4	4.1
Accounts receivable, net	783.9	663.7
Prepaid expenses and other	88.7	65.0
Total current assets	1,147.8	1,043.5
Property and Equipment:
Cost	3,111.0	3,164.6
Less – accumulated depreciation	(1,968.4)	(2,032.3)
Net property and equipment	1,142.6	1,132.3
Deferred income taxes, net	1.4	1.4
Pension	41.9	40.5
Operating lease right-of-use assets	147.7	184.8
Other assets	22.5	23.1
Total Assets	2,503.9	2,425.6
Current Liabilities:
Accounts payable	239.6	178.4
Wages, vacations and employee benefits	249.6	252.5
Current operating lease liabilities	61.8	76.5
Claims and insurance accruals	151.0	125.9
Other accrued taxes	74.0	72.8
Other current and accrued liabilities	45.0	45.7
Current maturities of long-term debt	71.1	72.3
Total current liabilities	892.1	824.1
Other Liabilities:
Long-term debt, less current portion	1,483.6	1,482.2
Pension and postretirement	84.3	88.2
Operating lease liabilities	95.9	118.9
Claims and other liabilities	272.1	275.7
Commitments and contingencies
Shareholders’ Deficit:
Cumulative preferred stock, $1 par value per share - authorized 5,000,000 Shares	0.0	0.0
Common stock, $0.01 par value per share - authorized 95,000,000 shares, issued 51,431,000 and 50,955,000 shares, respectively	0.5	0.5
Capital surplus	2,391.4	2,388.3
Accumulated deficit	(2,442.5)	(2,475.0)
Accumulated other comprehensive loss	(180.8)	(184.6)
Treasury stock, at cost	(92.7)	(92.7)
Total shareholders’ deficit	(324.1)	(363.5)
Total Liabilities and Shareholders’ Deficit	$ 2,503.9	$ 2,425.6

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred Stock, Shares Authorized	5,000,000	5,000,000
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	51,431,000	50,955,000

Statements of Consolidated Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Operating Revenue	$ 1,423.7	$ 1,313.1	$ 2,684.1	$ 2,511.5
Operating Expenses:
Salaries, wages and employee benefits	736.7	751.3	1,447.7	1,475.1
Fuel, operating expenses and supplies	287.3	217.0	530.9	420.5
Purchased transportation	206.1	210.3	391.5	410.3
Depreciation and amortization	35.5	35.0	71.2	68.3
Other operating expenses	62.1	72.2	143.1	136.6
(Gains) losses on property disposals, net	(3.2)	0.3	(8.7)	1.3
Total operating expenses	1,324.5	1,286.1	2,575.7	2,512.1
Operating Income (Loss)	99.2	27.0	108.4	(0.6)
Nonoperating Expenses:
Interest expense	38.0	37.7	75.7	73.6
Non-union pension and postretirement benefits	(0.5)	(1.1)	(0.9)	(2.4)
Other, net	(0.1)	(0.3)	0.1	(0.3)
Nonoperating expenses, net	37.4	36.3	74.9	70.9
Income (loss) before income taxes	61.8	(9.3)	33.5	(71.5)
Income tax expense	1.8	0.1	1.0	1.2
Net income (loss)	60.0	(9.4)	32.5	(72.7)
Other comprehensive income, net of tax	1.5	3.3	3.8	6.9
Comprehensive Income (Loss)	$ 61.5	$ (6.1)	$ 36.3	$ (65.8)
Average Common Shares Outstanding - Basic	51,342	50,751	51,217	50,555
Average Common Shares Outstanding - Diluted	52,135	50,751	52,183	50,555
Income (loss) per share- Basic	$ 1.17	$ (0.18)	$ 0.64	$ (1.44)
Income (Loss) per share- Diluted	$ 1.15	$ (0.18)	$ 0.62	$ (1.44)

Statements of Consolidated Cash Flows (Unaudited) - USD ($)
$ in Millions

6 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Operating Activities:

Net income (loss)

$ 32.5

$ (72.7)

Adjustments to reconcile net income (loss) to cash flows from operating activities:

Depreciation and amortization

71.2

68.3

Lease amortization and accretion expense

^[1]

52.8

71.1

Lease payments

(53.4)

(74.6)

Paid-in-kind interest

4.7

4.6

Debt-related amortization

11.7

11.5

Equity-based compensation and employee benefits expense

7.4

8.6

Non-union pension settlement charge

0.0

0.3

(Gains) losses on property disposals, net

(8.7)

1.3

Deferred income taxes, net

0.0

(1.0)

Other non-cash items, net

(0.2)

0.8

Changes in assets and liabilities, net:

Accounts receivable

(120.5)

(128.5)

Accounts payable

44.9

44.0

Other operating assets

13.6

1.2

Other operating liabilities

(19.4)

52.4

Net cash provided by (used in) operating activities

36.6

(12.7)

Investing Activities:

Acquisition of property and equipment

(72.6)

(346.2)

Proceeds from disposal of property and equipment

9.4

0.6

Net cash provided by (used in) investing activities

(63.2)

(345.6)

Financing Activities:

Issuance of long-term debt, net

0.0

306.3

Repayment of long-term debt

(12.4)

(1.1)

Debt issuance costs

0.0

(0.2)

Payments for tax withheld on equity-based compensation

(0.6)

(0.4)

Net cash provided by (used in) financing activities

(13.0)

304.6

Net Increase (Decrease) In Cash and Cash Equivalents and Restricted Amounts Held in Escrow

(39.6)

(53.7)

Cash and Cash Equivalents and Restricted Amounts Held in Escrow, Beginning of Period

314.8

478.0

Cash and Cash Equivalents and Restricted Amounts Held in Escrow, End of Period

275.2

424.3

Supplemental Cash Flow Information:

Interest paid

$ (71.0)

$ (56.1)

[1]	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.

Statements of Consolidated Shareholders' Deficit (Unaudited) - USD ($) $ in Millions	Total	Common Stock	Capital Surplus	Accumulated Deficit	Accumulated Other Comprehensive Loss	Treasury Stock, At Cost
Beginning balance at Dec. 31, 2020	$ (223.3)	$ 0.5	$ 2,383.6	$ (2,365.9)	$ (148.8)	$ (92.7)
Equity-based compensation	1.8		1.8
Net income (loss)	(63.3)			(63.3)
Amortization of prior net losses	3.0				3.0
Amortization of prior service credit	(0.1)				(0.1)
Foreign currency translation	0.7				0.7
Ending balance at Mar. 31, 2021	(281.2)	0.5	2,385.4	(2,429.2)	(145.2)	(92.7)
Beginning balance at Dec. 31, 2020	(223.3)	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)	0.5	2,386.3	(2,438.6)	(141.9)	(92.7)
Beginning balance at Mar. 31, 2021	(281.2)	0.5	2,385.4	(2,429.2)	(145.2)	(92.7)
Equity-based compensation	0.9		0.9
Net income (loss)	(9.4)			(9.4)
Amortization of prior net losses	(3.0)				3.0
Amortization of prior service credit	(0.1)				(0.1)
Settlement adjustment	0.3				0.3
Foreign currency translation	0.1				0.1
Ending balance at Jun. 30, 2021	(286.4)	0.5	2,386.3	(2,438.6)	(141.9)	(92.7)
Beginning balance at Dec. 31, 2021	(363.5)	0.5	2,388.3	(2,475.0)	(184.6)	(92.7)
Equity-based compensation	1.8		1.8
Net income (loss)	(27.5)			(27.5)
Amortization of prior net losses	2.2				2.2
Amortization of prior service credit	(0.1)				(0.1)
Foreign currency translation	0.2				0.2
Ending balance at Mar. 31, 2022	(386.9)	0.5	2,390.1	(2,502.5)	(182.3)	(92.7)
Beginning balance at Dec. 31, 2021	(363.5)	0.5	2,388.3	(2,475.0)	(184.6)	(92.7)
Net income (loss)	32.5
Ending balance at Jun. 30, 2022	(324.1)	0.5	2,391.4	(2,442.5)	(180.8)	(92.7)
Beginning balance at Mar. 31, 2022	(386.9)	0.5	2,390.1	(2,502.5)	(182.3)	(92.7)
Equity-based compensation	1.3		1.3
Net income (loss)	60.0			60.0
Amortization of prior net losses	2.2				(2.2)
Amortization of prior service credit	(0.1)				(0.1)
Foreign currency translation	(0.6)				(0.6)
Ending balance at Jun. 30, 2022	$ (324.1)	$ 0.5	$ 2,391.4	$ (2,442.5)	$ (180.8)	$ (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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- 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.

