Knight-Swift Transportation Holdings Inc
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
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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
KNX$62.11+1.1%Stored close · as of Nov 10, 2026
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Recently Issued Accounting Pronouncements
Note 3 —Recently Issued Accounting Pronouncements
| Date Issued | Reference | Description | Expected Adoption Date and Method | Financial Statement Impact |
|---|---|---|---|---|
| December 2023 | ASU No. 2023-09: Income Taxes (ASC 740) — Improvements to Income Tax Disclosure | The amendments in the ASU update disclosure requirements related to income taxes including disclosures related to the rate reconciliation, income taxes paid, and other items. | January 2025, Prospective adoption | Currently under evaluation, but not expected to be material |
| November 2023 | ASU 2023-07: Segment Reporting (ASC 280) — Improvements to Reportable Segment Disclosures | The amendments in this ASU update reportable segment disclosure requirements by requiring that an entity disclose significant segment expenses, disclose other segment items by reportable segments, provide annual disclosures about a reportable segment's profit and loss, the title of the chief operating decision maker, and other items. | January 2024 | Currently under evaluation, but not expected to be material |
| October 2023 | ASU No. 2023-06: Disclosure Improvements 1 | The amendments in this ASU updated several topics of the ASC to incorporate changes required by guidance made effective by SEC Final Rule No. 33-10532. The SEC Final Rule incorporates existing or incremental requirements of Regulation S-X into the accounting standards codification. | October 2023, Prospective adoption | Presentation and disclosure impact only |
| August 2023 | ASU No. 2023-05:Business Combinations — Joint VentureFormations (ASC805-60), Recognitionand Initial Measurement | Requires a joint venture to initially measure all contributions received upon its formation at fair value. | January 2025, Prospective adoption | Currently under evaluation, but not expected to be material |
| July 2023 | ASU No. 2023-03:Presentation of FinancialStatements (ASC 205),Income Statement—ReportingComprehensive Income(ASC 220),Distinguishing Liabilitiesfrom Equity (ASC 480),Equity (ASC 505), andCompensation—StockCompensation (ASC718) 1 | The amendments in this ASU reflect alignment toStaff Accounting Bulletin No. 120 ("SAB 120") thatwas issued by the SEC in November 2021. SAB120 provides guidance to entities issuing share-based awards shortly before announcing material,nonpublic information. The guidance indicates thatentities should consider such material nonpublicinformation to adjust the observable market if theeffect of the release of the material nonpublicinformation is expected to affect the share priceand the share-based awards are non-routine innature. | July 2023, Prospective adoption | No material impact |
| March 2023 | ASU No. 2023-01:Leases (ASC 842),Common ControlArrangements 2 | The amendments in this ASU require that leaseholdimprovements associated with common controlleases be amortized by the lessee over the usefullife of the leasehold improvements and thatleasehold improvements associated with commoncontrol leases be accounted for as a transferbetween entities under common control through anadjustment to equity if the lessee no longer controlsthe use of the asset. | January 2024, Prospective or retrospective | Currently under evaluation, but not expected to be material |
| Date Issued | Reference | Description | Expected Adoption Date and Method | Financial Statement Impact |
|---|---|---|---|---|
| June 2022 | ASU No. 2022-03: Fair Value Measurements (ASC 820), Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions 2 | The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security, and not considered in measuring fair value. | January 2024, Prospective | No material impact |
| March 2022 | ASU No. 2022-02: Financial Instruments – Credit Losses (ASC 326), Troubled Debt Restructurings and Vintage Disclosures 3 | The amendments in this ASU require that a creditor incorporates troubled debt restructurings into the allowance for credit losses and disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases. | January 2023, Prospective | No material impact |
| October 2021 | ASU No. 2021-08: Business Combinations (ASC 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers | The amendments in this ASU require that the acquirer recognize and measure contract assets and contract liabilities in a business combination in accordance with ASC 606 as if the acquirer had originated the contracts. The amendments in this ASU are applied prospectively to business combinations occurring on or after the effective date of the amendments. | January 2023, Prospective | No material impact |
1 Adopted during the third quarter of 2023.
2 Adopted during the first quarter of 2024.
3 Adopted during the first quarter of 2023.
Since management is continuing to evaluate the impacts of several of the above standards, disclosures around these preliminary assessments are subject to change.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.