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Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2024
Accounting Policies [Abstract] |
Schedule of Property and Equipment | Property and equipment as of December 31, 2024 and 2023 consisted of the following:
| December 31, 2024 |  | December 31, 2023
Land | $ | 26,517 |  |  | $ | 26,479 |
Buildings and improvements | 95,801 |  |  | 94,277 |
Equipment | 364,412 |  |  | 320,557 |
Leasehold improvements | 68,459 |  |  | 24,386 |
Computer software | 47,456 |  |  | 31,063 |
Construction in progress | 16,398 |  |  | 11,518 |
Total property and equipment | 619,043 |  |  | 508,280 |
Less accumulated depreciation and amortization | 292,855 |  |  | 250,185 |
Total property and equipment, net | $ | 326,188 |  |  | $ | 258,095 |
Schedule of Goodwill | Changes in the carrying amount of goodwill during the years ended December 31, 2024, 2023 and 2022 are summarized as follows:
| Expedited Freight |  | Omni Logistics |  | Intermodal |  | Consolidated
Balance as of December 31, 2022 | $ | 121,091 |  |  | $ | — |  |  | $ | 136,896 |  |  | $ | 257,987 |
Acquisitions | 20,629 |  |  | — |  |  | — |  |  | 20,629 |
Acquisition adjustment | — |  |  | — |  |  | 90 |  |  | 90 |
Balance as of December 31, 2023 | $ | 141,720 |  |  | $ | — |  |  | $ | 136,986 |  |  | $ | 278,706 |
Acquisition | — |  |  | 1,272,403 |  |  | — |  |  | 1,272,403 |
Impairment | — |  |  | (1,028,397) |  |  | — |  |  | (1,028,397) |
Balance as of December 31, 2024 | $ | 141,720 |  |  | $ | 244,006 |  |  | $ | 136,986 |  |  | $ | 522,712 |
Schedule of 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 |  | 14 years
Non-compete agreements |  | 4 years
Trade names |  | 5 years
The estimated useful life of Omni acquired intangible assets as of the acquisition date are summarized in the following table:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Years
Customer relationships |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 14 years
Non-compete agreements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4 years
Trademarks and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5 years
Schedule of Finite-lived Intangible Assets Amortization Expense | Changes in the carrying amount of acquired intangible assets during 2024 and 2023 are summarized as follows:
|  | Gross Carrying Amount
|  | Customer Relationships 1 |  | Non-Compete Agreements |  | Trade Names |  | Total
Balance as of December 31, 2022 |  | $ | 218,669 |  |  | $ | 6,406 |  |  | $ | 1,500 |  |  | $ | 226,575 |
Acquisition |  | 35,200 |  |  | — |  |  | — |  |  | 35,200 |
Acquisition adjustment |  | 45 |  |  | 1 |  |  | — |  |  | 46 |
Balance as of December 31, 2023 |  | $ | 253,914 |  |  | $ | 6,407 |  |  | $ | 1,500 |  |  | $ | 261,821 |
Acquisition |  | 903,800 |  |  | 23,400 |  |  | 23,100 |  |  | 950,300 |
Balance as of December 31, 2024 |  | $ | 1,157,714 |  |  | $ | 29,807 |  |  | $ | 24,600 |  |  | $ | 1,212,121 |
|  | Accumulated Amortization
|  | Customer Relationships |  | Non-Compete Agreements |  | Trade Names |  | Total
Balance as of December 31, 2022 |  | $ | 103,604 |  |  | $ | 5,889 |  |  | $ | 1,500 |  |  | $ | 110,993 |
Amortization expense |  | 15,389 |  |  | 650 |  |  | — |  |  | 16,039 |
Balance as of December 31, 2023 |  | $ | 118,993 |  |  | $ | 6,539 |  |  | $ | 1,500 |  |  | $ | 127,032 |
Amortization expense |  | 74,926 |  |  | 6,712 |  |  | 4,235 |  |  | 85,873 |
Balance as of December 31, 2024 |  | $ | 193,919 |  |  | $ | 13,251 |  |  | $ | 5,735 |  |  | $ | 212,905 |
