Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v3.22.1
Segment Reporting
 3 Months Ended
Mar. 31, 2022
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, 2021, 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 months ended March 31, 2022 and 2021 are as follows:
  Three Months Ended March 31, 2022
  Expedited Freight Intermodal Corporate Eliminations Consolidated - Continuing Operations
External revenues $ 376,526  $ 90,435  $ —  $ —  $ 466,961 
Intersegment revenues 65  5  —  (70) — 
Depreciation 5,673  1,340  39  —  7,052 
Amortization 1,808  2,270  —  —  4,078 
Income (loss) from continuing operations 47,680  11,146  (1,475) —  57,351 
Purchases of property and equipment 8,956  952  —  —  9,908 
  Three Months Ended March 31, 2021
  Expedited Freight Intermodal Corporate Eliminations Consolidated - Continuing Operations
External revenues $ 303,531  $ 58,502  $ —  $ —  $ 362,033 
Intersegment revenues 655  12  —  (498) 169 
Depreciation 4,993  799  3  —  5,795 
Amortization 1,805  1,637  —  —  3,442 
Income (loss) from continuing operations 24,530  4,509  (6,315) —  22,724 
Purchases of property and equipment 2,411  284  —  —  2,695 
Total Assets
As of March 31, 2022 $ 802,613  $ 251,030  $ 113,184  $ (21) $ 1,166,806 
As of December 31, 2021 777,987  249,467  90,588  (219) 1,117,823 

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

Three Months Ended
March 31,
2022		 March 31,
2021
Intersegment revenues - continuing operations $ —  $ 169 
Intersegment revenues - discontinued operation —  (169)
Consolidated intersegment revenues $ —  $ — 
Revenue from the individual services within the Expedited Freight segment for the three months ended March 31, 2022 and 2021 are as follows:

  Three Months Ended
  March 31,
2022		 March 31,
2021
Expedited Freight revenues:  
Network $ 243,414  $ 178,627 
Truckload 55,908  52,380 
Final Mile 65,758  62,256 
Other 11,511  10,923 
Total $ 376,591  $ 304,186