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Note 13 - Segment Information | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] |
13. | Segment Information
We have five reportable business segments which are based primarily on the services each segment provides. The JBI segment includes freight that is transported by rail over at least some portion of the movement and also includes certain repositioning truck freight moved by JBI equipment or third-party carriers, when such highway movement is intended to direct JBI equipment back toward intermodal operations. DCS segment business includes company-owned and customer-owned, DCS-operated revenue equipment and employee drivers assigned to a specific customer, traffic lane, or service. DCS operations usually include formal, written longer-term agreements or contracts that govern services performed and applicable rates. ICS provides non-asset and asset-light transportation solutions to customers through relationships with third-party carriers and integration with company-owned equipment. ICS services include flatbed, refrigerated, and expedited, as well as a variety of dry-van and intermodal solutions. ICS further offers these services through an online multimodal marketplace via J.B. Hunt 360 that matches the right load with the right carrier and the best mode. FMS provides last-mile delivery services to customers through a nationwide network of cross-dock and other delivery system network locations. FMS provides both asset and non-asset big and bulky delivery and installation services, as well as fulfillment, retail-pooling distributions, and LTL services. JBT business includes full-load, dry-van freight that is transported using independent contractors or third-party carriers utilizing company-owned trailing equipment as well as services through our J.B. Hunt 360box program which utilizes the J.B. Hunt 360 platform to access capacity and offer efficient drop trailer solutions to customers. This freight is typically transported over roads and highways and does not move by rail. All transactions between reporting segments are eliminated in consolidation. Our President and Chief Executive Officer serves as our Chief Operating Decision Maker (CODM) and is responsible for reviewing segment performance and making decisions regarding capital and personnel allocations. Our measure of profit or loss for segment reporting purposes provided to the CODM is operating income. The CODM considers operating income budget-to-actual variances on a monthly basis to assess the performance for each of our segments. Effectively all corporate support expenses are allocated to our operating segments within various expense line items presented. Assets reported by our corporate support group are not allocated. Intersegment revenues and corresponding expenses included in our segment reporting are eliminated upon consolidation. Our customers are geographically dispersed across the United States. A summary of certain segment information is presented below (in millions):
|  | Assets |
|  | (Excludes intercompany accounts) |
|  | December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
JBI |  | $ | 3,507 |  |  | $ | 3,391 |  |  | $ | 3,270 |
DCS |  |  | 2,195 |  |  |  | 2,355 |  |  |  | 1,989 |
ICS |  |  | 288 |  |  |  | 350 |  |  |  | 311 |
FMS |  |  | 544 |  |  |  | 634 |  |  |  | 620 |
JBT |  |  | 389 |  |  |  | 419 |  |  |  | 437 |
Total segment assets |  |  | 6,923 |  |  |  | 7,149 |  |  |  | 6,627 |
Other (includes corporate) |  |  | 1,389 |  |  |  | 1,439 |  |  |  | 1,160 |
Total |  | $ | 8,312 |  |  | $ | 8,588 |  |  | $ | 7,787 |
|  | Net Capital Expenditures (1) |
|  | Years ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
JBI |  | $ | 322 |  |  | $ | 536 |  |  | $ | 622 |
DCS |  |  | 153 |  |  |  | 716 |  |  |  | 494 |
ICS |  |  | 20 |  |  |  | 2 |  |  |  | 14 |
FMS |  |  | 15 |  |  |  | 36 |  |  |  | 46 |
JBT |  |  | 14 |  |  |  | 30 |  |  |  | 167 |
Total segment net capital expenditures |  |  | 524 |  |  |  | 1,320 |  |  |  | 1,343 |
Other (includes corporate) |  |  | 150 |  |  |  | 280 |  |  |  | 89 |
Total |  | $ | 674 |  |  | $ | 1,600 |  |  | $ | 1,432 |
|  | Revenues and Operating Income/(Loss) |
|  | Year ended December 31, 2024 |
|  | JBI |  |  | DCS |  |  | ICS |  |  | FMS |  |  | JBT |  |  | Intersegment Eliminations |  |  | Consolidated |
Total operating revenues |  | $ | 5,956 |  |  | $ | 3,396 |  |  | $ | 1,141 |  |  | $ | 910 |  |  | $ | 702 |  |  | $ | (18 | ) |  | $ | 12,087 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rents, purchased transportation, and fuel |  |  | 3,791 |  |  |  | 451 |  |  |  | 967 |  |  |  | 330 |  |  |  | 509 |  |  |  |  |  |  |  |  |
