10-Q 1 knx-20240630.htm 10-Q knx-20240630
false2024Q20001492691--12-31xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesknx:Vehicleknx:Segmentxbrli:pure00014926912024-01-012024-06-3000014926912024-07-2400014926912024-06-3000014926912023-12-310001492691knx:RevenueExcludingTruckloadFuelSurchargeMember2024-04-012024-06-300001492691knx:RevenueExcludingTruckloadFuelSurchargeMember2023-04-012023-06-300001492691knx:RevenueExcludingTruckloadFuelSurchargeMember2024-01-012024-06-300001492691knx:RevenueExcludingTruckloadFuelSurchargeMember2023-01-012023-06-300001492691knx:TruckloadFuelSurchargeRevenueMember2024-04-012024-06-300001492691knx:TruckloadFuelSurchargeRevenueMember2023-04-012023-06-300001492691knx:TruckloadFuelSurchargeRevenueMember2024-01-012024-06-300001492691knx:TruckloadFuelSurchargeRevenueMember2023-01-012023-06-3000014926912024-04-012024-06-3000014926912023-04-012023-06-3000014926912023-01-012023-06-3000014926912022-12-3100014926912023-06-300001492691knx:FinancingProvidedToIndependentContractorsForEquipmentSoldMember2024-01-012024-06-300001492691knx:FinancingProvidedToIndependentContractorsForEquipmentSoldMember2023-01-012023-06-300001492691knx:TransfersfrompropertyandequipmenttoassetsheldforsaleMember2024-01-012024-06-300001492691knx:TransfersfrompropertyandequipmenttoassetsheldforsaleMember2023-01-012023-06-300001492691knx:PropertyAndEquipmentObtainedInExchangeForFinanceLeaseLiabilitiesFromOperatingLeaseLiabilitiesMember2024-01-012024-06-300001492691knx:PropertyAndEquipmentObtainedInExchangeForFinanceLeaseLiabilitiesFromOperatingLeaseLiabilitiesMember2023-01-012023-06-300001492691knx:USXpressMember2024-06-300001492691knx:USXpressMember2023-12-310001492691knx:USXpressMember2023-06-300001492691knx:USXpressMember2022-12-310001492691us-gaap:CommonClassAMember2023-12-310001492691us-gaap:CommonClassAMemberus-gaap:CommonStockMember2023-12-310001492691us-gaap:AdditionalPaidInCapitalMember2023-12-310001492691us-gaap:RetainedEarningsMember2023-12-310001492691us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001492691us-gaap:ParentMember2023-12-310001492691us-gaap:NoncontrollingInterestMember2023-12-310001492691us-gaap:CommonClassAMember2024-01-012024-06-300001492691us-gaap:CommonClassAMemberus-gaap:CommonStockMember2024-01-012024-06-300001492691us-gaap:AdditionalPaidInCapitalMember2024-01-012024-06-300001492691us-gaap:ParentMember2024-01-012024-06-300001492691us-gaap:RetainedEarningsMember2024-01-012024-06-300001492691us-gaap:NoncontrollingInterestMember2024-01-012024-06-300001492691us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-06-300001492691us-gaap:CommonClassAMember2024-06-300001492691us-gaap:CommonClassAMemberus-gaap:CommonStockMember2024-06-300001492691us-gaap:AdditionalPaidInCapitalMember2024-06-300001492691us-gaap:RetainedEarningsMember2024-06-300001492691us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300001492691us-gaap:ParentMember2024-06-300001492691us-gaap:NoncontrollingInterestMember2024-06-300001492691us-gaap:CommonClassAMember2022-12-310001492691us-gaap:CommonClassAMemberus-gaap:CommonStockMember2022-12-310001492691us-gaap:AdditionalPaidInCapitalMember2022-12-310001492691us-gaap:RetainedEarningsMember2022-12-310001492691us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001492691us-gaap:ParentMember2022-12-310001492691us-gaap:NoncontrollingInterestMember2022-12-310001492691us-gaap:CommonClassAMember2023-01-012023-06-300001492691us-gaap:CommonClassAMemberus-gaap:CommonStockMember2023-01-012023-06-300001492691us-gaap:AdditionalPaidInCapitalMember2023-01-012023-06-300001492691us-gaap:ParentMember2023-01-012023-06-300001492691us-gaap:RetainedEarningsMember2023-01-012023-06-300001492691us-gaap:NoncontrollingInterestMember2023-01-012023-06-300001492691us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-06-300001492691us-gaap:CommonClassAMember2023-06-300001492691us-gaap:CommonClassAMemberus-gaap:CommonStockMember2023-06-300001492691us-gaap:AdditionalPaidInCapitalMember2023-06-300001492691us-gaap:RetainedEarningsMember2023-06-300001492691us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300001492691us-gaap:ParentMember2023-06-300001492691us-gaap:NoncontrollingInterestMember2023-06-300001492691us-gaap:CommonClassAMember2024-03-310001492691us-gaap:CommonClassAMemberus-gaap:CommonStockMember2024-03-310001492691us-gaap:AdditionalPaidInCapitalMember2024-03-310001492691us-gaap:RetainedEarningsMember2024-03-310001492691us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310001492691us-gaap:ParentMember2024-03-310001492691us-gaap:NoncontrollingInterestMember2024-03-3100014926912024-03-310001492691us-gaap:CommonClassAMember2024-04-012024-06-300001492691us-gaap:CommonClassAMemberus-gaap:CommonStockMember2024-04-012024-06-300001492691us-gaap:AdditionalPaidInCapitalMember2024-04-012024-06-300001492691us-gaap:ParentMember2024-04-012024-06-300001492691us-gaap:RetainedEarningsMember2024-04-012024-06-300001492691us-gaap:NoncontrollingInterestMember2024-04-012024-06-300001492691us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-04-012024-06-300001492691us-gaap:CommonClassAMember2023-03-310001492691us-gaap:CommonClassAMemberus-gaap:CommonStockMember2023-03-310001492691us-gaap:AdditionalPaidInCapitalMember2023-03-310001492691us-gaap:RetainedEarningsMember2023-03-310001492691us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310001492691us-gaap:ParentMember2023-03-310001492691us-gaap:NoncontrollingInterestMember2023-03-3100014926912023-03-310001492691us-