0000950170-23-042071 | 10-Q | XBRL Viewer

Leases - Summary of Other Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating cash flows from operating leases	$ 18.6	$ 24.7	$ 37.9	$ 53.2
Leased assets obtained in exchange for new operating lease liabilities	$ 1.8	$ 3.3	$ 4.8	$ 4.2

Subsequent Events	6 Months Ended
Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	8. Subsequent Events Voluntary Petition for Reorganization On August 6, 2023, the Company and certain of its direct and indirect subsidiaries filed the Chapter 11 Cases under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. On the Petition Date, the Company Parties filed a motion with the Bankruptcy Court seeking to jointly administer the Chapter 11 Cases under the caption “In re: Yellow Corporation, et al.” The Company Parties will continue to manage their business and properties as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. On the Petition Date, the Company Parties filed certain motions with the Court generally designed to facilitate the Company Parties’ transition into Chapter 11. These motions seek authority from the Court for the Company Parties to obtain debtor-in-possession financing and make payments upon, or otherwise honor, certain obligations that arose prior to the Petition Date, including obligations related to employee wages, salaries and benefits, taxes, and certain vendors and other providers of goods and services that were, and in some cases continue to be, essential to the Company Parties’ businesses. On August 9, 2023 the Court approved the relief sought in these motions on an interim basis. Delisting of our Common Stock from NASDAQ On August 7, 2023, the Company received a letter from Nasdaq indicating that as a result of the Company Parties filing the Chapter 11 Cases on August 6, 2023, and in accordance with Nasdaq Listing Rules 5101, 5110(b) and IM-5101-1, the Nasdaq Staff determined that the Company’s securities will be delisted from The Nasdaq Stock Market. The letter advises that Nasdaq will suspend trading of the Company’s common stock at the opening of business on August 16, 2023 and that Nasdaq will file a Form 25-NSE with the Securities and Exchange Commission to effect the delisting of the common stock unless the Company requests an appeal of this determination. The Company does not intend to appeal Nasdaq’s decision.

Subsequent Events

6 Months Ended

Jun. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

8. Subsequent Events

Voluntary Petition for Reorganization

On August 6, 2023, the Company and certain of its direct and indirect subsidiaries filed the Chapter 11 Cases under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. On the Petition Date, the Company Parties filed a motion with the Bankruptcy Court seeking to jointly administer the Chapter 11 Cases under the caption “In re: Yellow Corporation, et al.”

The Company Parties will continue to manage their business and properties as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. On the Petition Date, the Company Parties filed certain motions with the Court generally designed to facilitate the Company Parties’ transition into Chapter 11. These motions seek authority from the Court for the Company Parties to obtain debtor-in-possession financing and make payments upon, or otherwise honor, certain obligations that arose prior to the Petition Date, including obligations related to employee wages, salaries and benefits, taxes, and certain vendors and other providers of goods and services that were, and in some cases continue to be, essential to the Company Parties’ businesses. On August 9, 2023 the Court approved the relief sought in these motions on an interim basis.

Delisting of our Common Stock from NASDAQ

On August 7, 2023, the Company received a letter from Nasdaq indicating that as a result of the Company Parties filing the Chapter 11 Cases on August 6, 2023, and in accordance with Nasdaq Listing Rules 5101, 5110(b) and IM-5101-1, the Nasdaq Staff determined that the Company’s securities will be delisted from The Nasdaq Stock Market. The letter advises that Nasdaq will suspend trading of the Company’s common stock at the opening of business on August 16, 2023 and that Nasdaq will file a Form 25-NSE with the Securities and Exchange Commission to effect the delisting of the common stock unless the Company requests an appeal of this determination. The Company does not intend to appeal Nasdaq’s decision.

Description of Business	6 Months Ended
Jun. 30, 2023
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 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 offers a full range of services for the transportation of industrial, commercial and retail goods in national, regional and international markets, primarily through the operation of owned or leased equipment in its North American ground distribution network. Transportation services are provided for various categories of goods, which may include (among others) apparel, appliances, automotive parts, chemicals, food, furniture, glass, machinery, metal, metal products, non-bulk petroleum products, rubber, textiles, wood and other manufactured products or components. The Company provides both LTL services, which combine shipments from multiple customers on a single trailer, and truckload services. Deliveries are predominately LTL shipments with truckload services offered to maximize equipment utilization and reduce empty miles (the distance empty or partially full trailers travel to balance the network). The Company also provides higher-margin specialized services, including guaranteed expedited services, time-specific deliveries, cross-border services, exhibit services, product returns and government material shipments. The Company's labor force is subject to collective bargaining agreements with the International Brotherhood of Teamsters ("the IBT"), which expire on March 31, 2024.

Description of Business

6 Months Ended

Jun. 30, 2023

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 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 offers a full range of services for the transportation of industrial, commercial and retail goods in national, regional and international markets, primarily through the operation of owned or leased equipment in its North American ground distribution network. Transportation services are provided for various categories of goods, which may include (among others) apparel, appliances, automotive parts, chemicals, food, furniture, glass, machinery, metal, metal products, non-bulk petroleum products, rubber, textiles, wood and other manufactured products or components. The Company provides both LTL services, which combine shipments from multiple customers on a single trailer, and truckload services. Deliveries are predominately LTL shipments with truckload services offered to maximize equipment utilization and reduce empty miles (the distance empty or partially full trailers travel to balance the network). The Company also provides higher-margin specialized services, including guaranteed expedited services, time-specific deliveries, cross-border services, exhibit services, product returns and government material shipments.

The Company's labor force is subject to collective bargaining agreements with the International Brotherhood of Teamsters ("the IBT"), which expire on March 31, 2024.

