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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 March 31, 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)
(602269-2000
(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 161,611,000 shares of the registrant's common stock outstanding as of April 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.
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KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC.
PART I FINANCIAL INFORMATION
ITEM 1.FINANCIAL STATEMENTS
Condensed Consolidated Balance Sheets (Unaudited)
March 31, 2024December 31, 2023
(In thousands, except per share data)
ASSETS
Current assets:
Cash and cash equivalents$204,762 $168,545 
Cash and cash equivalents – restricted136,174 297,275 
Restricted investments, held-to-maturity, amortized cost 530 
Trade receivables, net of allowance for doubtful accounts of $40,739 and $39,458, respectively
867,610 888,603 
Contract balance – revenue in transit13,622 12,246 
Prepaid expenses137,105 148,696 
Assets held for sale78,918 83,366 
Income tax receivable58,273 65,815 
Other current assets35,707 43,939 
Total current assets1,532,171 1,709,015 
Gross property and equipment6,782,857 6,720,610 
Less: accumulated depreciation and amortization(2,205,709)(2,104,211)
Property and equipment, net4,577,148 4,616,399 
Operating lease right-of-use-assets443,002 484,821 
Goodwill3,873,131 3,848,798 
Intangible assets, net2,040,339 2,058,882 
Other long-term assets163,079 152,850 
Total assets$12,628,870 $12,870,765 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$283,837 $355,173 
Accrued payroll and purchased transportation153,996 164,884 
Accrued liabilities224,749 220,350 
Claims accruals – current portion350,030 480,200 
Finance lease liabilities and long-term debt – current portion505,841 459,759 
Operating lease liabilities – current portion124,840 144,921 
Total current liabilities1,643,293 1,825,287 
Revolving line of credit202,000 67,000 
Long-term debt – less current portion1,193,602 1,223,021 
Finance lease liabilities – less current portion375,666 407,150 
Operating lease liabilities – less current portion342,320 371,407 
Accounts receivable securitization453,567 526,508 
Claims accruals – less current portion303,743 315,476 
Deferred tax liabilities930,629 951,749 
Other long-term liabilities111,828 79,086 
Total liabilities5,556,648 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; 161,593 and 161,385 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively.
1,616 1,613 
Additional paid-in capital4,430,736 4,426,852 
Accumulated other comprehensive loss(868)(830)
Retained earnings2,624,666 2,659,755 
Total Knight-Swift stockholders' equity7,056,150 7,087,390 
Noncontrolling interest16,072 16,691 
Total stockholders’ equity7,072,222 7,104,081 
Total liabilities and stockholders’ equity$12,628,870 $12,870,765 
See accompanying notes to condensed consolidated financial statements (unaudited).
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KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC.
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
 Quarter Ended March 31,
 20242023
(In thousands, except per share data)
Revenue:
Revenue, excluding truckload and LTL fuel surcharge$1,612,814 $1,450,293 
Truckload and LTL fuel surcharge209,653 186,639 
Total revenue1,822,467 1,636,932 
Operating expenses:
Salaries, wages, and benefits692,907 536,742 
Fuel234,589 187,759 
Operations and maintenance134,633 99,311 
Insurance and claims122,446 138,039 
Operating taxes and licenses31,329 25,890 
Communications7,533 5,749 
Depreciation and amortization of property and equipment181,865 155,966 
Amortization of intangibles18,543 16,183 
Rental expense42,996 15,068 
Purchased transportation277,257 280,729 
Impairments3,982  
Miscellaneous operating expenses53,832 30,709 
Total operating expenses1,801,912 1,492,145 
Operating income20,555 144,787 
Other (expenses) income:
Interest income5,022 5,049 
Interest expense(41,236)(23,091)
Other income, net8,992 9,703 
Total other (expenses) income, net(27,222)(8,339)
(Loss) Income before income taxes(6,667)136,448 
Income tax (benefit) expense(3,674)32,735 
Net (loss) income(2,993)103,713 
Net loss attributable to noncontrolling interest358 571 
Net (loss) income attributable to Knight-Swift(2,635)104,284 
Other comprehensive (loss) income(38)1,090 
Comprehensive (loss) income$(2,673)$105,374 
(Loss) Earnings per share:
Basic$(0.02)$0.65 
Diluted$(0.02)$0.64 
Dividends declared per share:$0.16 $0.14 
Weighted average shares outstanding:
Basic161,511 160,915 
Diluted162,086 161,900 
See accompanying notes to the condensed consolidated financial statements (unaudited).