1 Carrying value as of December 31, 2024, 2023 and 2022 is inclusive of $16,501 of accumulated impairment.
Schedule of Accrued Expenses | Accrued expenses as of December 31, 2024 and 2023 consisted of the following:
| December 31, 2024 |  | December 31, 2023
Accrued payroll and related items | $ | 54,313 |  |  | $ | 15,267 |
Insurance and claims accruals | 23,021 |  |  | 19,566 |
Payables to Leased Capacity Providers | 11,493 |  |  | 10,663 |
Accrued interest payable | 31,009 |  |  | 17,452 |
Accrued expenses | $ | 119,836 |  |  | $ | 62,948 |
Schedule of Other Current Liabilities | Other current liabilities as of December 31, 2024 and 2023 consisted of the following:
| December 31, 2024 |  | December 31, 2023
Tax liabilities | $ | 5,946 |  |  | $ | 31,190 |
Accrued legal and professional fees | 11,041 |  |  | 34,721 |
Deferred revenue | 9,899 |  |  | — |
Accrued payables non-trade | 18,262 |  |  | 5,816 |
Other current liabilities | $ | 45,148 |  |  | $ | 71,727 |
Schedule of 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 (in thousands):
|  | Company Risk Retention |  | Frequency |  | Layer |  | Policy Term
Expedited Freight |  |  |  |  |  |  |  |
LTL business |  | $ | 5,000 |  |  | Occurrence/Accident¹ |  | $0 to $5,000 |  | 10/1/2024 to 10/1/2025
Truckload business |  | $ | 5,000 |  |  | Occurrence/Accident¹ |  | $0 to $5,000 |  | 10/1/2024 to 10/1/2025
LTL, Truckload and Intermodal businesses |  | $ | 5,000 |  |  | Policy Term Aggregate² |  | $5,000 to $10,000 |  | 10/1/2024 to 10/1/2025
Intermodal |  | $ | 1,000 |  |  | Occurrence/Accident¹ |  | $0 to $1,000 |  | 10/1/2024 to 10/1/2025
¹ For each and every accident/incident, the Company is responsible for damages and defense up to these amounts, regardless of the number of claims associated with any accident/incident.
² 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 contribute.
Schedule of Net Income (Loss) per Share | A reconciliation of net income 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, 2024, 2023 and 2022 is as follows:
| 2024 |  | 2023 |  | 2022 |  |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | $ | (1,131,228) |  |  | $ | 167,351 |  |  | $ | 193,191 |  |  |  |  |  |  |  |  |
Less, net income (loss) from discontinued operations | (6,387) |  |  | 124,548 |  |  | 13,777 |  |  |  |  |  |  |  |  |
Less, net loss attributable to noncontrolling interest | (314,259) |  |  | — |  |  | — |  |  |  |  |  |  |  |  |
Adjustments to net (loss) attributable to the Company | 26,552 |  |  | — |  |  | — |  |  |  |  |  |  |  |  |
Net (loss) income attributable to common shareholders | $ | (837,134) |  |  | $ | 42,803 |  |  | $ | 179,414 |  |  |  |  |  |  |  |  |
Income allocated to participating securities from continuing operations | — |  |  | (220) |  |  | (993) |  |  |  |  |  |  |  |  |
Income allocated to participating securities from discontinued operations | — |  |  | (639) |  |  | (77) |  |  |  |  |  |  |  |  |
Income allocated to participating securities | — |  |  | (859) |  |  | (1,070) |  |  |  |  |  |  |  |  |
Numerator for basic and diluted net (loss) income per share for continuing operations | $ | (837,134) |  |  | $ | 42,583 |  |  | $ | 178,421 |  |  |  |  |  |  |  |  |
Numerator for basic and diluted net (loss) income per share for discontinued operations | $ | (6,387) |  |  | $ | 123,909 |  |  | $ | 13,700 |  |  |  |  |  |  |  |  |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |
Denominator for basic net income per share - weighted-average number of common shares outstanding | 27,540 |  |  | 25,913 |  |  | 26,783 |  |  |  |  |  |  |  |  |
Dilutive effect of stock awards | — |  |  | 90 |  |  | 143 |  |  |  |  |  |  |  |  |
Denominator for diluted net income per share - weighted-average number of common shares and common share equivalents outstanding | 27,540 |  |  | 26,003 |  |  | 26,926 |  |  |  |  |  |  |  |  |
Basic net income (loss) per share: |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations | $ | (30.40) |  |  | $ | 1.64 |  |  | $ | 6.66 |  |  |  |  |  |  |  |  |
Discontinued operations | (0.23) |  |  | 4.78 |  |  | 0.51 |  |  |  |  |  |  |  |  |
Net income per basic share | $ | (30.63) |  |  | $ | 6.42 |  |  | $ | 7.17 |  |  |  |  |  |  |  |  |
Diluted net income (loss) per share: |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations | $ | (30.40) |  |  | $ | 1.64 |  |  | $ | 6.63 |  |  |  |  |  |  |  |  |
Discontinued operations | (0.23) |  |  | 4.77 |  |  | 0.51 |  |  |  |  |  |  |  |  |
Net income per diluted share 1 | $ | (30.63) |  |  | $ | 6.40 |  |  | $ | 7.14 |  |  |  |  |  |  |  |  |
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, 2024, 2023 and 2022 are as follows:
| 2024 |  | 2023 |  | 2022 |  |  |  |  |  |  |  |
Anti-dilutive stock options | 280 |  |  | 112 |  |  | 57 |  |  |  |  |  |  |  |  |
Anti-dilutive performance shares | 5 |  |  | 18 |  |  | 13 |  |  |  |  |  |  |  |  |
Anti-dilutive restricted shares and deferred stock units | 154 |  |  | 67 |  |  | 2 |  |  |  |  |  |  |  |  |
Total anti-dilutive shares | 439 |  |  | 197 |  |  | 72 |  |  |  |  |  |  |  |  |

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