Leases - Schedule of Remaining Maturities of Lease Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
2023 - remaining portion	$ 36.3
2024	39.8
2025	26.3
2026	20.7
2027	16.4
After 2027	39.6
Total lease payments	179.1
Less: imputed interest	46.9
Present value of lease liabilities	$ 132.2	$ 147.7

Basis of Presentation (Tables)

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Cash and Cash Equivalents and Managed Accessibility

The table below summarizes cash and cash equivalents and Managed Accessibility as of June 30, 2023 and December 31, 2022:


(in millions)	June 30, 2023			December 31, 2022
Cash and cash equivalents	$	112.8		$	235.1
Less: amounts placed into restricted cash subsequent to period end		(15.0	)		—
Managed Accessibility		4.4			6.7
Total cash and cash equivalents and Managed Accessibility	$	102.2		$	241.8

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)	2023		2022		2023		2022
LTL revenue	$	1,022.2	$	1,282.8	$	2,077.2	$	2,412.4
Other revenue (a)		104.6		140.9		208.2		271.7
Total revenue	$	1,126.8	$	1,423.7	$	2,285.4	$	2,684.1

(a) Other revenue is primarily comprised of truckload shipments.

Basis of Presentation - Schedule of Cash and Cash Equivalents and Managed Accessibility (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Cash and cash equivalents	$ 112.8	$ 235.1
Total cash and cash equivalents and Managed Accessibility	102.2
2014 ABL Facility Credit Agreement
Debt Instrument [Line Items]
Cash and cash equivalents	112.8	235.1
Less: amounts placed into restricted cash subsequent to period end	(15.0)	0.0
Managed accessibility	4.4	6.7
Total cash and cash equivalents and Managed Accessibility	$ 102.2	$ 241.8

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Employee Benefits

6 Months Ended

Jun. 30, 2023

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)	2023			2022			2023			2022
Interest cost	$	8.0		$	5.9		$	16.0		$	11.8
Expected return on plan assets		(8.8	)		(8.5	)		(17.6	)		(17.0	)
Amortization of prior net losses		1.9			2.2			3.8			4.4
Amortization of prior net service credit		(0.1	)		(0.1	)		(0.2	)		(0.2	)
Total net periodic pension expense (benefit)	$	1.0		$	(0.5	)	$	2.0		$	(1.0	)

- Definition

The entire disclosure for retirement benefits.

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+ Details

Leases

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Leases

4. Leases


Leases (in millions)	June 30, 2023			December 31, 2022
Assets
Operating lease right-of-use assets	$	123.1		$	139.7
Liabilities
Current operating lease liabilities	$	43.0		$	53.1
Noncurrent operating lease liabilities		89.2			94.6
Total lease liabilities	$	132.2		$	147.7

Other Information
Weighted-average remaining lease term - operating leases (years)		5.3			5.4
Weighted-average discount rate - operating leases		10.7	%		10.7	%


	Three Months				Six Months
Lease Cost (in millions)	2023		2022		2023		2022
Operating lease cost(a)	$	18.9	$	25.6	$	38.7	$	52.8
Short-term cost(b)		6.2		7.3		13.0	12.3
Variable lease cost(b)	1.6		1.9		3.3		6.6
Total lease cost	$	26.7	$	34.8	$	55.0	$	71.7

(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)	2023		2022		2023		2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	18.6	$	24.7	$	37.9	$	53.2
Leased assets obtained in exchange for new operating lease liabilities	$	1.8	$	3.3	$	4.8	$	4.2

The maturities over the next five years and thereafter of lease liabilities as of June 30, 2023 are as follows:


Remaining Maturities of Lease Liabilities (in millions)	Operating Leases
2023 - remaining portion	$	36.3
2024		39.8
2025		26.3
2026		20.7
2027		16.4
After 2027		39.6
Total lease payments	$	179.1
Less: Imputed interest		46.9
Present value of lease liabilities	$	132.2

Leases - Summary of Assets, Liabilities and Other Information (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease right-of-use assets	$ 123.1	$ 139.7
Current operating lease liabilities	43.0	53.1
Noncurrent operating lease liabilities	89.2	94.6
Total lease liabilities	$ 132.2	$ 147.7
Weighted-average remaining lease term - operating leases (years)	5 years 3 months 18 days	5 years 4 months 24 days
Weighted-average discount rate - operating leases	10.70%	10.70%

Basis of Presentation

6 Months Ended

Jun. 30, 2023

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 ("GAAP") 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 GAAP 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, 2022 (the "2022 Form 10-K”). Operating results for the three and six months ended June 30, 2023, are not necessarily indicative of the results of operations that may be expected for the year ended December 31, 2023 or other reporting periods.

Debt Maturity and Covenants, Liquidity, Bankruptcy, and Ability to Continue as a Going Concern

The Company has current debt with a par value of $1,303.8 million, of which $566.8 million has a stated maturity of June 30, 2024 and $737.0 million has a stated maturity of September 30, 2024. However, all of this debt is presented as current on the consolidated balance sheet, as further described below. As of June 30, 2023, the Company had cash and cash equivalents and Managed Accessibility of $102.2 million.

The table below summarizes cash and cash equivalents and Managed Accessibility as of June 30, 2023 and December 31, 2022:


(in millions)	June 30, 2023			December 31, 2022
Cash and cash equivalents	$	112.8		$	235.1
Less: amounts placed into restricted cash subsequent to period end		(15.0	)		—
Managed Accessibility		4.4			6.7
Total cash and cash equivalents and Managed Accessibility	$	102.2		$	241.8

Beginning in the fourth quarter of 2022 and continuing through the second quarter of 2023, the freight industry and the Company experienced a decline in freight volumes on a year-over-year basis. The economic impact of this decline, coupled with the delay in the implementation of Phase Two of One Yellow (“Phase Two”), has negatively impacted our current and forecasted liquidity levels. As freight volumes began to decline, to maintain adequate liquidity, the Company took actions including layoffs, non-union reductions in workforce, reductions in capital expenditures, and requests for the deferment of payments to various parties, including union health, welfare, and pension fund payments.

