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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________________________________________________________________________________________________________________________________
FORM 10-Q
_________________________________________________________________________________________________________________________________________________________
☒    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
or
☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File Number: 001-35007
_________________________________________________________________________________________________________________________________________________________
knightswiftlogo2018newa18.jpg
___________________________________________________________________________________________________________________________________
 Knight-Swift Transportation Holdings Inc.
(Exact name of registrant as specified in its charter)
___________________________________________________________________________________________________________________
Delaware 20-5589597
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
2002 West Wahalla Lane
Phoenix, Arizona 85027
(Address of principal executive offices and zip code)
(602) 269-2000
(Registrant's telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock $0.01 Par ValueKNXNew York Stock Exchange
_________________________________________________________________________________________________________________________________________________________
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer☒  Accelerated Filer☐
Non-accelerated Filer☐  Smaller Reporting Company☐
Emerging Growth Company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No  ☒ 
There were approximately 161,369,000 shares of the registrant's common stock outstanding as of October 25, 2023.

KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC.

QUARTERLY REPORT ON FORM 10-Q
TABLE OF CONTENTS
PART I FINANCIAL INFORMATIONPAGE
PART II OTHER INFORMATION
2
KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC.
GLOSSARY OF TERMS
The following glossary defines certain acronyms and terms used in this Quarterly Report on Form 10-Q. These acronyms and terms are specific to our company, commonly used in our industry, or are otherwise frequently used throughout our document.
TermDefinition
Knight-Swift/the Company/Management/We/Us/Our
Unless otherwise indicated or the context otherwise requires, these terms represent Knight-Swift Transportation Holdings Inc. and its subsidiaries.
2017 MergerThe September 8, 2017 merger of Knight Transportation, Inc. and its subsidiaries and Swift Transportation Company and its subsidiaries, pursuant to which we became Knight-Swift Transportation Holdings Inc.
2021 Debt AgreementThe Company's unsecured credit agreement, entered into on September 3, 2021, consisting of the 2021 Revolver and 2021 Term Loans, which are defined below
2021 Prudential NotesThird amended and restated note purchase and private shelf agreement, entered into on September 3, 2021 by ACT with unrelated financial entities
2021 RevolverRevolving line of credit under the 2021 Debt Agreement, maturing on September 3, 2026
2021 Term LoansThe Company's term loans under the 2021 Debt Agreement, collectively consisting of the 2021 Term Loan A-1, 2021 Term Loan A-2 and 2021 Term Loan A-3
2021 Term Loan A-1The Company's term loan under the 2021 Debt Agreement, which matured on December 3, 2022
2021 Term Loan A-2The Company's term loan under the 2021 Debt Agreement, maturing on September 3, 2024
2021 Term Loan A-3The Company's term loan under the 2021 Debt Agreement, maturing on September 3, 2026
2023 Term LoanThe Company's term loan entered into on June 22, 2023, maturing on September 3, 2026
2021 RSAFifth Amendment to the Amended and Restated Receivables Sales Agreement, entered into on April 23, 2021 by Swift Receivables Company II, LLC with unrelated financial entities.
2022 RSASixth Amendment to the Amended and Restated Receivables Sales Agreement, entered into on October 3, 2022 by Swift Receivables Company II, LLC with unrelated financial entities.
ACT
AAA Cooper Transportation, and its affiliated entity
ACT AcquisitionThe Company's acquisition of 100% of the securities of ACT on July 5, 2021
Annual ReportAnnual Report on Form 10-K
ASCAccounting Standards Codification
ASUAccounting Standards Update
BoardKnight-Swift's Board of Directors
BSBYBloomberg Short-Term Bank Yield Index
DOEUnited States Department of Energy
EPSEarnings Per Share
EmbarkEmbark Technology Inc. and its related entities
ESPPKnight-Swift Transportation Holdings Inc. Amended and Restated 2012 Employee Stock Purchase Plan
GAAPUnited States Generally Accepted Accounting Principles
IRSInternal Revenue Service
NYSENew York Stock Exchange
LTLLess-than-truckload
MMEMME, Inc. and its subsidiary, Midwest Motor Express, Inc.
Quarterly ReportQuarterly Report on Form 10-Q
RSURestricted Stock Unit
SECUnited States Securities and Exchange Commission
SOFRSecured overnight financing rate as administered by the Federal Reserve Bank of New York
USThe United States of America
U.S. XpressU.S. Xpress Enterprises, Inc. and its subsidiaries
U.S. Xpress AcquisitionThe Company's acquisition of 100% of the securities of U.S. Xpress on July 1, 2023
UTXL
UTXL Enterprises, Inc.
3
KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC.
PART I FINANCIAL INFORMATION
ITEM 1.FINANCIAL STATEMENTS
Condensed Consolidated Balance Sheets (Unaudited)
September 30, 2023December 31, 2022
(In thousands, except per share data)
ASSETS
Current assets:
Cash and cash equivalents$193,372 $196,770 
Cash and cash equivalents – restricted259,979 185,792 
Restricted investments, held-to-maturity, amortized cost1,028 7,175 
Trade receivables, net of allowance for doubtful accounts of $29,144 and $22,980, respectively
971,175 842,294 
Contract balance – revenue in transit12,122 15,859 
Prepaid expenses132,594 108,081 
Assets held for sale77,008 40,602 
Income tax receivable60,211 58,974 
Other current assets53,684 38,025 
Total current assets1,761,173 1,493,572 
Gross property and equipment6,542,804 5,740,383 
Less: accumulated depreciation and amortization(2,038,345)(1,905,340)
Property and equipment, net4,504,459 3,835,043 
Operating lease right-of-use-assets505,795 192,358 
Goodwill3,844,252 3,519,339 
Intangible assets, net2,077,426 1,776,569 
Other long-term assets147,176 134,785 
Total assets$12,840,281 $10,951,666 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$299,039 $220,849 
Accrued payroll and purchased transportation183,450 171,381 
Accrued liabilities228,465 81,528 
Claims accruals – current portion442,014 311,822 
Finance lease liabilities and long-term debt – current portion434,863 71,466 
Operating lease liabilities – current portion142,543 36,961 
Total current liabilities1,730,374 894,007 
Revolving line of credit300,000 43,000 
Long-term debt – less current portion1,261,711 1,024,668 
Finance lease liabilities – less current portion320,270 344,377 
Operating lease liabilities – less current portion394,921 149,992 
Accounts receivable securitization361,681 418,561 
Claims accruals – less current portion310,075 201,838 
Deferred tax liabilities959,306 907,893 
Other long-term liabilities72,142 12,049 
Total liabilities5,710,480 3,996,385 
Commitments and contingencies (Notes 7, 8, and 9)
Stockholders’ equity:
Preferred stock, par value $0.01 per share; 10,000 shares authorized; none issued
— — 
Common stock, par value $0.01 per share; 500,000 shares authorized; 161,347 and 160,706 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively.
