XML 38 R23.htm IDEA: XBRL DOCUMENT v3.20.4
REPORTABLE SEGMENTS
12 Months Ended
Dec. 31, 2020
REPORTABLE SEGMENTS  
REPORTABLE SEGMENTS

NOTE 16 – 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 totaled $6.5 million, $9.5 million and $5.1 million for the Flatbed Solutions segment for the years ended December 31, 2020, 2019 and 2018, respectively. Intersegment revenues and expenses totaled $12.0 million, $11.5 million and $8.9 million for the Specialized Solutions segment for the years ended December 31, 2020, 2019 and 2018, respectively.  Certain insurance costs have been allocated to the operating segments beginning January 1, 2020, which were included in the corporate segment in 2019 within the operating income (loss) and income (loss) before income tax line items. Insurance costs included in the corporate segment for the year ended December 31, 2019 were $3.6 million for the Flatbed Solutions segment and $11.2 million for the Specialized Solutions segment.  The following table reflects certain financial data of the Company’s reportable segments for the years ended December 31, 2020, 2019 and 2018 (in millions):

Flatbed

Specialized

Solutions

Solutions

Corporate/

Consolidated

    

Segment

    

Segment

    

Eliminations

    

Totals

Year Ended December 31, 2020

 

  

 

  

 

  

 

  

Total revenue

$

578.9

$

893.7

$

(18.5)

$

1,454.1

Company freight

191.2

495.6

(10.0)

676.8

Owner operator freight

262.1

152.5

(5.7)

408.9

Brokerage

70.3

165.6

(1.6)

234.3

Logistics

2.9

34.5

37.4

Fuel surcharge

52.4

45.5

(1.2)

96.7

Operating income (loss)

 

32.6

 

53.3

 

(50.5)

 

35.4

Depreciation

 

35.1

 

55.1

 

0.9

 

91.1

Amortization of intangible assets

 

3.2

 

4.0

 

 

7.2

Impairment

2.0

13.4

15.4

Restructuring

0.6

8.8

0.1

9.5

Non-cash operating lease expense

(0.3)

(7.7)

(8.0)

Interest expense

9.5

11.4

24.0

44.9

Income (loss) before income tax

 

7.2

 

32.0

 

(33.2)

 

6.0

Total assets

 

326.1

 

596.5

 

204.3

 

1,126.9

Capital expenditures

 

30.3

 

57.6

 

7.6

 

95.5

Year Ended December 31, 2019

 

  

 

  

 

  

 

Total revenue

$

663.0

$

1,095.7

$

(21.7)

$

1,737.0

Company freight

215.3

603.2

(13.9)

804.6

Owner operator freight

275.7

185.5

(5.9)

455.3

Brokerage

93.9

200.8

294.7

Logistics

2.8

44.8

(0.1)

47.5

Fuel surcharge

75.3

61.4

(1.8)

134.9

Operating loss

 

(94.4)

 

(158.7)

 

(59.0)

 

(312.1)

Depreciation

 

46.5

 

85.0

 

0.7

 

132.2

Amortization of intangible assets

 

5.3

 

9.0

 

 

14.3

Impairment

116.7

196.1

312.8

Restructuring

1.7

3.9

2.8

8.4

Non-cash operating lease expense

10.6

16.2

0.4

27.2

Interest expense

10.7

12.9

26.8

50.4

Loss before income tax

 

(126.1)

 

(203.6)

 

(32.3)

 

(362.0)

Total assets

 

348.1

 

683.1

 

109.4

 

1,140.6

Capital expenditures

 

38.3

 

54.8

 

1.6

 

94.7

Year Ended December 31, 2018

 

  

 

  

 

  

 

  

Total revenue

$

662.0

$

965.1

$

(14.0)

$

1,613.1

Company freight

206.2

524.3

(8.8)

721.7

Owner operator freight

271.5

171.8

(2.8)

440.5

Brokerage

104.2

163.1

(0.9)

266.4

Logistics

3.0

39.9

(0.1)

42.8

Fuel surcharge

77.1

66.0

(1.4)

141.7

Operating income (loss)

 

32.9

 

23.1

 

(34.1)

 

21.9

Depreciation

 

29.9

 

84.3

 

0.2

 

114.4

Amortization of intangible assets

 

6.2

 

10.5

 

 

16.7

Impairment

13.9

13.9

Interest expense

8.6

11.3

25.6

45.5

Income (loss) before income tax

 

13.8

 

(7.1)

 

(27.8)

 

(21.1)

Total assets

 

464.8

 

884.2

 

41.9

 

1,390.9

Capital expenditures

 

38.2

 

116.0

 

2.1

 

156.3