The decline in freight volumes and delay in implementing Phase Two has negatively impacted income and EBITDA in 2023. Under each of our debt agreements we are required to maintain at least $200.0 million in Adjusted EBITDA on a trailing-twelve-month (“TTM”) basis measured each quarter until maturity. In anticipation of our inability to satisfy this covenant in the second quarter, the Company amended our relevant debt agreements to waive the Adjusted EBITDA covenant for certain reporting periods. Specifically, the Term Loan covenant was waived for the quarters ending June 30, 2023, and September 30, 2023, and the UST Loans for the quarter ending June 30, 2023. As a result of these amendments, we remained in compliance with our debt agreements as of June 30, 2023, however, in anticipation of not complying with the UST Loans covenants for September 30, 2023, have classified that debt as current.

As a result of deferring payment to certain of our union health and welfare, and pension funds on July 15, 2023, those funds determined to cease certain benefits coverage. On July 17, 2023, the IBT cited that cessation as its basis to issue a 72-hour strike notice, and that such strike activity shall commence any time on or after Monday July 24, 2023. On July 23, 2023, these certain union health, welfare and pension funds determined to extend health care benefits coverage for 30 days; the IBT then recalled the strike notice. However, the threat of a strike led to drastic and unprecedented shipment declines the week of July 17 as customers needed to ensure their shipments could be serviced without interruption and not caught up in a strike of undetermined length. The significant negative impact on cash flows resulting from the diversion of freight to other carriers, in addition to the forecasted payment of the deferred union health, welfare and pension fund payments, resulted in the Company projecting to fall below the $35 million minimum liquidity requirement under the amended debt agreements.

As discussed further in Note 8- Subsequent Events, on August 6, 2023 (the “Petition Date”), the Company and certain of its subsidiaries (collectively, the “Company Parties”) commenced a voluntary petition (the “Chapter 11 Cases”) under Chapter 11 of the U.S. Bankruptcy Code (the “Bankruptcy Code”) in the U.S. Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). The commencement of the Chapter 11 Cases constitutes an event of default or termination event under all debt agreements of the Company.

Pursuant to Section 362 of the Bankruptcy Code, the filing of the Chapter 11 Cases automatically stayed most actions against the Company Parties, including actions to collect indebtedness incurred prior to the Petition Date or to exercise control over the Company Parties' property. Subject to certain exceptions under the Bankruptcy Code, the filing of the Company Parties' Chapter 11 Cases also automatically stayed the filing of most legal proceedings and other actions against or on behalf of the Company Parties or their property to recover on, collect or secure a claim arising prior to the Petition Date or to exercise control over property of the Company Parties' bankruptcy estates, unless and until the Court modifies or lifts the automatic stay as to any such claim.

In accordance with ASC Subtopic 205-40, Presentation of Financial Statements-Going Concern (“ASC 205-40”), the Company has the responsibility to evaluate whether conditions and/or events raise substantial doubt about our ability to meet our obligations as they become due within one year after the date that the financial statements are issued. Management considered the Company’s current financial condition and liquidity sources, including cash and managed accessibility, forecasted future cash flows and the Company’s obligations due before August 14, 2024. As a result of the Chapter 11 Cases, the realization of assets and the satisfaction of liabilities are subject to significant uncertainty. While operating as a debtor-in-possession entity pursuant to the Bankruptcy Code, we may sell, or otherwise dispose of or liquidate, assets or settle liabilities, subject to the approval of the Bankruptcy Court or as otherwise permitted in the ordinary course of business, for amounts other than those reflected in the accompanying unaudited Interim Consolidated Financial Statements. Further, the Chapter 11 plan is likely to materially change the amounts and classifications of assets and liabilities reported in our unaudited Interim Consolidated Balance Sheet as of June 30, 2023 going forward. In performing this evaluation, we concluded that under the standards of ASC 205-40, substantial doubt exists about our ability to continue as a going concern due to the risks and uncertainties surrounding the Chapter 11 Cases, the

defaults under our debt agreements and our financial condition. Our future plans, including those in connection with the Chapter 11 Cases, are not yet finalized, fully executed or approved by the Bankruptcy Court, and therefore cannot be deemed probable of mitigating this substantial doubt within 12 months of the date of issuance of these financial statements. Our consolidated financial statements included herein do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should we be unable to continue as a going concern and instead have been prepared assuming that the Company will continue as a going concern and contemplating the realization of assets and the satisfaction of our liabilities and commitments incurred in the normal course of business.

A potential result of the Company ceasing its ongoing contributions in the multi-employer pension plan funds in which our union employees participate (the “MEPP Funds”) is exposure to penalties including potential withdrawal liabilities from those MEPP Funds. The assertion and communication of a withdraw liability by the MEPP Funds would result in a material adverse effect on the Company’s liability balances, as the estimated withdrawal liabilities which may be asserted are in excess of $6.5 billion. It is unclear by what extent this amount may be reduced by the American Rescue Plan Special Financial Assistance Program that has awarded over $50 billion in financial assistance to funds, including many of the MEPP Funds.

Use of Estimates

Management makes estimates and assumptions when preparing the financial statements in conformity with GAAP which affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Property and Equipment

In connection with its network optimization, without sacrificing geographical service coverage, Yellow plans to close and sell excess owned facilities that have overlapping service territories. On May 17, 2023, the Company entered a sales-type lease with a third party for one of these excess terminals on a short-term basis. We recognized an immaterial amount of lease income from the intervening periods in our June 30, 2023 Statements of Consolidated Comprehensive Income (Loss). On July 7, 2023, the Company closed on the sale of this same terminal for a price of $80.0 million and a resulting gain of approximately $75.9 million, reported as "Gains on property disposals, net" on the Statements of Consolidated Comprehensive Income (Loss). The net proceeds of $79.5 million were used to pay down a portion of the term loan. As of June 30, 2023, a receivable of $79.8 million, which is the sale price net of rent received prior to the report date, is included in "Prepaid expenses and Other" on the Consolidated Balance Sheets.

