Forward Air (FWRD) 10-Q 9 Nov 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2022	Nov. 03, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	000-22490
Entity Registrant Name	FORWARD AIR CORPORATION
Entity Incorporation, State or Country Code	TN
Entity Tax Identification Number	62-1120025
Entity Address, Address Line One	1915 Snapps Ferry Road
Entity Address, Address Line Two	Building N
Entity Address, City or Town	Greeneville
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37745
City Area Code	423
Local Phone Number	636-7000
Title of each class	Common Stock, $0.01 par value
Trading Symbol(s)	FWRD
Name of each exchange on which registered	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		26,589,697
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Central Index Key	0000912728

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 46,846	$ 37,316
Accounts receivable, less allowance of $3,477 in 2022 and $3,260 in 2021	247,730	208,085
Other receivables, less allowance of $235 in 2022 and $— in 2021	0	8,097
Other current assets	18,391	29,309
Total current assets	312,967	282,807
Property and equipment, net of accumulated depreciation and amortization of $214,039 in 2022 and $200,867 in 2021	230,924	219,095
Operating lease right-of-use assets	147,283	148,198
Goodwill	288,496	266,752
Other acquired intangibles, net of accumulated amortization of $119,453 in 2022 and $107,336 in 2021	155,161	154,717
Other assets	51,228	46,254
Total assets	1,186,059	1,117,823
Current liabilities:
Accounts payable	50,666	44,837
Accrued expenses	67,980	61,621
Other current liabilities	4,411	4,614
Current portion of debt and finance lease obligations	7,891	6,088
Current portion of operating lease liabilities	48,611	47,532
Total current liabilities	179,559	164,692
Finance lease obligations, less current portion	11,134	9,571
Long-term debt, less current portion and debt issuance costs	106,934	155,466
Operating lease liabilities, less current portion	102,889	101,409
Other long-term liabilities	57,476	49,624
Deferred income taxes	45,369	43,407
Shareholders’ equity:
Preferred stock, $0.01 par value: Authorized shares - 5,000,000; no shares issued or outstanding in 2022 and 2021	0	0
Common stock, $0.01 par value: Authorized shares - 50,000,000; issued and outstanding shares - 26,589,697 in 2022 and 26,968,788 in 2021	266	270
Additional paid-in capital	267,809	258,474
Retained earnings	414,623	334,910
Total shareholders’ equity	682,698	593,654
Total liabilities and shareholders’ equity	$ 1,186,059	$ 1,117,823

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Accounts receivable, allowance	$ 3,477	$ 3,260
Other receivables, allowance	235	0
Property and equipment, accumulated depreciation and amortization	214,039	200,867
Other acquired intangibles, accumulated amortization	$ 119,453	$ 107,336
Shareholders’ equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized shares (in shares)	5,000,000	5,000,000
Preferred stock, issued shares (in shares)	0	0
Preferred stock, outstanding shares (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized shares (in shares)	50,000,000	50,000,000
Common stock, issued shares (in shares)	26,589,697	26,968,788
Common stock, outstanding shares (in shares)	26,589,697	26,968,788

