XML 34 R21.htm IDEA: XBRL DOCUMENT
v3.20.2

Segment Reporting | 6 Months Ended
--- | ---
Jun. 30, 2020
Segment Reporting [Abstract] |
Segment Reporting | Segment Reporting The Company operates in two reportable segments based on information available to and used by the chief operating decision maker ("CODM"). This classification is consistent with how the CODM makes decisions about resource allocation and assesses the Company's performance. The Company evaluates the performance of its segments based on income from operations. The Company’s business is conducted in the U.S. and Canada. Expedited Freight operates a comprehensive national network to provide expedited regional, inter-regional and national LTL services and offers customers local pick-up and delivery and other services including final mile, truckload, shipment consolidation and deconsolidation, warehousing, customs brokerage and other handling. Intermodal primarily provides first- and last-mile high value intermodal container drayage services both to and from seaports and railheads. Except for certain insurance activity, the accounting policies of the segments are the same as those described in the summary of significant accounting policies disclosed in Note 1, Description of Business and Basis of Presentation, to the Forward Air Corporation Annual Report on Form 10-K for the year ended December 31, 2019. For workers compensation and vehicle claims, each segment is charged an insurance premium and is also charged a deductible that corresponds with each segment's individual self-retention limit. However, any losses beyond these deductibles and any loss development factors applied to outstanding claims as a result of actuary analysis are not passed to the segments, but recorded at the corporate level ("Eliminations & other"). Segment data includes intersegment revenues and shared costs. Costs of the corporate headquarters, shared services and shared assets, such as trailers, are allocated to the segments based on usage. The cost basis of shared assets are not allocated. Instead, the cost basis for the majority of shared assets, such as trailers, are included in Expedited Freight. The following tables summarize segment information from continuing operations for the three and six months ended June 30, 2020 and 2019:
|  | Three months ended June 30, 2020
|  | Expedited Freight |  | Intermodal |  | Eliminations & other |  | Continuing Operations
External revenues |  | $ | 235,417 |  |  | $ | 46,420 |  |  | $ | — |  |  | $ | 281,837 |
Intersegment revenues |  | 241 |  |  | 8 |  |  | (408 | ) |  | (159 | )
Depreciation |  | 5,009 |  |  | 1,081 |  |  | 25 |  |  | 6,115 |
Amortization |  | 1,731 |  |  | 1,567 |  |  | — |  |  | 3,298 |
Share-based compensation expense |  | 2,062 |  |  | 472 |  |  | (105 | ) |  | 2,429 |
Interest expense |  | 3 |  |  | 59 |  |  | 1,136 |  |  | 1,198 |
Income (loss) from operations |  | 11,753 |  |  | 4,413 |  |  | (2,252 | ) |  | 13,914 |
Total assets |  | 912,814 |  |  | 212,923 |  |  | (139,702 | ) |  | 986,035 |
Capital expenditures |  | 11,545 |  |  | 18 |  |  | — |  |  | 11,563 |
|  | Three months ended June 30, 2019 (As Adjusted)
|  | Expedited Freight |  | Intermodal |  | Eliminations & other |  | Continuing Operations
External revenues |  | $ | 252,468 |  |  | $ | 50,522 |  |  | $ | — |  |  | $ | 302,990 |
Intersegment revenues |  | 818 |  |  | 17 |  |  | (938 | ) |  | (103 | )
Depreciation |  | 6,399 |  |  | 463 |  |  | (46 | ) |  | 6,816 |
Amortization |  | 1,081 |  |  | 1,330 |  |  | — |  |  | 2,411 |
Share-based compensation expense |  | 2,391 |  |  | 443 |  |  | 211 |  |  | 3,045 |
Interest expense |  | 2 |  |  | — |  |  | 579 |  |  | 581 |
Income (loss) from operations |  | 28,187 |  |  | 5,245 |  |  | (4,362 | ) |  | 29,070 |
Total assets |  | 687,570 |  |  | 187,815 |  |  | (20,530 | ) |  | 854,855 |
Capital expenditures |  | 11,761 |  |  | 142 |  |  | — |  |  | 11,903 |
|  | Six months ended June 30, 2020
|  | Expedited Freight |  | Intermodal |  | Eliminations & other |  | Continuing Operations
External revenues |  | $ | 488,560 |  |  | $ | 98,875 |  |  | $ | — |  |  | $ | 587,435 |
Intersegment revenues |  | 727 |  |  | 13 |  |  | (940 | ) |  | (200 | )
Depreciation |  | 9,916 |  |  | 2,134 |  |  | 43 |  |  | 12,093 |
Amortization |  | 3,519 |  |  | 3,135 |  |  | — |  |  | 6,654 |
Share-based compensation expense |  | 4,729 |  |  | 861 |  |  | (83 | ) |  | 5,507 |
Interest expense |  | 6 |  |  | 113 |  |  | 1,932 |  |  | 2,051 |
Income (loss) from operations |  | 26,933 |  |  | 8,126 |  |  | (5,372 | ) |  | 29,687 |
Total assets |  | 912,814 |  |  | 212,923 |  |  | (139,702 | ) |  | 986,035 |
Capital expenditures |  | 13,950 |  |  | 264 |  |  | — |  |  | 14,214 |
|  | Six months ended June 30, 2019 (As Adjusted)
|  | Expedited Freight |  | Intermodal |  | Eliminations & other |  | Continuing Operations
External revenues |  | $ | 477,421 |  |  | $ | 104,619 |  |  | $ | — |  |  | $ | 582,040 |
Intersegment revenues |  | 1,523 |  |  | 35 |  |  | (1,750 | ) |  | (192 | )
Depreciation |  | 13,005 |  |  | 932 |  |  | (86 | ) |  | 13,851 |
Amortization |  | 1,927 |  |  | 2,737 |  |  | — |  |  | 4,664 |
Share-based compensation expense |  | 4,560 |  |  | 974 |  |  | 376 |  |  | 5,910 |
Interest expense |  | 4 |  |  | 2 |  |  | 1,150 |  |  | 1,156 |
Income (loss) from operations |  | 49,093 |  |  | 11,426 |  |  | (7,747 | ) |  | 52,772 |
Total assets |  | 687,570 |  |  | 187,815 |  |  | (20,530 | ) |  | 854,855 |
Capital expenditures |  | 13,999 |  |  | 215 |  |  | — |  |  | 14,214 |
The following table summarizes revenue from the defined services included within Expedited Freight revenue for the three and six months ended June 30, 2020 and 2019:
|  | Three months ended |  | Six months ended
|  | June 30, 2020 |  | June 30, 2019 |  | June 30, 2020 |  | June 30, 2019
Expedited freight revenue: |  |  |  |  |  |  |  |
Network revenue |  | $ | 134,173 |  |  | $ | 172,491 |  |  | $ | 286,182 |  |  | $ | 333,841 |
Truckload revenue |  | 41,857 |  |  | 48,624 |  |  | 89,384 |  |  | 96,309 |
Final mile revenue |  | 53,427 |  |  | 24,957 |  |  | 101,229 |  |  | 34,714 |
Other revenue |  | 6,201 |  |  | 7,214 |  |  | 12,492 |  |  | 14,080 |
Total revenue |  | $ | 235,658 |  |  | $ | 253,286 |  |  | $ | 489,287 |  |  | $ | 478,944 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration