Schneider National Inc
For the period ended Mar 31, 2024. Filed May 2, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 2, 2024
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Revenue Recognition
- REVENUE RECOGNITION
Disaggregated Revenues
The majority of our revenues are related to transportation and have similar characteristics. Beginning on August 1, 2023, M&M revenues are included within Transportation revenues, consistent with the remainder of our Truckload segment. The following table summarizes our revenues by type of service.
| Three Months EndedMarch 31, | ||
|---|---|---|
| Disaggregated Revenues (in millions) | 2024 | 2023 |
| Transportation | $1,217.4 | $1,317.0 |
| Logistics Management | 50.6 | 49.8 |
| Other | 51.0 | 61.9 |
| Total operating revenues | $1,319.0 | $1,428.7 |
Quantitative Disclosure
The following table provides information related to transactions and expected timing of revenue recognition for performance obligations that are fixed in nature and relate to contracts with terms greater than one year as of the date shown.
| Remaining Performance Obligations (in millions) | March 31, 2024 |
|---|---|
| Expected to be recognized within one year | |
| Transportation | $28.6 |
| Logistics Management | 14.0 |
| Expected to be recognized after one year | |
| Transportation | 34.4 |
| Logistics Management | 10.1 |
| Total | $87.1 |
This disclosure does not include revenues related to performance obligations that are part of a contract with an original expected duration of one year or less, nor does it include expected consideration related to performance obligations for which the Company elects to recognize revenue in the amount it has a right to invoice (e.g., usage-based pricing terms).
The following table provides information related to contract balances associated with our contracts with customers as of the dates shown.
| Contract Balances (in millions) | March 31, 2024 | December 31, 2023 |
|---|---|---|
| Other current assets—Contract assets | $27.7 | $23.7 |
| Other current liabilities—Contract liabilities | — | — |
We generally receive payment within 40 days of completion of performance obligations. Contract assets in the table above relate to revenue in transit at the end of the reporting period. Contract liabilities relate to amounts customers paid in advance of the associated services.
Non-monetary Consideration
Occasionally we provide freight movements to customers in exchange for non-monetary services. The fair value of non-monetary consideration on these freight movements is included in operating revenues on the consolidated statements of comprehensive income and consists primarily of transportation equipment. There wasno revenue recorded for freight movements in exchange for non-monetary consideration for the three months ended March 31, 2024 and 2023.
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