1,613 1,607 
Additional paid-in capital4,418,981 4,392,266 
Accumulated other comprehensive loss(664)(2,436)
Retained earnings2,693,568 2,553,567 
Total Knight-Swift stockholders' equity7,113,498 6,945,004 
Noncontrolling interest16,303 10,277 
Total stockholders’ equity7,129,801 6,955,281 
Total liabilities and stockholders’ equity$12,840,281 $10,951,666 
See accompanying notes to condensed consolidated financial statements (unaudited).
4
KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC.
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
 Quarter Ended September 30,Year-to-Date September 30,
 2023202220232022
(In thousands, except per share data)
Revenue:
Revenue, excluding truckload and LTL fuel surcharge$1,775,249 $1,649,982 $4,615,990 $4,992,391 
Truckload and LTL fuel surcharge244,687 246,857 593,857 692,568 
Total revenue2,019,936 1,896,839 5,209,847 5,684,959 
Operating expenses:
Salaries, wages, and benefits710,543 559,849 1,780,522 1,645,861 
Fuel272,376 231,128 628,435 678,763 
Operations and maintenance142,913 115,918 343,604 318,525 
Insurance and claims148,865 116,493 424,210 316,769 
Operating taxes and licenses30,506 26,628 84,728 85,869 
Communications8,411 5,095 20,344 16,709 
Depreciation and amortization of property and equipment176,613 150,363 488,960 442,889 
Amortization of intangibles18,907 16,254 51,595 48,635 
Rental expense50,401 15,216 81,542 42,109 
Purchased transportation330,683 364,394 869,671 1,135,750 
Impairments— — — 810 
Miscellaneous operating expenses48,662 30,060 116,363 62,965 
Total operating expenses1,938,880 1,631,398 4,889,974 4,795,654 
Operating income81,056 265,441 319,873 889,305 
Other (expenses) income:
Interest income5,542 1,221 16,099 2,357 
Interest expense(39,354)(14,679)(86,799)(30,704)
Other income (expenses), net11,433 8,488 30,815 (31,493)
Total other (expenses) income, net(22,379)(4,970)(39,885)(59,840)
Income before income taxes58,677 260,471 279,988 829,465 
Income tax (benefit) expense(1,220)65,679 53,474 206,943 
Net income59,897 194,792 226,514 622,522 
Net loss attributable to noncontrolling interest297 3 1,290 102 
Net income attributable to Knight-Swift60,194 194,795 227,804 622,624 
Other comprehensive income (loss)152 243 1,772 (1,991)
Comprehensive income$60,346 $195,038 $229,576 $620,633 
Earnings per share:
Basic$0.37 $1.21 $1.41 $3.82 
Diluted$0.37 $1.21 $1.41 $3.80 
Dividends declared per share:$0.14 $0.12 $0.42 $0.36 
Weighted average shares outstanding:
Basic161,332 160,665 161,124 162,785 
Diluted161,888 161,572 161,782 163,720 
See accompanying notes to the condensed consolidated financial statements (unaudited).
5
KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC.
Condensed Consolidated Statements of Cash Flows (Unaudited)
 Year-to-Date September 30,
 20232022
(In thousands)
Cash flows from operating activities:
Net income$226,514 $622,522 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property, equipment, and intangibles540,555 491,524 
Gain on sale of property and equipment(46,628)(73,373)
Impairments— 810 
Deferred income taxes9,587 1,126 
Non-cash lease expense68,778 30,973 
(Gain) loss on equity securities(2,100)51,033 
Other adjustments to reconcile net income to net cash provided by operating activities46,224 32,545 
Increase (decrease) in cash resulting from changes in:
Trade receivables84,149 (44,043)
Income tax receivable(1,237)(14,191)
Accounts payable(10,495)14,259 
Accrued liabilities and claims accrual26,599 19,207 
Operating lease liabilities(68,140)(30,755)
Other assets and liabilities(304)(2,442)
Net cash provided by operating activities873,502 1,099,195 
Cash flows from investing activities:
Proceeds from maturities of held-to-maturity investments3,620 7,506 
Purchases of held-to-maturity investments(30)(9,594)
Proceeds from sale of property and equipment, including assets held for sale214,234 139,545 
Purchases of property and equipment(852,677)(496,237)
Expenditures on assets held for sale(785)(499)
Net cash, restricted cash, and equivalents invested in acquisitions(458,288)(1,291)
Other cash flows from investing activities5,896 1,944 
Net cash used in investing activities(1,088,030)(358,626)
Cash flows from financing activities:
Repayments of finance leases and long-term debt(81,354)(250,884)
Proceeds from long-term debt250,000 — 
Borrowings (repayments) on revolving lines of credit, net257,000 (114,000)
Borrowings under accounts receivable securitization25,000 — 
Repayments of accounts receivable securitization(82,000)— 
Proceeds from common stock issued4,200 6,111 
Repurchases of the Company's common stock— (299,941)
Dividends paid(68,550)(59,011)
Other cash flows from financing activities(18,206)(31,104)
Net cash provided by (used in) financing activities286,090 (748,829)
Net increase (decrease) in cash, restricted cash, and equivalents71,562 (8,260)
Cash, restricted cash, and equivalents at beginning of period385,345 350,023 
Cash, restricted cash, and equivalents at end of period$456,907 $341,763 
See accompanying notes to condensed consolidated financial statements (unaudited).


