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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 166,348 $ 168,545
Cash and cash equivalents – restricted [1] 150,870 297,275
Restricted investments, held-to-maturity, amortized cost 0 530
Trade receivables, net of allowance for doubtful accounts of $39,298 and $39,458, respectively 835,248 888,603
Contract balance – revenue in transit 11,056 12,246
Prepaid expenses 114,793 148,696
Assets held for sale 74,787 83,366
Income tax receivable 46,191 65,815
Other current assets 38,330 43,939
Total current assets 1,437,623 1,709,015
Gross property and equipment 7,081,485 6,720,610
Less: accumulated depreciation and amortization (2,322,511) (2,104,211)
Property and equipment, net 4,758,974 4,616,399
Operating lease right-of-use-assets 415,856 484,821
Goodwill 3,963,142 3,848,798
Intangible assets, net 2,075,315 2,058,882
Other long-term assets 173,871 152,850
Total assets 12,824,781 12,870,765
Current liabilities:    
Accounts payable 293,244 355,173
Accrued payroll and purchased transportation 190,830 164,884
Accrued liabilities 207,143 220,350
Claims accruals – current portion 336,010 480,200
Finance lease liabilities and long-term debt – current portion 272,355 459,759
Operating lease liabilities – current portion 129,938 144,921
Total current liabilities 1,429,520 1,825,287
Revolving line of credit 227,000 67,000
Long-term debt – less current portion 1,501,565 1,223,021
Finance lease liabilities – less current portion 466,863 407,150
Operating lease liabilities – less current portion 310,584 371,407
Accounts receivable securitization 458,911 526,508
Claims accruals – less current portion 328,968 315,476
Deferred tax liabilities 920,685 951,749
Other long-term liabilities 114,469 79,086
Total liabilities 5,758,565 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 $ 0 $ 0
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 10,000 10,000
Preferred stock, shares issued (in shares) 0 0
Common stock, par value $0.01 per share; 500,000 shares authorized; 161,871 and 161,385 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively. $ 1,619 $ 1,613
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 500,000 500,000
Common stock, shares issued (in shares) 161,871 161,385
Common stock, shares outstanding (in shares) 161,871 161,385
Additional paid-in capital $ 4,439,029 $ 4,426,852
Accumulated other comprehensive income (loss) 168 (830)
Retained earnings 2,617,880 2,659,755
Total Knight-Swift stockholders' equity 7,058,696 7,087,390
Noncontrolling interest 7,520 16,691
Total stockholders’ equity 7,066,216 7,104,081
Total liabilities and stockholders’ equity $ 12,824,781 $ 12,870,765
Common Class A [Member]    
Stockholders’ equity:    
Common stock, shares outstanding (in shares) 161,871 161,385
[1] Reflects cash and cash equivalents that are primarily restricted for claims payments.