Knight-Swift Transportation Holdings Inc
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 22, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Accrued Payroll and Purchased Transportation and Accrued Liabilities
Note 11 —Accrued Payroll and Purchased Transportation and Accrued Liabilities
The following table presents the composition of accrued payroll and purchased transportation:
| December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| (In thousands) | ||
| Accrued payroll 1 | $157,310 | $123,719 |
| Accrued purchased transportation | 7,574 | 47,662 |
| Accrued payroll and purchased transportation | $164,884 | $171,381 |
1 Accrued payroll includes accruals related to the various 401(k) plans the Company offers to its employees. Depending on the plan, employees must meet the minimum age requirement (18 –21 years) and have completed ninety days or one year of service with the Company in order to qualify. Employees' rights to employer contributions are fully vested after three or five years from their date of employment. The plans offer discretionary matching contributions of the greater of 100% up to 3.0% of an employee's eligible compensation or $2,000.
The Company's employee benefits expense for matching contributions related to the 401(k) plans was approximately $31.3 million, $29.6 million, and $16.2 million in 2023, 2022, and 2021, respectively. This expense was included in "Salaries, wages, and benefits" in the consolidated statements of comprehensive income. As of December 31, 2023 and 2022, the balance above in accrued payroll included $36.2 million and $21.3 million, respectively, in matching contributions for the 401(k) plans.
The following table presents the composition of accrued liabilities:
| December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| (In thousands) | ||
| Mandatorily redeemable contingent consideration | $134,107 | $— |
| Other | 86,243 | 81,528 |
| Accrued liabilities | $220,350 | $81,528 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.