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+ Details

Description of Business

6 Months Ended

Jun. 30, 2022

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 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 primarily across the United States and Canada. We also offer services through Yellow Logistics, Inc. (“Yellow Logistics”), our customer-specific logistics solutions provider, specializing in truckload, residential, and warehouse solutions.

The Company's labor force is subject to collective bargaining agreements, which predominantly expire on March 31, 2024.

Basis of Presentation

6 Months Ended

Jun. 30, 2022

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 and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. We report on a calendar year basis.

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, 2021 (“the 2021 Form 10-K”). Operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results of operations that may be expected for the year ended December 31, 2022 or other reporting periods.

Use of Estimates

Management makes estimates and assumptions when preparing the financial statements in conformity with U.S. generally accepted accounting principles which affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

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)	2022		2021		2022		2021
LTL revenue	$	1,282.8	$	1,182.8	$	2,412.4	$	2,266.3
Other revenue (a)		140.9		130.3		271.7		245.2
Total revenue	$	1,423.7	$	1,313.1	$	2,684.1	$	2,511.5

(a) Other revenue is primarily comprised of truckload shipments by the LTL operating companies.

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.

Debt and Financing

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Debt and Financing

3. Debt and Financing

Our outstanding debt as of June 30, 2022, consisted of the following:


(in millions)	Par Value			Discount			Commitment Fee			Debt Issuance Costs			Book Value				Effective Interest Rate
UST Loan Tranche A(a)	$	317.7		$	—		$	(10.6	)	$	(2.8	)	$	304.3		(b)		6.4	%
UST Loan Tranche B		400.0			—			(14.1	)		(3.7	)		382.2		(b)		6.5	%
Term Loan (a)		602.9			(11.8	)		—			(5.3	)		585.8		(c)		9.5	%
ABL Facility		—			—			—			—			—
Secured Second A&R CDA		23.5			—			—			—			23.5				7.9	%
Unsecured Second A&R CDA		42.5			—			—			—			42.5				7.9	%
Lease financing obligations		216.5			—			—			(0.1	)		216.4		(d)		17.6	%
Total debt	$	1,603.1		$	(11.8	)	$	(24.7	)	$	(11.9	)	$	1,554.7
Current maturities of Second A&R CDA		(66.0	)		—			—			—			(66.0	)
Current maturities of lease financing obligations		(5.1	)		—			—			—			(5.1	)
Long-term debt	$	1,532.0		$	(11.8	)	$	(24.7	)	$	(11.9	)	$	1,483.6

(a) The Par Value and the Book Value both reflect the accumulated cash funds that have been drawn, plus the accumulated paid-in-kind interest.

(b) 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%.

(c) 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%.

(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.

Maturities

The principal maturities over the next five years and thereafter of total debt as of June 30, 2022 are as follows:


(in millions)	Principal Maturity Amount
2022 - remaining portion	$	68.3
2023		5.8
2024		1,324.8
2025		3.7
2026		0.6
Thereafter		199.9
Total	$	1,603.1

Fair Value Measurement

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


	June 30, 2022				December 31, 2021
(in millions)	Book Value		Fair Value		Book Value		Fair Value
UST Loans	$	686.5	$	668.4	$	673.3	$	636.5
Term Loan		585.8		602.9		590.9		612.9
Second A&R CDA		66.0		66.0		66.5		66.6
Lease financing obligations		216.4		208.1		223.8		223.7
Total debt	$	1,554.7	$	1,545.4	$	1,554.5	$	1,539.7

The fair values of the Term Loan and Second A&R CDA are 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 lease financing obligations are unique to the Company, and the fair value is estimated using a publicly traded secured loan with similar characteristics (level three input for fair value measurement).