6
KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC.

Condensed Consolidated Statements of Cash Flows (Unaudited) — Continued
 Year-to-Date September 30,
 20232022
(In thousands)
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest$84,361 $29,342 
Income taxes38,455 234,260 
Non-cash investing and financing activities:
Equipment acquired included in accounts payable$19,639 $4,264 
Financing provided to independent contractors for equipment sold4,285 — 
Transfers from property and equipment to assets held for sale136,453 45,618 
Noncontrolling interest associated with acquisitions5,178 — 
Purchase price adjustment on acquisition— 2,164 
Contingent consideration associated with acquisitions and investments174,107 1,717 
U.S. Xpress assumed equity awards1,462 — 
Conversion of note receivable to equity investment12,107 — 
Right-of-use assets obtained in exchange for operating lease liabilities41,888 44,465 
Property and equipment obtained in exchange for finance lease liabilities70,051 141,374 
Property and equipment obtained in exchange for finance lease liabilities reclassified from operating lease liabilities— 6,462 

Reconciliation of Cash, Restricted Cash, and Equivalents:September 30,
2023		December 31,
2022		September 30,
2022		December 31,
2021
(In thousands)
Consolidated Balance Sheets
Cash and cash equivalents$193,372 $196,770 $194,082 $261,001 
Cash and cash equivalents – restricted 1
259,979 185,792 144,960 87,241 
Other long-term assets 1
3,556 2,783 2,721 1,781 
Consolidated Statements of Cash Flows
Cash, restricted cash, and equivalents$456,907 $385,345 $341,763 $350,023 
________
1    Reflects cash and cash equivalents that are primarily restricted for claims payments.

See accompanying notes to condensed consolidated financial statements (unaudited).
7
KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC.
Condensed Consolidated Statements of Stockholders' Equity (Unaudited)
 Common StockAdditional
Paid-in Capital		Retained EarningsAccumulated
Other
Comprehensive Income (Loss)		Total Knight-Swift Stockholders' EquityNoncontrolling
 Interest		Total
Stockholders’ Equity
 SharesPar Value
(In thousands, except per share data)
Balances – December 31, 2022160,706 $1,607 $4,392,266 $2,553,567 $(2,436)$6,945,004 $10,277 $6,955,281 
Common stock issued to employees565 5 158 163 163 
Common stock issued to the Board18 — 977 977 977 
U.S. Xpress assumed equity awards1,462 1,462 1,462 
Common stock issued under ESPP58 1 3,059 3,060 3,060 
Shares withheld – RSU settlement(19,548)(19,548)(19,548)
Employee stock-based compensation expense21,059 21,059 21,059 
Cash dividends paid and dividends accrued ($0.42 per share)
(68,255)(68,255)(68,255)
Net income227,804 227,804 (1,290)226,514 
Other comprehensive loss1,772 1,772 1,772 
Investment in noncontrolling interest7,555 7,555 
Distribution to noncontrolling interest(239)(239)
Balances – September 30, 2023161,347 $1,613 $4,418,981 $2,693,568 $(664)$7,113,498 $16,303 $7,129,801 
 Common StockAdditional
Paid-in Capital		Retained EarningsAccumulated
Other
Comprehensive Loss		Total Knight-Swift Stockholders' EquityNoncontrolling InterestTotal
Stockholders’ Equity
 SharesPar Value
(In thousands, except per share data)
Balances – December 31, 2021165,980 $1,660 $4,350,913 $2,181,142 $(563)$6,533,152 $10,298 $6,543,450 
Common stock issued to employees614 6 2,369 2,375 2,375 
Common stock issued to the Board18 — 873 873 873 
Common stock issued under ESPP59 1 2,862 2,863 2,863 
Company shares repurchased(6,001)(60)(299,881)(299,941)(299,941)
Shares withheld – RSU settlement(20,504)(20,504)(20,504)
Employee stock-based compensation expense25,878 25,878 25,878 
Cash dividends paid and dividends accrued ($0.36 per share)
(58,912)(58,912)(58,912)
Net income622,624 622,624 (102)622,522 
Other comprehensive income(1,991)(1,991)(1,991)
Balances – September 30, 2022160,670 $1,607 $4,382,895 $2,424,469 $(2,554)$6,806,417 $10,196 $6,816,613 

See accompanying notes to condensed consolidated financial statements (unaudited).

8
KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC.