gaap:CommonClassAMember2023-04-012023-06-300001492691us-gaap:CommonClassAMemberus-gaap:CommonStockMember2023-04-012023-06-300001492691us-gaap:AdditionalPaidInCapitalMember2023-04-012023-06-300001492691us-gaap:ParentMember2023-04-012023-06-300001492691us-gaap:RetainedEarningsMember2023-04-012023-06-300001492691us-gaap:NoncontrollingInterestMember2023-04-012023-06-300001492691us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-012023-06-300001492691knx:AccountingStandardsUpdate202402Member2024-01-012024-06-300001492691knx:AccountingStandardsUpdate202401Member2024-01-012024-06-300001492691knx:USXpressMember2023-07-012023-07-010001492691knx:USXpressMember2024-04-012024-06-300001492691knx:USXpressMember2024-01-012024-06-300001492691knx:USXpressMember2023-12-312023-12-310001492691srt:RestatementAdjustmentMemberknx:USXpressMember2024-06-302024-06-300001492691knx:USXpressMember2024-06-302024-06-300001492691srt:RestatementAdjustmentMemberknx:USXpressMember2024-06-300001492691knx:USXpressMemberus-gaap:CustomerRelationshipsMember2024-06-300001492691knx:USXpressMember2023-04-012023-06-300001492691knx:USXpressMember2023-01-012023-06-300001492691knx:EleosMemberus-gaap:SubsequentEventMember2024-07-170001492691us-gaap:SubsequentEventMemberknx:DHEMember2024-07-302024-07-300001492691srt:MinimumMemberus-gaap:StateAndLocalJurisdictionMember2024-01-012024-06-300001492691us-gaap:StateAndLocalJurisdictionMembersrt:MaximumMember2024-01-012024-06-300001492691knx:A2023RSAMember2023-10-232023-10-230001492691knx:A2023RSAMember2023-10-230001492691knx:A2023RSAMember2024-06-300001492691knx:A2023RSAMember2023-12-310001492691knx:A2023RSAMember2023-12-312023-12-310001492691knx:A2023RSAMember2024-06-302024-06-300001492691knx:A2021TermLoanA2Member2024-06-300001492691knx:A2021TermLoanA2Member2023-12-310001492691knx:A2021TermLoanA3Member2024-06-300001492691knx:A2021TermLoanA3Member2023-12-310001492691knx:A2023TermLoanMember2024-06-300001492691knx:A2023TermLoanMember2023-12-310001492691knx:U.S.XpressRevenueEquipmentInstallmentNotesMember2024-06-300001492691knx:U.S.XpressRevenueEquipmentInstallmentNotesMember2023-12-310001492691knx:A2021PrudentialNotesMember2024-06-300001492691knx:A2021PrudentialNotesMember2023-12-310001492691knx:OtherDebtMember2024-06-300001492691knx:OtherDebtMember2023-12-310001492691us-gaap:LineOfCreditMemberknx:A2021RevolverMember2024-06-300001492691us-gaap:LineOfCreditMemberknx:A2021RevolverMember2023-12-310001492691knx:A2021RevolverMember2024-06-300001492691knx:A2021RevolverMember2023-12-310001492691us-gaap:LoansPayableMember2021-09-030001492691knx:A2021TermLoanA2Member2021-09-030001492691knx:A2021TermLoanA3Member2021-09-030001492691knx:A2021RevolverMember2021-09-030001492691knx:A2021TermLoanA2Member2021-09-032021-09-030001492691knx:A2021TermLoanA3Member2021-09-032021-09-030001492691knx:A2021RevolverMember2021-09-032021-09-030001492691srt:MinimumMemberknx:A2021TermLoanA2Member2021-09-030001492691srt:MinimumMemberknx:A2021TermLoanA3Member2021-09-030001492691srt:MinimumMemberknx:A2021RevolverMember2021-09-030001492691srt:MaximumMemberknx:A2021TermLoanA2Member2021-09-030001492691knx:A2021TermLoanA3Membersrt:MaximumMember2021-09-030001492691knx:A2021RevolverMembersrt:MaximumMember2021-09-030001492691knx:A2021TermLoanA2Member2024-06-302024-06-300001492691knx:A2021TermLoanA3Member2024-06-302024-06-300001492691knx:A2021RevolverMember2024-06-302024-06-300001492691srt:MinimumMemberknx:A2021RevolverMember2021-09-032021-09-030001492691knx:A2021RevolverMembersrt:MaximumMember2021-09-032021-09-030001492691knx:A2023TermLoanMember2023-06-220001492691knx:A2023TermLoanMember2023-06-222023-06-220001492691knx:A2023TermLoanMember2024-06-302024-06-300001492691srt:MinimumMemberknx:U.S.XpressRevenueEquipmentInstallmentNotesMember2024-01-012024-06-300001492691knx:U.S.XpressRevenueEquipmentInstallmentNotesMembersrt:MaximumMember2024-01-012024-06-300001492691srt:MinimumMemberknx:U.S.XpressRevenueEquipmentInstallmentNotesMember2024-06-302024-06-300001492691knx:U.S.XpressRevenueEquipmentInstallmentNotesMembersrt:MaximumMember2024-06-302024-06-300001492691knx:A2021PrudentialNotesMemberus-gaap:LoansPayableMember2021-09-030001492691srt:MinimumMemberknx:A2021PrudentialNotesMember2021-09-030001492691knx:A2021PrudentialNotesMembersrt:MaximumMember2021-09-030001492691knx:CapitalAdditionPurchaseCommitmentsTotalRevenueEquipmentMember2024-06-300001492691knx:CapitalAdditionPurchaseCommitmentsofTractorsMember2024-06-300001492691knx:CapitalAdditionPurchaseCommitmentsNonrevenueequipmentMember2024-06-300001492691knx:KnightSwiftShareRepurchasePlanApril192022Member2022-04-190001492691knx:KnightSwiftShareRepurchasePlanNovember242020Member2022-04-190001492691knx:KnightSwiftShareRepurchasePlanApril192022Member2024-01-012024-06-300001492691knx:KnightSwiftShareRepurchasePlanApril192022Member2023-04-012023-06-300001492691knx:KnightSwiftShareRepurchasePlanApril192022Member2024-06-300001492691knx:KnightSwiftShareRepurchasePlanApril192022Member2023-12-310001492691knx:A2021TermLoanA2Member2024-06-300001492691knx:A2021TermLoanA2Member2023-12-310001492691knx:A2021TermLoanA3Member2024-06-300001492691knx:A2021TermLoanA3Member2023-12-310001492691knx:A2023TermLoanMember2024-06-300001492691knx:A2023TermLoanMember2023-12-310001492691knx:A2021RevolverMember2024-06-300001492691knx:A2021RevolverMember2023-12-310001492691knx:U.S.XpressRevenueEquipmentInstallmentNotesMember2024-06-300001492691knx:U.S.XpressRevenueEquipmentInstallmentNotesMember2023-12-310001492691knx:A2021