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Leases

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Leases

4. Leases


Leases (in millions)	June 30, 2022		December 31, 2021
Assets
Operating lease right-of-use assets	$	147.7	$	184.8
Liabilities
Current operating lease liabilities	$	61.8	$	76.5
Noncurrent operating lease liabilities		95.9		118.9
Total lease liabilities	$	157.7	$	195.4


	Three Months				Six Months
Lease Cost (in millions)	2022		2021		2022		2021
Operating lease cost(a)	$	25.6	$	34.2	$	52.8	$	71.1
Short-term cost(b)		7.3		9.5		12.3	19.1
Variable lease cost(b)	1.9		2.6		6.6		5.1
Total lease cost	$	34.8	$	46.3	$	71.7	$	95.3

(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.

The maturities over the next five years and thereafter of lease liabilities as of June 30, 2022 are as follows:


Remaining Maturities of Lease Liabilities (in millions)	Operating Leases
2022 - remaining portion	$	47.4
2023		59.9
2024		29.4
2025		16.8
2026		12.9
After 2026		42.2
Total lease payments	$	208.6
Less: Imputed interest		50.9
Present value of lease liabilities	$	157.7


Lease Term and Discount Rate	2022			2021
Weighted-average remaining lease term - operating leases (years)		4.2			3.2
Weighted-average discount rate - operating leases		11.3	%		11.9	%


	Three Months				Six Months
Other Information (in millions)	2022		2021		2022		2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	24.7	$	37.3	$	53.2	$	74.5
Leased assets obtained in exchange for new operating lease liabilities	$	3.3	$	0.3	$	4.2	$	0.9

Employee Benefits

6 Months Ended

Jun. 30, 2022

Retirement Benefits [Abstract]

Employee Benefits

5. Employee Benefits

Non-Union Pension Plans

The following table presents the primary components of net periodic pension expense (benefit) for our Company-sponsored pension plans:


	Three Months						Six Months
(in millions)	2022			2021			2022			2021
Interest cost	$	5.9		$	7.7		$	11.8		$	15.3
Expected return on plan assets		(8.5	)		(12.0	)		(17.0	)		(24.0	)
Amortization of prior net losses		2.2			3.0			4.4			6.1
Amortization of prior net service credit		(0.1	)		(0.1	)		(0.2	)		(0.2	)
Settlement adjustment		—			0.3			—			0.3
Total net periodic pension expense (benefit)	$	(0.5	)	$	(1.1	)	$	(1.0	)	$	(2.5	)

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

6. Earnings (Loss) Per Share

We calculate basic earnings (loss) per share by dividing our net income (loss) available to common shareholders by our basic weighted-average shares outstanding. The calculation for diluted earnings (loss) per share adjusts the weighted average shares outstanding for our dilutive unvested shares and stock units using the treasury stock method. Our calculations for basic and dilutive earnings (loss) per share for three and six months ended June 30, 2022 and 2021 are as follows:


	Three Months					Six Months
(dollars in millions, except per share data; shares and stock units in thousands)	2022		2021			2022		2021
Basic and dilutive net income (loss) available to common shareholders	$	60.0	$	(9.4	)	$	32.5	$	(72.7	)

Basic weighted average shares outstanding		51,342		50,751			51,217		50,555
Effect of dilutive securities:
Unvested shares and stock units(a)		793		—			966		—
Dilutive weighted average shares outstanding	$	52,135	$	50,751		$	52,183	$	50,555
Basic earnings (loss) per share(b)	$	1.17	$	(0.18	)	$	0.64	$	(1.44	)
Diluted earnings (loss) per share(b)	$	1.15	$	(0.18	)	$	0.62	$	(1.44	)

(a)

Includes unvested shares of Common Stock, unvested stock units and vested stock units for which the underlying Common Stock has not been distributed.

