Schneider National Inc
For the period ended Sep 30, 2024. Filed Nov 6, 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.
Sep 30, 2024 · Filed Nov 6, 2024
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Segment Reporting
- SEGMENT REPORTING
We have three reportable segments – Truckload, Intermodal, and Logistics – which are based primarily on the services each segment provides.
As of January 1, 2023, our operating segments within the Truckload reportable segment were VTL, Bulk, and MLS. As a result of expanding our dedicated business through recent acquisitions, in the fourth quarter of 2023, we reorganized the operating segments within Truckload into Dedicated, which includes MLS and M&M; Van Network; and Bulk. The three operating segments are aggregated because they have similar economic characteristics with our other Truckload operating segments and meet the other aggregation criteria described in ASC 280. Dedicated provides truckload services primarily focused on freight with consistent routes often based on long-term contracts, Van Network consists of irregular routes, and Bulk delivers key inputs for manufacturing processes, such as specialty chemicals.
The CODM reviews revenues for each segment without the inclusion of fuel surcharge revenues. For segment purposes, any fuel surcharge revenues earned are recorded as a reduction of the segment’s fuel expenses. Income from operations at the segment level reflects the measure presented to the CODM for each segment.
Separate balance sheets are not prepared by segment, and as a result, assets are not separately identifiable by segment. All transactions between reportable segments are eliminated in consolidation.
Substantially all of our revenues and assets were generated or located within the U.S.
The following tables summarize our segment information. Inter-segment revenues within Other include revenues from insurance premiums charged to other segments for workers’ compensation, auto, and other types of insurance. Inter-segment revenues included in Other revenues below were $23.9 million and $15.6 million for the three months ended September 30, 2024 and 2023, respectively, and $73.5 million and $50.0 million for the nine months ended September 30, 2024 and 2023, respectively.
| Revenues by Segment | Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | ||
|---|---|---|---|---|
| (in millions) | 2024 | 2023 | 2024 | 2023 |
| Truckload | $532.2 | $535.3 | $1,610.6 | $1,605.0 |
| Intermodal | 264.7 | 263.0 | 765.0 | 790.1 |
| Logistics | 313.7 | 326.0 | 957.4 | 1,051.6 |
| Other | 105.2 | 78.4 | 295.1 | 249.5 |
| Fuel surcharge | 138.1 | 172.6 | 442.8 | 507.4 |
| Inter-segment eliminations | (38.2) | (23.3) | (119.5) | (76.4) |
| Operating revenues | $1,315.7 | $1,352.0 | $3,951.4 | $4,127.2 |
| Income (Loss) from Operations by Segment | Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | ||
|---|---|---|---|---|
| (in millions) | 2024 | 2023 | 2024 | 2023 |
| Truckload | $23.7 | $24.5 | $69.3 | $151.9 |
| Intermodal | 15.7 | 11.1 | 37.3 | 64.8 |
| Logistics | 7.6 | 8.5 | 24.2 | 39.8 |
| Other | (3.9) | 2.6 | (8.0) | 8.6 |
| Income from operations | $43.1 | $46.7 | $122.8 | $265.1 |
| Depreciation and Amortization by Segment | Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | ||
|---|---|---|---|---|
| (in millions) | 2024 | 2023 | 2024 | 2023 |
| Truckload | $74.3 | $70.2 | $224.6 | $205.4 |
| Intermodal | 13.3 | 13.3 | 40.2 | 39.8 |
| Logistics | — | — | — | 0.1 |
| Other | 14.3 | 13.3 | 42.4 | 36.5 |
| Depreciation and amortization | $101.9 | $96.8 | $307.2 | $281.8 |
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