PrudentialNotesMember2024-06-300001492691knx:A2021PrudentialNotesMember2023-12-310001492691knx:ClassAMemberknx:USXpressMember2024-06-300001492691knx:ClassAMemberknx:USXpressMember2023-12-310001492691knx:A2021TermLoanA2Memberus-gaap:LoansPayableMember2024-06-300001492691knx:A2021TermLoanA3Memberus-gaap:LoansPayableMember2024-06-300001492691knx:A2021TermLoanA2Memberus-gaap:LoansPayableMember2023-12-310001492691knx:A2021TermLoanA3Memberus-gaap:LoansPayableMember2023-12-310001492691knx:A2023TermLoanMemberus-gaap:LoansPayableMember2024-06-300001492691knx:A2023TermLoanMemberus-gaap:LoansPayableMember2023-12-310001492691us-gaap:FairValueMeasurementsRecurringMember2024-06-300001492691us-gaap:FairValueMeasurementsRecurringMember2023-12-310001492691knx:ClassAMemberknx:USXpressMemberus-gaap:FairValueMeasurementsRecurringMember2024-06-300001492691knx:ClassAMemberknx:USXpressMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-06-300001492691us-gaap:FairValueInputsLevel2Memberknx:ClassAMemberknx:USXpressMemberus-gaap:FairValueMeasurementsRecurringMember2024-06-300001492691us-gaap:FairValueInputsLevel3Memberknx:ClassAMemberknx:USXpressMemberus-gaap:FairValueMeasurementsRecurringMember2024-06-300001492691knx:ClassAMemberknx:USXpressMemberus-gaap:FairValueMeasurementsRecurringMember2024-01-012024-06-300001492691us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-06-300001492691us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-06-300001492691us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-06-300001492691us-gaap:FairValueMeasurementsRecurringMember2024-01-012024-06-300001492691knx:ClassAMemberknx:USXpressMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001492691knx:ClassAMemberknx:USXpressMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001492691us-gaap:FairValueInputsLevel2Memberknx:ClassAMemberknx:USXpressMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001492691us-gaap:FairValueInputsLevel3Memberknx:ClassAMemberknx:USXpressMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001492691knx:ClassAMemberknx:USXpressMemberus-gaap:FairValueMeasurementsRecurringMember2023-01-012023-12-310001492691us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001492691us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001492691us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001492691us-gaap:FairValueMeasurementsRecurringMember2023-01-012023-12-310001492691us-gaap:FairValueMeasurementsRecurringMember2024-04-012024-06-300001492691us-gaap:FairValueMeasurementsRecurringMember2023-04-012023-06-300001492691us-gaap:FairValueMeasurementsRecurringMember2023-01-012023-06-300001492691us-gaap:BuildingAndBuildingImprovementsMemberus-gaap:FairValueMeasurementsNonrecurringMember2024-06-300001492691us-gaap:BuildingAndBuildingImprovementsMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2024-06-300001492691us-gaap:FairValueInputsLevel2Memberus-gaap:BuildingAndBuildingImprovementsMemberus-gaap:FairValueMeasurementsNonrecurringMember2024-06-300001492691us-gaap:FairValueInputsLevel3Memberus-gaap:BuildingAndBuildingImprovementsMemberus-gaap:FairValueMeasurementsNonrecurringMember2024-06-300001492691us-gaap:BuildingAndBuildingImprovementsMemberus-gaap:FairValueMeasurementsNonrecurringMember2024-01-012024-06-300001492691us-gaap:PropertySubjectToOperatingLeaseMemberus-gaap:FairValueMeasurementsNonrecurringMember2024-06-300001492691us-gaap:PropertySubjectToOperatingLeaseMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2024-06-300001492691us-gaap:FairValueInputsLevel2Memberus-gaap:PropertySubjectToOperatingLeaseMemberus-gaap:FairValueMeasurementsNonrecurringMember2024-06-300001492691us-gaap:FairValueInputsLevel3Memberus-gaap:PropertySubjectToOperatingLeaseMemberus-gaap:FairValueMeasurementsNonrecurringMember2024-06-300001492691us-gaap:PropertySubjectToOperatingLeaseMemberus-gaap:FairValueMeasurementsNonrecurringMember2024-01-012024-06-300001492691us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:EquipmentMember2024-06-300001492691us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EquipmentMember2024-06-300001492691us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:EquipmentMember2024-06-300001492691us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:EquipmentMember2024-06-300001492691us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:EquipmentMember2024-01-012024-06-300001492691us-gaap:BuildingAndBuildingImprovementsMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-12-310001492691us-gaap:BuildingAndBuildingImprovementsMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2023-12-310001492691us-gaap:FairValueInputsLevel2Memberus-gaap:BuildingAndBuildingImprovementsMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-12-310001492691us-gaap:FairValueInputsLevel3Memberus-gaap:BuildingAndBuildingImprovementsMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-12-310001492691us-gaap:BuildingAndBuildingImprovementsMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-01-012023-12-310001492691us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:EquipmentMember2023-12-310001492691us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EquipmentMember2023-12-310001492691us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:EquipmentMember2023-12-310001492691us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:EquipmentMember2023-12-310001492691us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:EquipmentMember2023-01-012023-12-310001492691us-gaap:SoftwareAndSoftwareDevelopmentCostsMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-12-310001492691us-gaap:SoftwareAndSoftwareDevelopmentCostsMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2023-12-310001492691us-gaap:FairValueInputsLevel2Memberus-gaap:SoftwareAndSoftwareDevelopmentCostsMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-12-310001492691us-gaap:SoftwareAndSoftwareDevelopmentCostsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-12-310001492691us-gaap:SoftwareAndSoftwareDevelopmentCostsMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-01-012023-12-310001492691us-gaap:FairValueMeasurementsNonrecurringMember2024-06-300001492691us-gaap:FairValueMeasurementsNonrecurringMember2023-12-310001492691us-gaap:EquipmentMember2024-04-012024-06-300001492691us-gaap:EquipmentMember2023-04-012023-06-300001492691us-gaap:EquipmentMember2024-01-012024-06-300001492691us-gaap:EquipmentMember2023-01-012023-06-300001492691us-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-06-300001492691us-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-06-300001492691us-gaap:FairValueInputsLevel2Memberus-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-06-300001492691us-gaap:FairValueInputsLevel3Memberus-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-06-300001492691us-gaap:DefinedBenefitPlanCashMemberus-gaap:FairValueMeasurementsRecurringMember2024-06-300001492691us-gaap:DefinedBenefitPlanCashMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-06-300001492691us-gaap:DefinedBenefitPlanCashMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-06-300001492691us-gaap:DefinedBenefitPlanCashMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-06-300001492691us-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001492691us-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001492691us-gaap:FairValueInputsLevel2Memberus-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001492691us-gaap:FairValueInputsLevel3Memberus-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001492691us-gaap:DefinedBenefitPlanCashMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001492691us-gaap:DefinedBenefitPlanCashMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001492691us-gaap:DefinedBenefitPlanCashMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001492691us-gaap:DefinedBenefitPlanCashMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001492691us-gaap:OtherAffiliatesMemberknx:FacilityandEquipmentLeasesMember2024-04-012024-06-300001492691us-gaap:OtherAffiliatesMemberknx:FacilityandEquipmentLeasesMember2023-04-012023-06-300001492691us-gaap:OtherAffiliatesMemberknx:FacilityandEquipmentLeasesMember2024-01-012024-06-300001492691us-gaap:OtherAffiliatesMemberknx:FacilityandEquipmentLeasesMember2023-01-012023-06-300001492691us-gaap:OtherAffiliatesMemberknx:OtherServicesMember2024-04-012024-06-300001492691us-gaap:OtherAffiliatesMemberknx:OtherServicesMember2023-04-012023-06-300001492691us-gaap:OtherAffiliatesMemberknx:OtherServicesMember2024-01-012024-06-300001492691us-gaap:OtherAffiliatesMemberknx:OtherServicesMember2023-01-012023-06-300001492691us-gaap:OtherAffiliatesMember2024-06-300001492691us-gaap:OtherAffiliatesMember2023-12-310001492691us-gaap:OperatingSegmentsMemberknx:TruckloadMember2024-04-012024-06-300001492691us-gaap:OperatingSegmentsMemberknx:TruckloadMember2023-04-012023-06-300001492691us-gaap:OperatingSegmentsMemberknx:TruckloadMember2024-01-012024-06-300001492691us-gaap:OperatingSegmentsMemberknx:TruckloadMember2023-01-012023-06-300001492691knx:LTLMemberus-gaap:OperatingSegmentsMember2024-04-012024-06-300001492691knx:LTLMemberus-gaap:OperatingSegmentsMember2023-04-012023-06-300001492691knx:LTLMemberus-gaap:OperatingSegmentsMember2024-01-012024-06-300001492691knx:LTLMemberus-gaap:OperatingSegmentsMember2023-01-012023-06-300001492691us-gaap:OperatingSegmentsMemberknx:LogisticsMember2024-04-012024-06-300001492691us-gaap:OperatingSegmentsMemberknx:LogisticsMember2023-04-012023-06-300001492691us-gaap:OperatingSegmentsMemberknx:LogisticsMember2024-01-012024-06-300001492691us-gaap:OperatingSegmentsMemberknx:LogisticsMember2023-01-012023-06-300001492691knx:IntermodalMemberus-gaap:OperatingSegmentsMember2024-04-012024-06-300001492691knx:IntermodalMemberus-gaap:OperatingSegmentsMember2023-04-012023-06-300001492691knx:IntermodalMemberus-gaap:OperatingSegmentsMember2024-01-012024-06-300001492691knx:IntermodalMemberus-gaap:OperatingSegmentsMember2023-01-012023-06-300001492691us-gaap:OperatingSegmentsMember2024-04-012024-06-300001492691us-gaap:OperatingSegmentsMember2023-04-012023-06-300001492691us-gaap:OperatingSegmentsMember2024-01-012024-06-300001492691us-gaap:OperatingSegmentsMember2023-01-012023-06-300001492691us-gaap:CorporateNonSegmentMember2024-04-012024-06-300001492691us-gaap:CorporateNonSegmentMember2023-04-012023-06-300001492691us-gaap:CorporateNonSegmentMember2024-01-012024-06-300001492691us-gaap:CorporateNonSegmentMember2023-01-012023-06-300001492691us-gaap:IntersegmentEliminationMember2024-04-012024-06-300001492691us-gaap:IntersegmentEliminationMember2023-04-012023-06-300001492691us-gaap:IntersegmentEliminationMember2024-01-012024-06-300001492691us-gaap:IntersegmentEliminationMember2023-01-012023-06-300001492691knx:ThirdPartyCarrierServicesMember2024-01-012024-06-30

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 June 30, 2024
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 161,864,000 shares of the registrant's common stock outstanding as of July 24, 2024.

