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Operations and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Property and Equipment

Property and equipment as of December 31, 2021 and 2020 consisted of the following:

			December 31, 2021						December 31, 2020
Land			$	26,479					$	26,365
Buildings and improvements			67,269						65,923
Equipment			259,030						246,949
Leasehold improvements			13,780						13,747
Computer software			26,333						23,480
Construction in progress			27,071						4,055
Total property and equipment			419,962						380,519
Less accumulated depreciation and amortization			200,867						190,652
Total property and equipment, net			$	219,095					$	189,867

Schedule of Goodwill

Changes in the carrying amount of goodwill during the years ended December 31, 2021, 2020 and 2019 are summarized as follows:

			Expedited Freight						Intermodal						Consolidated
Balance as of December 31, 2019			$	137,034					$	78,665					$	215,699
Acquisitions			28,234						1,049						29,283
Balance as of December 31, 2020			$	165,268					$	79,714					$	244,982
Acquisitions			4,020						17,750						21,770
Balance as of December 31, 2021			$	169,288					$	97,464					$	266,752

Weighted-Average Useful Life of Acquired Intangible Assets

The acquired intangible assets have a weighted-average useful life as follows:

Intangible Assets						Weighted-Average Useful Life
Customer relationships						15 years
Non-compete agreements						4 years
Trade names						4 years

The estimated useful life of acquired intangible assets as of the acquisition date are summarized in the following table:

Estimated Useful Lives

FSA

O.S.T.

Linn Star

CLW

Proficient Transport

J&P

BarOle

Customer relationships

15 years

10 years

15 years

7 years

8 years

12 years

8 years

Non-compete agreements

5 years

3 years

1 year

5 years

1 year

5 years

5 years

Finite-lived Intangible Assets Amortization Expense

Changes in the carrying amount of acquired intangible assets during 2021 and 2020 are summarized as follows:

						Gross Carrying Amount
						Customer Relationships1						Non-Compete Agreements						Trade Names						Total
Balance as of December 31, 2019						$	196,225					$	6,652					$	1,500					$	204,377
Acquisitions						32,191						1,473						—						33,664
Balance as of December 31, 2020						$	228,416					$	8,125					$	1,500					$	238,041
Acquisitions						22,961						1,051						—						24,012
Balance as of December 31, 2021						$	251,377					$	9,176					$	1,500					$	262,053

						Accumulated Amortization
						Customer Relationships1						Non-Compete Agreements						Trade Names						Total
Balance as of December 31, 2019						$	73,868					$	4,152					$	1,500					$	79,520
Amortization expense						12,062						1,427						—						13,489
Balance as of December 31, 2020						$	85,930					$	5,579					$	1,500					$	93,009
Amortization expense						13,164						1,164						—						14,328
Balance as of December 31, 2021						$	99,094					$	6,743					$	1,500					$	107,337

1 Carrying value as of December 31, 2021 and 2020 is inclusive of $16,501 of accumulated impairment.

Schedule of Accrued Liabilities

Accrued expenses as of December 31, 2021 and 2020 consisted of the following:

			December 31, 2021						December 31, 2020
Accrued payroll and related items			$	29,364					$	18,545
Insurance and claims accruals			21,172						17,994
Payables to leased capacity providers			11,085						14,725
Accrued expenses			$	61,621					$	51,264

Self-Insurance Loss Reserves

Below is a summary of the Company’s risk retention on vehicle liability insurance coverage maintained by the Company through $10,000:

Company Risk Retention

Frequency

Layer

Policy Term

Expedited Freight¹

LTL business

$

3,000

Occurrence/Accident²

$0 to $3,000

10/1/2021 to 10/1/2022

Truckload business

$

2,000

Occurrence/Accident²

$0 to $2,000

10/1/2021 to 10/1/2022

LTL business

$

6,000

Policy Term Aggregate³

$3,000 to $5,000

10/1/2021 to 10/1/2022

LTL, Truckload and Intermodal businesses

$

2,500

Policy Term Aggregate³

$5,000 to $10,000

10/1/2021 to 10/1/2022

Intermodal

$

1,000

Occurrence/Accident²

$0 to $1,000

10/1/2021 to 10/1/2022

¹ Excluding the Final Mile business, which is primarily a brokered service.

² For each and every accident, the Company is responsible for damages and defense up to these amounts, regardless of the number of claims associated with any accident.

³ During the Policy Term, the Company is responsible for damages and defense within the stated Layer up to the stated, aggregate amount of Company Risk Retention before insurance will respond.

Net Income (Loss) per Share

A reconciliation of net income (loss) attributable to Forward Air and weighted-average common shares outstanding for purposes of calculating basic and diluted net income (loss) per share during the years ended December 31, 2021, 2020 and 2019 is as follows: 

			2021						2020						2019
Numerator:
Net income and comprehensive income from continuing operations			$	116,091					$	52,767					$	82,322
Net (loss) income and comprehensive (loss) income from discontinued operation			(10,232)						(29,034)						4,777
Net income attributable to Forward Air			$	105,859					$	23,733					$	87,099
Income allocated to participating securities from continuing operations			(807)						(385)						(945)
Loss allocated to participating securities from discontinued operation			70						—						—
Income allocated to participating securities			(737)						(385)						(945)
Numerator for basic and diluted net income per share for continuing operations			$	115,284					$	52,382					$	81,377
Numerator for basic and diluted net (loss) income per share for discontinued operation			$	(10,162)					$	(29,034)					$	4,777
Denominator:
Denominator for basic net income per share - weighted-average number of common shares outstanding			27,155						27,631						28,195
Dilutive stock options and performance share awards			137						66						113
Denominator for diluted net income per share - weighted-average number of common shares and common share equivalents outstanding			27,292						27,697						28,308
Basic net income (loss) per share:
Continuing operations			$	4.25					$	1.90					$	2.89
Discontinued operation			(0.37)						(1.05)						0.17
Net income per share1			$	3.87					$	0.84					$	3.06
Diluted net income (loss) per share:
Continuing operations			$	4.22					$	1.89					$	2.87
Discontinued operation			(0.37)						(1.05)						0.17
Net income per share			$	3.85					$	0.84					$	3.04

1 Rounding may impact summation of amounts.

Schedule of Anti-Dilutive Shares Not Included in Calculation of Net Income per Diluted Share

The number of shares that were not included in the calculation of net income (loss) per diluted share because to do so would have been anti-dilutive for the years ended December 31, 2021, 2020 and 2019 are as follows:

			2021						2020						2019
Anti-dilutive stock options			—						206						183
Anti-dilutive performance shares			—						15						—
Anti-dilutive restricted shares and deferred stock units			—						3						—
Total anti-dilutive shares			—						224						183

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