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KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC.
Condensed Consolidated Statements of Cash Flows (Unaudited)
 Quarter Ended March 31,
 20242023
(In thousands)
Cash flows from operating activities:
Net (loss) income$(2,993)$103,713 
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization of property, equipment, and intangibles200,408 172,149 
Gain on sale of property and equipment(6,651)(20,879)
Impairments3,982  
Deferred income taxes(13,673)(1,316)
Non-cash lease expense46,885 10,651 
Gain on equity securities(110)(1,364)
Other adjustments to reconcile net (loss) income to net cash provided by operating activities1,929 14,777 
Increase (decrease) in cash resulting from changes in:
Trade receivables17,995 35,614 
Income tax receivable7,542 28,753 
Accounts payable(25,564)11,960 
Accrued liabilities and claims accrual(148,098)8,194 
Operating lease liabilities(54,270)(10,489)
Other assets and liabilities9,893 (6,604)
Net cash provided by operating activities37,275 345,159 
Cash flows from investing activities:
Proceeds from maturities of held-to-maturity investments530 3,620 
Purchases of held-to-maturity investments (525)
Proceeds from sale of property and equipment, including assets held for sale50,605 59,345 
Purchases of property and equipment(191,905)(260,339)
Expenditures on assets held for sale(32)(360)
Net cash, restricted cash, and equivalents invested in acquisitions (275)
Other cash flows from investing activities1,055 1,229 
Net cash used in investing activities(139,747)(197,305)
Cash flows from financing activities:
Repayments of finance leases and long-term debt(58,781)(22,946)
Borrowings (repayments) on revolving lines of credit, net135,000 (43,000)
Borrowings under accounts receivable securitization12,000  
Repayments of accounts receivable securitization(85,000)(35,000)
Proceeds from common stock issued953 1,086 
Dividends paid(25,909)(22,983)
Other cash flows from financing activities(486)(11,748)
Net cash used in financing activities(22,223)(134,591)
Net (decrease) increase in cash, restricted cash, and equivalents(124,695)13,263 
Cash, restricted cash, and equivalents at beginning of period469,686 385,345 
Cash, restricted cash, and equivalents at end of period$344,991 $398,608 
See accompanying notes to condensed consolidated financial statements (unaudited).



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KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC.
Condensed Consolidated Statements of Cash Flows (Unaudited) — Continued
 Quarter Ended March 31,
 20242023
(In thousands)
Supplemental disclosures of cash flow information:
Cash paid (received) during the period for:
Interest$41,264 $21,920 
Income taxes(717)1,295 
Non-cash investing and financing activities:
Equipment acquired included in accounts payable$1,345 $15,232 
Financing provided to independent contractors for equipment sold542 2,349 
Transfers from property and equipment to assets held for sale28,366 40,666 
Right-of-use assets obtained in exchange for operating lease liabilities5,102 16,281 
Property and equipment obtained in exchange for finance lease liabilities21,401 7,174 
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:March 31,
2024
December 31,
2023
March 31,
2023
December 31,
2022
(In thousands)
Consolidated Balance Sheets
Cash and cash equivalents$204,762 $168,545 $191,245 $196,770 
Cash and cash equivalents – restricted 1
136,174 297,275 204,348 185,792 
Other long-term assets 1
4,055 3,866 3,015 2,783 
Consolidated Statements of Cash Flows
Cash, restricted cash, and equivalents$344,991 $469,686 $398,608 $385,345 
________
1    Reflects cash and cash equivalents that are primarily restricted for claims payments.

See accompanying notes to condensed consolidated financial statements (unaudited).