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
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
2023 RSASeventh Amendment to the Amended and Restated Receivables Sales Agreement, entered into on October 23, 2023 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
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)
June 30, 2024December 31, 2023
(In thousands, except per share data)
ASSETS
Current assets:
Cash and cash equivalents$186,473 $168,545 
Cash and cash equivalents – restricted149,571 297,275 
Restricted investments, held-to-maturity, amortized cost— 530 
Trade receivables, net of allowance for doubtful accounts of $39,720 and $39,458, respectively
841,619 888,603 
Contract balance – revenue in transit14,267 12,246 
Prepaid expenses112,998 148,696 
Assets held for sale72,480 83,366 
Income tax receivable39,266 65,815 
Other current assets33,541 43,939 
Total current assets1,450,215 1,709,015 
Gross property and equipment6,917,535 6,720,610 
Less: accumulated depreciation and amortization(2,292,930)(2,104,211)
Property and equipment, net4,624,605 4,616,399 
Operating lease right-of-use-assets422,433 484,821 
Goodwill3,879,442 3,848,798 
Intangible assets, net2,021,838 2,058,882 
Other long-term assets171,792 152,850 
Total assets$12,570,325 $12,870,765 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$300,585 $355,173 
Accrued payroll and purchased transportation183,858 164,884 
Accrued liabilities197,801 220,350 
Claims accruals – current portion358,553 480,200 
Finance lease liabilities and long-term debt – current portion485,907 459,759 
Operating lease liabilities – current portion123,396 144,921 
Total current liabilities1,650,100 1,825,287 
Revolving line of credit120,000 67,000 
Long-term debt – less current portion1,173,121 1,223,021 
Finance lease liabilities – less current portion434,405 407,150 
Operating lease liabilities – less current portion326,752 371,407 
Accounts receivable securitization452,039 526,508 
Claims accruals – less current portion313,856 315,476 
Deferred tax liabilities910,882 951,749 
Other long-term liabilities118,817 79,086 
Total liabilities5,499,972 5,766,684 
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; 161,836 and 161,385 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively.
1,618 1,613 
Additional paid-in capital4,439,489 4,426,852 
Accumulated other comprehensive loss(827)(830)
Retained earnings2,613,684 2,659,755 
Total Knight-Swift stockholders' equity7,053,964 7,087,390 
Noncontrolling interest16,389 16,691 
Total stockholders’ equity7,070,353 7,104,081 
Total liabilities and stockholders’ equity$12,570,325 $12,870,765 
See accompanying notes to condensed consolidated financial statements (unaudited).
4
KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC.
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
 Quarter Ended June 30,Year-to-Date June 30,
 2024202320242023
(In thousands, except per share data)
Revenue:
Revenue, excluding truckload and LTL fuel surcharge$1,641,701 $1,390,448 $3,254,515 $2,840,741 
Truckload and LTL fuel surcharge204,953 162,531 414,606 349,170 
Total revenue1,846,654 1,552,979 3,669,121 3,189,911 
Operating expenses:
Salaries, wages, and benefits691,878 533,237 1,384,785 1,069,979 
Fuel222,573 168,300 457,162 356,059 
Operations and maintenance138,251 101,380 272,884 200,691 
Insurance and claims105,438 137,306 227,884 275,345 
Operating taxes and licenses30,374 28,332 61,703 54,222 
Communications8,264 6,184 15,797 11,933 
Depreciation and amortization of property and equipment178,850 156,381 360,715 312,347 
Amortization of intangibles18,544 16,505 37,087 32,688 
Rental expense43,930 16,073 86,926 31,141 
Purchased transportation286,768 258,259 564,025 538,988 
Impairments5,877 — 9,859 — 
Miscellaneous operating expenses52,447 36,992 106,279 67,701 
Total operating expenses1,783,194 1,458,949 3,585,106 2,951,094 
Operating income63,460 94,030 84,015 238,817 
Other (expenses) income:
Interest income3,817 5,508 8,839 10,557 
Interest expense(40,482)(24,354)(81,718)(47,445)
Other income, net4,888 9,679 13,880 19,382 
Total other (expenses) income, net(31,777)(9,167)(58,999)(17,506)
Income before income taxes31,683 84,863 25,016 221,311 
Income tax expense11,790 21,959 8,116 54,694 
Net income19,893 62,904 16,900 166,617 
Net loss attributable to noncontrolling interest407 422 765 993 
Net income attributable to Knight-Swift20,300 63,326 17,665 167,610 
Other comprehensive income41 531 3 1,621 
Comprehensive income$20,341 $63,857 $17,668 $169,231 
Earnings per share:
Basic$0.13 $0.39 $0.11 $1.04 
Diluted$0.13 $0.39 $0.11 $1.04 
Dividends declared per share:$0.16 $0.14 $0.32 $0.28 
Weighted average shares outstanding:
Basic161,689 161,116 161,598 161,018 
Diluted162,111 161,940 162,089 161,917 
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 June 30,
 20242023
(In thousands)
Cash flows from operating activities:
Net income$16,900 $166,617 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property, equipment, and intangibles397,802 345,035 
Gain on sale of property and equipment(12,604)(35,180)
Impairments9,859 — 
Deferred income taxes(30,970)(8,002)
Non-cash lease expense82,263 22,138 
Gain on equity securities(288)(1,870)
Other adjustments to reconcile net income to net cash provided by operating activities1,324 36,277 
Increase (decrease) in cash resulting from changes in:
Trade receivables32,115 126,429 
Income tax receivable26,549 41,671 
Accounts payable(39,647)5,072 
Accrued liabilities and claims accrual(132,943)46,408 
Operating lease liabilities(91,427)(22,187)
Other assets and liabilities51,767 (218)
Net cash provided by operating activities310,700 722,190 
Cash flows from investing activities:
Proceeds from maturities of held-to-maturity investments530 3,620 
Purchases of held-to-maturity investments— (30)
Proceeds from sale of property and equipment, including assets held for sale114,033 98,755 
Purchases of property and equipment(372,661)(517,856)
Expenditures on assets held for sale(79)(634)
Other cash flows from investing activities(664)155 
Net cash used in investing activities(258,841)(415,990)
Cash flows from financing activities:
Repayments of finance leases and long-term debt(100,147)(38,148)
Proceeds from long-term debt— 250,000 
Borrowings on revolving lines of credit, net53,000 167,000 
Borrowings under accounts receivable securitization22,000 — 
Repayments of accounts receivable securitization(96,600)(80,000)
Proceeds from common stock issued3,108 3,222 
Dividends paid(52,342)(45,940)
Other cash flows from financing activities(11,307)(19,510)
Net cash (used in) provided by financing activities(182,288)236,624 
Net (decrease) increase in cash, restricted cash, and equivalents(130,429)542,824 
Cash, restricted cash, and equivalents at beginning of period469,686 385,345 
Cash, restricted cash, and equivalents at end of period$339,257 $928,169 
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 June 30,
 20242023
(In thousands)
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest$86,931 $45,851 
Income taxes7,695 16,870 
Non-cash investing and financing activities:
Equipment acquired included in accounts payable$29,444 $30,789 
Financing provided to independent contractors for equipment sold1,636 3,778 
Transfers from property and equipment to assets held for sale49,673 80,947 
Right-of-use assets obtained in exchange for operating lease liabilities25,247 30,564 
Property and equipment obtained in exchange for finance lease liabilities77,472 19,797 
Property and equipment obtained in exchange for debt and finance lease liabilities reclassified from operating lease liabilities20,025 — 

Reconciliation of Cash, Restricted Cash, and Equivalents:June 30,
2024		December 31,
2023		June 30,
2023		December 31,
2022
(In thousands)