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) — Continued
Common StockAdditional
Paid-in Capital		Retained EarningsAccumulated
Other
Comprehensive Income (Loss)		Total Knight-Swift Stockholders' EquityNoncontrolling
 Interest		Total
Stockholders’ Equity
SharesPar Value
(In thousands, except per share data)
Balances – June 30, 2023161,276 $1,613 $4,412,069 $2,657,415 $(815)$7,070,282 $10,761 $7,081,043 
Common stock issued to employees53 — — — — 
U.S. Xpress assumed equity awards1,462 1,462 1,462 
Common stock issued under ESPP18 — 978 978 978 
Shares withheld – RSU settlement(1,277)(1,277)(1,277)
Employee stock-based compensation expense4,472 4,472 4,472 
Cash dividends paid and dividends accrued ($0.14 per share)
(22,764)(22,764)(22,764)
Net income60,194 60,194 (297)59,897 
Other comprehensive loss151 151 151 
Investment in noncontrolling interest5,839 5,839 
Balances – September 30, 2023161,347 $1,613 $4,418,981 $2,693,568 $(664)$7,113,498 $16,303 $7,129,801 
Common StockAdditional
Paid-in Capital		Retained EarningsAccumulated
Other
Comprehensive Loss		Total Knight-Swift Stockholders' EquityNoncontrolling InterestTotal
Stockholders’ Equity
SharesPar Value
(In thousands, except per share data)
Balances – June 30, 2022160,639 $1,606 $4,372,916 $2,249,333 $(2,797)$6,621,058 $10,199 $6,631,257 
Common stock issued to employees7 — — — — 
Common stock issued under ESPP24 1 1,053 1,054 1,054 
Shares withheld – RSU settlement(188)(188)(188)
Employee stock-based compensation expense8,926 8,926 8,926 
Cash dividends paid and dividends accrued ($0.12 per share)
(19,471)(19,471)(19,471)
Net income194,795 194,795 (3)194,792 
Other comprehensive loss243 243 243 
Balances – September 30, 2022160,670 $1,607 $4,382,895 $2,424,469 $(2,554)$6,806,417 $10,196 $6,816,613 
See accompanying notes to condensed consolidated financial statements (unaudited).
9
KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Note 1 — Introduction and Basis of Presentation
Certain acronyms and terms used throughout this Quarterly Report are specific to the Company, commonly used in the trucking industry, or are otherwise frequently used throughout this document. Definitions for these acronyms and terms are provided in the "Glossary of Terms," available in the front of this document.
Description of Business
Knight-Swift is a transportation solutions provider, headquartered in Phoenix, Arizona. During the year-to-date period ended September 30, 2023, the Company operated an average of 20,054 tractors (comprised of 17,977 company tractors and 2,077 independent contractor tractors) and 85,125 trailers within the Truckload segment and leasing activities within the non-reportable segments. The LTL segment operated an average of 3,177 tractors and 8,445 trailers. Additionally, the Intermodal segment operated an average of 647 tractors and 12,780 intermodal containers. As of September 30, 2023, the Company's four reportable segments were Truckload, LTL, Logistics, and Intermodal.
Basis of Presentation
The condensed consolidated financial statements and footnotes included in this Quarterly Report include the accounts of Knight-Swift Transportation Holdings Inc. and its subsidiaries and should be read in conjunction with the consolidated financial statements and footnotes included in Knight-Swift's 2022 Annual Report. In management's opinion, these condensed consolidated financial statements were prepared in accordance with GAAP and include all adjustments necessary (consisting of normal recurring adjustments) for the fair statement of the periods presented.
With respect to transactional/durational data, references to years pertain to calendar years. Similarly, references to quarters pertain to calendar quarters.
Note regarding comparability — The reported results do not include U.S. Xpress's operating results prior to its acquisition by the Company on July 1, 2023 in accordance with the accounting treatment applicable to the transaction. Accordingly, comparisons between the Company's third quarter 2023 results and prior periods may not be meaningful.
Seasonality
In the full truckload transportation industry, results of operations generally follow a seasonal pattern. Freight volumes in the first quarter are typically lower due to less consumer demand, customers reducing shipments following the holiday season, and inclement weather. At the same time, operating expenses generally increase, and tractor productivity of the Company's Truckload fleet, independent contractors and third-party carriers decreases during the winter months due to decreased fuel efficiency, increased cold weather-related equipment maintenance and repairs, and increased insurance claims and costs attributed to higher accident frequency from harsh weather. These factors typically lead to lower operating profitability, as compared to other parts of the year. Additionally, beginning in the latter half of the third quarter and continuing into the fourth quarter, the Company typically experiences surges pertaining to holiday shopping trends toward delivery of gifts purchased over the Internet, as well as the length of the holiday season (consumer shopping days between Thanksgiving and Christmas). However, as the Company continues to diversify its business through expansion into the LTL industry, warehousing, and other activities, seasonal volatility is becoming more tempered. Additionally, macroeconomic trends and cyclical changes in the trucking industry, including imbalances in supply and demand, can override the seasonality faced in the industry.
10
KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) — CONTINUED
Note 2 — Recently Issued Accounting Pronouncements
Date IssuedReferenceDescriptionExpected Adoption Date and MethodFinancial Statement Impact
March 2023
ASU No. 2023-01: Leases (ASC 842), Common Control Arrangements
The amendments in this ASU require that leasehold improvements associated with common control leases be amortized by the lessee over the useful life of the leasehold improvements and that leasehold improvements associated with common control leases be accounted for as a transfer between entities under common control through an adjustment to equity if the lessee no longer controls the use of the asset.January 2024, Prospective or retrospectiveCurrently under evaluation, but not expected to be material
July 2023ASU No. 2023-03: Presentation of Financial Statements (ASC 205), Income Statement—Reporting Comprehensive Income (ASC 220), Distinguishing Liabilities from Equity (ASC 480), Equity (ASC 505), and Compensation—Stock Compensation (ASC 718)The amendments in this ASU reflect alignment to Staff Accounting Bulletin No. 120 ("SAB 120") that was issued by the SEC in November 2021. SAB 120 provides guidance to entities issuing share-based awards shortly before announcing material, nonpublic information. The guidance indicates that entities should consider such material nonpublic information to adjust the observable market if the effect of the release of the material nonpublic information is expected to affect the share price and the share-based awards are non-routine in nature.July 2023, prospective adoptionCurrently under evaluation, but not expected to be material
August 2023ASU No. 2023-05: Business Combinations — Joint Venture Formations (ASC 805-60), Recognition and Initial MeasurementRequires a joint venture to initially measure all contributions received upon its formation at fair value.January 2025, prospective adoptionCurrently under evaluation, but not expected to be material
October 2023ASU No. 2023-06: Disclosure ImprovementsThe amendments in this ASU updated several topics of the ASC to incorporate changes required by guidance made effective by SEC Final Rule No. 33-10532. The SEC Final Rule incorporates existing or incremental requirements of Regulation S-X into the accounting standards codification.October 2023, prospective adoptionPresentation and disclosure impact only
11
KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) — CONTINUED
Note 3 — Acquisitions
U.S. Xpress
On July 1, 2023, the Company acquired Chattanooga, Tennessee-based U.S. Xpress Enterprises, Inc. ("U.S. Xpress"), one of the largest asset-based truckload carriers in the United States. The acquisition was completed through a Knight-Swift subsidiary formed to hold the U.S. Xpress business post-closing ("HoldCo") with Max Fuller, former Executive Chairman of U.S. Xpress, Eric Fuller, former CEO of U.S. Xpress, and their related entities and trusts (collectively, the "Rollover Holders"), rolling over a portion of their shares of U.S. Xpress into HoldCo for approximately 10% interest in HoldCo.
