Discontinued Operations and Held for Sale

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations and Held for Sale

Discontinued Operations and Held for Sale

Sale of Final Mile

On December 20, 2023, the Company completed the sale of the Final Mile business for estimated total cash consideration of $260,916. The results of operations of Final Mile, have been presented under the caption “Income (loss) from discontinued operations, net of tax” in the Consolidated Statements of Comprehensive Income for the years ended December 31, 2024, 2023 and 2022. A final net working capital settlement of $6,387 was the only activity during the year ended December 31, 2024.

A summary of the results of operations classified as a discontinued operations, net of tax, in the Consolidated Statements of Comprehensive Income for the years ended December 31, 2023 and 2022 is as follows:

	Year Ended
		December 31, 2023		December 31, 2022
Operating revenue		$	273,873	$	293,769
Operating expenses:
Purchased transportation		158,233		176,137
Salaries, wages and employee benefits		51,304		45,211
Operating leases		12,325		11,804
Depreciation and amortization		5,212		4,834
Insurance and claims		2,586		2,281
Fuel expense		305		627
Other operating expenses		36,842		34,490
Total operating expenses		266,807		275,384
Income from discontinued operations		7,066		18,385
Gain (loss) on sale of business		155,829		—
Income from discontinued operations before income taxes		162,895		18,385
Income tax expense		38,347		4,608
Income (loss) from discontinued operations, net of tax		$	124,548	$	13,777