Consolidated Balance Sheets
Cash and cash equivalents$186,473 $168,545 $228,957 $196,770 
Cash and cash equivalents – restricted 1
149,571 297,275 251,438 185,792 
Acquisition escrow 2
— — 444,657 — 
Other long-term assets 1
3,213 3,866 3,117 2,783 
Consolidated Statements of Cash Flows
Cash, restricted cash, and equivalents$339,257 $469,686 $928,169 $385,345 
________
1    Reflects cash and cash equivalents that are primarily restricted for claims payments.
2    Reflects restricted cash for the U.S. Xpress acquisition which closed on July 1, 2023.

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 (Loss) Income		Total Knight-Swift Stockholders' EquityNoncontrolling
 Interest		Total
Stockholders’ Equity
 SharesPar Value
(In thousands, except per share data)
Balances – December 31, 2023161,385 $1,613 $4,426,852 $2,659,755 $(830)$7,087,390 $16,691 $7,104,081 
Common stock issued to employees393 4 — 4 4 
Common stock issued to the Board24 — 1,206 1,206 1,206 
Common stock issued under ESPP34 1 1,897 1,898 1,898 
Shares withheld – RSU settlement(11,651)(11,651)(11,651)
Employee stock-based compensation expense10,581 10,581 10,581 
Cash dividends paid and dividends accrued ($0.32 per share)
(52,085)(52,085)(52,085)
Net income (loss)17,665 17,665 (765)16,900 
Other comprehensive income3 3 3 
Investment in noncontrolling interest1,473 1,473 
Distribution to noncontrolling interest(1,047)(1,047)(1,010)(2,057)
Balances – June 30, 2024161,836 $1,618 $4,439,489 $2,613,684 $(827)$7,053,964 $16,389 $7,070,353 
 Common StockAdditional
Paid-in Capital		Retained EarningsAccumulated
Other
Comprehensive (Loss) Income		Total Knight-Swift Stockholders' EquityNoncontrolling InterestTotal
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 employees512 5 158 163 163 
Common stock issued to the Board18 — 977 977 977 
Common stock issued under ESPP40 1 2,081 2,082 2,082 
Shares withheld – RSU settlement(18,271)(18,271)(18,271)
Employee stock-based compensation expense16,587 16,587 16,587 
Cash dividends paid and dividends accrued ($0.28 per share)
(45,491)(45,491)(45,491)
Net income (loss)167,610 167,610 (993)166,617 
Other comprehensive income1,621 1,621 1,621 
Investment in noncontrolling interest1,716 1,716 
Distribution to noncontrolling interest(239)(239)
Balances – June 30, 2023161,276 $1,613 $4,412,069 $2,657,415 $(815)$7,070,282 $10,761 $7,081,043 

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 (Loss) Income		Total Knight-Swift Stockholders' EquityNoncontrolling
 Interest		Total
Stockholders’ Equity
SharesPar Value
(In thousands, except per share data)
Balances – March 31, 2024161,593 $1,616 $4,430,736 $2,624,666 (868)$7,056,150 $16,072 $7,072,222 
Common stock issued to employees202 2 — 2 2 
Common stock issued to the Board24 — 1,208 1,208 1,208 
Common stock issued under ESPP17 — 945 945 945 
Shares withheld – RSU settlement(5,216)(5,216)(5,216)
Employee stock-based compensation expense6,600 6,600 6,600 
Cash dividends paid and dividends accrued ($0.16 per share)
(26,066)(26,066)(26,066)
Net income (loss)20,300 20,300 (407)19,893 
Other comprehensive income41 41 41 
Investment in noncontrolling interest743 743 
Distribution to noncontrolling interest(19)(19)
Balances – June 30, 2024161,836 $1,618 $4,439,489 $2,613,684 $(827)$7,053,964 $16,389 $7,070,353 
Common StockAdditional
Paid-in Capital		Retained EarningsAccumulated
Other
Comprehensive (Loss) Income		Total Knight-Swift Stockholders' EquityNoncontrolling InterestTotal
Stockholders’ Equity
SharesPar Value
(In thousands, except per share data)
Balances – March 31, 2023161,009 $1,610 $4,401,276 $2,623,373 (1,346)$7,024,913 $10,681 $7,035,594 
Common stock issued to employees230 2 115 117 117 
Common stock issued to the Board18 — 977 977 977 
Common stock issued under ESPP19 1 1,041 1,042 1,042 
Shares withheld – RSU settlement(6,523)(6,523)(6,523)
Employee stock-based compensation expense8,660 8,660 8,660 
Cash dividends paid and dividends accrued ($0.14 per share)
(22,761)(22,761)(22,761)
Net income (loss)63,326 63,326 (422)62,904 
Other comprehensive income531 531 531 
Investment in noncontrolling interest741 741 
Distribution to noncontrolling interest(239)(239)
Balances – June 30, 2023161,276 $1,613 $4,412,069 $2,657,415 $(815)$7,070,282 $10,761 $7,081,043 
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 June 30, 2024, the Company operated an average of 23,071 tractors (comprised of 20,913 company tractors and 2,158 independent contractor tractors) and 93,495 trailers within the Truckload segment and leasing activities within the non-reportable segments. The LTL segment operated an average of 3,393 tractors and 8,796 trailers. Additionally, the Intermodal segment operated an average of 611 tractors and 12,581 intermodal containers. As of June 30, 2024, 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 2023 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 current and prior period results 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 2024ASU No. 2024-02: Codification Improvements - Amendments to Remove References to the Concepts StatementsThe amendments in this ASU contain amendments to the Codification that remove references to various Concepts Statements. In most cases, the references are extraneous and not required to understand or apply the guidance. In other instances, the references were used in prior Statements to provide guidance in certain topical areas.January 2025, Prospective or retrospectiveCurrently under evaluation, but not expected to be material
March 2024ASU No. 2024-01: Compensation - Stock Compensation (Topic 718)The amendments in this ASU improve GAAP by adding an illustrative example that includes four fact patterns to demonstrate how an entity should apply the scope guidance in paragraph 718-10-15-3 to determine whether a profits interest award should be accounted for in accordance with Topic 718.January 2025, Prospective or retrospectiveCurrently under evaluation, but not expected to be material
Note 3 — Acquisitions
Second quarter 2024 developments related to the Company's recent acquisitions are discussed below.