The total purchase price consideration of $630.0 million consisted of $454.4 million in cash, including approximately $139.8 million in debt payoffs, and $1.5 million in assumed equity related to the revaluation of equity awards. The purchase price also included contingent consideration valued at $174.1 million, consisting of two classes of membership interests in HoldCo. The Class A membership interests will be subject to put and call rights at a defined fair market value measure in favor of the Rollover Holders and the Company, respectively, and will be purchased by the Company at that defined fair market value measure if outstanding at the fifth anniversary of the acquisition date. In order for the put right to become exercisable, it is subject to a $175 million minimum adjusted operating income threshold for U.S. Xpress. In addition, the Company will have a call right, exercisable only within the first 15 months after closing, at an exercise price of approximately $140 million. The Class B membership interests will be repurchased by the Company for $40 million if U.S. Xpress achieves $250 million in adjusted operating income for a trailing annual period at or prior to the fifth anniversary of closing. If such threshold is not met, the Class B interests will be forfeited for no value.
As of September 30, 2023, the $134.1 million in mandatorily redeemable Class A membership interests is included in "Accrued liabilities" in the Company's condensed consolidated balance sheets and the $40.0 million in mandatory purchase of Class B membership interest is included in "Other long-term liabilities" in the Company's condensed consolidated balance sheets, depending on the terms.
Cash was funded from the 2023 Term Loan, as well as existing Knight-Swift liquidity. The purchase of the equity interests of U.S. Xpress results in the historical tax basis of U.S. Xpress' assets continuing to be recovered and any intangible assets arising through purchase accounting will result in additional stock basis for tax purposes. Deferred taxes were established as of the opening balance sheet for purchase accounting fair value adjustments (other than for goodwill). The merger agreement contained customary representations, warranties, and covenants for a transaction of this nature.
During the quarter and year-to-date periods ended September 30, 2023, the Company's consolidated operating results included U.S. Xpress' total revenue of $461.6 million and a net loss of $19.9 million. U.S. Xpress' net income during quarter and year-to-date periods ended September 30, 2023 included $2.3 million related to the amortization of intangible assets acquired in the U.S. Xpress Acquisition.
The goodwill recognized represents expected synergies from combining the operations of U.S. Xpress with the Company, including enhanced service offerings, as well as other intangible assets that did not meet the criteria for separate recognition. The goodwill is not expected to be deductible for tax purposes.
See Note 6 for more information about the Company's credit facilities and the 2023 Term Loan.
12
KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) — CONTINUED
Purchase Price Allocation
The purchase price allocation for U.S. Xpress is preliminary and has been allocated based on estimated fair values of the assets acquired and liabilities assumed at the acquisition date, and among other things may be pending the completion of the valuation of acquired tangible assets, an independent valuation of certain acquired intangible assets, assessment of lease agreements, assessment of certain liabilities, the calculation of deferred taxes based upon the underlying tax basis of assets acquired and liabilities assumed, and assessment of other tax related items as applicable. As the Company obtains more information, the preliminary purchase price allocation disclosed below is subject to change. Any future adjustments to the preliminary purchase price allocation, including changes within identifiable intangible assets or estimation uncertainty impacted by market conditions, may impact future net earnings. The purchase price allocation adjustments can be made through the end of the measurement period, which is not to exceed one year from the acquisition date.
July 1, 2023 Opening Balance Sheet as Reported at September 30, 2023
Fair value of the consideration transferred$632,109 
Cash and cash equivalents3,321 
Receivables216,659 
Prepaid expenses21,347 
Other current assets47,317 
Property and equipment433,210 
Operating lease right-of-use assets337,055 
Identifiable intangible assets 1
348,000 
Other noncurrent assets28,457 
Total assets1,435,366 
Accounts payable(102,193)
Accrued payroll and payroll-related expenses(27,485)
Accrued liabilities(19,966)
Claims accruals – current and noncurrent portions(180,251)
Operating lease liabilities – current and noncurrent portions(376,763)
Long-term debt and finance leases – current and noncurrent portions(337,949)
Deferred tax liabilities(41,826)
Other long-term liabilities(34,230)
Total liabilities(1,120,663)
Noncontrolling interest(391)
Total stockholders' equity(391)
Goodwill$317,797 
1    Includes $184.5 million in customer relationships and $163.5 million in trade names.
13
KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) — CONTINUED
Pro Forma Information — The following unaudited pro forma information combines the historical operations of the Company and U.S. Xpress giving effect to the U.S. Xpress Acquisition, and related transactions as if consummated on January 1, 2022, the beginning of the comparative period presented.
