| 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, which includes our Forward Air and CST operating segments, provides time-definite transportation and logistics services including expedited truckload and intermodal drayage. 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 life sciences sector (pharmaceutical and biotechnology products).
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. 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 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 the years ended December 31, 2015, 2014 and 2013.
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Year ended December 31, 2015 |
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Forward Air |
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FASI |
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TQI |
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Eliminations |
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Consolidated |
External revenues |
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$ |
788,248 |
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$ |
128,826 |
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$ |
42,051 |
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$ |
— |
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$ |
959,125 |
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Intersegment revenues |
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4,623 |
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1,169 |
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322 |
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(6,114 |
) |
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— |
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Depreciation and amortization |
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27,069 |
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6,085 |
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4,003 |
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— |
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37,157 |
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Share-based compensation expense |
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7,200 |
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220 |
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66 |
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— |
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7,486 |
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Interest expense |
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2,042 |
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— |
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5 |
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— |
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2,047 |
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Interest income |
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25 |
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— |
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— |
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— |
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25 |
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Income tax expense |
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21,235 |
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1,673 |
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1,184 |
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— |
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24,092 |
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Net income |
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51,976 |
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2,383 |
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1,216 |
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— |
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55,575 |
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Total assets |
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759,680 |
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46,970 |
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89,312 |
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(195,791 |
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700,171 |
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Capital expenditures |
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30,540 |
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3,983 |
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5,972 |
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— |
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40,495 |
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Year ended December 31, 2014 |
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Forward Air |
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FASI |
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TQI |
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Eliminations |
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Consolidated |
External revenues |
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$ |
608,118 |
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$ |
124,382 |
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$ |
48,459 |
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$ |
— |
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$ |
780,959 |
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Intersegment revenues |
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4,219 |
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831 |
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365 |
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(5,415 |
) |
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— |
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Depreciation and amortization |
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21,721 |
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5,811 |
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3,601 |
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— |
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31,133 |
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Share-based compensation expense |
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6,470 |
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176 |
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35 |
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— |
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6,681 |
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Interest expense |
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602 |
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2 |
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6 |
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— |
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610 |
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Interest income |
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8 |
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— |
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— |
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— |
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8 |
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Income tax expense |
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31,792 |
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2,203 |
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921 |
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— |
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34,916 |
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Net income |
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53,985 |
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3,790 |
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3,394 |
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— |
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61,169 |
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Total assets |
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604,578 |
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45,428 |
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88,788 |
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(199,485 |
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539,309 |
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Capital expenditures |
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26,170 |
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7,133 |
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6,184 |
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— |
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39,487 |
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Year ended December 31, 2013 |
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Forward Air |
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FASI |
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TQI |
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Eliminations |
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Consolidated |
External revenues |
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$ |
497,993 |
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$ |
112,766 |
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$ |
41,722 |
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$ |
— |
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$ |
652,481 |
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Intersegment revenues |
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3,075 |
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|
645 |
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120 |
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(3,840 |
) |
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— |
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Depreciation and amortization |
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16,222 |
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4,945 |
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2,412 |
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— |
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23,579 |
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Share-based compensation expense |
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5,959 |
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140 |
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79 |
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— |
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6,178 |
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Interest expense |
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513 |
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8 |
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11 |
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— |
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532 |
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Interest income |
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36 |
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— |
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1 |
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— |
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37 |
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Income tax expense |
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26,981 |
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846 |
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1,628 |
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— |
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29,455 |
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Net income |
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51,251 |
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1,255 |
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1,961 |
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— |
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54,467 |
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Total assets |
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478,790 |
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42,049 |
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85,490 |
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(100,060 |
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506,269 |
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Capital expenditures |
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25,017 |
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6,901 |
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3,521 |
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— |
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35,439 |
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