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INTEGRATION AND RESTRUCTURING
12 Months Ended
Dec. 31, 2023
Restructuring and Related Activities [Abstract]  
INTEGRATION AND RESTRUCTURING

NOTE 7 – INTEGRATION AND RESTRUCTURING

During the first quarter of 2022, the Company internally announced a phased integration and restructuring plan (the Plan). Our goal is to drive synergies and improve profitability through cost reduction, network optimization and commercial initiatives which will be facilitated by the continued integration of our operating companies into a subset of our highest-performing platform companies. We believe these measures will unite teams across the Company around a culture of close coordination and continuous improvement, providing for opportunistic expansion into incremental services, geographies, and industrial end markets. These efforts provide a preview of the potential of One Daseke, our name for the initiatives through which we are driving the next phase of our Company’s growth - one that benefits from the sharing of best practices, the optimization of processes, and the technology enablement necessary to better engage our customers and drivers. As of December 31, 2023 we had nine operating segments.

The integration and restructuring costs, which we expect to incur over the next several years, may consist of employee-related costs and other transition and termination costs related to restructuring activities. Employee-related costs include severance, tax preparation, and relocation costs, which are accounted for in accordance with ASC 420 Exit or Disposal Cost Obligations. Other transition and termination costs may include fixed asset-related charges, contract and lease termination costs, professional fees, and other miscellaneous expenditures associated with the integration or restructuring activities, which are expensed as incurred. Costs are reported in restructuring in the consolidated statements of operations and comprehensive income.

The Company recorded $0.5 million of integration and restructuring expenses primarily related to $1.2 million in professional fees partially offset by a $0.7 million prior quarter reclassification to acquisition-related transaction expenses, in connection with the Plan in the year ended December 31, 2023, comprised of $0.5 million in the Specialized Solutions segment and $0 million in the Flatbed Solutions segment. As of December 31, 2023 and 2022, there were no accrued integration and restructuring costs. As of December 31, 2023, we have incurred a cumulative total of $2.9 million in integration and restructuring costs since inception of the Plan.