Q3--12-310000716006false0000716006us-gaap:PreferredStockMember2020-07-012020-09-300000716006us-gaap:LondonInterbankOfferedRateLIBORMemberyell:NewTermLoanMember2021-01-012021-09-300000716006us-gaap:PreferredStockMember2021-04-012021-06-3000007160062020-01-012020-03-310000716006us-gaap:TreasuryStockMember2019-12-310000716006yell:UnsecuredSecondARCDMember2021-09-300000716006us-gaap:CommonStockMember2021-03-3100007160062020-07-012020-09-300000716006us-gaap:PensionPlansDefinedBenefitMemberyell:YellowCorporationPensionPlanMemberus-gaap:NonqualifiedPlanMember2021-07-012021-09-300000716006us-gaap:PensionPlansDefinedBenefitMemberyell:QualifiedAndNonQualifiedMember2021-01-012021-09-300000716006yell:LTLRevenueMember2020-07-012020-09-300000716006us-gaap:RetainedEarningsMember2021-07-012021-09-300000716006us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-3000007160062020-01-012020-09-300000716006us-gaap:RetainedEarningsMember2021-01-012021-03-310000716006us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300000716006yell:UstCreditAgreementsMember2020-07-310000716006us-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310000716006us-gaap:LondonInterbankOfferedRateLIBORMemberyell:NewTermLoanMember2021-09-300000716006us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310000716006us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310000716006us-gaap:PensionPlansDefinedBenefitMemberyell:YellowCorporationPensionPlanMemberus-gaap:NonqualifiedPlanMember2021-01-012021-09-300000716006yell:AntidilutiveOptionsAndSharesMember2021-01-012021-09-300000716006us-gaap:TreasuryStockMember2020-03-310000716006us-gaap:CarryingReportedAmountFairValueDisclosureMemberyell:TermLoanMember2020-12-310000716006us-gaap:PreferredStockMember2020-06-300000716006us-gaap:AccountingStandardsUpdate201912Member2021-09-300000716006us-gaap:AdditionalPaidInCapitalMember2021-06-300000716006us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000716006yell:TermLoanMember2021-09-300000716006us-gaap:AdditionalPaidInCapitalMember2020-06-300000716006us-gaap:CommonStockMember2020-06-300000716006us-gaap:TreasuryStockMember2020-09-300000716006us-gaap:CommonStockMember2020-07-012020-09-300000716006us-gaap:PreferredStockMember2020-01-012020-03-310000716006yell:LeaseFinancingObligationsMember2021-09-300000716006us-gaap:RetainedEarningsMember2020-06-300000716006yell:OtherRevenueMember2021-01-012021-09-300000716006yell:LTLRevenueMember2020-01-012020-09-300000716006us-gaap:RetainedEarningsMember2021-04-012021-06-300000716006us-gaap:RetainedEarningsMember2021-03-310000716006yell:TermLoanMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300000716006yell:SecuredSecondARCDAMember2021-09-300000716006us-gaap:PreferredStockMember2021-06-300000716006us-gaap:CommonStockMember2020-03-310000716006srt:NorthAmericaMemberus-gaap:LaborForceConcentrationRiskMemberus-gaap:WorkforceSubjectToCollectiveBargainingArrangementsMember2021-01-012021-09-300000716006us-gaap:AdditionalPaidInCapitalMember2020-07-012020-09-300000716006yell:OtherRevenueMember2021-07-012021-09-3000007160062019-12-310000716006us-gaap:AdditionalPaidInCapitalMember2020-03-310000716006us-gaap:AdditionalPaidInCapitalMember2020-12-310000716006us-gaap:RetainedEarningsMember2020-09-300000716006us-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-300000716006us-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000716006yell:SecondARCDAMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300000716006us-gaap:PensionPlansDefinedBenefitMemberyell:YellowCorporationPensionPlanMemberus-gaap:NonqualifiedPlanMember2020-12-310000716006us-gaap:TreasuryStockMember2021-06-300000716006us-gaap:PensionPlansDefinedBenefitMemberyell:QualifiedAndNonQualifiedMember2020-07-012020-09-300000716006us-gaap:PreferredStockMember2021-03-3100007160062020-04-012020-06-300000716006yell:USTreasuryLoanMemberyell:TrancheAMember2021-01-012021-09-300000716006us-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300000716006us-gaap:PreferredStockMember2021-09-300000716006us-gaap:AdditionalPaidInCapitalMember2019-12-3100007160062021-06-062021-06-060000716006yell:SecondARCDAMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310000716006yell:SecondARCDAMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-09-300000716006us-gaap:PreferredStockMember2020-03-310000716006us-gaap:TreasuryStockMember2021-03-310000716006us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310000716006us-gaap:CarryingReportedAmountFairValueDisclosureMemberyell:LeaseFinancingObligationsMember2020-12-3100007160062020-12-310000716006us-gaap:RetainedEarningsMember2020-01-012020-03-310000716006us-gaap:CommonStockMember2019-12-310000716006us-gaap:PensionPlansDefinedBenefitMemberyell:QualifiedAndNonQualifiedMember2021-07-012021-09-300000716006us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-09-300000716006yell:OtherRevenueMember2020-07-012020-09-300000716006us-gaap:AdditionalPaidInCapitalMember2021-09-300000716006yell:USTreasuryLoanMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300000716006us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300000716006yell:LTLRevenueMember2021-07-012021-09-3000007160062020-09-300000716006us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-3100007160062020-06-300000716006us-gaap:AdditionalPaidInCapitalMember2021-07-012021-09-300000716006us-gaap:CommonStockMember2020-12-3100007160062021-04-012021-06-300000716006us-gaap:CommonStockMember2020-09-3000007160062021-03-310000716006yell:USTreasuryLoanMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000716006us-gaap:EstimateOfFairValueFairValueDisclosureMemberyell:LeaseFinancingObligationsMember2021-09-300000716006us-gaap:AdditionalPaidInCapitalMember2021-03-3100007160062021-09-300000716006us-gaap:CarryingReportedAmountFairValueDisclosureMemberyell:TermLoanMember2021-09-300000716006us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-012020-06-300000716006us-gaap:RetainedEarningsMember2020-12-310000716006yell:USTreasuryLoanMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-09-300000716006us-gaap:CarryingReportedAmountFairValueDisclosureMemberyell:LeaseFinancingObligationsMember2021-09-300000716006us-gaap:RetainedEarningsMember2020-03-310000716006us-gaap:RetainedEarningsMember2020-07-012020-09-300000716006us-gaap:PensionPlansDefinedBenefitMemberyell:RoadwayLlcPensionPlanAndYrcRetirementPensionPlanMemberus-gaap:NonqualifiedPlanMember2021-01-012021-09-300000716006us-gaap:PreferredStockMember2021-07-012021-09-300000716006us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300000716006us-gaap:AdditionalPaidInCapitalMember2020-01-012020-03-310000716006us-gaap:PreferredStockMember2020-12-310000716006us-gaap:PreferredStockMember2019-12-3100007160062021-06-300000716006us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-3100007160062021-01-012021-09-300000716006us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300000716006us-gaap:AdditionalPaidInCapitalMember2020-09-300000716006us-gaap:RetainedEarningsMember2019-12-310000716006us-gaap:PreferredStockMember2021-01-012021-03-310000716006yell:USTreasuryLoanMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310000716006us-gaap:EstimateOfFairValueFairValueDisclosureMemberyell:TermLoanMember2020-12-3100007160062021-07-012021-09-300000716006us-gaap:PreferredStockMember2020-04-012020-06-300000716006us-gaap:TreasuryStockMember2020-12-310000716006us-gaap:RetainedEarningsMember2021-06-300000716006yell:USTreasuryLoanMemberyell:TrancheAMember2021-09-300000716006yell:SecondARCDAMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000716006yell:A2014ABLFacilityCreditAgreementMemberus-gaap:LineOfCreditMember2021-09-3000007160062020-03-310000716006yell:USTreasuryLoanMemberyell:TrancheBMember2021-09-300000716006us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-09-300000716006us-gaap:CommonStockMember2021-06-300000716006us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-3100007160062021-01-012021-03-310000716006yell:AntidilutiveOptionsAndSharesMember2020-01-012020-09-300000716006us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-07-012020-09-300000716006yell:OtherRevenueMember2020-01-012020-09-300000716006us-gaap:EstimateOfFairValueFairValueDisclosureMemberyell:LeaseFinancingObligationsMember2020-12-310000716006us-gaap:PreferredStockMember2020-09-300000716006us-gaap:TreasuryStockMember2021-09-300000716006yell:ChristinaLewisMember2020-04-270000716006us-gaap:TreasuryStockMember2020-06-300000716006us-gaap:CommonStockMember2021-09-300000716006us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-300000716006us-gaap:RetainedEarningsMember2021-09-300000716006us-gaap:PensionPlansDefinedBenefitMemberyell:YellowCorporationPensionPlanMemberus-gaap:NonqualifiedPlanMember2021-09-300000716006us-gaap:RetainedEarningsMember2020-04-012020-06-3000007160062021-10-290000716006us-gaap:PensionPlansDefinedBenefitMemberyell:QualifiedAndNonQualifiedMember2020-01-012020-09-300000716006yell:LTLRevenueMember2021-01-012021-09-30xbrli:purexbrli:sharesiso4217:USDxbrli:sharesyell:Planiso4217:USD

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 0-12255

 

Yellow Corporation

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

48-0948788

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

10990 Roe Avenue, Overland Park, Kansas

 

66211

(Address of principal executive offices)

 

(Zip Code)

 

(913) 696-6100

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock, $0.01 par value per share

 

YELL

 

The NASDAQ Stock Market LLC

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

 

 

Accelerated filer

 

 

 

 

 

 

 

 

 

 

Non-accelerated filer

 

Smaller reporting company

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes ☐ No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

Class

 

Outstanding at October 29, 2021

Common Stock, $0.01 par value per share

 

51,285,710 shares

 

 


 

INDEX

 

Item

 

Page

 

PART I – FINANCIAL INFORMATION

 

1

Financial Statements

3

 

Consolidated Balance Sheets – September 30, 2021 and December 31, 2020

3

 

Statements of Consolidated Comprehensive Income (Loss) – Three and Nine Months Ended September 30, 2021 and 2020

4

 

Statements of Consolidated Cash Flows - Nine Months Ended September 30, 2021 and 2020

5

 

Statements of Consolidated Shareholders’ Deficit - Three and Nine Months Ended September 30, 2021 and 2020

6

 

Notes to Consolidated Financial Statements

8

2

Management’s Discussion and Analysis of Financial Condition and Results of Operations

13

3

Quantitative and Qualitative Disclosures About Market Risk

23

4

Controls and Procedures

23

 

 

PART II – OTHER INFORMATION

 

1

Legal Proceedings

24

1A

Risk Factors

24

2

Not Applicable

 

3

Not Applicable

 

4

Not Applicable

 

5

Not Applicable

 

6

Exhibits

24

 

Signatures

25

 

2


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements

CONSOLIDATED BALANCE SHEETS

Yellow Corporation and Subsidiaries

(Amounts in millions except share and per share data)

 

 

September 30, 2021

 

 

December 31, 2020

 

 

 

(Unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

358.1

 

 

$

439.3

 

Restricted amounts held in escrow

 

 

10.1

 

 

 

38.7

 

Accounts receivable, net

 

 

640.7

 

 

 

505.0

 