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)	2023		2022		2023		2022
LTL revenue	$	1,022.2	$	1,282.8	$	2,077.2	$	2,412.4
Other revenue (a)		104.6		140.9		208.2		271.7
Total revenue	$	1,126.8	$	1,423.7	$	2,285.4	$	2,684.1

(a) Other revenue is primarily comprised of truckload shipments.

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.

Statements of Consolidated Shareholders' Deficit (Unaudited) - USD ($) $ in Millions	Total	Common Stock	Capital Surplus	Accumulated Deficit	Accumulated Other Comprehensive Loss	Treasury Stock, At Cost [Member]
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 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, net of tax	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 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 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, net of tax	(0.6)				(0.6)
Ending balance at Jun. 30, 2022	(324.1)	0.5	2,391.4	(2,442.5)	(180.8)	(92.7)
Beginning balance at Dec. 31, 2022	(381.5)	0.5	2,393.4	(2,453.2)	(229.5)	(92.7)
Equity-based compensation	2.1		2.1
Net loss	(54.6)			(54.6)
Amortization of prior net losses	1.9				1.9
Amortization of prior service credit	(0.1)				(0.1)
Settlement adjustment	0.1				0.1
Net actuarial loss	(4.4)				(4.4)
Foreign currency translation, net of tax	(0.1)				(0.1)
Ending balance at Mar. 31, 2023	(436.6)	0.5	2,395.5	(2,507.8)	(232.1)	(92.7)
Beginning balance at Dec. 31, 2022	(381.5)	0.5	2,393.4	(2,453.2)	(229.5)	(92.7)
Net loss	(69.3)
Ending balance at Jun. 30, 2023	(447.8)	0.5	2,396.6	(2,522.5)	(229.7)	(92.7)
Beginning balance at Mar. 31, 2023	(436.6)	0.5	2,395.5	(2,507.8)	(232.1)	(92.7)
Equity-based compensation	1.1		1.1
Net loss	(14.7)			(14.7)
Amortization of prior net losses	1.9				1.9
Amortization of prior service credit	(0.1)				(0.1)
Foreign currency translation, net of tax	0.6				0.6
Ending balance at Jun. 30, 2023	$ (447.8)	$ 0.5	$ 2,396.6	$ (2,522.5)	$ (229.7)	$ (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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-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

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-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

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-Topic 825
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-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
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-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480418/310-10-S99-2

+ Details

Leases (Tables)

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Summary of Assets, Liabilities and Other Information


Leases (in millions)	June 30, 2023			December 31, 2022
Assets
Operating lease right-of-use assets	$	123.1		$	139.7
Liabilities
Current operating lease liabilities	$	43.0		$	53.1
Noncurrent operating lease liabilities		89.2			94.6
Total lease liabilities	$	132.2		$	147.7

Other Information
Weighted-average remaining lease term - operating leases (years)		5.3			5.4
Weighted-average discount rate - operating leases		10.7	%		10.7	%

Summary of Lease Cost


	Three Months				Six Months
Lease Cost (in millions)	2023		2022		2023		2022
Operating lease cost(a)	$	18.9	$	25.6	$	38.7	$	52.8
Short-term cost(b)		6.2		7.3		13.0	12.3
Variable lease cost(b)	1.6		1.9		3.3		6.6
Total lease cost	$	26.7	$	34.8	$	55.0	$	71.7

(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.

Summary of Other Information


	Three Months				Six Months
Other Information (in millions)	2023		2022		2023		2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	18.6	$	24.7	$	37.9	$	53.2
Leased assets obtained in exchange for new operating lease liabilities	$	1.8	$	3.3	$	4.8	$	4.2

Summary of Remaining Maturities of Lease Liabilities

The maturities over the next five years and thereafter of lease liabilities as of June 30, 2023 are as follows:


Remaining Maturities of Lease Liabilities (in millions)	Operating Leases
2023 - remaining portion	$	36.3
2024		39.8
2025		26.3
2026		20.7
2027		16.4
After 2027		39.6
Total lease payments	$	179.1
Less: Imputed interest		46.9
Present value of lease liabilities	$	132.2

Basis of Presentation - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue from External Customer [Line Items]
Operating Revenue	$ 1,126.8	$ 1,423.7	$ 2,285.4	$ 2,684.1
LTL revenue
Revenue from External Customer [Line Items]
Operating Revenue	1,022.2	1,282.8	2,077.2	2,412.4
Other revenue
Revenue from External Customer [Line Items]
Operating Revenue	$ 104.6	$ 140.9	$ 208.2	$ 271.7

- 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
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-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
-Topic 280
-SubTopic 10
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2023

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, 2023 and 2022 are as follows:


	Three Months					Six Months
(dollars in millions, except per share data; shares and stock units in thousands)	2023			2022		2023			2022
Basic and dilutive net income (loss) available to common shareholders	$	(14.7	)	$	60.0	$	(69.3	)	$	32.5

Basic weighted average shares outstanding		52,010			51,342		51,871			51,217
Effect of dilutive securities:
Unvested shares and stock units(a)		—			793		—			966
Dilutive weighted average shares outstanding		52,010			52,135		51,871			52,183
Basic earnings (loss) per share(b)	$	(0.28	)	$	1.17	$	(1.34	)	$	0.64
Diluted earnings (loss) per share(b)	$	(0.28	)	$	1.15	$	(1.34	)	$	0.62

(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, 2023, we do not report dilutive securities for these periods. At June 30, 2023 and 2022, our anti-dilutive unvested shares, options, and stock units were approximately 992,000 and 635,000, respectively.