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022		Sep. 30, 2021
Income Statement [Abstract]
Operating revenues	$ 510,023	$ 419,625	$ 1,492,203		$ 1,202,498
Operating expenses:
Purchased transportation	229,326	205,474	693,648		605,299
Salaries, wages and employee benefits	90,755	84,410	263,194		243,948
Operating leases	24,965	20,536	71,097		60,073
Depreciation and amortization	12,269	9,416	34,994		28,067
Insurance and claims	12,093	9,984	37,257		30,616
Fuel expense	6,772	4,457	20,951		12,218
Other operating expenses	62,178	42,872	166,501		114,953
Total operating expenses	438,358	377,149	1,287,642		1,095,174
Income from continuing operations	71,665	42,476	204,561		107,324
Other expense:
Interest expense	(1,544)	(973)	(3,521)		(3,461)
Total other expense	(1,544)	(973)	(3,521)		(3,461)
Income before income taxes	70,121	41,503	201,040		103,863
Income tax expense	17,988	11,000	50,791		25,969
Net income from continuing operations	52,133	30,503	150,249		77,894
Loss from discontinued operation, net of tax	0	(6,967)	0		(12,500)
Net income attributable to Forward Air	52,133	23,536	$ 150,249		$ 65,394
Comprehensive income	$ 52,133	$ 23,536
Basic net income (loss) per share:
Continuing operations (in dollars per share)	$ 1.94	$ 1.12	$ 5.56		$ 2.84
Discontinued operation (in dollars per share)	0	(0.26)	0		(0.46)
Net income per basic share (in dollars per share)	1.94	0.86	5.56	[1]	2.39	[1]
Diluted net income (loss) per share:
Continuing operations (in dollars per share)	1.93	1.12	5.53		2.83
Discontinued operation (in dollars per share)	0	(0.26)	0		(0.46)
Net income per diluted share (in dollars per share)	1.93	0.86	5.53		2.37
Dividends per share (in dollars per share)	$ 0.24	$ 0.21	$ 0.72		$ 0.63
[1]Rounding may impact summation of amounts.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating activities:
Net income from continuing operations	$ 150,249	$ 77,894
Adjustments to reconcile net income of continuing operations to net cash provided by operating activities of continuing operations
Depreciation and amortization	34,994	28,067
Change in fair value of earn-out liability	(294)	(385)
Share-based compensation expense	8,743	8,179
Provision for revenue adjustments	7,302	5,504
Deferred income tax expense (benefit)	1,962	(1,384)
Other	417	406
Changes in operating assets and liabilities, net of effects from the purchase of acquired businesses:
Accounts receivable	(43,172)	(49,086)
Other receivables	8,097	(14,218)
Other current and noncurrent assets	6,743	8,198
Accounts payable, accrued expenses and other long-term liabilities	21,773	19,577
Net cash provided by operating activities of continuing operations	196,814	82,752
Investing activities:
Proceeds from sale of property and equipment	1,423	2,339
Purchases of property and equipment	(25,401)	(23,015)
Purchases of a business, net of cash acquired	(40,433)	(23,053)
Net cash used in investing activities of continuing operations	(64,411)	(43,729)
Financing activities:
Repayments of finance lease obligations	(4,209)	(1,445)
Proceeds from credit facility	0	45,000
Payments on credit facility	(48,625)	0
Payment of debt issuance costs	0	(119)
Payment of earn-out liability	(91)	(6,519)
Proceeds from issuance of common stock upon stock option exercises	206	3,563
Payments of dividends to shareholders	(19,461)	(17,270)
Repurchases and retirement of common stock	(47,774)	(48,989)
Proceeds from common stock issued under employee stock purchase plan	374	388
Payment of minimum tax withholdings on share-based awards	(3,293)	(3,074)
Contributions from subsidiary held for sale	0	1,118
Net cash used in financing activities from continuing operations	(122,873)	(27,347)
Net increase in cash and cash equivalents of continuing operations	9,530	11,676
Cash from discontinued operation:
Net cash used in operating activities of discontinued operation	0	(6,902)
Net cash provided by investing activities of discontinued operation	0	8,020
Net cash used in financing activities of discontinued operation	0	(1,118)
Net increase in cash and cash equivalents	9,530	11,676
Cash and cash equivalents at beginning of period of continuing operations	37,316	40,254
Cash at beginning of period of discontinued operation	0	0
Less: cash at end of period of discontinued operation	0	0
Cash and cash equivalents at end of period of continuing operations	$ 46,846	$ 51,930