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KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC.
Condensed Consolidated Statements of Stockholders' Equity (Unaudited)
 Common StockAdditional
Paid-in Capital
Retained EarningsAccumulated
Other
Comprehensive Loss
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 employees191 2 (2)  
Common stock issued under ESPP17 1 952 953 953 
Shares withheld – RSU settlement(6,435)(6,435)(6,435)
Employee stock-based compensation expense3,981 3,981 3,981 
Cash dividends paid and dividends accrued ($0.16 per share)
(26,019)(26,019)(26,019)
Net loss(2,635)(2,635)(358)(2,993)
Other comprehensive loss(38)(38)(38)
Investment in noncontrolling interest730 730 
Distribution to noncontrolling interest(1,047)(1,047)(991)(2,038)
Balances – March 31, 2024161,593 $1,616 $4,430,736 $2,624,666 $(868)$7,056,150 $16,072 $7,072,222 
 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 employees282 3 43 46 46 
Common stock issued under ESPP21  1,040 1,040 1,040 
Shares withheld – RSU settlement(11,748)(11,748)(11,748)
Employee stock-based compensation expense7,927 7,927 7,927 
Cash dividends paid and dividends accrued ($0.14 per share)
(22,730)(22,730)(22,730)
Net income (loss)104,284 104,284 (571)103,713 
Other comprehensive income1,090 1,090 1,090 
Investment in noncontrolling interest975 975 
Balances – March 31, 2023161,009 $1,610 $4,401,276 $2,623,373 $(1,346)$7,024,913 $10,681 $7,035,594 

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

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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 quarter ended March 31, 2024, the Company operated an average of 23,314 tractors (comprised of 21,120 company tractors and 2,194 independent contractor tractors) and 94,410 trailers within the Truckload segment and leasing activities within the non-reportable segments. The LTL segment operated an average of 3,357 tractors and 8,699 trailers. Additionally, the Intermodal segment operated an average of 609 tractors and 12,582 intermodal containers. As of March 31, 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 first quarter 2024 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.
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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
First 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 March 31, 2024, the Company's consolidated operating results included U.S. Xpress' total revenue of $413.5 million and a net loss of $6.0 million. U.S. Xpress' net loss during quarter ended March 31, 2024 included $2.3 million related to the amortization of intangible assets acquired in the U.S. Xpress Acquisition.
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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 December 31, 2023AdjustmentsJuly 1, 2023 Opening Balance Sheet as Reported at March 31, 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) (115,494)
Accrued payroll and payroll-related expenses(27,485) (27,485)
Accrued liabilities(19,966)1,722 (18,244)
Claims accruals – current and noncurrent portions(180,251) (180,251)
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)7,448 (25,624)
Other long-term liabilities(34,230)(33,846)(68,076)
Total liabilities(1,125,210)(24,676)(1,149,886)
Noncontrolling interest(391) (391)
Total stockholders' equity(391) (391)
Goodwill $322,344 $24,331 $346,675 
1    Includes $184.5 million in customer relationships and $163.5 million in trade names.
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KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) — CONTINUED
Pro Forma InformationThe 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 March 31,
2023
(In thousands, except per share data)
Total revenue$2,129,658 
Net income attributable to Knight-Swift78,148 
Earnings per share – diluted0.48 
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 $4.6 million during the quarter ended March 31, 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 March 31, 2024.
Note 4 — Income Taxes
Effective Tax Rate — The quarter ended March 31, 2024 and March 31, 2023 effective tax rates were 55.1% and 24.0%, 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 March 31, 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 March 31, 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 2021. 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 2019 remain subject to examination.
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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 March 31, 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 March 31, 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:
March 31, 2024December 31, 2023
(In thousands)
Borrowing base, based on eligible receivables$479,600 $527,600 
Less: outstanding borrowings 1
(454,000)(527,000)
Less: outstanding letters of credit(21,725) 
Availability under accounts receivable securitization facilities$3,875 $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 March 31, 2024 and December 31, 2023, respectively. Interest accrued on the aggregate principal balance at a rate of 6.3% and 6.3% as of March 31, 2024 and December 31, 2023, respectively.
