Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v2.4.1.9
Segment Reporting
 3 Months Ended
Mar. 31, 2015
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 high 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 acquisitions, Towne and 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 2014 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.  The Company’s business is conducted in the U.S. and Canada.
 
The following tables summarize segment information about net income 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, 2015 and 2014.
 
 
Three months ended March 31, 2015
 
 
Forward Air
 
FASI
 
TQI
 
Eliminations
 
Consolidated
External revenues
 
$
167,651

 
$
27,041

 
$
11,226

 
$
—

 
$
205,918

Intersegment revenues
 
1,053

 
183

 
37

 
(1,273
)
 
—

Depreciation and amortization
 
6,155

 
1,582

 
947

 
—

 
8,684

Share-based compensation expense
 
1,741

 
32

 
13

 
—

 
1,786

Interest expense
 
364

 
—

 
—

 
—

 
364

Interest income
 
1

 
—

 
—

 
—

 
1

Income tax expense
 
2,586

 
79

 
335

 
—

 
3,000

Net income
 
4,162

 
137

 
538

 
—

 
4,837

Total assets
 
790,815

 
44,439

 
86,565

 
(206,432
)
 
715,387

Capital expenditures
 
2,797

 
190

 
2,242

 
—

 
5,229

 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
5,784

 
(23
)
 
312

 
—

 
6,073

Net income
 
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