Quarter Ended September 30,Year-to-Date September 30,
2023202220232022
(In thousands, except per share data)
Total revenue$2,019,936 $2,444,667 $6,165,131 $7,303,678 
Net income attributable to Knight-Swift33,584 100,112 146,522 599,058 
Earnings per share – diluted0.21 0.62 0.91 3.66 
The unaudited pro forma condensed combined financial information has been presented for comparative purposes only and includes certain adjustments such as recognition of assets acquired at estimated fair values and related depreciation and amortization, elimination of transaction costs incurred by Knight-Swift and U.S. Xpress during the periods presented that were directly related to the U.S. Xpress Acquisition, and related income tax effects of these items. As a result of the U.S. Xpress Acquisition, both Knight-Swift and U.S. Xpress incurred certain acquisition-related expenses, including professional legal and advisory fees, acceleration of share-based compensation, bonus incentives, severance payments, filing fees and other miscellaneous expenses. These acquisition-related expenses totaled $6.5 million and $31.8 million during the quarter and year-to-date periods ended September 30, 2023, respectively. These expenses were eliminated in the presentation of the unaudited pro forma "Net income attributable to Knight-Swift" presented above.
The unaudited pro forma condensed combined financial information does not purport to represent the actual results of operations that Knight-Swift and U.S. Xpress would have achieved had the companies been combined during the periods presented in the unaudited pro forma condensed combined financial statements and is not intended to project the future results of operations that the combined company may achieve after the identified transactions. The unaudited pro forma condensed combined financial information does not reflect any cost savings that may be realized as a result of the U.S. Xpress Acquisition and also does not reflect any restructuring or integration-related costs to achieve those potential cost savings.
The Company did not complete any other material acquisitions during the year-to-date period ended September 30, 2023.
14
KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) — CONTINUED
Note 4 — Income Taxes
Effective Tax Rate — The quarter ended September 30, 2023 and September 30, 2022 effective tax rates were (2.1)% and 25.2%, respectively. The Company recognized discrete items relating to a partial release of the valuation allowance associated with the U.S. Xpress net operating loss and tax credit carryforward benefits, stock compensation deductions, and a reduction in state deferred taxes due to adjustments to state tax rates and apportionment during the quarter ended September 30, 2023.

The year-to-date September 30, 2023 and September 30, 2022 effective tax rates were 19.1% and 24.9%, respectively. The Company recognized discrete items relating to a partial release of the valuation allowance associated with the U.S. Xpress net operating loss and tax credit carryforward benefits, stock compensation deductions, and a reduction in state deferred taxes due to adjustments to state tax rates and apportionment during the year-to-date period ended September 30, 2023.

Valuation Allowance — Valuation allowances are provided if, based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. U.S. Xpress initially had a valuation allowance of $25.0 million not considering Knight-Swift entities. During the quarter, $14.6 million of that valuation allowance was released due to the Company’s ability to utilize certain tax attributes in future periods. The remaining $10.4 million valuation allowance is maintained to offset the tax benefit of capital loss and state operating loss carryforwards that may not be utilized in the future.

Unrecognized Tax Benefits — Due to the acquisition, the Company has unrecognized tax benefits associated with tax credit carryforwards. Management does not expect a decrease in unrecognized tax benefits relating to credits to be necessary within the next twelve months.

Interest and Penalties — The Company had no accrued interest and penalties related to unrecognized tax benefits as of September 30, 2023. Accrued interest and penalties related to unrecognized tax benefits were approximately $0.2 million as of December 31, 2022.
Tax Examinations — Certain of the Company's subsidiaries are currently under examination by various Federal and state jurisdictions for tax years ranging from 2009 to 2021. At the completion of these examinations, management does not expect any adjustments that would have a material impact on the Company's effective tax rate. Years subsequent to 2017 remain subject to examination.
Note 5 — Accounts Receivable Securitization
On October 3, 2022, the Company entered into the 2022 RSA, which further amended the 2021 RSA. The 2022 RSA is a secured borrowing that is collateralized by the Company's eligible receivables, for which the Company is the servicing agent. The Company's receivable originator subsidiaries sell, on a revolving basis, undivided interests in all of their eligible accounts receivable to Swift Receivables Company II, LLC ("SRCII") who in turn sells a variable percentage ownership in those receivables to the various purchasers. The Company's eligible receivables are included in "Trade receivables, net of allowance for doubtful accounts" in the consolidated balance sheets. As of September 30, 2023, the Company's eligible receivables generally have high credit quality, as determined by the obligor's corporate credit rating.
The 2022 RSA is subject to fees, various affirmative and negative covenants, representations and warranties, and default and termination provisions customary for facilities of this type. The Company was in compliance with these covenants as of September 30, 2023. Collections on the underlying receivables by the Company are held for the benefit of SRCII and the various purchasers and are unavailable to satisfy claims of the Company and its subsidiaries.
15
KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) — CONTINUED
The following table summarizes the key terms of the 2022 RSA (dollars in thousands):
2022 RSA
(Dollars in thousands)
Effective dateOctober 3, 2022
Final maturity dateOctober 1, 2025
Borrowing capacity$475,000 
Accordion option 1
$100,000 
Unused commitment fee rate 2
20 to 40 basis points
Program fees on outstanding balances 3
one month SOFR + credit adjustment spread 10 basis points + 82.5 basis points
1The accordion option increases the maximum borrowing capacity, subject to participation of the purchasers.
2The 2022 RSA commitment fee rates are based on the percentage of the maximum borrowing capacity utilized.
3As identified within the 2022 RSA, the lender can trigger an amendment by identifying and deciding upon a replacement for SOFR.
