Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v2.4.0.8
Segment Reporting
 3 Months Ended
Mar. 31, 2014
Segment Reporting [Abstract]  
Segment Reporting
Segment Reporting

The Company operates in three reportable segments based on information available to and used by the chief operating decision maker.  Forward Air provides time-definite transportation and logistics services to the deferred air freight market.  FASI provides pool distribution services primarily to regional and national distributors and retailers. TQI is a provider of maximum security and temperature-controlled logistics services, primarily truckload services, to the pharmaceutical and life science industries. The assets, liabilities, and operating results of our most recent acquisition, CST, have been assigned to the Forward Air reportable segment.
 
The accounting policies of the segments are the same as those described in the summary of significant accounting policies disclosed in Note 1 to the Consolidated Financial Statements included in the Company’s 2013 Annual Report on Form 10-K. Segment data includes intersegment revenues.  Assets and costs of the corporate headquarters are allocated to the segments based on usage.  The Company evaluates the performance of its segments based on net income (loss).  The Company’s business is conducted in the U.S. and Canada.
 
The following tables summarize segment information about net income (loss) and assets used by the chief operating decision maker of the Company in making decisions regarding allocation of assets and resources as of and for three months ended March 31, 2014 and 2013.
 
 
Three months ended March 31, 2014
 
 
Forward Air
 
FASI
 
TQI
 
Eliminations
 
Consolidated
External revenues
 
$
133,393

 
$
27,222

 
$
10,954

 
$
—

 
$
171,569

Intersegment revenues
 
793

 
100

 
107

 
(1,000
)
 
—

Depreciation and amortization
 
4,942

 
1,278

 
793

 
—

 
7,013

Share-based compensation expense
 
1,609

 
38

 
5

 
—

 
1,652

Interest expense
 
81

 
1

 
—

 
—

 
82

Interest income
 
7

 
—

 
—

 
—

 
7

Income tax expense (benefit)
 
5,784

 
(23
)
 
312

 
—

 
6,073

Net income (loss)
 
9,599

 
(1
)
 
604

 
—

 
10,202

Total assets
 
604,727

 
42,829

 
87,225

 
(200,214
)
 
534,567

Capital expenditures
 
10,995

 
3,681

 
4,872

 
—

 
19,548

 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended March 31, 2013
 
 
Forward Air
 
FASI
 
TQI
 
Eliminations
 
Consolidated
External revenues
 
$
115,573

 
$
22,069

 
$
3,918

 
$
—

 
$
141,560

Intersegment revenues
 
536

 
185

 
—

 
(721
)
 
—

Depreciation and amortization
 
3,786

 
1,172

 
228

 
—

 
5,186

Share-based compensation expense
 
1,512

 
45

 
—

 
—

 
1,557

Interest expense
 
125

 
3

 
—

 
—

 
128

Interest income
 
11

 
—

 
—

 
—

 
11

Income tax expense (benefit)
 
5,054

 
(282
)
 
67

 
—

 
4,839

Net income (loss)
 
11,217

 
(490
)
 
128

 
—

 
10,855

Total assets
 
429,370

 
35,744

 
83,228

 
(102,136
)
 
446,206

Capital expenditures
 
11,719

 
408

 
55

 
—

 
12,182