Annual report pursuant to Section 13 and 15(d)

Discontinued Operation and Held for Sale (Tables)

v3.22.0.1
Discontinued Operation and Held for Sale (Tables)
 12 Months Ended
Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]  
Weighted Average Assumptions
The weighted average assumptions under the Monte Carlo simulation model were as follows:
February 12, 2021
Counterparty credit spread 1.2%
Earnings before interest, taxes, depreciation and amortization discount rate 15.0%
Asset volatility 55.0%
Summarized Held for Sale and Discontinued Operations Financial Information
A summary of the carrying amounts of major classes of assets and liabilities, which are included in assets and liabilities held for sale in the Consolidated Balance Sheets, is as follows:

  December 31,
2020
Assets
Current assets:  
Accounts receivable, less allowance of $86 in 2020
 $ 19,740 
Other current assets 1,262 
Total current assets held for sale $ 21,002 
Property and equipment $ 48,905 
Less accumulated depreciation and amortization 28,890 
Net property and equipment 20,015 
Operating lease right-of-use assets 46,865 
Other acquired intangibles, net of accumulated amortization of $12,679 in 2020
 2,621 
Deferred income taxes 3,253 
Other assets 3,321 
Valuation allowance on assets held for sale (22,978)
Total noncurrent assets held for sale $ 53,097 
Liabilities  
Current liabilities:  
Accounts payable $ 4,002 
Accrued expenses 5,070 
Other current liabilities 27 
Current portion of operating lease liabilities 16,825 
Total current liabilities held for sale $ 25,924 
  Operating lease liabilities, less current portion $ 30,024 
  Other long-term liabilities 4,551 
Total noncurrent liabilities held for sale $ 34,575 
A summary of the results of operations classified as a discontinued operation, net of tax, in the Consolidated Statements of Comprehensive Income for the years ended December 31, 2021, 2020 and 2019 is as follows:

  Year Ended
  December 31,
2021		 December 31,
2020		 December 31,
2019
Operating revenue $ 17,776  $ 141,433  $ 195,208 
Operating expenses:    
Purchased transportation 3,381  33,979  52,867 
Salaries, wages and employee benefits 9,458  65,695  77,162 
Operating leases 2,289  21,982  18,918 
Depreciation and amortization —  1,657  5,715 
Insurance and claims 929  6,205  6,707 
Fuel expense 508  4,279  6,462 
Other operating expenses 1,627  17,587  20,969 
Impairment charge 6,967  28,384  — 
Total operating expenses 25,159  179,768  188,800 
(Loss) income from discontinued operation (7,383) (38,335) 6,408 
Loss on sale of business (2,860) —  — 
(Loss) income from discontinued operation before income taxes (10,243) (38,335) 6,408 
Income tax (benefit) expense (11) (9,301) 1,631 
(Loss) income from discontinued operation, net of tax $ (10,232) $ (29,034) $ 4,777