Statements of Consolidated Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Operating Revenue	$ 1,126.8	$ 1,423.7	$ 2,285.4	$ 2,684.1
Operating Expenses:
Salaries, wages and employee benefits	686.3	736.7	1,358.8	1,447.7
Fuel, operating expenses and supplies	227.0	287.3	467.6	530.9
Purchased transportation	150.7	206.1	302.7	391.5
Depreciation and amortization	35.8	35.5	71.1	71.2
Other operating expenses	64.0	62.1	132.0	143.1
Gains on property disposals, net	(75.9)	(3.2)	(76.4)	(8.7)
Total operating expenses	1,087.9	1,324.5	2,255.8	2,575.7
Operating Income	38.9	99.2	29.6	108.4
Nonoperating Expenses:
Interest expense	48.3	38.0	94.8	75.7
Non-union pension and postretirement benefits	1.1	(0.5)	2.3	(0.9)
Other, net	0.1	(0.1)	(0.1)	0.1
Nonoperating expenses, net	49.5	37.4	97.0	74.9
Income (loss) before income taxes	(10.6)	61.8	(67.4)	33.5
Income tax expense	4.1	1.8	1.9	1.0
Net income (loss)	(14.7)	60.0	(69.3)	32.5
Other comprehensive income (loss), net of tax	2.4	1.5	(0.2)	3.8
Comprehensive Income (Loss)	$ (12.3)	$ 61.5	$ (69.5)	$ 36.3
Average Common Shares Outstanding - Basic	52,010	51,342	51,871	51,217
Average Common Shares Outstanding - Diluted	52,010	52,135	51,871	52,183
Income (Loss) Per Share - Basic	$ (0.28)	$ 1.17	$ (1.34)	$ 0.64
Income (Loss) Per Share - Diluted	$ (0.28)	$ 1.15	$ (1.34)	$ 0.62

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

Jun. 30, 2023

Dec. 31, 2022

Debt Instrument [Line Items]

$ 1,514.3

(5.6)

(13.7)

(17.6)

1,477.4

Book Value, Current Maturities

(1,274.5)

$ (71.8)

Par Value, Excluding Current Maturities

202.9

Premium (Discount), Excluding Current Maturities

0.0

Commitment Fee, Excluding Current Maturities

0.0

Debt Issuance Costs, Noncurrent

0.0

Book Value, Excluding Current Maturities

202.9

$ 1,466.2

Term Loan

Debt Instrument [Line Items]

Par Value

^[1]

566.8

Discount

^[1]

(5.6)

Commitment Fee

0.0

Debt Issuance Costs

^[1]

(14.2)

Deferred Issuance Costs, Current

14.2

Book Value

^[1]

$ 547.0

Effective Interest Rate

^[1]

13.50%

Par Value, Current Maturities

$ 566.8

Book Value, Current Maturities

(547.0)

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]

Discount

0.0

Commitment Fee

(5.9)

Deferred Issuance Costs, Current

1.4

Par Value, Current Maturities

337.0

Book Value, Current Maturities

(329.7)

Tranche A | UST Loan

Debt Instrument [Line Items]

Par Value

^[1]

337.0

Commitment Fee

^[1]

(5.9)

Debt Issuance Costs

(1.9)

Book Value

^[1]

$ 329.7

Effective Interest Rate

^[1]

11.00%

Tranche B

Debt Instrument [Line Items]

Discount

$ 0.0

Commitment Fee

(7.8)

Deferred Issuance Costs, Current

1.9

Par Value, Current Maturities

(400.0)

Book Value, Current Maturities

(390.3)

Tranche B | UST Loan

Debt Instrument [Line Items]

400.0

0.0

7.8

^[1]

(1.4)

Book Value

$ 390.3

Effective Interest Rate

10.60%

Lease financing obligations

Debt Instrument [Line Items]

$ 210.5

0.0

0.0

(0.1)

Deferred Issuance Costs, Current

0.1

Book Value

$ 210.4

Effective Interest Rate

17.60%

Par Value, Current Maturities

$ (7.6)

Book Value, Current Maturities

$ (7.5)

[1]	(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.

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

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Leases [Abstract]

Operating lease cost

^[1]

$ 18.9

$ 25.6

$ 38.7

$ 52.8

Short-term cost

^[2]

6.2

7.3

13.0

12.3

Variable lease cost

^[2]

1.6

1.9

3.3

6.6

Total lease cost

$ 26.7

$ 34.8

$ 55.0

$ 71.7

[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.

Debt and Financing - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Book Value
Debt Instrument [Line Items]
Long-term debt, fair value	$ 1,477.4	$ 1,538.0
Fair Value
Debt Instrument [Line Items]
Long-term debt, fair value	1,483.6	1,507.2
UST Loan \| Book Value
Debt Instrument [Line Items]
Long-term debt, fair value	720.0	701.4
UST Loan \| Fair Value
Debt Instrument [Line Items]
Long-term debt, fair value	709.5	703.6
Term Loan \| Book Value
Debt Instrument [Line Items]
Long-term debt, fair value	547.0	556.8
Term Loan \| Fair Value
Debt Instrument [Line Items]
Long-term debt, fair value	562.2	523.6
Lease financing obligations \| Book Value
Debt Instrument [Line Items]
Long-term debt, fair value	210.4	213.8
Lease financing obligations \| Fair Value
Debt Instrument [Line Items]
Long-term debt, fair value	211.9	213.7
Second A&R CDA \| Book Value
Debt Instrument [Line Items]
Long-term debt, fair value	0.0	66.0
Second A&R CDA \| Fair Value
Debt Instrument [Line Items]
Long-term debt, fair value	$ 0.0	$ 66.3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Earnings (Loss) Per Share -Schedule of Basic and Dilutive Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Basic and dilutive net income (loss) available to common shareholders	$ (14.7)	$ 60.0	$ (69.3)	$ 32.5
Basic weighted average shares outstanding	52,010	51,342	51,871	51,217
Effect of dilutive securities:
Unvested shares and stock units	0	793	0	966
Dilutive weighted average shares outstanding	52,010	52,135	51,871	52,183
Basic earnings (loss) per share	$ (0.28)	$ 1.17	$ (1.34)	$ 0.64
Diluted earnings (loss) per share	$ (0.28)	$ 1.15	$ (1.34)	$ 0.62