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2020		27,316,000
Beginning balance at Dec. 31, 2020	$ 547,329	$ 273	$ 242,916	$ 304,140
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	11,181			11,181
Stock options exercised (in shares)		40,000
Stock options exercised	2,147		2,147
Share-based compensation expense	2,613		2,613
Payment of dividends to shareholders	(5,797)		3	(5,800)
Payment of minimum tax withholdings on share-based awards (in shares)		(35,000)
Payment of minimum tax withholdings on share-based awards	(2,744)			(2,744)
Repurchases and retirement of common stock (in shares)		(114,000)
Repurchases and retirement of common stock	(9,998)	$ (1)		(9,997)
Issuance of share-based awards (in shares)		111,000
Issuance of share-based awards	0	$ 1	(1)
Ending balance (in shares) at Mar. 31, 2021		27,318,000
Ending balance at Mar. 31, 2021	544,731	$ 273	247,678	296,780
Beginning balance (in shares) at Dec. 31, 2020		27,316,000
Beginning balance at Dec. 31, 2020	547,329	$ 273	242,916	304,140
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	65,394
Ending balance (in shares) at Sep. 30, 2021		26,958,000
Ending balance at Sep. 30, 2021	555,536	$ 270	255,071	300,195
Beginning balance (in shares) at Mar. 31, 2021		27,318,000
Beginning balance at Mar. 31, 2021	544,731	$ 273	247,678	296,780
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	30,677			30,677
Stock options exercised (in shares)		26,000
Stock options exercised	1,416		1,416
Common stock issued under employee stock purchase plan (in shares)		5,000
Common stock issued under employee stock purchase plan	388		388
Share-based compensation expense	2,981		2,981
Payment of dividends to shareholders	(5,768)		3	(5,771)
Payment of minimum tax withholdings on share-based awards (in shares)		(1,000)
Payment of minimum tax withholdings on share-based awards	(82)			(82)
Repurchases and retirement of common stock (in shares)		(252,000)
Repurchases and retirement of common stock	(23,994)	$ (2)		(23,992)
Issuance of share-based awards (in shares)		24,000
Ending balance (in shares) at Jun. 30, 2021		27,120,000
Ending balance at Jun. 30, 2021	550,349	$ 271	252,466	297,612
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	23,536			23,536
Share-based compensation expense	2,601		2,601
Payment of dividends to shareholders	(5,705)		4	(5,709)
Payment of minimum tax withholdings on share-based awards (in shares)		(3,000)
Payment of minimum tax withholdings on share-based awards	(248)			(248)
Repurchases and retirement of common stock (in shares)		(169,000)
Repurchases and retirement of common stock	(14,997)	$ (1)		(14,996)
Issuance of share-based awards (in shares)		10,000
Ending balance (in shares) at Sep. 30, 2021		26,958,000
Ending balance at Sep. 30, 2021	$ 555,536	$ 270	255,071	300,195
Beginning balance (in shares) at Dec. 31, 2021	26,968,788	26,969,000
Beginning balance at Dec. 31, 2021	$ 593,654	$ 270	258,474	334,910
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	42,686			42,686
Stock options exercised (in shares)		3,000
Stock options exercised	206		206
Share-based compensation expense	2,761		2,761
Payment of dividends to shareholders	(6,502)		4	(6,506)
Payment of minimum tax withholdings on share-based awards (in shares)		(30,000)
Payment of minimum tax withholdings on share-based awards	(3,254)			(3,254)
Repurchases and retirement of common stock (in shares)		(176,000)
Repurchases and retirement of common stock	(17,780)	$ (2)		(17,778)
Issuance of share-based awards (in shares)		96,000
Issuance of share-based awards	0	$ 1	(1)
Ending balance (in shares) at Mar. 31, 2022		26,862,000
Ending balance at Mar. 31, 2022	$ 611,771	$ 269	261,444	350,058
Beginning balance (in shares) at Dec. 31, 2021	26,968,788	26,969,000
Beginning balance at Dec. 31, 2021	$ 593,654	$ 270	258,474	334,910
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 150,249
Ending balance (in shares) at Sep. 30, 2022	26,589,697	26,590,000
Ending balance at Sep. 30, 2022	$ 682,698	$ 266	267,809	414,623
Beginning balance (in shares) at Mar. 31, 2022		26,862,000
Beginning balance at Mar. 31, 2022	611,771	$ 269	261,444	350,058
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	55,430			55,430
Common stock issued under employee stock purchase plan (in shares)		5,000
Common stock issued under employee stock purchase plan	374		374
Share-based compensation expense	3,306		3,306
Payment of dividends to shareholders	(6,492)		5	(6,497)
Payment of minimum tax withholdings on share-based awards (in shares)		(1,000)
Payment of minimum tax withholdings on share-based awards	(39)			(39)
Issuance of share-based awards (in shares)		14,000
Ending balance (in shares) at Jun. 30, 2022		26,880,000
Ending balance at Jun. 30, 2022	664,350	$ 269	265,129	398,952
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	52,133			52,133
Share-based compensation expense	2,676		2,676
Payment of dividends to shareholders	(6,467)		4	(6,471)
Repurchases and retirement of common stock (in shares)		(290,000)
Repurchases and retirement of common stock	$ (29,994)	$ (3)		(29,991)
Ending balance (in shares) at Sep. 30, 2022	26,589,697	26,590,000
Ending balance at Sep. 30, 2022	$ 682,698	$ 266	$ 267,809	$ 414,623

Description of Business and Bas

Description of Business and Basis of Presentation	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation Basis of Presentation and Principles of Consolidation Forward Air Corporation and its subsidiaries (“Forward Air ” or the “Company ” ) is a leading asset-light freight and logistics company. The Company has two reportable segments: Expedited Freight and Intermodal. The Company conducts business in the United States and Canada. The Expedited Freight segment provides expedited regional, inter-regional and national less-than-truckload (“LTL ” ), truckload and final mile services. Expedited Freight also offers customers local pick-up and delivery and other services including shipment consolidation and deconsolidation, warehousing, customs brokerage and other handling. The Intermodal segment provides first- and last-mile high value intermodal container drayage services both to and from seaports and railheads. Intermodal also offers dedicated contract and container freight station (“CFS ” ) warehouse and handling services. The Company’s condensed consolidated financial statements include Forward Air Corporation and its wholly-owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. The condensed consolidated financial statements of the Company have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary to present fairly the Company’s financial position, results of operations, and cash flows for the periods presented. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Results for interim periods are not necessarily indicative of the results for the year. On April 23, 2020, the Board of Directors (the “Board ”) of the Company approved a strategy to divest the Pool Distribution business (“Pool ” ), and the sale of Pool was completed on February 12, 2021. Pool provided high-frequency handling and distribution of time sensitive product to numerous destinations within a specific geographic region. As a result of the strategy to divest of Pool, the results of operations for Pool were presented as a discontinued operation in the Condensed Consolidated Statements of Comprehensive Income for the prior period. Unless otherwise noted, amounts, percentages and discussion for the prior period reflect the results of operations, financial condition and cash flows from the Company’s continuing operations. Refer to Note 3, Discontinued Operation

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Revenue is recognized when the Company satisfies the performance obligation by the delivery of a shipment in accordance with contractual agreements, bills of lading (“BOLs”) and general tariff provisions. The amount of revenue recognized is measured as the consideration the Company expects to receive in exchange for those services pursuant to a contract with a customer. A contract exists once the Company enters into a contractual agreement with a customer. The Company does not recognize revenue in cases where collectibility is not probable, and defers recognition until collection is probable or payment is received. The Company generates revenue from the delivery of a shipment and the completion of related services. Revenue for the delivery of a shipment is recorded over time to coincide with when customers simultaneously receive and consume the benefits of the delivery services. Accordingly, revenue billed to a customer for the transportation of freight are recognized over the transit period as the performance obligation to the customer is satisfied. The Company determines the transit period for a shipment based on the pick-up date and the delivery date, which may be estimated if delivery has not occurred as of a reporting period. The determination of the transit period and how much of it has been completed as of a given reporting date may require the Company to make judgments that impact the timing of revenue recognized. For delivery of shipments with a pick-up date in one reporting period and a delivery date in another reporting period, the Company recognizes revenue based on relative transit

Discontinued Operation

Discontinued Operation	9 Months Ended
	Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operation	Discontinued Operation As previously disclosed, on April 23, 2020, the Company made a decision to divest of Pool and the sale was completed on February 12, 2021. As a result, the results of Pool were classified to “Loss from discontinued operation, net of tax” in the Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2021. Certain corporate overhead and other costs previously allocated to Pool for segment reporting purposes did not qualify for classification within discontinued operation and were allocated to continuing operations. These costs were classified to the eliminations column in the segment reconciliation in Note 13, Segment Reporting . Transition Services Agreement On February 12, 2021, the Company entered into a Transition Services Agreement (“TSA ” ) with TOG FAS Holdings LLC, the buyer of the Pool business. Under the TSA, the Company performed certain services on an interim basis in order to facilitate the orderly transition of the Pool business. The effective date of the TSA was February 12, 2021 and remained in effect until the date all services were completed, but no more than six months following the effective date. The TSA provided the right to extend the term of the TSA with no limit on the number of the mutually agreed upon extensions. In exchange for the services performed by the Company under the TSA, the Company received a monthly service charge. For the three and nine months ended September 30, 2021, the Company recognized $229 and $641, respectively, in “Other operating expenses ” in the Condensed Consolidated Statements of Comprehensive Income, for the services performed under the TSA. The TSA ended in October 2021 when all services were completed. Additionally, under the TSA, the Company remitted payments to outside vendors on behalf of TOG FAS Holdings LLC for expenses incurred by the Pool business up to a limit of $18,000. The Company was reimbursed by TOG FAS Holdings LLC within 60 days from the end of the month in which the payment was remitted. As of September 30, 2022 and December 31, 2021, the Company recorded a net receivable in the amount of zero and $8,097 respectively, in “Other receivables ” in the Condensed Consolidated Balance Sheets for the reimbursement due to the Company. The Company evaluates the collectability of the receivable at least quarterly and if the Company is aware of the inability of TOG FAS Holdings LLC to meet its financial obligations to the Company, the Company will record a specific reserve in order to reduce the receivable to the amount the Company reasonably believes will be collected. As of September 30, 2022, the Company recorded a specific reserve in the amount of $235 in order to reduce the receivable to an amount the Company reasonably believes will be collected. Summarized Discontinued Operation Financial Information A summary of the results of operations classified as a discontinued operation, net of tax, in the Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2021 is as follows: Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Operating revenue $ — $ 17,087 Operating expenses: Purchased transportation — 4,290 Salaries, wages and employee benefits — 9,674 Operating leases — 2,907 Depreciation and amortization — — Insurance and claims — 929 Fuel expense — 644 Other operating expenses — 2,087 Impairment charge 6,967 6,967 Total operating expenses 6,967 27,498 Loss from discontinued operation (6,967) (10,411) Loss on sale of business — (2,860) Loss from discontinued operation before income taxes (6,967) (13,271) Income tax benefit — (771) Loss from discontinued operation, net of tax $ (6,967) $ (12,500)

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions Intermodal Acquisitions In February 2021, the Company acquired certain assets and liabilities of Proficient Transport Incorporated and Proficient Trucking, Inc. (together “Proficient Transport ” ) for $16,339 and a potential earn-out of up to $2,000. The purchase agreement for Proficient Transport included an earn-out up to $2,000 based on the achievement of certain revenue milestones over a one-year period, beginning March 1, 2021. The estimated fair value of the earn-out liability on the date of acquisition was $829. The fair value was based on the estimated one-year performance of the acquired customer revenue and was calculated using the option pricing method. The fair value of the earn-out liability was adjusted at each reporting period based on changes in the expected cash flows and related assumptions used in the option pricing method. During the three and nine months ended September 30, 2022, the fair value of the earn-out changed by zero and ($294) respectively, and the change in fair value was recorded in “Other operating expenses” in the Condensed Consolidated Statements of Comprehensive Income. During the three and nine months ended September 30, 2021, the fair value of the earn-out changed by zero and ($333) respectively, and the change in fair value was recorded in “Other operating expenses” in the Condensed Consolidated Statements of Comprehensive Income . The one-year period ended in the first quarter of 2022 and the Company paid $91 in the second quarter of 2022 based on the terms of the purchase agreement. As of December 31, 2021, the fair value of the earn-out liability was $385, which was reflected in “Other cur rent liabilities” in the Condensed Consolidated Balance Sheets. In November 2021, the Company acquired certain assets and liabilities of BarOle Trucking, Inc. ( “BarOle”) for $35,436. BarOle is an intermodal drayage company headquartered in Roseville, Minnesota. The acquisition of BarOle provides additional capacity and resources to meet customer demands in the intermodal market, and extends the service footprint to the Minneapolis-Saint Paul, Minnesota area. In addition, BarOle has a larger terminal location, which allows for further expansion in the future. The acquisition was financed by cash flows from operations. The results of BarOle have been included in the Company’s Condensed Consolidated Financial Statements as of and from the date of acquisition. The associated goodwill has been included in the Company’s Intermodal reportable segment. In May 2022, the Company acquired certain assets and liabilities of Edgmon Trucking, LLC (“Edgmon”) for $40,433 and a potential earn-out of up to $5,000, based on the achievement of certain profit contribution milestones over a nineteen month period, beginning May 30, 2022. Edgmon, headquartered in Kent, Washington, operates a terminal in Kent and a yard in Seattle, servicing both the Port of Seattle and the Port of Tacoma. The acquisition of Edgmon marks the Company’s first Intermodal location on the West Coast, a key area of expansion in the Intermodal strategic growth plan. The acquisition was financed by cash flows from operations. The results of Edgmon have been included in the Company’s Condensed Consolidated Financial Statements as of and from the date of acquisition. The associated goodwill has been included in the Company’s Intermodal reportable segment. Fair Value of Assets Acquired and Liabilities Assumed Assets acquired and liabilities assumed as of the acquisition date are presented in the following table: BarOle Edgmon November 30, 2021 May 30, 2022 Tangible assets: Accounts receivable $ 2,481 $ 4,831 Property and equipment 6,464 613 Total tangible assets 8,945 5,444 Intangible assets: Customer relationships 11,120 17,950 Non-compete agreements 221 465 Goodwill 15,418 17,003 Total intangible assets 26,759 35,418 Total assets acquired 35,704 40,862 Liabilities assumed: Current liabilities 268 429 Total liabilities assumed 268 429 Net assets acquired $ 35,436 $ 40,433 The preliminary purchase price for BarOle and Edgmon has been allocated to assets acquired and liabilities assumed based on the Company’s best estimates and assumptions using the information available as of the acquisition date through the date of this filing. The provisional measurements of identifiable assets and liabilities, and the resulting goodwill related to these acquisitions, are subject to adjustments in subsequent periods as the Company finalizes its purchase price allocations, including the third-party valuations. During the nine months ended September 30, 2022, the Company recorded measurement period adjustments to the provisional amounts initially recorded for acquired property and equipment and acquired customer relationships and non-compete agreements related to the BarOle acquisition. The measurement period adjustments resulted in a $1,113 increase to acquired property and equipment and a combined $5,854 decrease to acquired customer relationships and non-compete agreements, with a corresponding net increase to goodwill. The Company expects to finalize the valuations as soon as practicable, but no later than one year from the respective acquisition dates. The estimated useful lives of acquired intangible assets as of the acquisition date are summarized in the following table: Estimated Useful Lives BarOle Edgmon Customer relationships 8 years 7 years Non-compete agreements 5 years 5 years