(b)

Earnings (loss) per share is based on unrounded figures and not the rounded figures presented.

Given our net losses incurred during the three and six months ended June 30, 2021, we do not report dilutive securities for these periods. At June 30, 2022 and 2021, our anti-dilutive unvested shares, options, and stock units were approximately 635,000 and 133,000, respectively.

Commitments, Contingencies and Uncertainties

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments, Contingencies and Uncertainties

7. Commitments, Contingencies and Uncertainties

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 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 a settled class action securities complaint. 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.

Basis of Presentation (Policies)

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Use of Estimates

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)	2022		2021		2022		2021
LTL revenue	$	1,282.8	$	1,182.8	$	2,412.4	$	2,266.3
Other revenue (a)		140.9		130.3		271.7		245.2
Total revenue	$	1,423.7	$	1,313.1	$	2,684.1	$	2,511.5

(a) Other revenue is primarily comprised of truckload shipments by the LTL operating companies.

Newly Adopted Accounting Standards

Accounting Standards

Basis of Presentation (Tables)

6 Months Ended

Jun. 30, 2022

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)	2022		2021		2022		2021
LTL revenue	$	1,282.8	$	1,182.8	$	2,412.4	$	2,266.3
Other revenue (a)		140.9		130.3		271.7		245.2
Total revenue	$	1,423.7	$	1,313.1	$	2,684.1	$	2,511.5

(a) Other revenue is primarily comprised of truckload shipments by the LTL operating companies.

Debt and Financing (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Schedule of Outstanding Debt

Our outstanding debt as of June 30, 2022, consisted of the following:


(in millions)	Par Value			Discount			Commitment Fee			Debt Issuance Costs			Book Value				Effective Interest Rate
UST Loan Tranche A(a)	$	317.7		$	—		$	(10.6	)	$	(2.8	)	$	304.3		(b)		6.4	%
UST Loan Tranche B		400.0			—			(14.1	)		(3.7	)		382.2		(b)		6.5	%
Term Loan (a)		602.9			(11.8	)		—			(5.3	)		585.8		(c)		9.5	%
ABL Facility		—			—			—			—			—
Secured Second A&R CDA		23.5			—			—			—			23.5				7.9	%
Unsecured Second A&R CDA		42.5			—			—			—			42.5				7.9	%
Lease financing obligations		216.5			—			—			(0.1	)		216.4		(d)		17.6	%
Total debt	$	1,603.1		$	(11.8	)	$	(24.7	)	$	(11.9	)	$	1,554.7
Current maturities of Second A&R CDA		(66.0	)		—			—			—			(66.0	)
Current maturities of lease financing obligations		(5.1	)		—			—			—			(5.1	)
Long-term debt	$	1,532.0		$	(11.8	)	$	(24.7	)	$	(11.9	)	$	1,483.6

(a) The Par Value and the Book Value both reflect the accumulated cash funds that have been drawn, plus the accumulated paid-in-kind interest.

(b) 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%.

(c) 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%.

(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 over the next five years and thereafter of total debt as of June 30, 2022 are as follows:


(in millions)	Principal Maturity Amount
2022 - remaining portion	$	68.3
2023		5.8
2024		1,324.8
2025		3.7
2026		0.6
Thereafter		199.9
Total	$	1,603.1

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, 2022				December 31, 2021
(in millions)	Book Value		Fair Value		Book Value		Fair Value
UST Loans	$	686.5	$	668.4	$	673.3	$	636.5
Term Loan		585.8		602.9		590.9		612.9
Second A&R CDA		66.0		66.0		66.5		66.6
Lease financing obligations		216.4		208.1		223.8		223.7
Total debt	$	1,554.7	$	1,545.4	$	1,554.5	$	1,539.7

Leases (Tables)

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Summary of Assets and Liabilities


Leases (in millions)	June 30, 2022		December 31, 2021
Assets
Operating lease right-of-use assets	$	147.7	$	184.8
Liabilities
Current operating lease liabilities	$	61.8	$	76.5
Noncurrent operating lease liabilities		95.9		118.9
Total lease liabilities	$	157.7	$	195.4

Summary of Lease Cost


	Three Months				Six Months
Lease Cost (in millions)	2022		2021		2022		2021
Operating lease cost(a)	$	25.6	$	34.2	$	52.8	$	71.1
Short-term cost(b)		7.3		9.5		12.3	19.1
Variable lease cost(b)	1.9		2.6		6.6		5.1
Total lease cost	$	34.8	$	46.3	$	71.7	$	95.3

(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.