Prepaid expenses and other

 

 

64.2

 

 

 

46.8

 

Total current assets

 

 

1,073.1

 

 

 

1,029.8

 

Property and Equipment:

 

 

 

 

 

 

Cost

 

 

3,140.0

 

 

 

2,795.5

 

Less - accumulated depreciation

 

 

(2,030.7

)

 

 

(2,031.3

)

Net property and equipment

 

 

1,109.3

 

 

 

764.2

 

Deferred income taxes, net

 

 

1.9

 

 

 

0.9

 

Pension

 

 

61.1

 

 

 

63.2

 

Operating lease right-of-use assets

 

 

193.5

 

 

 

276.0

 

Other assets

 

 

23.9

 

 

 

51.7

 

Total Assets

 

$

2,462.8

 

 

$

2,185.8

 

Liabilities and Shareholders' Deficit

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

Accounts payable

 

$

196.4

 

 

$

160.7

 

Wages, vacations and employee benefits

 

 

250.2

 

 

 

214.6

 

Current operating lease liabilities

 

 

87.3

 

 

 

114.2

 

Claims and insurance accruals

 

 

112.5

 

 

 

108.2

 

Other accrued taxes

 

 

72.0

 

 

 

68.6

 

Other current and accrued liabilities

 

 

40.2

 

 

 

30.4

 

Current maturities of long-term debt

 

 

4.8

 

 

 

4.0

 

Total current liabilities

 

 

763.4

 

 

 

700.7

 

Other Liabilities:

 

 

 

 

 

 

Long-term debt, less current portion

 

 

1,543.6

 

 

 

1,221.4

 

Operating lease liabilities

 

 

115.5

 

 

 

172.6

 

Claims and other liabilities

 

 

346.5

 

 

 

314.4

 

Commitments and contingencies

 

 

 

 

 

 

Shareholders' Deficit:

 

 

 

 

 

 

Cumulative preferred stock, $1 par value per share

 

 

 

 

 

 

Common stock, $0.01 par value per share - authorized 95,000,000 shares, issued 50,876,000 and 50,192,000 shares, respectively

 

 

0.5

 

 

 

0.5

 

Capital surplus

 

 

2,387.0

 

 

 

2,383.6

 

Accumulated deficit

 

 

(2,430.3

)

 

 

(2,365.9

)

Accumulated other comprehensive loss

 

 

(170.7

)

 

 

(148.8

)

Treasury stock, at cost

 

 

(92.7

)

 

 

(92.7

)

Total shareholders' deficit

 

 

(306.2

)

 

 

(223.3

)

Total Liabilities and Shareholders' Deficit

 

$

2,462.8

 

 

$

2,185.8

 

 

The accompanying notes are an integral part of these statements.

3


 

STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS)

Yellow Corporation and Subsidiaries

For the Three and Nine Months Ended September 30

(Amounts in millions except per share data, shares in thousands)

(Unaudited)

 

 

 

 

Three Months

 

 

Nine Months

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Operating Revenue

 

$

1,301.4

 

 

$

1,183.4

 

 

$

3,812.9

 

 

$

3,349.2

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Salaries, wages and employee benefits

 

 

729.7

 

 

 

720.6

 

 

 

2,204.8

 

 

 

2,088.7

 

Fuel, operating expenses and supplies

 

 

216.1

 

 

 

175.4

 

 

 

636.6

 

 

 

546.1

 

Purchased transportation

 

 

200.3

 

 

 

177.1

 

 

 

610.6

 

 

 

439.3

 

Depreciation and amortization

 

 

37.8

 

 

 

32.5

 

 

 

106.1

 

 

 

102.4

 

Other operating expenses

 

 

68.9

 

 

 

58.4

 

 

 

205.5

 

 

 

175.2

 

(Gains) losses on property disposals, net

 

 

0.2

 

 

 

 

 

 

1.5

 

 

 

(45.3

)