- 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
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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-Name Accounting Standards Codification
-Section 55
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

+ Details

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
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-Section 50
-Paragraph 3
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+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 112.8	$ 235.1
Restricted amounts held in escrow	19.6	3.9
Accounts receivable, less allowances of $20.4 and $23.7, respectively	535.1	599.7
Prepaid expenses and other	151.1	75.4
Total current assets	818.6	914.1
Property and Equipment:
Cost	3,065.9	3,109.0
Less – accumulated depreciation	(1,926.2)	(1,940.0)
Net property and equipment	1,139.7	1,169.0
Deferred income taxes, net	0.0	0.3
Pension	35.5	34.5
Operating lease right-of-use assets	123.1	139.7
Other assets	30.7	21.7
Total Assets	2,147.6	2,279.3
Current Liabilities:
Accounts payable	175.7	188.6
Wages, vacations and employee benefits	235.1	221.4
Current operating lease liabilities	43.0	53.1
Claims and insurance accruals	117.2	116.6
Other accrued taxes	30.8	27.9
Other current and accrued liabilities	40.3	37.6
Current maturities of long-term debt	1,274.5	71.8
Total current liabilities	1,916.6	717.0
Other Liabilities:
Long-term debt, less current portion	202.9	1,466.2
Deferred income taxes, net	0.5	0.0
Pension and postretirement	137.4	134.0
Operating lease liabilities	89.2	94.6
Claims and other liabilities	248.8	249.0
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 52,126,000 and 51,601,000 shares, respectively	0.5	0.5
Capital surplus	2,396.6	2,393.4
Accumulated deficit	(2,522.5)	(2,453.2)
Accumulated other comprehensive loss	(229.7)	(229.5)
Treasury stock, at cost	(92.7)	(92.7)
Total shareholders’ deficit	(447.8)	(381.5)
Total Liabilities and Shareholders’ Deficit	$ 2,147.6	$ 2,279.3

Commitments, Contingencies and Uncertainties

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments, Contingencies and Uncertainties

7. Commitments, Contingencies and Uncertainties

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.

International Brotherhood of Teamsters Lawsuit/Petition for Injunctive Relief

On June 27, 2023, Yellow sued the IBT, its negotiating committee, and several local unions in the U.S. District Court for the District of Kansas, alleging that the parties had breached the collective bargaining agreement. The lawsuit seeks $137 million in damages for the Union’s obstruction of Phase 2 as well as the loss of Yellow’s enterprise value which it estimates at approximately $1.5 billion.

Chapter 11 Cases

On August 6, 2023 (the “Petition Date”), Yellow Corporation (the “Company”) and certain of its direct and indirect subsidiaries (collectively, the “Company Parties”) filed a voluntary petition (the “Chapter 11 Cases”) under Chapter 11 of the U.S. Bankruptcy Code (the “Bankruptcy Code”) in the U.S. Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). On the Petition Date, the Company Parties filed a motion with the Bankruptcy Court seeking to jointly administer the Chapter 11 Cases under the caption “In re: Yellow Corporation, et al.”

Earnings (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of Basic and Dilutive Earnings (Loss) Per Share

Our calculations for basic and dilutive earnings (loss) per share for three and six months ended June 30, 2023 and 2022 are as follows:


	Three Months					Six Months
(dollars in millions, except per share data; shares and stock units in thousands)	2023			2022		2023			2022
Basic and dilutive net income (loss) available to common shareholders	$	(14.7	)	$	60.0	$	(69.3	)	$	32.5

Basic weighted average shares outstanding		52,010			51,342		51,871			51,217
Effect of dilutive securities:
Unvested shares and stock units(a)		—			793		—			966
Dilutive weighted average shares outstanding		52,010			52,135		51,871			52,183
Basic earnings (loss) per share(b)	$	(0.28	)	$	1.17	$	(1.34	)	$	0.64
Diluted earnings (loss) per share(b)	$	(0.28	)	$	1.15	$	(1.34	)	$	0.62

Debt and Financing (Additional Information) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Sep. 30, 2023	Jun. 30, 2023
Debt Instrument [Line Items]
Exit Fee		In connection with this amendment, the Company incurred an exit fee equal to $11.3 million (two percent of the outstanding Term Loan as of June 30, 2023), which is payable upon successful termination, conversion or full payment of the Term Loan.
Debt instrument, minimum liquidity requirement		$ 35.0
Term loan exit fee		$ 11.3
Scenario Forecast
Debt Instrument [Line Items]
Acceleration of non-cash expense	$ 27.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Basis of Presentation (Policies)

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Debt Maturity and Covenants, Liquidity, Bankruptcy, and Ability to Continue as a Going Concern

The table below summarizes cash and cash equivalents and Managed Accessibility as of June 30, 2023 and December 31, 2022:


(in millions)	June 30, 2023			December 31, 2022
Cash and cash equivalents	$	112.8		$	235.1
Less: amounts placed into restricted cash subsequent to period end		(15.0	)		—
Managed Accessibility		4.4			6.7
Total cash and cash equivalents and Managed Accessibility	$	102.2		$	241.8

Use of Estimates

Property and Equipment

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)	2023		2022		2023		2022
LTL revenue	$	1,022.2	$	1,282.8	$	2,077.2	$	2,412.4
Other revenue (a)		104.6		140.9		208.2		271.7
Total revenue	$	1,126.8	$	1,423.7	$	2,285.4	$	2,684.1

(a) Other revenue is primarily comprised of truckload shipments.