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

Summary of Remaining Maturities of Lease Liabilities

The maturities over the next five years and thereafter of lease liabilities as of June 30, 2022 are as follows:


Remaining Maturities of Lease Liabilities (in millions)	Operating Leases
2022 - remaining portion	$	47.4
2023		59.9
2024		29.4
2025		16.8
2026		12.9
After 2026		42.2
Total lease payments	$	208.6
Less: Imputed interest		50.9
Present value of lease liabilities	$	157.7

Summary of Lease Term and Discount Rate


Lease Term and Discount Rate	2022			2021
Weighted-average remaining lease term - operating leases (years)		4.2			3.2
Weighted-average discount rate - operating leases		11.3	%		11.9	%

Summary of other information


	Three Months				Six Months
Other Information (in millions)	2022		2021		2022		2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	24.7	$	37.3	$	53.2	$	74.5
Leased assets obtained in exchange for new operating lease liabilities	$	3.3	$	0.3	$	4.2	$	0.9

Employee Benefits (Tables)

6 Months Ended

Jun. 30, 2022

Retirement Benefits [Abstract]

Schedule of Costs of Retirement Plans

The following table presents the primary components of net periodic pension expense (benefit) for our Company-sponsored pension plans:


	Three Months						Six Months
(in millions)	2022			2021			2022			2021
Interest cost	$	5.9		$	7.7		$	11.8		$	15.3
Expected return on plan assets		(8.5	)		(12.0	)		(17.0	)		(24.0	)
Amortization of prior net losses		2.2			3.0			4.4			6.1
Amortization of prior net service credit		(0.1	)		(0.1	)		(0.2	)		(0.2	)
Settlement adjustment		—			0.3			—			0.3
Total net periodic pension expense (benefit)	$	(0.5	)	$	(1.1	)	$	(1.0	)	$	(2.5	)

Earnings (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Schedule of Earnings (Loss) Per Share Basic and Diluted

Our calculations for basic and dilutive earnings (loss) per share for three and six months ended June 30, 2022 and 2021 are as follows:


	Three Months					Six Months
(dollars in millions, except per share data; shares and stock units in thousands)	2022		2021			2022		2021
Basic and dilutive net income (loss) available to common shareholders	$	60.0	$	(9.4	)	$	32.5	$	(72.7	)

Basic weighted average shares outstanding		51,342		50,751			51,217		50,555
Effect of dilutive securities:
Unvested shares and stock units(a)		793		—			966		—
Dilutive weighted average shares outstanding	$	52,135	$	50,751		$	52,183	$	50,555
Basic earnings (loss) per share(b)	$	1.17	$	(0.18	)	$	0.64	$	(1.44	)
Diluted earnings (loss) per share(b)	$	1.15	$	(0.18	)	$	0.62	$	(1.44	)

(a)

Includes unvested shares of Common Stock, unvested stock units and vested stock units for which the underlying Common Stock has not been distributed.

(b)

Earnings (loss) per share is based on unrounded figures and not the rounded figures presented.

