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

Segment Reporting

v3.25.1
Segment Reporting
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
 
Our chief operating decision-maker, who is our Chief Executive Officer, analyzes the results of our business through the following reportable segments: Expedited Freight, Omni, and Intermodal. Our chief operating decision-maker evaluates the operating results and performance of our segments through segment profit. These financial metrics are used to view operating trends, perform analytical comparisons and benchmark performance between periods and to monitor budget-to-actual variances on a monthly basis. To manage operations and make decisions regarding resource allocations, our chief operating decision-maker is regularly provided and reviews expense information necessary to make decisions to meet customer demand for our services.

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.

No single customer accounted for more than 10% of the Company’s consolidated revenues from continuing operations for the years ended December 31, 2024, 2023 and 2022.

Year Ended December 31, 2024 Expedited Freight Omni Logistics Intermodal
Corporate
 Consolidated
External revenues $ 1,044,938  $ 1,196,841  $ 232,319  $ 164  $ 2,474,262 
Intersegment revenues 70,225  —  513  —  70,738 
1,115,163  1,196,841  232,832  164  2,545,000 
Reconciliation of revenue
Elimination of intersegmental revenues (70,738)
Total consolidated revenues $ 2,474,262 
Less:
Purchase transportation 546,458  701,035  73,814  — 
Salaries, wages and employee benefits 242,411  215,518  58,714  19,764 
Operating leases 63,398  96,500  21,599  699 
Depreciation and amortization 41,858  83,542  18,440  139 
Insurance and claims 43,716  12,297  10,251  (1,582)
Fuel expense 9,733  3,149  8,578  — 
Other operating expenses 99,638  101,206  22,511  86,153 
Impairment of goodwill —  1,028,397  —  — 
Segment profit (loss) 67,951  (1,044,803) 18,925  (105,009) (1,062,936)
Reconciliation of segment profit or loss
Interest expense, net 189,215 
Foreign exchange loss (gain) (1,093)
Other operations (1,226)
Loss before income taxes $ (1,249,832)
Year Ended December 31, 2023 Expedited Freight Intermodal
Corporate
 Consolidated
External revenues $ 1,096,810  $ 273,925  $ —  $ 1,370,735 
Intersegment revenues 148  118  —  266 
1,096,958  274,043  —  1,371,001 
Reconciliation of revenue
Elimination of intersegmental revenues (266)
Total consolidated revenues $ 1,370,735 
Less:
Purchase transportation 511,254  74,941  — 
Salaries, wages and employee benefits 226,528  66,925  (5,621)
Operating leases 61,728  25,685  — 
Depreciation and amortization 37,414  19,991  — 
Insurance and claims 38,294  10,320  1,519 
Fuel expense 10,884  11,121  — 
Other operating expenses 94,545  39,733  57,530 
Segment profit (loss) 116,311  25,327  (53,428) 88,210 
Reconciliation of segment profit or loss
Interest expense, net (31,571)
Foreign exchange loss (gain) — 
Other operations — 
Income before income taxes $ 56,639 
Year Ended December 31, 2022 Expedited Freight Intermodal
Corporate
 Consolidated
External revenues $ 1,259,936  $ 419,698  $ —  $ 1,679,634 
Intersegment revenues 185  20  —  205 
1,260,121  419,718  —  1,679,839 
Reconciliation of revenue
Elimination of intersegmental revenues (205)
Total consolidated revenues 1,679,839 
$ 1,679,634 
Less:
Purchase transportation 624,994  105,656  34 
Salaries, wages and employee benefits 233,876  73,406  4,523 
Operating leases 53,339  31,950  (1)
Depreciation and amortization 27,058  15,393  (101)
Insurance and claims 33,924  9,087  (4,468)
Fuel expense 10,962  15,993  — 
Other operating expenses 83,385  111,359  (1,853)
Segment profit (loss) 192,583  56,874  (1,866) 247,591 
Reconciliation of segment profit or loss
Interest expense, net (5,138)
Foreign exchange loss (gain) — 
Other operations — 
Income before income taxes $ 242,453 

Revenue from the individual services within the Expedited Freight segment for the years ended December 31, 2024, 2023 and 2022 were as follows:
  Year Ended
  December 31, 2024 December 31, 2023 December 31, 2022
Expedited Freight revenues:    
Network $ 854,138  $ 845,949  $ 947,817 
Truckload 170,455  159,513  221,979 
Other 90,570  91,496  90,325 
Total $ 1,115,163  $ 1,096,958  $ 1,260,121 

Assets from each segment for the years ended December 31, 2024, 2023 were as follows:
December 31,
2024		 December 31,
2023
Expedited Freight
 $ 691,369  $ 661,270 
Omni Logistics
 1,726,088  — 
Intermodal
 257,323  270,421 
Corporate
 127,861  2,047,901 
Eliminations
 —  (59)
Consolidated total assets $ 2,802,641  $ 2,979,533