Refer to Note 12 for information regarding the fair value of the 2023 RSA.
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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:
March 31, 2024December 31, 2023
(In thousands)
2021 Term Loan A-2, due September 3, 2024, net 1 2
199,939 199,902 
2021 Term Loan A-3, due September 3, 2026, net 1 2
799,147 799,058 
2023 Term Loan, due September 3, 2026, net 1 3
249,216 249,135 
Revenue equipment installment notes 1 4
269,303 279,339 
Prudential Notes, net 1
17,035 25,078 
Other7,810 8,567 
Total long-term debt, including current portion1,542,450 1,561,079 
Less: current portion of long-term debt(348,848)(338,058)
Long-term debt, less current portion$1,193,602 $1,223,021 
March 31, 2024December 31, 2023
(In thousands)
Total long-term debt, including current portion$1,542,450 $1,561,079 
2021 Revolver, due September 3, 2026 1 5
202,000 67,000 
Long-term debt, including revolving line of credit$1,744,450 $1,628,079 
1Refer to Note 12 for information regarding the fair value of debt.
2As of March 31, 2024, 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. 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 March 31, 2024, the carrying amount of the 2023 Term Loan was net of $0.8 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 5.83% and 4.70% as of March 31, 2024 and December 31, 2023, respectively.
5The Company also had outstanding letters of credit of $18.0 million under the 2021 Revolver, primarily related to workers' compensation and self-insurance liabilities for both March 31, 2024 and December 31, 2023. The Company also had outstanding letters of credit of $264.5 million and $264.3 million under a separate bilateral agreement which do not impact the availability of the 2021 Revolver as of March 31, 2024 and December 31, 2023, 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 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 March 31, 2024, interest accrued at 6.50% on the 2021 Term Loan A-2, 6.62% on the 2021 Term Loan A-3, and 6.63% 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 March 31, 2024, commitment fees on the unused portion of the 2021 Revolver accrued at 0.2% and outstanding letter of credit fees accrued at 1.3%.
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 March 31, 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 March 31, 2024 is equal to SOFR plus the 0.1% SOFR adjustment plus 1.50%. As of March 31, 2024, interest accrued at 6.82% on the 2023 Term Loan.
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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 $212.1 million as of March 31, 2024. Payment terms generally range from 36 months to 84 months. The interest rates as of March 31, 2024 range from 2.0% to 7.0%.

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 March 31, 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 March 31, 2024 and 2023 were immaterial.
Assumptions
A weighted-average discount rate of 5.03% was used to determine benefit obligations as of March 31, 2024.
The following weighted-average assumptions were used to determine net periodic pension cost:
Quarter Ended March 31,
20242023
Discount rate4.73 %4.92 %
Expected long-term rate of return on pension plan assets6.00 %6.00 %
Refer to Note 12 for additional information regarding fair value measurements of the Company's investments.
Note 8 — Purchase Commitments
As of March 31, 2024, the Company had outstanding commitments to purchase revenue equipment of $505.3 million in the remainder of 2024 ($440.1 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 March 31, 2024, the Company had outstanding commitments to purchase facilities and non-revenue equipment of $102.1 million in the remainder of 2024, $12.3 million from 2025 through 2026, $0.2 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.
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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.
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 $6.8 million, relating to the Company's outstanding legal proceedings as of March 31, 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 ended March 31, 2024 and 2023.no
Under the 2022 Knight-Swift Repurchase Plan, $200.0 million remained available as of March 31, 2024 and December 31, 2023.
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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 March 31,
 20242023
(In thousands)
Basic weighted average common shares outstanding161,511 160,915 
Dilutive effect of equity awards575 985 
Diluted weighted average common shares outstanding162,086 161,900 
Anti-dilutive shares excluded from earnings per diluted share 1
41 7 
1    Shares were excluded from the dilutive-effect calculation because the outstanding awards' exercise prices were greater than the average market price of the Company's common stock for the periods presented.