Basis of Presentation - Disaggregation of Revenue (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Jun. 30, 2022

Jun. 30, 2021

Revenue from External Customer [Line Items]

Operating Revenue

$ 1,423.7

$ 1,313.1

$ 2,684.1

$ 2,511.5

LTL revenue

Revenue from External Customer [Line Items]

Operating Revenue

1,282.8

1,182.8

2,412.4

2,266.3

Other revenue

Revenue from External Customer [Line Items]

Operating Revenue

^[1]

$ 140.9

$ 130.3

$ 271.7

$ 245.2

[1]	Other revenue is primarily comprised of truckload shipments by the LTL operating companies.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Debt and Financing - Schedule of Outstanding Debt (Details) - USD ($)
$ in Millions

Jun. 30, 2022

Dec. 31, 2021

Debt Instrument [Line Items]

$ 1,603.1

(11.8)

(24.7)

(11.9)

1,554.7

Book Value, Current Maturities

(71.1)

$ (72.3)

Par Value, Excluding Current Maturities

1,532.0

Premium (Discount), Excluding Current Maturities

(11.8)

Commitment Fee, Excluding Current Maturities

(24.7)

Debt Issuance Costs, Noncurrent

(11.9)

Book Value, Excluding Current Maturities

1,483.6

$ 1,482.2

Term Loan

Debt Instrument [Line Items]

Par Value

^[1]

602.9

Discount

^[1]

(11.8)

Commitment Fee

^[1]

0.0

Debt Issuance Costs

^[1]

(5.3)

Book Value

^[1]

$ 585.8

Effective Interest Rate

^[1]

9.50%

ABL Facility | 2014 ABL Facility Credit Agreement

Debt Instrument [Line Items]

$ 0.0

0.0

0.0

0.0

0.0

Debt Instrument [Line Items]

Par Value

^[1]

317.7

Discount

^[1]

0.0

Commitment Fee

^[1]

(10.6)

Debt Issuance Costs

^[1]

(2.8)

Book Value

^[1]

$ 304.3

Effective Interest Rate

^[1]

6.40%

Tranche B | UST Loan

Debt Instrument [Line Items]

$ 400.0

0.0

(14.1)

(3.7)

$ 382.2

Effective Interest Rate

6.50%

Secured Second A&R CDA

Debt Instrument [Line Items]

$ 23.5

0.0

0.0

0.0

$ 23.5

Effective Interest Rate

7.90%

Unsecured Second A&R CDA

Debt Instrument [Line Items]

$ 42.5

0.0

0.0

0.0

$ 42.5

Effective Interest Rate

7.90%

Lease financing obligations

Debt Instrument [Line Items]

$ 216.5

0.0

0.0

(0.1)

$ 216.4

Effective Interest Rate

17.60%

Par Value, Current Maturities

$ (5.1)

Discount, Current Maturities

0.0

Commitment Fee, Current Maturities

0.0

Deferred Issuance Costs, Current

0.0

Book Value, Current Maturities

(5.1)

Secured and Unsecured Second A&R CDA [Member]

Debt Instrument [Line Items]

Par Value, Current Maturities

66.0

Discount, Current Maturities

0.0

Commitment Fee, Current Maturities

0.0

Deferred Issuance Costs, Current

0.0

Book Value, Current Maturities

$ (66.0)

[1]	The Par Value and the Book Value both reflect the accumulated cash funds that have been drawn, plus the accumulated paid-in-kind interest.

Debt and Financing - Schedule of Outstanding Debt (Parenthetical) (Details) - London Interbank Offered Rate (LIBOR)	6 Months Ended
	Jun. 30, 2022
U S Treasury Loan [Member]
Debt Instrument [Line Items]
Floor interest rate	1.00%
Basis spread on variable rate	3.50%
Term Loan [Member]
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, 2022 USD ($)
Debt Disclosure [Abstract]
2022 - remaining portion	$ 68.3
2023	5.8
2024	1,324.8
2025	3.7
2026	0.6
Thereafter	199.9
Total	$ 1,603.1