Total operating expenses

 

 

1,253.0

 

 

 

1,164.0

 

 

 

3,765.1

 

 

 

3,306.4

 

Operating Income

 

 

48.4

 

 

 

19.4

 

 

 

47.8

 

 

 

42.8

 

Nonoperating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

38.6

 

 

 

33.4

 

 

 

112.2

 

 

 

101.9

 

Non-union pension and postretirement expense (benefit)

 

 

1.7

 

 

 

(1.1

)

 

 

(0.7

)

 

 

(4.3

)

Other, net

 

 

(0.2

)

 

 

 

 

 

(0.5

)

 

 

(1.2

)

Nonoperating expenses, net

 

 

40.1

 

 

 

32.3

 

 

 

111.0

 

 

 

96.4

 

Income (loss) before income taxes

 

 

8.3

 

 

 

(12.9

)

 

 

(63.2

)

 

 

(53.6

)

Income tax expense (benefit)

 

 

 

 

 

(10.9

)

 

 

1.2

 

 

 

(18.8

)

Net income (loss)

 

 

8.3

 

 

 

(2.0

)

 

 

(64.4

)

 

 

(34.8

)

Other comprehensive income (loss), net of tax

 

 

(28.8

)

 

 

98.0

 

 

 

(21.9

)

 

 

102.5

 

Comprehensive Income (Loss)

 

$

(20.5

)

 

$

96.0

 

 

$

(86.3

)

 

$

67.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Common Shares Outstanding - Basic

 

 

50,868

 

 

 

48,672

 

 

 

50,661

 

 

 

38,864

 

Average Common Shares Outstanding - Diluted

 

 

51,818

 

 

 

48,672

 

 

 

50,661

 

 

 

38,864

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (Loss) Per Share - Basic

 

$

0.16

 

 

$

(0.04

)

 

$

(1.27

)

 

$

(0.90

)

Earnings (Loss) Per Share - Diluted

 

$

0.16

 

 

$

(0.04

)

 

$

(1.27

)

 

$

(0.90

)

 

The accompanying notes are an integral part of these statements.

4


 

STATEMENTS OF CONSOLIDATED CASH FLOWS

Yellow Corporation and Subsidiaries

For the Nine Months Ended September 30

(Amounts in millions)

(Unaudited)

 

 

 

2021

 

 

2020

 

Operating Activities:

 

 

 

 

 

 

Net loss

 

$

(64.4

)

 

$

(34.8

)

Adjustments to reconcile net loss to cash flows from operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

106.1

 

 

 

102.4

 

Lease amortization and accretion expense

 

 

103.4

 

 

 

122.7

 

Lease payments

 

 

(105.6

)

 

 

(94.6

)

Paid-in-kind interest

 

 

7.0

 

 

 

40.5

 

Debt-related amortization

 

 

17.2

 

 

 

11.8

 

Equity-based compensation and employee benefits expense

 

 

12.3

 

 

 

14.4

 

Non-union pension settlement charge

 

 

3.4

 

 

 

1.9

 

(Gains) losses on property disposals, net

 

 

1.5

 

 

 

(45.3

)

Deferred income taxes, net

 

 

(1.0

)

 

 

(11.1

)

Other non-cash items, net

 

 

0.6

 

 

 

(0.2

)

Changes in assets and liabilities, net:

 

 

 

 

 

 

Accounts receivable

 

 

(135.7

)

 

 

(76.9

)

Accounts payable

 

 

28.4

 

 

 

24.8

 

Other operating assets

 

 

(19.8

)

 

 

(9.3

)

Other operating liabilities

 

 

55.9

 

 

 

62.2

 

Net cash provided by (used in) operating activities

 

 

9.3

 

 

 

108.5

 

Investing Activities:

 

 

 

 

 

 

Acquisition of property and equipment

 

 

(442.9

)

 

 

(41.4

)

Proceeds from disposal of property and equipment

 