Note 12 — Fair Value Measurement
The following table presents the carrying amounts and estimated fair values of the Company's major categories of financial assets and liabilities:
 March 31, 2024December 31, 2023
Condensed Consolidated Balance Sheets CaptionCarrying
Value
Estimated
Fair Value
Carrying
Value
Estimated
Fair Value
(In thousands)
Financial Assets:
Equity method investments
Other long-term assets$110,973 $110,973 $102,252 $102,252 
Financial Liabilities:
2021 Term Loan A-2, due September 2024 1
Finance lease liabilities and long-term debt – current portion199,939 200,000 199,902 200,000 
2021 Term Loan A-3, due September 2026 1
Finance lease liabilities and long-term debt
– current portion,
Long-term debt – less current portion
799,147 800,000 799,058 800,000 
2023 Term Loan, due September 2026 2
Long-term debt – less current portion249,216 250,000 249,135 250,000 
2021 Revolver, due September 2026Revolving line of credit202,000 202,000 67,000 67,000 
Revenue equipment installment notes 3
Finance lease liabilities and long-term debt
– current portion,
Long-term debt – less current portion
269,303 269,303 279,339 279,339 
2021 Prudential Notes 4
Finance lease liabilities and long-term debt
– current portion,
Long-term debt – less current portion
17,035 17,054 25,078 25,100 
2023 RSA, due October 2025 5
Accounts receivable securitization -less current portion453,567 454,000 526,508 527,000 
Mandatorily redeemable contingent consideration 6
Accrued liabilities134,107 134,107 134,107 134,107 
Contingent consideration 6
Accrued liabilities, Other long-term liabilities40,859 40,859 40,859 40,859 
1As of March 31, 2024, 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. 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.
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2As of March 31, 2024, the carrying amount of the 2023 Term Loan was net of $0.8 million in deferred loan costs. As of December 31, 2023, the carrying amount of the 2023 Term Loan was net of $0.9 million in deferred loan costs.
3As of March 31, 2024, the carrying amount of the revenue equipment installment notes included $1.1 million in fair value adjustments. As of December 31, 2023, the carrying amount of the revenue equipment installment notes included $1.3 million in fair value adjustments.
4As of March 31, 2024, the carrying amount of the 2021 Prudential Notes was net of approximately $19,000 in deferred loan costs and included $1.0 million in fair value adjustments. As of December 31, 2023, the carrying amount of the 2021 Prudential Notes was net of $22,000 in deferred loan costs and included $1.1 million in fair value adjustments.
5The carrying amount of the 2023 RSA was net of $0.4 million and $0.5 million in deferred loan costs as of March 31, 2024 and December 31, 2023, respectively.
6The contingent consideration is primarily related to the U.S. Xpress Acquisition.
Recurring Fair Value Measurements (Assets) As of March 31, 2024 and December 31, 2023, there were no major categories of assets estimated at fair value that were measured on a recurring basis.
Recurring Fair Value Measurements (Liabilities) The following table depicts the level in the fair value hierarchy of the inputs used to estimate the fair value of liabilities measured on a recurring basis as of March 31, 2024 and December 31, 2023:
 Fair Value Measurements at Reporting Date Using
Estimated Fair ValueLevel 1 InputsLevel 2 InputsLevel 3 InputsTotal Gain (Loss)
(In thousands)
As of March 31, 2024
Mandatorily redeemable contingent consideration 1
$134,107 $ $ $134,107 $ 
Contingent consideration 1
$40,859 $ $ $40,859 $ 
As of December 31, 2023
Mandatorily redeemable contingent consideration 1
$134,107 $ $ $134,107 $ 
Contingent consideration 1
$40,859 $ $ $40,859 $3,359 
1Contingent consideration is associated with the U.S. Xpress Acquisition and certain other investments. The Company did not recognize any gains (losses) in the quarters ended March 31, 2024 and 2023 related to the revaluation of these liabilities.
