Segment Reporting

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

The Company has two reportable segments: Expedited Freight and Intermodal. The Company evaluates segment performance based on income from operations. Segment results include intersegment revenues and shared costs.  Costs related to the corporate headquarters, shared services and shared assets, such as trailers, are allocated to each segment based on usage. Shared assets are not allocated to each segment, but rather the shared assets, such as trailers, are allocated to the Expedited Freight segment. Corporate includes revenues and expenses as well as assets that are not attributable to any of the Company’s reportable segments.

The accounting policies applied to each segment are the same as those described in the Summary of Significant Accounting Policies as disclosed in Note 1 to the Annual Report on Form 10-K for the year ended December 31, 2021, except for certain self-insurance loss reserves related to vehicle liability and workers’ compensation. Each segment is allocated an insurance premium and deductible that corresponds to the self-insured retention limit for that particular segment. Any self-insurance loss exposure beyond the deductible allocated to each segment is recorded in Corporate.

Segment results from operations for the three months ended March 31, 2022 and 2021 are as follows:

	Three Months Ended March 31, 2022
	Expedited Freight		Intermodal		Corporate		Eliminations		Consolidated - Continuing Operations
External revenues	$	376,526	$	90,435	$	—	$	—	$	466,961
Intersegment revenues	65		5		—		(70)		—
Depreciation	5,673		1,340		39		—		7,052
Amortization	1,808		2,270		—		—		4,078
Income (loss) from continuing operations	47,680		11,146		(1,475)		—		57,351
Purchases of property and equipment	8,956		952		—		—		9,908
	Three Months Ended March 31, 2021
	Expedited Freight		Intermodal		Corporate		Eliminations		Consolidated - Continuing Operations
External revenues	$	303,531	$	58,502	$	—	$	—	$	362,033
Intersegment revenues	655		12		—		(498)		169
Depreciation	4,993		799		3		—		5,795
Amortization	1,805		1,637		—		—		3,442
Income (loss) from continuing operations	24,530		4,509		(6,315)		—		22,724
Purchases of property and equipment	2,411		284		—		—		2,695

Total Assets
As of March 31, 2022	$	802,613	$	251,030	$	113,184	$	(21)	$	1,166,806
As of December 31, 2021	777,987		249,467		90,588		(219)		1,117,823

A reconciliation from the segment information to the consolidated balances for revenues is set forth below:

	Three Months Ended
	March 31, 2022		March 31, 2021
Intersegment revenues - continuing operations	$	—	$	169
Intersegment revenues - discontinued operation	—		(169)
Consolidated intersegment revenues	$	—	$	—

Revenue from the individual services within the Expedited Freight segment for the three months ended March 31, 2022 and 2021 are as follows:

	Three Months Ended
	March 31, 2022		March 31, 2021
Expedited Freight revenues:
Network	$	243,414	$	178,627
Truckload	55,908		52,380
Final Mile	65,758		62,256
Other	11,511		10,923
Total	$	376,591	$	304,186