Knight-Swift Transportation Holdings Inc
For the period ended Dec 31, 2024. Filed Feb 20, 2025.
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FY2024 · Filed Feb 20, 2025
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 |
|---|---|---|---|---|
| November 2024 | ASU 2024-04: Debt—Debt with Conversion and Other Options (Subtopic 470-20) | The amendments in this ASU aim to improve the relevance and consistency in application of the induced conversion guidance in Subtopic 470-20. The amendments clarify when and how companies should recognize expenses related to incentives offered to investors to convert their convertible debt or preferred stock into common stock earlier than they otherwise would. | January 2025 | Currently under evaluation, but not expected to be material |
| November 2024 | ASU 2024-03: Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses | The amendments in this ASU require disclosure, in the notes to financial statements, of specified information about certain costs and expenses. The amendments require that at each interim and annual reporting period an entity: 1) disclose the amounts of purchases of inventory, employee compensation, etc., recognized as part of oil- and gas-producing activities included in each relevant expense caption; 2) include certain amounts that are already required to be disclosed under current GAAP in the same disclosure as the other disaggregation requirements;3) disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively; and4) disclose the total amount of selling expenses and, in annual reporting periods, and entity's definition of "selling expenses." | January 2026, Prospective adoption | Currently under evaluation, but not expected to be material |
| March 2024 | ASU No. 2024-02: Codification Improvements - Amendments to Remove References to the Concepts Statements | The 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 retrospective | Currently under evaluation, but not expected to be material |
| March 2024 | ASU 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 retrospective | Currently under evaluation, but not expected to be material |
| December 2023 | ASU 2023-09: Income Taxes (Topic 740): Improvements to Income Tax Disclosures | 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 or retrospective | Currently under evaluation, but not expected to be material |
| Date Issued | Reference | Description | Expected Adoption Date and Method | Financial Statement Impact |
|---|---|---|---|---|
| November 2023 | ASU 2023-07: Segment Reporting (ASC 280) — Improvements to Reportable Segment Disclosures 1 | 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 | No material impact |
| June 2022 | ASU No. 2022-03: Fair Value Measurements (ASC 820), Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions 1 | 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 |
1 Adopted during the first quarter of 2024.
Since management is continuing to evaluate the impacts of several of the above standards, disclosures around these preliminary assessments are subject to change.
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