Note 13 - Segment Information

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

13. Segment Information

We have five reportable business segments which are based primarily on the services each segment provides. The JBI segment includes freight that is transported by rail over at least some portion of the movement and also includes certain repositioning truck freight moved by JBI equipment or third-party carriers, when such highway movement is intended to direct JBI equipment back toward intermodal operations. DCS segment business includes company-owned and customer-owned, DCS-operated revenue equipment and employee drivers assigned to a specific customer, traffic lane, or service. DCS operations usually include formal, written longer-term agreements or contracts that govern services performed and applicable rates. ICS provides non-asset and asset-light transportation solutions to customers through relationships with third-party carriers and integration with company-owned equipment. ICS services include flatbed, refrigerated, and expedited, as well as a variety of dry-van and intermodal solutions. ICS offers the majority of these services through an online multimodal marketplace via J.B. Hunt 360 that matches the right load with the right carrier and the best mode. FMS provides last-mile delivery services to customers through a nationwide network of cross-dock and other delivery system network locations. FMS provides both asset and non-asset big and bulky delivery and installation services, as well as fulfillment, retail-pooling distributions, and LTL services. JBT business includes full-load, dry-van freight that is transported utilizing company-owned revenue equipment or third-party carriers utilizing company-owned trailing equipment as well as services through our J.B. Hunt 360box program which utilizes the J.B. Hunt 360 platform to access capacity and offer efficient drop trailer solutions to customers. This freight is typically transported over roads and highways and does not move by rail. All transactions between reporting segments are eliminated in consolidation.

On January 1, 2023, we transferred the majority of the company owned trucking operations in our JBT business segment to our DCS business segment and transferred our LTL brokerage operations from our ICS business segment to our FMS business segment. Accordingly, the prior period segment information reported below has been reclassified to conform to the current period presentation. These reclassifications have no impact on our historical consolidated balance sheets, statements of earnings or cash flows.

Our customers are geographically dispersed across the United States. A summary of certain segment information is presented below (in millions):

	Assets (Excludes intercompany accounts)
	December 31,
	2023		2022
JBI	$	3,391	$	3,270
DCS		2,355		1,989
ICS		350		311
FMS		634		620
JBT		419		437
Other (includes corporate)		1,389		1,160
Total	$	8,538	$	7,787

	Revenues
	Years ended December 31,
	2023			2022			2021
JBI	$	6,208		$	7,022		$	5,454
DCS		3,543			3,524			2,706
ICS		1,390			2,323			2,471
FMS		918			1,042			909
JBT		789			937			668
Total segment revenues		12,848			14,848			12,208
Intersegment eliminations		(18	)		(34	)		(40	)
Total	$	12,830		$	14,814		$	12,168

	Operating Income
	Years ended December 31,
	2023			2022		2021
JBI	$	569		$	800	$	603
DCS		405			361		314
ICS		(44	)		57		40
FMS		47			37		34
JBT		16			77		55
Total	$	993		$	1,332	$	1,046

	Depreciation and Amortization Expense
	Years ended December 31,
	2023		2022		2021
JBI	$	256	$	226	$	198
DCS		327		280		244
FMS		48		44		35
JBT		44		35		25
Other		63		60		55
Total	$	738	$	645	$	557