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Note 13 - Segment Information | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] |
13. | SEGMENT INFORMATION
As discussed in Note 1, in 2019 the Company made a number of changes to its organizational structure. To align with how our Chief Operating Decision Maker (“CODM”) allocates resources and assesses performance against key growth strategies, we have made changes to the company’s reportable segments. As a result, it was determined that the Company has four reportable segments consisting of Highway Services, Dedicated, Managed Freight and our accounts receivable Factoring. With respect to the four reportable segments:
● | Highway Services: Includes the Company’s Expedited and OTR services, which are typically ad-hoc and do not include long-term contracts.
| ● | Expedited services primarily involves high service freight with delivery standards, such as 1,000 miles in 22 hours, or 15 -minute delivery windows. Expedited services generally require two -person driver teams on equipment either owned or leased by the Company.
| ● | OTR services provide customers with one -way load capacity over irregular routes for loads that are typically shorter in nature.
● | Dedicated: Specializes in providing customers with committed capacity over extended contract periods using equipment either owned or leased by the Company.
● | Managed Freight: Includes the Company’s Brokerage, TMS and Warehousing services.
| ● | Brokerage services provide logistics capacity by outsourcing the carriage of customers' freight to contractual third parties.
| ● | TMS provides comprehensive logistics services on a contractual basis to customers who prefer to outsource their logistics needs.
| ● | Warehousing services provides day-to-day warehouse management services to customers who have chosen to outsource this function.
● | Factoring services assist freight capacity providers with improving cash flows by purchasing accounts receivables at a discount and collecting them directly from the end consumer.
These changes impacted the company’s reportable segments but did not impact the company’s Consolidated Financial Statements. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. Substantially all intersegment sales prices are market based. We evaluate performance based on operating income of the respective business units. The following table summarizes our segment information for 2019, 2018, and 2017:
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Year Ended December 31, 2019 |  | Highway Services |  |  | Dedicated |  |  | Managed Freight |  |  | Factoring |  |  | Consolidated |
Total revenue from external customers |  | $ | 356,521 |  |  | $ | 342,473 |  |  | $ | 186,394 |  |  | $ | 9,140 |  |  | $ | 894,528 |
Intersegment revenue |  |  | 10,302 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 10,302 |
Operating (loss) income |  |  | (1,098 | ) |  |  | 1,026 |  |  |  | 8,848 |  |  |  | 7,258 |  |  |  | 16,034 |
Depreciation and amortization (1) |  |  | 38,325 |  |  |  | 37,944 |  |  |  | 2,583 |  |  |  | 27 |  |  |  | 78,879 |
Year Ended December 31, 2018 |  | Highway Services |  |  | Dedicated |  |  | Managed Freight |  |  | Factoring |  |  | Consolidated |
Total revenue from external customers |  | $ | 469,308 |  |  | $ | 257,739 |  |  | $ | 153,346 |  |  | $ | 5,062 |  |  | $ | 885,455 |
Intersegment revenue |  |  | 7,298 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 7,298 |
Operating income |  |  | 32,693 |  |  |  | 12,699 |  |  |  | 10,135 |  |  |  | 3,459 |  |  |  | 58,986 |
Depreciation and amortization (1) |  |  | 46,931 |  |  |  | 28,515 |  |  |  | 695 |  |  |  | 15 |  |  |  | 76,156 |
Year Ended December 31, 2017 |  | Highway Services |  |  | Dedicated |  |  | Managed Freight |  |  | Factoring |  |  | Consolidated |
Total revenue from external customers |  | $ | 467,992 |  |  | $ | 144,845 |  |  | $ | 89,042 |  |  | $ | 3,128 |  |  | $ | 705,007 |
Intersegment revenue |  |  | 6,009 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 6,009 |
Operating income |  |  | 14,323 |  |  |  | 5,244 |  |  |  | 6,388 |  |  |  | 2,200 |  |  |  | 28,155 |
Depreciation and amortization (1) |  |  | 56,925 |  |  |  | 19,498 |  |  |  | 11 |  |  |  | 13 |  |  |  | 76,447 |
| ( 1 ) | Includes gains and losses on disposition of equipment.
(in thousands) |  | For the years ended December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
Total external revenues for reportable segments |  | $ | 894,528 |  |  | $ | 885,455 |  |  | $ | 705,007 |
Intersegment revenues for reportable segments |  |  | 10,302 |  |  |  | 7,298 |  |  |  | 6,009 |
Elimination of intersegment revenues |  |  | (10,302 | ) |  |  | (7,298 | ) |  |  | (6,009 | )
Total consolidated revenues |  | $ | 894,528 |  |  | $ | 885,455 |  |  | $ | 705,007 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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