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Segment Reporting | 9 Months Ended
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Sep. 30, 2021
Segment Reporting [Abstract] |
Segment Reporting | Segment Reporting The Company has two reportable segments: Expedited Freight and Intermodal. The Company evaluates segment performance based on income from operations. Segment results include intersegment revenues and shared costs. Costs related to the corporate headquarters, shared services and shared assets, such as trailers, are allocated to each segment based on usage. Shared assets are not allocated to each segment, but rather the shared assets, such as trailers, are allocated to the Expedited Freight segment. Corporate includes revenues and expenses as well as assets that are not attributable to any of the Company’s reportable segments. The accounting policies applied to each segment are the same as those described in the Summary of Significant Accounting Policies as disclosed in Note 1 to the Annual Report on Form 10-K for the year ended December 31, 2020, except for certain self-insurance loss reserves related to vehicle liability and workers’ compensation. Each segment is allocated an insurance premium and deductible that corresponds to the self-insured retention limit for that particular segment. Any self-insurance loss exposure beyond the deductible allocated to each segment is recorded in Corporate. Segment results from operations for the three and nine months ended September 30, 2021 and 2020 are as follows:
|  | Three Months Ended September 30, 2021
|  | Expedited Freight |  | Intermodal |  |  |  | Corporate |  | Eliminations |  | Consolidated - Continuing Operations
External revenues |  | $ | 341,461 |  |  | $ | 78,164 |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 419,625 |
Intersegment revenues |  | 96 |  |  | 9 |  |  |  |  | — |  |  | (105) |  |  | — |
Depreciation |  | 4,942 |  |  | 841 |  |  |  |  | 16 |  |  | — |  |  | 5,799 |
Amortization |  | 1,842 |  |  | 1,775 |  |  |  |  | — |  |  | — |  |  | 3,617 |
Income (loss) from continuing operations |  | 34,636 |  |  | 8,712 |  |  |  |  | (872) |  |  | — |  |  | 42,476 |
Purchases of property and equipment |  | 13,769 |  |  | 671 |  |  |  |  | — |  |  | — |  |  | 14,440 |
|  | Three Months Ended September 30, 2020
|  | Expedited Freight |  | Intermodal |  |  |  | Corporate |  | Eliminations |  | Consolidated - Continuing Operations
External revenues |  | $ | 283,025 |  |  | $ | 48,940 |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 331,965 |
Intersegment revenues |  | 489 |  |  | 8 |  |  |  |  | — |  |  | (465) |  |  | 32 |
Depreciation |  | 4,981 |  |  | 789 |  |  |  |  | 36 |  |  | — |  |  | 5,806 |
Amortization |  | 1,799 |  |  | 1,567 |  |  |  |  | — |  |  | — |  |  | 3,366 |
Income (loss) from continuing operations |  | 23,461 |  |  | 4,837 |  |  |  |  | (4,788) |  |  | — |  |  | 23,510 |
Purchases of property and equipment |  | 2,037 |  |  | 188 |  |  |  |  | — |  |  | — |  |  | 2,225 |
|  | Nine Months Ended September 30, 2021
|  | Expedited Freight |  | Intermodal |  |  |  | Corporate |  | Eliminations |  | Consolidated - Continuing Operations
External revenues |  | $ | 996,769 |  |  | $ | 205,786 |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 1,202,555 |
Intersegment revenues |  | 709 |  |  | 34 |  |  |  |  | — |  |  | (800) |  |  | (57) |
Depreciation |  | 14,924 |  |  | 2,475 |  |  |  |  | 42 |  |  | — |  |  | 17,441 |
Amortization |  | 5,437 |  |  | 5,189 |  |  |  |  | — |  |  | — |  |  | 10,626 |
Income (loss) from continuing operations |  | 93,854 |  |  | 21,607 |  |  |  |  | (8,137) |  |  | — |  |  | 107,324 |
Purchases of property and equipment |  | 21,905 |  |  | 1,110 |  |  |  |  | — |  |  | — |  |  | 23,015 |
|  | Nine Months Ended September 30, 2020
|  | Expedited Freight |  | Intermodal |  |  |  | Corporate |  | Eliminations |  | Consolidated - Continuing Operations
External revenues |  | $ | 771,585 |  |  | $ | 147,815 |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 919,400 |
Intersegment revenues |  | 1,216 |  |  | 21 |  |  |  |  | — |  |  | (1,405) |  |  | (168) |
Depreciation |  | 14,897 |  |  | 2,923 |  |  |  |  | 79 |  |  | — |  |  | 17,899 |
Amortization |  | 5,318 |  |  | 4,702 |  |  |  |  | — |  |  | — |  |  | 10,020 |
Income (loss) from continuing operations |  | 50,394 |  |  | 12,963 |  |  |  |  | (10,159) |  |  | — |  |  | 53,198 |
Purchases of property and equipment |  | 15,987 |  |  | 452 |  |  |  |  | — |  |  | — |  |  | 16,439 |
Total Assets |  |  |  |  |  |  |  |  |  |  |  |
As of September 30, 2021 |  | $ | 750,775 |  |  | $ | 212,203 |  |  |  |  | $ | 107,327 |  |  | $ | 203 |  |  | $ | 1,070,508 |
As of December 31, 2020 |  | 905,081 |  |  | 221,963 |  |  |  |  | 47,641 |  |  | (201,391) |  |  | 973,294 |
A reconciliation from the segment information to the consolidated balances for revenues and total assets is set forth below:
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, 2021 |  | September 30, 2020 |  | September 30, 2021 |  | September 30, 2020
Intersegment revenues - continuing operations |  | $ | — |  |  | $ | 32 |  |  | $ | (57) |  |  | $ | (168) |
Intersegment revenues - discontinued operation |  | — |  |  | (32) |  |  | 57 |  |  | 168 |
Consolidated intersegment revenues |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
|  | September 30, 2021 |  | December 31, 2020
Segment assets - continuing operations |  | $ | 1,070,508 |  |  | $ | 973,294 |
Current assets held for sale |  | — |  |  | 21,002 |
Noncurrent assets held for sale |  | — |  |  | 53,097 |
Consolidated total assets |  | $ | 1,070,508 |  |  | $ | 1,047,393 |
Revenue from the individual services within the Expedited Freight segment for the three and nine months ended September 30, 2021 and 2020 are as follows:
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, 2021 |  | September 30, 2020 |  | September 30, 2021 |  | September 30, 2020
Expedited Freight revenues: |  |  |  |  |  |  |  |
Network |  | $ | 207,656 |  |  | $ | 169,300 |  |  | $ | 606,213 |  |  | $ | 455,482 |
Truckload |  | 53,651 |  |  | 49,836 |  |  | 162,999 |  |  | 139,220 |
Final Mile |  | 71,355 |  |  | 56,994 |  |  | 203,494 |  |  | 158,223 |
Other |  | 8,895 |  |  | 7,384 |  |  | 24,772 |  |  | 19,876 |
Total |  | $ | 341,557 |  |  | $ | 283,514 |  |  | $ | 997,478 |  |  | $ | 772,801 |

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- 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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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
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