Annual report pursuant to Section 13 and 15(d)

Segment Reporting

v3.22.0.1
Segment Reporting
 12 Months Ended
Dec. 31, 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 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.

For the year ended December 31, 2020, the Company recognized revenue of approximately $138,669 from one customer, which accounted for more than 10% of the Company’s consolidated revenues from continuing operations in the Consolidated Statements of Comprehensive Income and was included in the Expedited Freight reportable segment. No single customer accounted for more than 10% of the Company’s consolidated revenues from continuing operations for the years ended December 31, 2021 or December 31, 2019.
Segment results from operations for the years ended December 31, 2021, 2020 and 2019 were as follows:
Year Ended December 31, 2021 Expedited Freight Intermodal Corporate Eliminations Consolidated - Continuing Operations
External revenues $ 1,373,313  $ 289,171  $ —  $ —  $ 1,662,484 
Intersegment revenues 957  43  —  (1,057) (57)
Depreciation 21,623  3,538  63  —  25,224 
Amortization 7,219  7,109  —  —  14,328 
Income (loss) from continuing operations 139,321  30,117  (10,137) —  159,301 
Purchases of property and equipment 36,364  2,745  —  —  39,109 

Year Ended December 31, 2020 Expedited Freight Intermodal Corporate Eliminations Consolidated - Continuing Operations
External revenues $ 1,070,106  $ 199,567  $ —  $ —  $ 1,269,673 
Intersegment revenues 2,195  36  —  (2,331) (100)
Depreciation 19,824  3,693  120  —  23,637 
Amortization 7,203  6,285  —  —  13,488 
Income (loss) from continuing operations 71,266  16,391  (13,733) —  73,924 
Purchases of property and equipment 19,820  448  —  —  20,268 

Year Ended December 31, 2019 Expedited Freight Intermodal Corporate Eliminations Consolidated - Continuing Operations
External revenues $ 997,877  $ 217,606  $ —  $ —  $ 1,215,483 
Intersegment revenues 3,057  105  —  (3,458) (296)
Depreciation 23,087  3,086  38  —  26,211 
Amortization 4,335  5,848  —  —  10,183 
Income (loss) from continuing operations 103,640  23,679  (14,903) —  112,416 
Purchases of property and equipment 21,290  717  —  —  22,007 
Total Assets
As of December 31, 2021 $ 777,987  $ 249,467  $ 90,588  $ (219) $ 1,117,823 
As of December 31, 2020 706,396  183,073  84,370  (545) 973,294 
A reconciliation from the segment information to the consolidated balances for revenues and total assets is set forth below:

Year Ended
December 31,
2021		 December 31,
2020		 December 31,
2019
Intersegment revenues - continuing operations $ (57) $ (100) $ (296)
Intersegment revenues - discontinued operation 57  100  296 
Consolidated intersegment revenues $ —  $ —  $ — 
December 31,
2021		 December 31,
2020
Segment assets - continuing operations $ 1,117,823  $ 973,294 
Current assets held for sale —  21,002 
Noncurrent assets held for sale —  53,097 
Consolidated total assets $ 1,117,823  $ 1,047,393 

Revenue from the individual services within the Expedited Freight segment for the years ended December 31, 2021, 2020 and 2019 were as follows:

  Year Ended
  December 31,
2021		 December 31,
2020		 December 31,
2019
Expedited Freight revenues:    
Network $ 840,429  $ 625,517  $ 675,312 
Truckload 223,026  194,058  196,855 
Final Mile 275,201  224,475  100,555 
Other 35,614  28,251  28,212 
Total $ 1,374,270  $ 1,072,301  $ 1,000,934