NOTE 15 – REPORTABLE SEGMENTS

The Company evaluates the performance of the segments primarily based on their respective revenues and operating income. Accordingly, interest expense and other non-operating items are not reported in segment results. In addition, the Company has disclosed a corporate segment, which is not an operating segment and includes acquisition transaction expenses, corporate salaries, interest expense and other corporate administrative expenses and intersegment eliminations.

The Company’s operating segments also provide transportation and related services for one another. Such services are generally billed at cost, and no profit is earned. Such intersegment revenues and expenses are eliminated in the Company’s consolidated results. Intersegment revenues and expenses for the Flatbed Solutions segment totaled $1.7 million and $2.4 million for the three months ended March 31, 2020 and 2019, respectively. Intersegment revenues and expenses for the Specialized Solutions segment totaled $2.7 million and $2.5 million for the three months ended March 31, 2020 and 2019, respectively.

Certain insurance costs have been allocated to the operating segments beginning January 1, 2020, which were included in the corporate segment in 2019. Insurance costs included in the corporate segment for the three months ended March 31, 2019 were $0.8 million for the Flatbed Solutions segment and $1.0 million for the Specialized Solutions segment.

The following tables reflect certain financial data of the Company’s reportable segments for the three months ended March 31, 2020 and 2019 (in millions):


	Flatbed		Specialized
	Solutions		Solutions		Corporate/		Consolidated
	Segment		Segment		Eliminations		Total
Three Months Ended March 31, 2020
Total revenue	$	155.2	$	240.4	$	(4.6)	$	391.0
Company freight		51.4		132.1		(2.6)		180.9
Owner operator freight		66.1		42.8		(1.1)		107.8
Brokerage		19.6		42.8		(0.7)		61.7
Logistics		0.8		9.1		0.2		10.1
Fuel surcharge		17.3		13.6		(0.4)		30.5
Operating income (loss)		8.6		(6.5)		(10.4)		(8.3)
Depreciation		8.3		15.9		0.3		24.5
Amortization of intangible assets		0.8		1.0		—		1.8
Impairment		—		13.4		—		13.4
Restructuring		—		0.5		—		0.5
Non-cash operating lease expense		0.9		2.0		—		2.9
Interest expense		2.5		3.1		6.4		12.0
Income (loss) before income tax		6.1		(10.7)		(16.6)		(21.2)
Total assets		350.9		660.7		126.5		1,138.1
Capital expenditures		7.8		6.5		—		14.3

Three Months Ended March 31, 2019
Total revenue	$	167.9	$	269.7	$	(4.6)	$	433.0
Company freight		55.2		153.9		(2.9)		206.2
Owner operator freight		68.5		43.8		(1.3)		111.0
Brokerage		25.3		46.1		—		71.4
Logistics		0.7		11.7		—		12.4
Fuel surcharge		18.2		14.2		(0.4)		32.0
Operating income (loss)		3.3		7.8		(10.4)		0.7
Depreciation		13.0		24.1		0.1		37.2
Amortization of intangible assets		1.7		2.6		—		4.3
Non-cash operating lease expense		2.4		4.1		0.1		6.6
Interest expense		2.6		3.3		6.8		12.7
Income (loss) before income tax		0.9		5.0		(17.1)		(11.2)
Total assets		497.7		935.5		66.6		1,499.8
Capital expenditures		14.7		13.7		0.6		29.0