Accounting Standards

Commitments, Contingencies and Uncertainties (Details) $ in Millions	Jun. 27, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Amount of damage for Union's obstruction	$ 137
Amount of loss	$ 1,500

Debt and Financing

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Debt and Financing

3. Debt and Financing

Our outstanding debt as of June 30, 2023, consisted of the following:


(in millions)	Par Value			Discount			Commitment Fee			Debt Issuance Costs			Book Value				Effective Interest Rate
UST Loan Tranche A(a)	$	337.0		$	—		$	(5.9	)	$	(1.4	)		329.7		(b)		11.0	%
UST Loan Tranche B		400.0			—			(7.8	)		(1.9	)		390.3		(b)		10.6	%
Term Loan (a)		566.8			(5.6	)		—			(14.2	)		547.0		(c)		13.5	%
ABL Facility		—			—			—			—			—			N/A
Lease financing obligations		210.5			—			—			(0.1	)		210.4		(d)		17.6	%
Total debt	$	1,514.3		$	(5.6	)	$	(13.7	)	$	(17.6	)	$	1,477.4
Current maturities of UST Loan Tranche A		(337.0	)		—			5.9			1.4			(329.7	)
Current maturities of UST Loan Tranche B		(400.0	)		—			7.8			1.9			(390.3	)
Current maturities of Term Loan		(566.8	)		5.6			—			14.2			(547.0	)
Current maturities of lease financing obligations		(7.6	)		—			—			0.1			(7.5	)
Long-term debt	$	202.9		$	—		$	—		$	—		$	202.9

(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%. The Company is committed to a 6-month LIBOR ending in December 2023.

(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%. The Company is committed to a 3-month LIBOR ending in September 2023. Subsequent periods will utilize SOFR.

(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. The remaining term of these obligations ranges between 2024 and 2032 with right of renewal options available.

Maturities

The principal maturities over the next five years and thereafter of total debt as of June 30, 2023, based on stated maturity dates in respective agreements are as follows:


(in millions)	Principal Maturity Amount
2023 - remaining portion	$	3.9
2024(a)		1,311.2
2025		9.5
2026		10.2
2027		13.3
Thereafter		166.2
Total	$	1,514.3

(a) The UST Loans included in this balance have a stated maturity date of September 30, 2024, but the debt is classified as current as of June 30, 2023 on the Consolidated Balance Sheet as result of the Company projecting a violation of related covenants for the September 30, 2023 period with no covenant waiver.

Fair Value Measurement

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


	June 30, 2023				December 31, 2022
(in millions)	Book Value		Fair Value		Book Value		Fair Value
UST Loans	$	720.0	$	709.5	$	701.4	$	703.6
Term Loan		547.0		562.2		556.8		523.6
Second A&R CDA		—		—		66.0		66.3
Lease financing obligations		210.4		211.9		213.8		213.7
Total debt	$	1,477.4	$	1,483.6	$	1,538.0	$	1,507.2

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 values of the Term Loan and Second A&R CDA were estimated based on thinly traded, but observable prices (level two inputs for fair value measurements). 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).

Amendment No. 3 and Limited Waiver to Amended and Restated Credit Agreement

On July 7, 2023, the Company and certain of its subsidiaries entered into Amendment No. 3 and Limited Waiver to the Amended and Restated Credit Agreement, with lenders party to our Term Loan Agreement. Among other things, the amendment provides for a waiver of the minimum Consolidated EBITDA financial covenant for the covenant testing periods ending on June 30, 2023 and September 30, 2023, as well inclusion of the minimum liquidity requirement of $35 million. The terms of this amendment are effective June 30, 2023, and as a result of this amendment the Company is in compliance with the covenants of the agreement as of June 30, 2023. In connection with this amendment, the Company incurred an exit fee equal to $11.3 million (two percent of the outstanding Term Loan as of June 30, 2023), which is payable upon successful termination, conversion or full payment of the Term Loan. The exit fee amount is accounted for as a debt issuance cost and is accrued in "Other current and accrued liabilities" on the Consolidated Balance Sheets as of June 30, 2023. This debt issuance costs reduces the book value of the debt and will be amortized into interest expense over the remaining term of the Term Loan. Additional details of this material definitive agreement were filed on July 7, 2023.

Waiver Under UST Credit Agreements

On July 7, 2023, the Company entered into a Waiver Agreement that provides for a waiver of the minimum Consolidated EBITDA financial covenant set forth in the UST Credit Agreements for the covenant testing period ending on June 30, 2023. The terms of this amendment are effective June 30, 2023, and as a result of this amendment the Company was in compliance with the covenants of the agreement as of June 30, 2023.

Commencement of Chapter 11

The commencement of the Chapter 11 Cases constitutes an event of default or termination event under all debt agreements of the Company. Any efforts to enforce payment obligations related to the Company’s outstanding debt have been automatically stayed as a result of the filing of the Chapter 11 Cases, and the creditors’ rights of enforcement are subject to the applicable provisions of the Bankruptcy Code. As result of the Chapter 11 Cases, the UST and Term loan are due upon demand and cause acceleration of non-cash expense related to deferred debt discounts, commitment fees, and issuance costs of $27.0 million in the third quarter 2023.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Basis of Presentation - Additional information (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	Jul. 07, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2024	Jun. 30, 2024
Revenue from External Customer [Line Items]
Debt due		$ 1,303.8		$ 1,303.8
Cash, cash equivalents and managed accessibility		102.2		102.2
Minimum adjusted EBITDA				200.0
Debt instrument, minimum liquidity requirement		35.0		35.0
Sale of termianl price	$ 80.0
Gains on property disposals, net	$ (75.9)	(75.9)	$ (3.2)	(76.4)	$ (8.7)
Payment of portion of term loan		$ 79.5
Sale price net of rent received				79.8
Asserted withdrawal liabilities				6,500.0
Maximum funds receiving from financial assistance				$ 50,000.0
Scenario Forecast
Revenue from External Customer [Line Items]
Debt due						$ 737.0	$ 566.8

