Schneider National Inc
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
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FY2023 · Filed Feb 23, 2024
SNDR$29.05+0.4%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS(in millions)
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Operating Activities: | |||
| Net income | $238.5 | $457.8 | $405.4 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 382.5 | 350.0 | 296.2 |
| Goodwill impairment | — | — | 10.6 |
| Gains on sales of property and equipment—net | (28.7) | (85.7) | (63.9) |
| Proceeds from lease receipts | 74.9 | 83.5 | 75.8 |
| Loss on sale of business | — | 5.0 | — |
| Deferred income taxes | 55.8 | 83.0 | 2.0 |
| Long-term incentive and share-based compensation expense | 15.8 | 16.5 | 14.4 |
| Gains on investments in equity securities—net | (19.7) | (13.7) | (21.6) |
| Other noncash items—net | 0.5 | (15.2) | (4.4) |
| Changes in operating assets and liabilities: | |||
| Receivables | 42.4 | 51.6 | (162.0) |
| Other assets | (21.2) | (43.4) | (46.0) |
| Payables | (32.6) | (42.2) | 70.2 |
| Claims reserves and receivables—net | 9.4 | 8.5 | 6.8 |
| Other liabilities | (37.6) | 0.7 | (17.4) |
| Net cash provided by operating activities | 680.0 | 856.4 | 566.1 |
| Investing Activities: | |||
| Purchases of transportation equipment | (660.1) | (535.1) | (399.4) |
| Purchases of other property and equipment | (42.3) | (52.9) | (49.5) |
| Proceeds from sale of property and equipment | 128.6 | 126.3 | 177.8 |
| Proceeds from sale of off-lease inventory | 34.6 | 25.8 | 17.0 |
| Purchases of lease equipment | (105.2) | (105.6) | (91.7) |
| Proceeds from government grants | 14.6 | — | — |
| Proceeds from marketable securities | 6.2 | 6.2 | 14.6 |
| Purchases of marketable securities | (16.2) | (7.6) | (18.7) |
| Investments in equity securities and equity method investment | (17.6) | (24.2) | (5.2) |
| Investment in note receivable | (10.0) | — | — |
| Acquisitions and sale of business, net of cash acquired | (240.2) | (31.7) | (271.3) |
| Net cash used in investing activities | (907.6) | (598.8) | (626.4) |
| Financing Activities: | |||
| Proceeds under revolving credit agreements | 186.0 | — | — |
| Payments under revolving credit agreements | (81.0) | — | — |
| Proceeds from long-term debt | 50.0 | — | — |
| Payments of debt and finance lease obligations | (73.9) | (62.0) | (40.8) |
| Dividends paid | (63.6) | (55.7) | (49.6) |
| Repurchases of common stock | (66.9) | — | — |
| Other financing activities | (6.3) | 1.0 | — |
| Net cash used in financing activities | (55.7) | (116.7) | (90.4) |
| Net increase (decrease) in cash and cash equivalents | (283.3) | 140.9 | (150.7) |
| Cash and Cash Equivalents: | |||
| Beginning of period | 385.7 | 244.8 | 395.5 |
| End of period | $102.4 | $385.7 | $244.8 |
| Additional Cash Flow Information: | |||
|---|---|---|---|
| Noncash investing and financing activity: | |||
| Transportation and lease equipment purchases in accounts payable | $8.7 | $13.0 | $14.6 |
| Dividends declared but not yet paid | 16.9 | 16.2 | 14.1 |
| Noncash equity method investment | 3.3 | — | — |
| Sale of assets in exchange for notes receivable | — | 2.3 | — |
| Cash paid during the period for: | |||
| Interest | 10.2 | 9.3 | 11.6 |
| Income taxes—net of refunds | 67.6 | 52.8 | 145.9 |
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