Salaries, wages and employee benefits |  |  | 844 |  |  |  | 1,528 |  |  |  | 79 |  |  |  | 310 |  |  |  | 43 |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 249 |  |  |  | 330 |  |  |  | 35 |  |  |  | 46 |  |  |  | 36 |  |  |  |  |  |  |  |  |
Operating supplies and expenses |  |  | 244 |  |  |  | 276 |  |  |  | 8 |  |  |  | 41 |  |  |  | 27 |  |  |  |  |  |  |  |  |
Insurance and claims |  |  | 106 |  |  |  | 173 |  |  |  | 21 |  |  |  | 14 |  |  |  | 20 |  |  |  |  |  |  |  |  |
General and administrative expenses, net of asset dispositions |  |  | 260 |  |  |  | 202 |  |  |  | 86 |  |  |  | 101 |  |  |  | 44 |  |  |  |  |  |  |  |  |
Other segment items (2) |  |  | 32 |  |  |  | 60 |  |  |  | 1 |  |  |  | 8 |  |  |  | 2 |  |  |  |  |  |  |  |  |
Total operating expenses |  |  | 5,526 |  |  |  | 3,020 |  |  |  | 1,197 |  |  |  | 850 |  |  |  | 681 |  |  |  | (18 | ) |  |  | 11,256 |
Operating Income (3) |  | $ | 430 |  |  | $ | 376 |  |  | $ | (56 | ) |  | $ | 60 |  |  | $ | 21 |  |  | $ | - |  |  | $ | 831 |
|  | Revenues and Operating Income/(Loss) |
|  | Year ended December 31, 2023 |
|  | JBI |  |  | DCS |  |  | ICS |  |  | FMS |  |  | JBT |  |  | Intersegment Eliminations |  |  | Consolidated |
Total operating revenues |  | $ | 6,208 |  |  | $ | 3,543 |  |  | $ | 1,390 |  |  | $ | 918 |  |  | $ | 789 |  |  | $ | (18 | ) |  | $ | 12,830 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rents, purchased transportation, and fuel |  |  | 3,986 |  |  |  | 538 |  |  |  | 1,225 |  |  |  | 319 |  |  |  | 574 |  |  |  |  |  |  |  |  |
Salaries, wages and employee benefits |  |  | 808 |  |  |  | 1,552 |  |  |  | 87 |  |  |  | 325 |  |  |  | 50 |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 256 |  |  |  | 327 |  |  |  | 6 |  |  |  | 48 |  |  |  | 44 |  |  |  |  |  |  |  |  |
Operating supplies and expenses |  |  | 228 |  |  |  | 285 |  |  |  | 8 |  |  |  | 45 |  |  |  | 31 |  |  |  |  |  |  |  |  |
Insurance and claims |  |  | 100 |  |  |  | 161 |  |  |  | 30 |  |  |  | 23 |  |  |  | 23 |  |  |  |  |  |  |  |  |
General and administrative expenses, net of asset dispositions |  |  | 230 |  |  |  | 214 |  |  |  | 77 |  |  |  | 101 |  |  |  | 48 |  |  |  |  |  |  |  |  |
Other segment items (2) |  |  | 31 |  |  |  | 61 |  |  |  | 1 |  |  |  | 10 |  |  |  | 3 |  |  |  |  |  |  |  |  |
Total operating expenses |  |  | 5,639 |  |  |  | 3,138 |  |  |  | 1,434 |  |  |  | 871 |  |  |  | 773 |  |  |  | (18 | ) |  |  | 11,837 |
Operating Income (3) |  | $ | 569 |  |  | $ | 405 |  |  | $ | (44 | ) |  | $ | 47 |  |  | $ | 16 |  |  | $ | - |  |  | $ | 993 |
|  | Revenues and Operating Income |
|  | Year ended December 31, 2022 |
|  | JBI |  |  | DCS |  |  | ICS |  |  | FMS |  |  | JBT |  |  | Intersegment Eliminations |  |  | Consolidated |
Total operating revenues |  | $ | 7,022 |  |  | $ | 3,524 |  |  | $ | 2,323 |  |  | $ | 1,042 |  |  | $ | 937 |  |  | $ | (34 | ) |  | $ | 14,814 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rents, purchased transportation, and fuel |  |  | 4,616 |  |  |  | 660 |  |  |  | 2,002 |  |  |  | 397 |  |  |  | 683 |  |  |  |  |  |  |  |  |
Salaries, wages and employee benefits |  |  | 827 |  |  |  | 1,527 |  |  |  | 109 |  |  |  | 372 |  |  |  | 61 |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 226 |  |  |  | 280 |  |  |  | 3 |  |  |  | 44 |  |  |  | 35 |  |  |  |  |  |  |  |  |
Operating supplies and expenses |  |  | 205 |  |  |  | 289 |  |  |  | 7 |  |  |  | 53 |  |  |  | 26 |  |  |  |  |  |  |  |  |
Insurance and claims |  |  | 101 |  |  |  | 149 |  |  |  | 42 |  |  |  | 26 |  |  |  | 19 |  |  |  |  |  |  |  |  |
General and administrative expenses, net of asset dispositions |  |  | 218 |  |  |  | 207 |  |  |  | 102 |  |  |  | 103 |  |  |  | 33 |  |  |  |  |  |  |  |  |
Other segment items (2) |  |  | 29 |  |  |  | 51 |  |  |  | 1 |  |  |  | 10 |  |  |  | 3 |  |  |  |  |  |  |  |  |
Total operating expenses |  |  | 6,222 |  |  |  | 3,163 |  |  |  | 2,266 |  |  |  | 1,005 |  |  |  | 860 |  |  |  | (34 | ) |  |  | 13,482 |
Operating Income (3) |  | $ | 800 |  |  | $ | 361 |  |  | $ | 57 |  |  | $ | 37 |  |  | $ | 77 |  |  | $ | - |  |  | $ | 1,332 |
(1) | Net capital expenditures report the additions to property and equipment, net of proceeds from the sale of property and equipment.
(2) | Other segment items include communication, utilities, and operating taxes and licenses expense items.
(3) | Refer to the Consolidated Statements of Earnings for the reconciliation of consolidated operating income to earnings before income taxes.

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- Definition The entire disclosure for reporting segments including data and tables. 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