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill Changes in the carrying amount of goodwill during the nine months ended September 30, 2022 are summarized as follows: Expedited Freight Intermodal Consolidated Balance as of December 31, 2021 $ 169,288 $ 97,464 $ 266,752 Acquisition — 17,003 17,003 Acquisition adjustment — 4,741 4,741 Balance as of September 30, 2022 $ 169,288 $ 119,208 $ 288,496 The Company’s accumulated goodwill impairment is $25,686 related to impairment charges the Company recorded during 2016 pertaining to its Truckload Services reporting unit. The Truckload Services reporting unit operates within the Expedited Freight reportable segment. As of September 30, 2022, approximately $209,353 of goodwill is deductible for tax purposes. Goodwill is tested for impairment on an annual basis and more often if indications of impairment exist. The Company conducts its annual impairment analyses as of June 30 each year. There have been no indicators of impairment during the three months ended September 30, 2022. Other Intangible Assets Changes in the carrying amount of acquired intangible assets during the nine months ended September 30, 2022 are summarized as follows: Gross Carrying Amount Customer Relationships 1 Non-Compete Agreements Trade Names Total Balance as of December 31, 2021 $ 251,377 $ 9,176 $ 1,500 $ 262,053 Acquisition 17,950 465 — 18,415 Acquisition adjustment (5,162) (692) — (5,854) Balance as of September 30, 2022 $ 264,165 $ 8,949 $ 1,500 $ 274,614 Accumulated Amortization Customer Relationships 1 Non-Compete Agreements Trade Names Total Balance as of December 31, 2021 $ 99,093 $ 6,743 $ 1,500 $ 107,336 Amortization expense 11,507 610 — 12,117 Balance as of September 30, 2022 $ 110,600 $ 7,353 $ 1,500 $ 119,453 1 Carrying value as of September 30, 2022 and December 31, 2021 is inclusive of $16,501