 

1.1

 

 

 

55.3

 

Net cash provided by (used in) investing activities

 

 

(441.8

)

 

 

13.9

 

Financing Activities:

 

 

 

 

 

 

Issuance of long-term debt, net

 

 

325.2

 

 

 

245.0

 

Repayment of long-term debt

 

 

(1.8

)

 

 

(29.1

)

Debt issuance costs

 

 

(0.2

)

 

 

(8.4

)

Payments for tax withheld on equity-based compensation

 

 

(0.5

)

 

 

(0.6

)

Net cash provided by (used in) financing activities

 

 

322.7

 

 

 

206.9

 

Net Increase (Decrease) In Cash and Cash Equivalents and Restricted Amounts Held in Escrow

 

 

(109.8

)

 

 

329.3

 

Cash and Cash Equivalents and Restricted Amounts Held in Escrow, Beginning of Period

 

 

478.0

 

 

 

109.2

 

Cash and Cash Equivalents and Restricted Amounts Held in Escrow, End of Period

 

$

368.2

 

 

$

438.5

 

 

Supplemental Cash Flow Information:

 

 

 

 

 

 

Interest paid

 

$

(86.2

)

 

$

(47.2

)

 

The accompanying notes are an integral part of these statements.

 

5


 

STATEMENTS OF CONSOLIDATED SHAREHOLDERS’ DEFICIT

Yellow Corporation and Subsidiaries

For the Three and Nine Months ended September 30

(Amounts in millions)

(Unaudited)

 

 

 

Preferred Stock

 

Common Stock

 

Capital Surplus

 

Accumulated Deficit

 

Accumulated Other Comprehensive Loss

 

Treasury Stock, At Cost

 

Total Shareholders' Deficit

 

Balances at December 31, 2020

 

$

 

$

0.5

 

$

2,383.6

 

$

(2,365.9

)

$

(148.8

)

$

(92.7

)

$

(223.3

)

Equity-based compensation

 

 

 

 

 

 

1.8

 

 

 

 

 

 

 

 

1.8

 

Net loss

 

 

 

 

 

 

 

 

(63.3

)

 

 

 

 

 

(63.3

)

Pension, net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of prior net losses

 

 

 

 

 

 

 

 

 

 

3.0

 

 

 

 

3.0

 

Amortization of prior service credit

 

 

 

 

 

 

 

 

 

 

(0.1

)

 

 

 

(0.1

)

Foreign currency translation

 

 

 

 

 

 

 

 

 

 

0.7

 

 

 

 

0.7

 

Balances at March 31, 2021

 

$

 

$

0.5

 

$

2,385.4

 

$

(2,429.2

)

$

(145.2

)

$

(92.7

)

$

(281.2

)

Equity-based compensation

 

 

 

 

 

 

0.9

 

 

 

 

 

 

 

 

0.9

 

Net loss

 

 

 

 

 

 

 

 

(9.4

)

 

 

 

 

 

(9.4

)

Pension, net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of prior net losses

 

 

 

 

 

 

 

 

 

 

3.0

 

 

 

 

3.0

 

Amortization of prior service credit

 

 

 

 

 

 

 

 

 

 

(0.1

)

 

 

 

(0.1

)

Settlement adjustment

 

 

 

 

 

 

 

 

 

 

0.3

 

 

 

 

0.3

 

Foreign currency translation

 

 

 

 

 

 

 

 

 

 

0.1

 

 

 

 

0.1

 

Balances at June 30, 2021

 

$

 

$

0.5

 

$

2,386.3

 

$

(2,438.6

)

$

(141.9

)

$

(92.7

)

$

(286.4

)

Equity-based compensation

 

 

 

 

 

 

0.7

 

 

 

 

 

 

 

 

0.7

 

Net income

 

 

 

 

 

 

 

 

8.3

 

 

 

 

 

 

8.3

 

Pension, net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of prior net losses

 