Debt and Financing - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Reported Value Measurement [Member]
Debt Instrument [Line Items]
Long-term debt, fair value	$ 1,554.7	$ 1,554.5
Estimate of Fair Value Measurement [Member]
Debt Instrument [Line Items]
Long-term debt, fair value	1,545.4	1,539.7
UST Loan \| Reported Value Measurement [Member]
Debt Instrument [Line Items]
Long-term debt, fair value	686.5	673.3
UST Loan \| Estimate of Fair Value Measurement [Member]
Debt Instrument [Line Items]
Long-term debt, fair value	668.4	636.5
Term Loan \| Reported Value Measurement [Member]
Debt Instrument [Line Items]
Long-term debt, fair value	585.8	590.9
Term Loan \| Estimate of Fair Value Measurement [Member]
Debt Instrument [Line Items]
Long-term debt, fair value	602.9	612.9
Lease financing obligations \| Reported Value Measurement [Member]
Debt Instrument [Line Items]
Long-term debt, fair value	216.4	223.8
Lease financing obligations \| Estimate of Fair Value Measurement [Member]
Debt Instrument [Line Items]
Long-term debt, fair value	208.1	223.7
Second A&R CDA \| Reported Value Measurement [Member]
Debt Instrument [Line Items]
Long-term debt, fair value	66.0	66.5
Second A&R CDA \| Estimate of Fair Value Measurement [Member]
Debt Instrument [Line Items]
Long-term debt, fair value	$ 66.0	$ 66.6

Leases - Summary of Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease right-of-use assets	$ 147.7	$ 184.8
Current operating lease liabilities	61.8	76.5
Noncurrent operating lease liabilities	95.9	118.9
Total lease liabilities	$ 157.7	$ 195.4

Leases - Summary of Lease Cost (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Jun. 30, 2022

Jun. 30, 2021

Leases [Abstract]

Operating Lease, Cost

^[1]

$ 25.6

$ 34.2

$ 52.8

$ 71.1

Short-term cost

^[2]

7.3

9.5

12.3

19.1

Variable lease cost

^[2]

1.9

2.6

6.6

5.1

Total lease cost

$ 34.8

$ 46.3

$ 71.7

$ 95.3

[1]	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.
[2]	These operating expenses are classified and recorded primarily within purchased transportation

Leases - Schedule of Remaining Maturities of Lease Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Leases [Abstract]
2022 - remaining portion	$ 47.4
2023	59.9
2024	29.4
2025	16.8
2026	12.9
After 2026	42.2
Total lease payments	208.6
Less: imputed interest	50.9
Present value of lease liabilities	$ 157.7	$ 195.4

Leases - Summary of Lease Term and Discount Rate (Details)	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Weighted-Average Remaining Lease Term - operating leases (years)	4 years 2 months 12 days	3 years 2 months 12 days
Weighted-Average Discount Rate- Operating Leases	11.30%	11.90%

Leases - Summary of Other Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Operating cash flows from operating leases	$ 24.7	$ 37.3	$ 53.2	$ 74.5
Leased assets obtained in exchange for new operating lease liabilities	$ 3.3	$ 0.3	$ 4.2	$ 0.9

Employee Benefits - Schedule of Components of Our Company-Sponsored Pension Plan Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Defined Benefit Plan Disclosure [Line Items]
Settlement adjustment		$ 0.3
Qualified and Nonqualified \| Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 5.9	7.7	$ 11.8	$ 15.3
Expected return on plan assets	(8.5)	(12.0)	(17.0)	(24.0)
Amortization of prior net losses	2.2	3.0	4.4	6.1
Amortization of prior net service credit	(0.1)	(0.1)	(0.2)	(0.2)
Settlement adjustment	0.0	0.3	0.0	0.3
Total net periodic pension expense (benefit)	$ (0.5)	$ (1.1)	$ (1.0)	$ (2.5)

Earnings (Loss) Per Share - Schedule of Basic and Dilutive Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Net income (loss)	$ 60.0	$ (9.4)	$ 32.5	$ (72.7)
Basic weighted average shares outstanding	51,342	50,751	51,217	50,555
Unvested shares and stock units	793	0	966	0
Dilutive weighted average shares outstanding	52,135	50,751	52,183	50,555
Basic earnings (loss) per share	$ 1.17	$ (0.18)	$ 0.64	$ (1.44)
Diluted earnings (loss) per share	$ 1.15	$ (0.18)	$ 0.62	$ (1.44)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Earnings (Loss) Per Share - Additional Information (Details) - shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Anti-Dilutive Unvested Shares and Options
Earnings Per Share [Line Items]
Anti-dilutive unvested shares, options and stock units	635,000	133,000