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.
During the quarter ended June 30, 2024, the Company's consolidated operating results included U.S. Xpress' total revenue of $405.6 million and a net loss of $13.3 million. U.S. Xpress' net loss during the quarter ended June 30, 2024 included $2.3 million related to the amortization of intangible assets acquired in the U.S. Xpress Acquisition.
For the year-to-date period ended June 30, 2024, the Company's consolidated operating results included U.S. Xpress' total revenue of $819.0 million and a net loss of $19.3 million. U.S. Xpress' net loss for the year-to-date period ended June 30, 2024 included $4.6 million related to the amortization of intangible assets acquired in the U.S. Xpress Acquisition.
11
KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) — CONTINUED
Purchase Price Allocation
The purchase price was allocated based on estimated fair values of the assets and liabilities acquired as of the acquisition date. The purchase price allocation was open for adjustments through the end of the measurement period, which closed one year from the July 1, 2023 acquisition date.
July 1, 2023 Opening Balance Sheet as Reported at December 31, 2023AdjustmentsJuly 1, 2023 Opening Balance Sheet as Reported at June 30, 2024
Fair value of the consideration transferred$632,109 $— $632,109 
Cash and cash equivalents3,321 — 3,321 
Receivables216,659 345 217,004 
Prepaid expenses21,347 — 21,347 
Other current assets47,317 — 47,317 
Property and equipment433,210 — 433,210 
Operating lease right-of-use assets337,055 — 337,055 
Identifiable intangible assets 1
348,000 — 348,000 
Other noncurrent assets28,457 — 28,457 
Total assets1,435,366 345 1,435,711 
Accounts payable (115,494)(1,600)(117,094)
Accrued payroll and payroll-related expenses(27,485)— (27,485)
Accrued liabilities(19,966)(809)(20,775)
Claims accruals – current and noncurrent portions(180,251)(11,650)(191,901)
Operating lease liabilities – current and noncurrent portions(376,763)— (376,763)
Long-term debt and finance leases – current and noncurrent portions(337,949)— (337,949)
Deferred tax liabilities (33,072)9,942 (23,130)
Other long-term liabilities(34,230)(26,872)(61,102)
Total liabilities(1,125,210)(30,989)(1,156,199)
Noncontrolling interest(391)— (391)
Total stockholders' equity(391)— (391)
Goodwill $322,344 $30,644 $352,988 
1    Includes $184.5 million in customer relationships and $163.5 million in trade names.
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, 2023, the beginning of the comparative period presented.
Quarter Ended June 30,Year-to-Date June 30,
20232023
(In thousands, except per share data)
Total revenue$2,015,537 $4,145,195 
Net income attributable to Knight-Swift34,790 112,938 
Earnings per share – diluted0.21 0.70 
12
KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) — CONTINUED
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 $20.7 million and $25.3 million during the quarter and year-to-date periods ended June 30, 2023. 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 material acquisitions during the quarter ended June 30, 2024.
Subsequent to June 30, 2024, the Company acquired the remaining 18.5% non-controlling interest of Eleos.
Effective July 30, 2024, the Company, through a wholly owned subsidiary, acquired the operating assets and assumed certain liabilities of the regional less-than-truckload division of Dependable Highway Express, Inc. based in Los Angeles, California for total cash consideration of approximately $185 million funded by the 2021 Revolver. The Company has not completed the initial accounting for this transaction as it is still in the preliminary stages of assessing the fair value of the underlying tangible and intangible assets.
Note 4 — Income Taxes
Effective Tax Rate — The quarter ended June 30, 2024 and June 30, 2023 effective tax rates were 37.2% and 25.9%, respectively. The year-to-date June 30, 2024 and June 30, 2023 effective tax rates were 32.4% and 24.7% respectively. The current quarter effective tax rate was primarily impacted by a reduction in pre-tax income.

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. As of June 30, 2024 and December 31, 2023, the Company has $10.4 million in valuation allowance associated with the capital loss and state operating loss carryforwards which may not be utilized in the future.

Unrecognized Tax Benefits — 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 did not have accrued interest and penalties related to unrecognized tax benefits as of June 30, 2024 and December 31, 2023.
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 2022. At the completion of these examinations, management does not expect any adjustments which would have a material impact on the Company's effective tax rate. Years subsequent to 2018 remain subject to examination.
13
KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) — CONTINUED
Note 5 — Accounts Receivable Securitization
On October 23, 2023, the Company entered into the 2023 RSA, which further amended the 2022 RSA. The 2023 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 June 30, 2024, the Company's eligible receivables generally have high credit quality, as determined by the obligor's corporate credit rating.
The 2023 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 June 30, 2024. 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.
The following table summarizes the key terms of the 2023 RSA (dollars in thousands):
2023 RSA
(Dollars in thousands)
Effective dateOctober 23, 2023
Final maturity dateOctober 1, 2025
Borrowing capacity$575,000 
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 commitment fee rates are based on the percentage of the maximum borrowing capacity utilized.
3As identified within the 2023 RSA, the lender can trigger an amendment by identifying and deciding upon a replacement index for SOFR.
Availability under the 2023 RSA is calculated as follows:
June 30, 2024December 31, 2023
(In thousands)
Borrowing base, based on eligible receivables$479,900 $527,600 
Less: outstanding borrowings 1
(452,400)(527,000)
Less: outstanding letters of credit(27,167)— 
Availability under accounts receivable securitization facilities$333 $600 
1Outstanding borrowings are included in "Accounts receivable securitization" in the condensed consolidated balance sheets and are offset by deferred loan costs of $0.4 million and $0.5 million as of June 30, 2024 and December 31, 2023, respectively. Interest accrued on the aggregate principal balance at a rate of 6.3% as of June 30, 2024 and December 31, 2023.
Refer to Note 12 for information regarding the fair value of the 2023 RSA.
