Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v3.21.2
Segment Reporting
 6 Months Ended
Jun. 30, 2021
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 segment. Corporate includes revenues and expenses as well as assets that are not attributable to any of the Company’s reportable segments.

The accounting policies applied to each segment are the same as those described in the Summary of Significant Accounting Policies as disclosed in Note 1 to the Annual Report on Form 10-K for the year ended December 31, 2020, 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.      

Segment results from operations for the three and six months ended June 30, 2021 and 2020 are as follows:
  Three Months Ended June 30, 2021
  Expedited Freight Intermodal Corporate Eliminations Consolidated - Continuing Operations
External revenues $ 351,551  $ 69,120  $ —  $ —  $ 420,671 
Intersegment revenues 184  13  —  (197) — 
Depreciation 4,989  835  23  —  5,847 
Amortization 1,790  1,777  —  —  3,567 
Income (loss) from continuing operations 34,688  8,386  (950) —  42,124 
Purchases of property and equipment 5,724  156  —  —  5,880 
  Three Months Ended June 30, 2020
  Expedited Freight Intermodal Corporate Eliminations Consolidated - Continuing Operations
External revenues $ 235,417  $ 46,420  $ —  $ —  $ 281,837 
Intersegment revenues 241  8  —  (408) (159)
Depreciation 5,009  1,081  25  —  6,115 
Amortization 1,731  1,567  —  —  3,298 
Income (loss) from continuing operations 11,753  4,413  (2,252) —  13,914 
Purchases of property and equipment 11,545  18  —  —  11,563 
                    
  Six Months Ended June 30, 2021
  Expedited Freight Intermodal Corporate Eliminations Consolidated - Continuing Operations
External revenues $ 655,308  $ 127,622  $ —  $ —  $ 782,930 
Intersegment revenues 613  25  —  (695) (57)
Depreciation 9,982  1,634  26  —  11,642 
Amortization 3,595  3,414  —  —  7,009 
Income (loss) from continuing operations 59,218  12,895  (7,265) —  64,848 
Purchases of property and equipment 8,136  439  —  —  8,575 
  Six Months Ended June 30, 2020
  Expedited Freight Intermodal Corporate Eliminations Consolidated - Continuing Operations
External revenues $ 488,560  $ 98,875  $ —  $ —  $ 587,435 
Intersegment revenues 727  13  —  (940) (200)
Depreciation 9,916  2,134  43  —  12,093 
Amortization 3,519  3,135  —  —  6,654 
Income (loss) from continuing operations 26,933  8,126  (5,372) —  29,687 
Purchases of property and equipment 13,950  264  —  —  14,214 
Total Assets
As of June 30, 2021 $ 767,222  $ 209,266  $ 105,459  $ (106) $ 1,081,841 
As of December 31, 2020 905,081  221,963  47,641  (201,391) 973,294 


A reconciliation from the segment information to the consolidated balances for revenues and total assets is set forth below:

Three Months Ended Six Months Ended
June 30,
2021		 June 30,
2020		 June 30,
2021		 June 30,
2020
Intersegment revenues - continuing operations $ —  $ (159) $ (57) $ (200)
Intersegment revenues - discontinued operation —  159  57  200 
Consolidated intersegment revenues $ —  $ —  $ —  $ — 

June 30, 2021 December 31, 2020
Segment assets - continuing operations $ 1,081,841  $ 973,294 
Current assets held for sale —  21,002 
Noncurrent assets held for sale —  53,097 
Consolidated total assets $ 1,081,841  $ 1,047,393 
Revenue from the individual services within the Expedited Freight segment for the three and six months ended June 30, 2021 and 2020 are as follows:

  Three Months Ended Six Months Ended
  June 30,
2021		 June 30,
2020		 June 30,
2021		 June 30,
2020
Expedited Freight revenues:    
Network $ 210,088  $ 134,173  $ 388,715  $ 286,182 
Truckload 56,968  41,857  109,348  89,384 
Final Mile 69,883  53,427  132,139  101,229 
Other 14,796  6,201  25,719  12,492 
Total $ 351,735  $ 235,658  $ 655,921  $ 489,287