Availability under the 2022 RSA is calculated as follows:
September 30, 2023December 31, 2022
(In thousands)
Borrowing base, based on eligible receivables$363,800 $456,400 
Less: outstanding borrowings 1
(362,000)(419,000)
Availability under accounts receivable securitization facilities$1,800 $37,400 
1Outstanding borrowings are included in "Accounts receivable securitization" in the condensed consolidated balance sheets and are offset by deferred loan costs of $0.3 million and $0.4 million as of September 30, 2023 and December 31, 2022, respectively. Interest accrued on the aggregate principal balance at a rate of 6.3% and 5.1% as of September 30, 2023 and December 31, 2022, respectively.
Refer to Note 12 for information regarding the fair value of the 2022 RSA.
2023 RSA
On October 23, 2023, the Company entered into the Seventh Amendment to the Amended and Restated Receivables Sales Agreement ("2023 RSA"). The 2023 RSA, among other things, increases the maximum borrowing capacity to $575.0 million.
16
KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) — CONTINUED
Note 6 — Debt and Financing
Other than the Company's accounts receivable securitization as discussed in Note 5, the Company's long-term debt consisted of the following:
September 30, 2023December 31, 2022
(In thousands)
2021 Term Loan A-2, due September 3, 2024, net 1 2
199,865 199,755 
2021 Term Loan A-3, due September 3, 2026, net 1 2
798,970 798,705 
2023 Term Loan, due September 3, 2026, net 1 3
249,054 — 
Revenue equipment installment notes 1 4
296,884 — 
Prudential Notes, net 1
28,057 35,960 
Other9,322 3,042 
Total long-term debt, including current portion1,582,152 1,037,462 
Less: current portion of long-term debt(320,441)(12,794)
Long-term debt, less current portion$1,261,711 $1,024,668 
September 30, 2023December 31, 2022
(In thousands)
Total long-term debt, including current portion$1,582,152 $1,037,462 
2021 Revolver, due September 3, 2026 1 5
300,000 43,000 
Long-term debt, including revolving line of credit$1,882,152 $1,080,462 
1Refer to Note 12 for information regarding the fair value of debt.
2As of September 30, 2023, the carrying amounts of the 2021 Term Loan A-2 and 2021 Term Loan A-3 were net of $0.1 million and $1.0 million in deferred loan costs, respectively. As of December 31, 2022, the carrying amounts of the 2021 Term Loan A-2 and 2021 Term Loan A-3 were net of $0.2 million and $1.3 million in deferred loan costs, respectively.
3As of September 30, 2023, the carrying amount of the 2023 Term Loan was net of $0.9 million in deferred loan costs.
4The revenue equipment installment loans were assumed at the close of the U. S. Xpress Acquisition and have a weighted average interest rate of 4.5% as of September 30, 2023.
5The Company also had outstanding letters of credit of $21.2 million and $15.8 million under the 2021 Revolver, primarily related to workers' compensation and self-insurance liabilities at September 30, 2023 and December 31, 2022, respectively. The Company also had outstanding letters of credit of $264.3 million and $173.1 million under a separate bilateral agreement which do not impact the availability of the 2021 Revolver as of September 30, 2023 and December 31, 2022, respectively.
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KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) — CONTINUED
Credit Agreements
2021 Debt Agreement — On September 3, 2021, the Company entered into the $2.3 billion 2021 Debt Agreement (an unsecured credit facility) with a group of banks, replacing the Company's prior debt agreements. The following table presents the key terms of the 2021 Debt Agreement:
2021 Term Loan A-22021 Term Loan A-3
2021 Revolver 2
2021 Debt Agreement Terms(Dollars in thousands)
Maximum borrowing capacity$200,000$800,000$1,100,000
Final maturity dateSeptember 3, 2024September 3, 2026September 3, 2026
Interest rate margin reference rateBSBYBSBYBSBY
Interest rate minimum margin 1
0.75%0.88%0.88%
Interest rate maximum margin 1
1.38%1.50%1.50%
Minimum principal payment — amount$—$10,000$—
Minimum principal payment — frequencyOnceQuarterlyOnce
Minimum principal payment — commencement dateSeptember 3, 2024September 30, 2024September 3, 2026
1The interest rate margin for the 2021 Term Loans and 2021 Revolver is based on the Company's consolidated leverage ratio. As of September 30, 2023, interest accrued at 6.39% on the 2021 Term Loan A-2, 6.51% on the 2021 Term Loan A-3, and 6.53% on the 2021 Revolver.
2The commitment fee for the unused portion of the 2021 Revolver is based on the Company's consolidated leverage ratio, and ranges from 0.1% to 0.2%. As of September 30, 2023, commitment fees on the unused portion of the 2021 Revolver accrued at 0.1% and outstanding letter of credit fees accrued at 1.1%.
Pursuant to the 2021 Debt Agreement, the 2021 Revolver and the 2021 Term Loans contain certain financial covenants with respect to a maximum net leverage ratio and a minimum consolidated interest coverage ratio. The 2021 Debt Agreement provides flexibility regarding the use of proceeds from asset sales, payment of dividends, stock repurchases, and equipment financing. In addition to the financial covenants, the 2021 Debt Agreement includes usual and customary events of default for a facility of this nature and provides that, upon the occurrence and continuation of an event of default, payment of all amounts payable under the 2021 Debt Agreement may be accelerated, and the lenders' commitments may be terminated. The 2021 Debt Agreement contains certain usual and customary restrictions and covenants relating to, among other things, dividends (which are restricted only if a default or event of default occurs and is continuing or would result therefrom), liens, affiliate transactions, and other indebtedness. As of September 30, 2023, the Company was in compliance with the covenants under the 2021 Debt Agreement.
Borrowings under the 2021 Debt Agreement are made by Knight-Swift Transportation Holdings Inc. and are guaranteed by certain of the Company's material domestic subsidiaries (other than its captive insurance subsidiaries, driving academy subsidiary, and bankruptcy-remote special purpose subsidiary).