14
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:
June 30, 2024December 31, 2023
(In thousands)
2021 Term Loan A-2, due September 3, 2024, net 1 2
199,975 199,902 
2021 Term Loan A-3, due September 3, 2026, net 1 2
799,235 799,058 
2023 Term Loan, due September 3, 2026, net 1 3
249,297 249,135 
Revenue equipment installment notes 1 4
251,335 279,339 
Prudential Notes, net 1
16,909 25,078 
Other7,195 8,567 
Total long-term debt, including current portion1,523,946 1,561,079 
Less: current portion of long-term debt(350,825)(338,058)
Long-term debt, less current portion$1,173,121 $1,223,021 
June 30, 2024December 31, 2023
(In thousands)
Total long-term debt, including current portion$1,523,946 $1,561,079 
2021 Revolver, due September 3, 2026 1 5
120,000 67,000 
Long-term debt, including revolving line of credit$1,643,946 $1,628,079 
1Refer to Note 12 for information regarding the fair value of debt.
2As of June 30, 2024, the carrying amounts of the 2021 Term Loan A-2 and 2021 Term Loan A-3 were net of $25,000 and $0.8 million in deferred loan costs, respectively. As of December 31, 2023, the carrying amounts of the 2021 Term Loan A-2 and 2021 Term Loan A-3 were net of $0.1 million and $0.9 million in deferred loan costs, respectively.
3As of June 30, 2024, the carrying amount of the 2023 Term Loan was net of $0.7 million in deferred loan costs. As of December 31, 2023, the carrying amounts 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 4.82% and 4.70% as of June 30, 2024 and December 31, 2023, respectively.
5The Company also had outstanding letters of credit of $18.1 million and $18.0 million under the 2021 Revolver, primarily related to workers' compensation and self-insurance liabilities for both June 30, 2024 and December 31, 2023, respectively. The Company also had outstanding letters of credit of $265.0 million and $264.3 million under a separate bilateral agreement which do not impact the availability of the 2021 Revolver as of June 30, 2024 and December 31, 2023, respectively.
15
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 2021 Debt Agreement included the 2021 Term Loan A-1 which was paid off on December 3, 2022. 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 June 30, 2024, interest accrued at 6.72% on the 2021 Term Loan A-2, 6.84% on the 2021 Term Loan A-3, and 6.84% 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 June 30, 2024, commitment fees on the unused portion of the 2021 Revolver accrued at 0.2% and outstanding letter of credit fees accrued at 1.5%.
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 June 30, 2024, 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).
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 June 30, 2024 is equal to SOFR plus the 0.1% SOFR adjustment plus 1.50%. As of June 30, 2024, interest accrued at 7.17% on the 2023 Term Loan.
16
KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) — CONTINUED
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 $217.0 million as of June 30, 2024. Payment terms generally range from 36 months to 84 months. The interest rates as of June 30, 2024 range from 2.0% to 5.3%.

2021 Prudential Notes — The 2021 Prudential Notes previously allowed ACT to borrow up to $125 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 January 2025 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 June 30, 2024, the Company was in compliance with the covenants under the 2021 Prudential Notes.
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 quarter ended June 30, 2024 and 2023 were immaterial.
Assumptions
A weighted-average discount rate of 5.25% was used to determine benefit obligations as of June 30, 2024.
The following weighted-average assumptions were used to determine net periodic pension cost:
Quarter Ended June 30,Year-to-Date June 30,
2024202320242023
Discount rate5.03 %4.65 %4.86 %4.76 %
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 June 30, 2024, the Company had outstanding commitments to purchase revenue equipment of $418.7 million in the remainder of 2024 ($368.4 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 June 30, 2024, the Company had outstanding commitments to purchase facilities and non-revenue equipment of $56.8 million in the remainder of 2024, $63.6 million from 2025 through 2026, $1.9 million from 2027 through 2028, and none thereafter. Factors such as costs and opportunities for future terminal expansions may change the amount of such expenditures.
17
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.
Based on our present knowledge of the facts and, in certain cases, advice of outside counsel, management believes the resolution of open claims and pending litigation, taking into account existing reserves, is not likely to have a materially adverse impact on our condensed consolidated financial statements. However, any future claims or adverse developments in existing claims could impact this analysis. 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, as well as legal fees which are included in "Accrued liabilities" in the condensed consolidated balance sheets. The Company has recorded an aggregate accrual of approximately $6.6 million, relating to the Company's outstanding legal proceedings as of June 30, 2024.
Commutation of Third-Party Carrier Insurance Risk
On February 14, 2024, the Company finalized the terms of a transaction with the insurer under the third-party reinsurance agreement covering auto liability associated with the Company's third-party carrier insurance business. The agreement effectively transferred $161.1 million in third-party auto liability insurance claim liabilities to the insurer for policy periods from October 1, 2020 through March 31, 2023 funded by transferring the corresponding restricted cash held in trust for payment of the third-party insurance claims.
Note 10 — Share Repurchase Plans
In April 2022, the Company announced that the Board approved the repurchase of up to $350.0 million of the Company's outstanding common stock (the "2022 Knight-Swift Share Repurchase Plan"). With the adoption of the 2022 Knight-Swift Share Repurchase Plan, the Company terminated the 2020 Knight-Swift Share Repurchase Plan, which had approximately $42.8 million of authorized purchases remaining upon termination.
The Company made no share repurchases during the quarter and year-to-date periods ended June 30, 2024 and 2023.no
As of June 30, 2024 and December 31, 2023, the Company had $200.0 million remaining under the 2022 Knight-Swift Share Repurchase Plan.
18
KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) — CONTINUED
Note 11 — Weighted Average Shares Outstanding
Earnings per share, basic and diluted, as presented in the condensed consolidated statements of comprehensive income, are calculated by dividing net income attributable to Knight-Swift by the respective weighted average common shares outstanding during the period.
The following table reconciles basic weighted average shares outstanding to diluted weighted average shares outstanding:
Quarter Ended June 30,Year-to-Date June 30,
 2024202320242023
(In thousands)
Basic weighted average common shares outstanding161,689 161,116 161,598 161,018 
Dilutive effect of equity awards422 824 491 899 
Diluted weighted average common shares outstanding162,111 161,940 162,089 161,917 
Anti-dilutive shares excluded from earnings per diluted share 1
525