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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 79,184 $ 76,649
Cash and cash equivalents — restricted 55,616 73,657
Restricted investments, held to maturity, amortized cost [1] 22,281 22,232
Trade receivables, net of allowance for doubtful accounts of $14,723 and $14,829, respectively 589,983 574,265
Equipment sales receivables 1,197 8,925
Notes receivable, net 4,059 4,742
Prepaid expenses 62,212 58,525
Assets held for sale 30,444 25,153
Income tax receivable 26,841 55,114
Other current assets 23,684 23,945
Total current assets 895,501 923,207
Property and equipment:    
Revenue equipment 2,217,814 2,197,158
Land and land improvements 219,726 216,676
Buildings and building improvements 356,508 357,409
Furniture and fixtures 50,659 43,131
Shop and service equipment 23,221 22,864
Leasehold improvements 9,991 9,905
Total property and equipment 2,877,919 2,847,143
Less: accumulated depreciation and amortization (532,056) (462,922)
Property and equipment, net 2,345,863 2,384,221
Notes receivable, long-term 11,496 11,060
Goodwill [2] 2,910,101 2,887,867
Intangible assets, net 1,453,395 1,440,903
Other long-term assets, restricted cash, and investments 39,730 36,184
Total assets 7,656,086 7,683,442
Current liabilities:    
Accounts payable 112,308 119,867
Accrued payroll and purchased transportation 117,002 107,017
Accrued liabilities 187,859 186,076
Claims accruals – current portion 154,190 147,285
Long-term debt – current portion 441 30
Capital lease obligations – current portion 46,279 48,972
Dividend payable – current portion 277 303
Total current liabilities 618,356 609,550
Revolving line of credit [3],[4],[5] 55,000 125,000
Long-term debt – less current portion 364,411 364,771
Capital lease obligations – less current portion 120,747 127,132
Accounts receivable securitization 280,000 305,000
Claims accruals – less current portion 212,804 206,144
Deferred tax liabilities 671,111 679,077
Long-term dividend payable and other long-term liabilities 24,465 26,398
Total liabilities 2,346,894 2,443,072
Commitments and contingencies (Note 13)
Stockholders’ equity:    
Preferred stock, par value $0.01 per share; 10,000 shares authorized; none issued 0 0
Class A common stock, par value $0.01 per share; authorized 500,000 shares; 178,292 and 177,998 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively 1,783 1,780
Class B common stock, par value $0.01 per share; Authorized 250,000 shares; none issued 0 0
Additional paid-in capital 4,225,661 4,219,214
Retained earnings 1,079,543 1,016,738
Total Knight-Swift stockholders' equity 5,306,987 5,237,732
Noncontrolling interest 2,205 2,638
Total stockholders’ equity 5,309,192 5,240,370
Total liabilities and stockholders’ equity 7,656,086 7,683,442
Common Class A [Member]    
Stockholders’ equity:    
Total stockholders’ equity $ 1,783 $ 1,780
[1] Restricted investments are included in "Restricted investments, held to maturity, amortized cost."
[2] Except for the net accumulated amortization related to deferred tax assets in the Knight Trucking segment, the net carrying amount and gross carrying amount are equal since there are no accumulated impairment losses.
[3] As of March 31, 2018 and December 31, 2017, interest accrued on the Revolver at 2.81% and 2.69%, respectively. The commitment fee for the unused portion of the Revolver is based on the Company's consolidated leverage ratio and ranges from 0.07% to 0.20%. As of March 31, 2018 and December 31, 2017, commitment fees on the unused portion of the Revolver accrued at 0.10% and 0.13%, respectively
[4] Refer to Note 16 for information regarding the fair value of long-term debt.
[5] The Company also had outstanding letters of credit under the Revolver of $115.2 million and $122.3 million at March 31, 2018 and December 31, 2017, respectively. As of March 31, 2018 and December 31, 2017, letter of credit fees accrued at 1.00% and 1.13%, respectively. These letters of credit are maintained for the benefit of regulatory authorities, insurance companies, and state departments of insurance for the purpose of satisfying certain collateral requirements, primarily related to the Company's automobile, workers' compensation, and general insurance liabilities.