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KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) — CONTINUED
2023 Term Loan — On June 22, 2023, the Company entered into the $250.0 million 2023 Term Loan (an unsecured credit facility) with a group of banks. The 2023 Term Loan matures on September 3, 2026. There are no scheduled principal payments due until maturity. The 2023 Term Loan contains terms similar to the 2021 Debt Agreement. The proceeds received from the 2023 Term Loan were used to pay fees, commissions and expenses in connection with the Company's acquisition of U.S. Xpress. The interest rate applicable to the 2023 Term Loan is subject to a leverage-based grid and as of September 30, 2023 is equal to SOFR plus the 0.1% SOFR adjustment plus 1.375%. As of September 30, 2023, interest accrued at 6.79% on the 2023 Term Loan.

U.S. Xpress's Revenue Equipment Installment Notes — In connection with the U.S. Xpress Acquisition, the Company assumed revenue equipment installment notes with various lenders to finance tractors and trailers. Payments are due in monthly installments with final maturities at various dates through March 15, 2028, and the notes are secured by related revenue equipment with a net book value of $256.7 million as of September 30, 2023. Payment terms generally range from 36 months to 84 months. The interest rates as of September 30, 2023 range from 2% to 7%.

ACT's Prudential Notes — The 2021 Prudential Notes allow ACT to borrow up to $125.0 million, less amounts currently outstanding with Prudential Capital Group, provided that certain financial ratios are maintained. The 2021 Prudential Notes have interest rates ranging from 4.05% to 4.40% and various maturity dates ranging from October 2023 through January 2028. The 2021 Prudential Notes are unsecured and contain usual and customary restrictions on, among other things, the ability to make certain payments to stockholders, similar to the provisions of the Company's 2021 Debt Agreement. As of September 30, 2023, ACT had $98.2 million available for issuance under the agreement.
Fair Value Measurement — See Note 12 for fair value disclosures regarding the Company's debt instruments.
Note 7 — Defined Benefit Pension Plan
Net periodic pension income and benefits paid during the quarters ended September 30, 2023 and 2022 were immaterial.
Assumptions
A weighted-average discount rate of 5.58% was used to determine benefit obligations as of September 30, 2023.
The following weighted-average assumptions were used to determine net periodic pension cost:
Quarter Ended September 30,Year-to-Date September 30,
2023202220232022
Discount rate4.86 %4.33 %4.79 %3.13 %
Expected long-term rate of return on pension plan assets6.00 %6.00 %6.00 %6.00 %
Refer to Note 12 for additional information regarding fair value measurements of the Company's investments.
Note 8 — Purchase Commitments
As of September 30, 2023, the Company had outstanding commitments to purchase revenue equipment of $284.2 million in the remainder of 2023 ($179.7 million of which were tractor commitments), and none thereafter. These purchases may be financed through any combination of finance leases, operating leases, debt, proceeds from sales of existing equipment, and cash flows from operations.
As of September 30, 2023, the Company had outstanding commitments to purchase facilities and non-revenue equipment of $49.8 million in the remainder of 2023, $19.1 million from 2024 through 2025, $2.0 million from 2026 through 2027, and none thereafter. Factors such as costs and opportunities for future terminal expansions may change the amount of such expenditures.
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KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) — CONTINUED
Note 9 — Contingencies and Legal Proceedings
Legal Proceedings
The Company is party to certain legal proceedings incidental to its business. The majority of these claims relate to bodily injury, property damage, cargo and workers' compensation incurred in the transportation of freight, as well as certain class action litigation related to personnel and employment matters. We record a liability when we believe that it is probable that a loss has been incurred and the amount can be reasonably estimated.
Information is provided below regarding the nature, status, and contingent loss amounts, if any, associated with pending legal matters that may be material to the Company. There are inherent uncertainties in these legal matters, some of which are beyond management's control, making the ultimate outcomes difficult to predict. Moreover, management's views and estimates related to these matters may change in the future, as new events and circumstances arise and the matters continue to develop. Cash flows or results of operations could be materially affected in any particular period by the resolution of one or more of these contingencies.
The Company has made accruals with respect to its legal matters where appropriate, which are included in "Accrued liabilities" in the condensed consolidated balance sheets. The Company has recorded an aggregate accrual of approximately $9.2 million, relating to the Company's outstanding legal proceedings as of September 30, 2023.
EMPLOYEE COMPENSATION AND PAY PRACTICES MATTERS
California Wage, Meal, and Rest Class Actions
The plaintiffs generally allege one or more of the following: that the Company 1) failed to pay the California minimum wage; 2) failed to provide proper meal and rest periods; 3) failed to timely pay wages upon separation from employment; 4) failed to pay for all hours worked; 5) failed to pay overtime; 6) failed to properly reimburse work-related expenses; and 7) failed to provide accurate wage statements.
Plaintiff(s)Defendant(s)Date institutedCourt or agency currently pending in
John Burnell 1
Swift Transportation Co., Inc
March 22, 2010
United States District Court for the Central District of California
James R. Rudsell 1
Swift Transportation Co. of Arizona, LLC and Swift Transportation Company
April 5, 2012
United States District Court for the Central District of California
Recent Developments and Current Status
In April 2019, the parties reached settlement of this matter. In January 2020, the court granted final approval of the settlement. Two objectors appealed the court’s decision granting final approval of the settlement. The Company paid this settlement on July 10, 2023.
California Wage and Hour Class Action Litigation - U.S. Xpress
The plaintiffs generally allege one or more of the following: that class members were 1) not paid for off-the-clock work; 2) not provided duty free meal or rest breaks; 3) not paid premium pay in their absence; 4) not paid the California minimum wage for all hours worked in that state; 5) not provided accurate and complete itemized wage statements; and 6) not paid all accrued wages at the end of their employment.
Plaintiff(s)Defendant(s)Date institutedCourt or agency currently pending in
Various
U.S. Xpress
December 23, 2015
United States District Court for the Central District of California
Recent Developments and Current Status