Nonrecurring Fair Value Measurements (Assets) The following table depicts the level in the fair value hierarchy of the inputs used to estimate fair value of assets measured on a nonrecurring basis as of March 31, 2024 and December 31, 2023:
 Fair Value Measurements at Reporting Date Using
Estimated Fair ValueLevel 1 InputsLevel 2 InputsLevel 3 InputsTotal Loss
(In thousands)
As of March 31, 2024
Buildings 1
$ $ $ $ $(288)
Equipment 2
$ $ $ $ $(3,694)
As of December 31, 2023
Buildings 1
$ $ $ $ $(187)
Equipment 2
$ $ $ $ $(469)
Software 3
$ $ $ $ $(1,580)
1    Reflects the non-cash impairment of building improvements (within the Truckload segment and the All Other Segments).
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) — CONTINUED
2    Reflects the non-cash impairment of certain revenue equipment held for sale (within the Truckload segment and the All Other Segments).
3    Reflects the non-cash impairment of software (within the All Other Segments).
Nonrecurring Fair Value Measurements (Liabilities) As of March 31, 2024 and December 31, 2023, the Company had no major categories of liabilities estimated at fair value that were measured on a nonrecurring basis.
Gain on Sale of Revenue EquipmentNet gains on disposals, including disposals of property and equipment classified as assets held for sale, are reported in "Miscellaneous operating expenses" in the condensed consolidated statements of comprehensive income, were $6.7 million and $20.9 million for the quarter ended March 31, 2024 and 2023, respectively.
Fair Value of Pension Plan Assets The following table sets forth by level the fair value hierarchy of ACT's pension plan financial assets accounted for at fair value on a recurring basis. Assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. ACT's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and their placement within the fair value hierarchy levels.
Fair Value Measurements at Reporting Date Using:
Estimated
Fair Value
Level 1 InputsLevel 2 InputsLevel 3 Inputs
(In thousands)
As of March 31, 2024
Fixed income funds33,341 33,341   
Cash and cash equivalents1,071 1,071   
Total pension plan assets$34,412 $34,412 $ $ 
As of December 31, 2023
Fixed income funds34,536 34,536   
Cash and cash equivalents887 887   
Total pension plan assets$35,423 $35,423 $ $ 
Note 13 — Related Party Transactions
Quarter Ended March 31,
20242023
Provided by Knight-SwiftReceived by Knight-SwiftProvided by Knight-SwiftReceived by Knight-Swift
(In thousands)
Facility and Equipment Leases
$197 $150 $ $25 
Other Services
$ $9 $27 $134 
March 31, 2024December 31, 2023
ReceivablePayableReceivablePayable
(In thousands)
Certain affiliates 1
$ $186 $23 $37 
1"Certain affiliates" includes entities that are associated with various board members and executives and require approval by the Audit Committee of the Board prior to completing transactions. Transactions with these entities generally include facility and equipment leases, equipment sales, and other services.
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Note 14 — Financial Information by Segment and Geography
Segment Information
Quarter Ended March 31,
20242023
Revenue:(In thousands)
Truckload$1,263,015 $1,012,245 
LTL282,122 255,304 
Logistics126,729 138,283 
Intermodal87,985 110,572 
Subtotal$1,759,851 $1,516,404 
All Other Segments85,079 141,986 
Intersegment eliminations(22,463)(21,458)
Total revenue$1,822,467 $1,636,932 
 Quarter Ended March 31,
20242023
Operating income (loss):(In thousands)
Truckload$23,147 $115,899 
LTL20,287 26,582 
Logistics2,473 12,820 
Intermodal(4,908)5,102 
Subtotal$40,999 $160,403 
All Other Segments 1
(20,444)(15,616)
Operating income$20,555 $144,787 
 Quarter Ended March 31,
20242023
Depreciation and amortization of property and equipment:(In thousands)
Truckload$139,993 $116,802 
LTL18,099