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Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Information

Note 6. Segment Information

We have one operating and reportable segment that provides regional, inter-regional and national LTL services through a single integrated, union-free organization. We derive revenue primarily in North America and manage our business activities on a Company-wide basis. The accounting policies of our reportable segment are the same as those described in Note 1 in our Annual Report on Form 10-K for the year ended December 31, 2024.

Our chief operating decision maker (“CODM”), who is our President and Chief Executive Officer, reviews Company-wide financial information. The CODM uses “Net income” on our Condensed Statements of Operations to make capital allocation and spending decisions, which is initially performed as part of our annual strategic planning process. As part of our strategic planning process, we develop an annual budget for capital expenditures to support our forecasted tonnage and shipment growth. This annual capital expenditure plan, and any other spending decisions that the CODM believes will help prepare our Company for future growth, are generally considered our first priorities for allocating capital. Once those decisions are made, other capital considerations may include share repurchases, dividends, and acquisitions. The CODM monitors actual results against forecast throughout the year and evaluates necessary changes in operating activities or capital allocation. Segment assets are reported as “Total assets” on our

Condensed Balance Sheets but “Total assets” are not used to measure segment performance or allocate resources. Long-lived assets, which consist primarily of net property and equipment, are all located in the United States.

The following table presents financial information with respect to our segment:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(In thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenue from operations

 

$

1,406,511

 

 

$

1,470,211

 

 

$

4,189,093

 

 

$

4,428,981

 

 

 

 

 

 

 

 

 

 

 

 

 

Less significant expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and wages

 

 

474,473

 

 

 

491,656

 

 

 

1,432,376

 

 

 

1,483,028

 

Employee benefit costs

 

 

188,561

 

 

 

189,582

 

 

 

560,836

 

 

 

550,384

 

Operating supplies and expenses

 

 

144,185

 

 

 

156,177

 

 

 

436,534

 

 

 

489,669

 

General supplies and expenses

 

 

45,075

 

 

 

46,040

 

 

 

126,631

 

 

 

135,987

 

Operating taxes and licenses

 

 

34,582

 

 

 

36,733

 

 

 

105,168

 

 

 

108,853

 

Insurance and claims

 

 

18,803

 

 

 

17,209

 

 

 

55,077

 

 

 

52,544

 

Communications and utilities

 

 

9,568

 

 

 

10,056

 

 

 

29,667

 

 

 

31,209

 

Depreciation and amortization

 

 

92,219

 

 

 

86,666

 

 

 

272,014

 

 

 

255,760

 

Purchased transportation

 

 

28,274

 

 

 

30,941

 

 

 

84,481

 

 

 

93,661

 

Miscellaneous expenses, net

 

 

9,927

 

 

 

3,290

 

 

 

29,515

 

 

 

17,908

 

Total non-operating expense (income)

 

 

543

 

 

 

(1,233

)

 

 

633

 

 

 

(12,444

)

Provision for income taxes

 

 

89,354

 

 

 

94,514

 

 

 

261,928

 

 

 

299,493

 

Segment net income

 

$

270,947

 

 

$

308,580

 

 

$

794,233

 

 

$

922,929

 

See the Company’s financial statements for other financial information regarding our segment as there are no reconciling items or adjustments between segment and total Company.