 

 

 

 

 

 

 

 

 

3.1

 

 

 

 

3.1

 

Amortization of prior service credit

 

 

 

 

 

 

 

 

 

 

(0.1

)

 

 

 

(0.1

)

Settlement adjustment

 

 

 

 

 

 

 

 

 

 

3.1

 

 

 

 

3.1

 

Net actuarial loss

 

 

 

 

 

 

 

 

 

 

(34.5

)

 

 

 

(34.5

)

Foreign currency translation

 

 

 

 

 

 

 

 

 

 

(0.4

)

 

 

 

(0.4

)

Balances at September 30, 2021

 

$

 

$

0.5

 

$

2,387.0

 

$

(2,430.3

)

$

(170.7

)

$

(92.7

)

$

(306.2

)

 

6


 

 

 

Preferred Stock

 

Common Stock

 

Capital Surplus

 

Accumulated Deficit

 

Accumulated Other Comprehensive Loss

 

Treasury Stock, At Cost

 

Total Shareholders' Deficit

 

Balances at December 31, 2019

 

$

 

$

0.3

 

$

2,332.9

 

$

(2,312.4

)

$

(369.3

)

$

(92.7

)

$

(441.2

)

Equity-based compensation

 

 

 

 

 

 

1.8

 

 

 

 

 

 

 

 

1.8

 

Net income

 

 

 

 

 

 

 

 

4.3

 

 

 

 

 

 

4.3

 

Pension, net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of prior net losses

 

 

 

 

 

 

 

 

 

 

3.3

 

 

 

 

3.3

 

Amortization of prior service credit

 

 

 

 

 

 

 

 

 

 

(0.1

)

 

 

 

(0.1

)

Foreign currency translation

 

 

 

 

 

 

 

 

 

 

(1.9

)

 

 

 

(1.9

)

Balances at March 31, 2020

 

$

 

$

0.3

 

$

2,334.7

 

$

(2,308.1

)

$

(368.0

)

$

(92.7

)

$

(433.8

)

Equity-based compensation

 

 

 

 

 

 

0.8

 

 

 

 

 

 

 

 

0.8

 

Net loss

 

 

 

 

 

 

 

 

(37.1

)

 

 

 

 

 

(37.1

)

Pension, net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of prior net losses

 

 

 

 

 

 

 

 

 

 

2.4

 

 

 

 

2.4

 

Amortization of prior service credit

 

 

 

 

 

 

 

 

 

 

(0.1

)

 

 

 

(0.1

)

Foreign currency translation

 

 

 

 

 

 

 

 

 

 

0.9

 

 

 

 

0.9

 

Balances at June 30, 2020

 

$

 

$

0.3

 

$

2,335.5

 

$

(2,345.2

)

$

(364.8

)

$

(92.7

)

$

(466.9

)

Equity-based compensation

 

 

 

 

 

 

1.1

 

 

 

 

 

 

 

 

1.1

 

Equity issuance - UST commitment fee

 

 

 

 

0.2

 

 

46.5

 

 

 

 

 

 

 

 

46.7

 

Net loss

 

 

 

 

 

 

 

 

(2.0

)

 

 

 

 

 

(2.0

)

Pension, net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of prior net losses

 

 

 

 

 

 

 

 

 

 

4.0

 

 

 

 

4.0

 

Amortization of prior service credit

 

 

 

 

 

 

 

 

 

 

(0.1

)

 

 

 

(0.1

)

Settlement adjustment

 

 

 

 

 

 

 

 

 

 

1.4

 

 

 

 

1.4

 

Net actuarial gain

 

 

 

 

 

 

 

 

 

 

92.1

 

 

 

 

92.1

 

Foreign currency translation

 

 

 

 

 

 

 

 

 

 

0.6

 

 

 

 

0.6

 

Balances at September 30, 2020

 

$

 

$

0.5

 

$

2,383.1

 

$

(2,347.2