Earnings (Loss) Per Share - Additional Information (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Line Items]
Dilutive securities for the period	0	793,000	0	966,000
Anti-Dilutive Unvested Shares and Options
Earnings Per Share [Line Items]
Anti-dilutive unvested shares, options and stock units			992,000	635,000

Employee Benefits (Tables)

6 Months Ended

Jun. 30, 2023

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)	2023			2022			2023			2022
Interest cost	$	8.0		$	5.9		$	16.0		$	11.8
Expected return on plan assets		(8.8	)		(8.5	)		(17.6	)		(17.0	)
Amortization of prior net losses		1.9			2.2			3.8			4.4
Amortization of prior net service credit		(0.1	)		(0.1	)		(0.2	)		(0.2	)
Total net periodic pension expense (benefit)	$	1.0		$	(0.5	)	$	2.0		$	(1.0	)

Debt and Financing - Schedule of Maturities of Long-term Debt (Details)
$ in Millions

Jun. 30, 2023

USD ($)

Debt Disclosure [Abstract]

2023 - remaining portion

$ 3.9

2024

1,311.2

^[1]

9.5

10.2

13.3

166.2

$ 1,514.3

[1]

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

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Operating Activities:

Net income (loss)

$ (69.3)

$ 32.5

Adjustments to reconcile net loss to cash flows from operating activities:

Depreciation and amortization

71.1

71.2

Lease amortization and accretion expense

^[1]

38.7

52.8

Lease payments

(38.1)

(53.4)

Paid-in-kind interest

11.3

4.7

Debt-related amortization

11.7

Equity-based compensation and employee benefits expense

6.9

7.4

Non-union pension settlement charges

0.1

0.0

Gains on property disposals, net

(76.4)

(8.7)

Deferred income taxes, net

1.0

0.0

Other non-cash items, net

0.3

(0.2)

Changes in assets and liabilities, net:

Accounts receivable

64.7

(120.5)

Accounts payable

(31.0)

44.9

Other operating assets

7.9

13.6

Other operating liabilities

8.8

(19.4)

Net cash provided by (used in) operating activities

7.7

36.6

Investing Activities:

Acquisition of property and equipment

(45.6)

(72.6)

Proceeds from disposal of property and equipment

3.5

9.4

Net cash provided by (used in) investing activities

(42.1)

(63.2)

Financing Activities:

Repayment of debt

(71.9)

(12.4)

Payments for tax withheld on equity-based compensation

(0.3)

(0.6)

Net cash provided by (used in) financing activities

(72.2)

(13.0)

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

(106.6)

(39.6)

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

239.0

314.8

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

132.4

275.2

Supplemental Cash Flow Information:

Interest paid

$ (86.2)

$ (71.0)

[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.

Debt and Financing - Schedule of Outstanding Debt (Parenthetical) (Details) - LIBOR	6 Months Ended
	Jun. 30, 2023
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%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2023	Jul. 28, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
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		52,128,887
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 (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 20.4	$ 23.7
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	52,126,000	51,601,000

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax	Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax	Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax	Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax
Interest cost	$ 8.0	$ 5.9	$ 16.0	$ 11.8
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax
Expected return on plan assets	$ (8.8)	$ (8.5)	$ (17.6)	$ (17.0)
Amortization of prior net losses	$ 1.9	$ 2.2	$ 3.8	$ 4.4
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, after Tax	Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, after Tax	Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, after Tax	Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, after Tax
Amortization of prior net service credit	$ (0.1)	$ (0.1)	$ (0.2)	$ (0.2)
Total net periodic pension expense (benefit)	$ 1.0	$ (0.5)	$ 2.0	$ (1.0)

Debt and Financing (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Outstanding Debt

Our outstanding debt as of June 30, 2023, consisted of the following:


(in millions)	Par Value			Discount			Commitment Fee			Debt Issuance Costs			Book Value				Effective Interest Rate
UST Loan Tranche A(a)	$	337.0		$	—		$	(5.9	)	$	(1.4	)		329.7		(b)		11.0	%
UST Loan Tranche B		400.0			—			(7.8	)		(1.9	)		390.3		(b)		10.6	%
Term Loan (a)		566.8			(5.6	)		—			(14.2	)		547.0		(c)		13.5	%
ABL Facility		—			—			—			—			—			N/A
Lease financing obligations		210.5			—			—			(0.1	)		210.4		(d)		17.6	%
Total debt	$	1,514.3		$	(5.6	)	$	(13.7	)	$	(17.6	)	$	1,477.4
Current maturities of UST Loan Tranche A		(337.0	)		—			5.9			1.4			(329.7	)
Current maturities of UST Loan Tranche B		(400.0	)		—			7.8			1.9			(390.3	)
Current maturities of Term Loan		(566.8	)		5.6			—			14.2			(547.0	)
Current maturities of lease financing obligations		(7.6	)		—			—			0.1			(7.5	)
Long-term debt	$	202.9		$	—		$	—		$	—		$	202.9

(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.

Schedule of Maturities of Long-term Debt

The principal maturities over the next five years and thereafter of total debt as of June 30, 2023, based on stated maturity dates in respective agreements are as follows:


(in millions)	Principal Maturity Amount
2023 - remaining portion	$	3.9
2024(a)		1,311.2
2025		9.5
2026		10.2
2027		13.3
Thereafter		166.2
Total	$	1,514.3

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, 2023				December 31, 2022
(in millions)	Book Value		Fair Value		Book Value		Fair Value
UST Loans	$	720.0	$	709.5	$	701.4	$	703.6
Term Loan		547.0		562.2		556.8		523.6
Second A&R CDA		—		—		66.0		66.3
Lease financing obligations		210.4		211.9		213.8		213.7
Total debt	$	1,477.4	$	1,483.6	$	1,538.0	$	1,507.2