Annual report pursuant to Section 13 and 15(d)

Segment Reporting

v3.24.0.1
Segment Reporting
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
 
The Company has two reportable segments: Expedited Freight and Intermodal. The Company evaluates segment performance based on income from operations. Segment results include intersegment revenues and shared costs. Costs related to the corporate headquarters, shared services and shared assets, such as trailers, are allocated to each segment based on usage. Shared assets are not allocated to each segment, but rather the shared assets, such as trailers, are allocated to the Expedited Freight reportable segment. Corporate includes revenues and expenses as well as assets that are not attributable to any of the Company’s reportable segments. The Company is currently evaluating potential changes to its reportable segments, which may be reflected in future filings to more accurately align businesses within the segments.

The accounting policies applied to each segment are the same as those in Note 1, Operations and Summary of Significant Accounting Policies, except for certain self-insurance loss reserves related to vehicle liability and workers’ compensation. Each segment is allocated an insurance premium and deductible that corresponds to the self-insured retention limit for that particular segment. Any self-insurance loss exposure beyond the deductible allocated to each segment is recorded in Corporate.

No single customer accounted for more than 10% of the Company’s consolidated revenues from continuing operations for the years ended December 31, 2023, 2022 and 2021.
Segment results from operations for the years ended December 31, 2023, 2022 and 2021 were as follows:
Year Ended December 31, 2023 Expedited Freight Intermodal Corporate Eliminations Consolidated - Continuing Operations
External revenues $ 1,096,484  $ 273,925  $ —  $ —  $ 1,370,409 
Intersegment revenues 474  118  —  (266) 326 
Depreciation 31,626  9,740  —  —  41,366 
Amortization 5,788  10,251  —  —  16,039 
Income (loss) from continuing operations 116,040  25,327  (53,157) —  88,210 
Purchases of property and equipment 29,928  797  —  —  30,725 

Year Ended December 31, 2022 Expedited Freight Intermodal Corporate Eliminations Consolidated - Continuing Operations
External revenues $ 1,260,414  $ 419,698  $ —  $ —  $ 1,680,112 
Intersegment revenues (293) 20  —  (205) (478)
Depreciation 23,597  6,641  101  —  30,339 
Amortization 3,461  8,752  —  —  12,213 
Income (loss) from continuing operations 192,583  56,874  (1,866) —  247,591 
Purchases of property and equipment 37,984  1,270  —  —  39,254 

Year Ended December 31, 2021 Expedited Freight Intermodal Corporate Eliminations Consolidated - Continuing Operations
External revenues $ 1,098,847  $ 289,171  $ —  $ —  $ 1,388,018 
Intersegment revenues 223  43  —  (1,057) (791)
Depreciation 20,826  3,538  63  —  24,427 
Amortization 3,430  7,109  —  —  10,539 
Income (loss) from continuing operations 127,045  30,117  (10,137) —  147,025 
Purchases of property and equipment 35,630  2,745  —  —  38,375 
Total Assets
As of December 31, 2023 $ 661,270  $ 270,421  $ 2,047,901  $ (59) $ 2,979,533 
As of December 31, 2022 547,417  322,001  202,756  (67) 1,072,107 
A reconciliation from the segment information to the consolidated balances for revenues and total assets is set forth below:

Year Ended
December 31,
2023		 December 31,
2022		 December 31,
2021
Intersegment revenues - continuing operations $ 326  $ (478) $ (791)
Intersegment revenues - discontinued operations (326) 478  791 
Consolidated intersegment revenues $ —  $ —  $ — 

December 31,
2023		 December 31,
2022
Segment assets - continuing operations $ 2,979,533  $ 1,072,107 
Current assets held for sale —  34,942 
Noncurrent assets held for sale —  101,027 
Consolidated total assets $ 2,979,533  $ 1,208,076 

Revenue from the individual services within the Expedited Freight segment for the years ended December 31, 2023, 2022 and 2021 were as follows:

  Year Ended
  December 31, 2023 December 31, 2022 December 31, 2021
Expedited Freight revenues:    
Network $ 845,949  $ 947,817  $ 805,015 
Truckload 159,513  221,979  223,026 
Other 91,496  90,325  71,029 
Total $ 1,096,958  $ 1,260,121  $ 1,099,070