Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v3.21.2
Segment Reporting
 9 Months Ended
Sep. 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 nine months ended September 30, 2021 and 2020 are as follows:
  Three Months Ended September 30, 2021
  Expedited Freight Intermodal Corporate Eliminations Consolidated - Continuing Operations
External revenues $ 341,461  $ 78,164  $ —  $ —  $ 419,625 
Intersegment revenues 96  9  —  (105) — 
Depreciation 4,942  841  16  —  5,799 
Amortization 1,842  1,775  —  —  3,617 
Income (loss) from continuing operations 34,636  8,712  (872) —  42,476 
Purchases of property and equipment 13,769  671  —  —  14,440 
  Three Months Ended September 30, 2020
  Expedited Freight Intermodal Corporate Eliminations Consolidated - Continuing Operations
External revenues $ 283,025  $ 48,940  $ —  $ —  $ 331,965 
Intersegment revenues 489  8  —  (465) 32 
Depreciation 4,981  789  36  —  5,806 
Amortization 1,799  1,567  —  —  3,366 
Income (loss) from continuing operations 23,461  4,837  (4,788) —  23,510 
Purchases of property and equipment 2,037  188  —  —  2,225 
                    
  Nine Months Ended September 30, 2021
  Expedited Freight Intermodal Corporate Eliminations Consolidated - Continuing Operations
External revenues $ 996,769  $ 205,786  $ —  $ —  $ 1,202,555 
Intersegment revenues 709  34  —  (800) (57)
Depreciation 14,924  2,475  42  —  17,441 
Amortization 5,437  5,189  —  —  10,626 
Income (loss) from continuing operations 93,854  21,607  (8,137) —  107,324 
Purchases of property and equipment 21,905  1,110  —  —  23,015 
  Nine Months Ended September 30, 2020
  Expedited Freight Intermodal Corporate Eliminations Consolidated - Continuing Operations
External revenues $ 771,585  $ 147,815  $ —  $ —  $ 919,400 
Intersegment revenues 1,216  21  —  (1,405) (168)
Depreciation 14,897  2,923  79  —  17,899 
Amortization 5,318  4,702  —  —  10,020 
Income (loss) from continuing operations 50,394  12,963  (10,159) —  53,198 
Purchases of property and equipment 15,987  452  —  —  16,439 
Total Assets
As of September 30, 2021 $ 750,775  $ 212,203  $ 107,327  $ 203  $ 1,070,508 
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 Nine Months Ended
September 30,
2021		 September 30,
2020		 September 30,
2021		 September 30,
2020
Intersegment revenues - continuing operations $ —  $ 32  $ (57) $ (168)
Intersegment revenues - discontinued operation —  (32) 57  168 
Consolidated intersegment revenues $ —  $ —  $ —  $ — 

September 30, 2021 December 31, 2020
Segment assets - continuing operations $ 1,070,508  $ 973,294 
Current assets held for sale —  21,002 
Noncurrent assets held for sale —  53,097 
Consolidated total assets $ 1,070,508  $ 1,047,393 
Revenue from the individual services within the Expedited Freight segment for the three and nine months ended September 30, 2021 and 2020 are as follows:

  Three Months Ended Nine Months Ended
  September 30,
2021		 September 30,
2020		 September 30,
2021		 September 30,
2020
Expedited Freight revenues:    
Network $ 207,656  $ 169,300  $ 606,213  $ 455,482 
Truckload 53,651  49,836  162,999  139,220 
Final Mile 71,355  56,994  203,494  158,223 
Other 8,895  7,384  24,772  19,876 
Total $ 341,557  $ 283,514  $ 997,478  $ 772,801