Annual report [Section 13 and 15(d), not S-K Item 405]

Discontinued Operations and Held for Sale

v3.25.1
Discontinued Operations and Held for Sale
 12 Months Ended
Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations and Held for Sale Discontinued Operations and Held for Sale
Sale of Final Mile

On December 20, 2023, the Company completed the sale of the Final Mile business for estimated total cash consideration of $260,916. The results of operations of Final Mile, have been presented under the caption “Income (loss) from discontinued operations, net of tax” in the Consolidated Statements of Comprehensive Income for the years ended December 31, 2024, 2023 and 2022. A final net working capital settlement of $6,387 was the only activity during the year ended December 31, 2024.
A summary of the results of operations classified as a discontinued operations, net of tax, in the Consolidated Statements of Comprehensive Income for the years ended December 31, 2023 and 2022 is as follows:
  Year Ended
  December 31, 2023 December 31, 2022
Operating revenue $ 273,873  $ 293,769 
Operating expenses:  
Purchased transportation 158,233  176,137 
Salaries, wages and employee benefits 51,304  45,211 
Operating leases 12,325  11,804 
Depreciation and amortization 5,212  4,834 
Insurance and claims 2,586  2,281 
Fuel expense 305  627 
Other operating expenses 36,842  34,490 
Total operating expenses 266,807  275,384 
Income from discontinued operations 7,066  18,385 
Gain (loss) on sale of business 155,829  — 
Income from discontinued operations before income taxes 162,895  18,385 
Income tax expense 38,347  4,608 
Income (loss) from discontinued operations, net of tax $ 124,548  $ 13,777