Stock Incentive Plans

Stock Incentive Plans	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock Incentive Plans	Stock Incentive Plans Stock Incentive Plan The Company recorded share-based compensation expense as follows for the three and nine months ended September 30, 2022 and 2021: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Salaries, wages and employee benefits - continuing operations $ 2,355 $ 2,283 $ 7,661 $ 7,015 Salaries, wages and employee benefits - discontinued operation — — — 16 Total share-based compensation expense $ 2,355 $ 2,283 $ 7,661 $ 7,031 In May 2016, the Company adopted the 2016 Omnibus Incentive Compensation Plan (the “Omnibus Plan”) for the issuance of up to 2,000 common shares to employees. As of September 30, 2022, appro ximately 693 s hares remain available for grant under the Omnibus Plan. Stock Options Certain executives are eligible to receive grants of stock options. Stock options vest over a three-year period from the date of grant. Share-based compensation expense associated with these awards is amortized ratably over the vesting period. The Company estimates the fair value of the grants using the Black-Scholes option-pricing model. Stock option transactions during the nine months ended September 30, 2022 on a continuing operations basis were as follows: Stock Options Weighted-Average Exercise Price Outstanding as of January 1 342 $ 58.44 Granted 64 106.13 Exercised (3) 60.42 Forfeited (6) 106.29 Outstanding as of September 30 397 $ 65.32 As of September 30, 2022, the total share-based compensation expense related to unvested stock options not yet recognized was $1,687, and the weighted-average period over which it is expected to be recognized is approximately two years. Restricted Shares The Company’s primary long-term incentive plan is a restricted share award plan that entitles employees to receive shares of the Company’s common stock subject to vesting requirements based on continued employment. Shares granted under the restricted share award plan are restricted from sale or transfer until vesting, and the restrictions lapse in three Restricted share transactions during the nine months ended September 30, 2022 on a continuing operations basis were as follows: Restricted Shares Weighted-Average Grant Date Fair Value Outstanding as of January 1 191 $ 69.84 Granted 80 105.66 Vested (91) 67.36 Forfeited (25) 84.20 Outstanding as of September 30 155 $ 87.42 As of September 30, 2022, the total share-based compensation expense related to restricted shares not yet recognized was $9,402, and the weighted-average period over which it is expected to be recognized is approximately two years. Performance Awards Performance awards are based on achieving certain financial targets, such as targets for earnings before interest, taxes, depreciation and amortization, and the Company’s total shareholder return as compared to the total shareholder return of a selected peer group, as determined by the Board. Performance targets are set at the beginning of each three-year measurement period. Share-based compensation expense associated with these awards is amortized ratably over the vesting period. Depending on the financial target, the compensation expense is determined based on the projected assessment of the level of performance that will be achieved. The Company estimates the fair value of the grants with a financial target based on the Company’s total shareholder return using a Monte Carlo simulation model. Performance award transactions during the nine months ended September 30, 2022 on a continuing operations basis were as follows assuming target levels of performance: Performance Awards Weighted-Average Grant Date Fair Value Outstanding as of January 1 79 $ 75.61 Granted 14 127.29 Earned (7) 63.40 Forfeited or unearned (16) 74.79 Outstanding as of September 30 70 $ 87.74 As of September 30, 2022, the total share-based compensation expense related to unearned performance awards not yet recognized, assuming the Company’s current projected assessment of the level of performance that will be achieved, was $3,448, and the weighted-average period over which it is expected to be recognized is approximately two years. Employee Stock Purchase Plan Under the 2005 Employee Stock Purchase Plan (the “ESPP”), the Company is authorized to issue up to a remaining 318 shares of common stock to employees. These shares may be issued at a price equal to 90% of the lesser of the market value on th e first day or the last day of each six-month purchase period. Common stock purchases are paid for through periodic payroll deductions and/or up to two large lump sum contributions. Employee stock purchase plan activity and related information was as follows on a continuing operations basis: Nine Months Ended September 30, September 30, Shares purchased by participants under the ESPP 5 5 Average purchase price $ 82.76 $ 68.76 Weighted-average fair value of each purchase right under the ESPP granted¹ $ 9.20 $ 20.99 Share-based compensation expense for ESPP $ 42 $ 118 ¹ Equal to the discount from the market value of the common stock at the end of each six month purchase period. Director Restricted Shares Under the Amended and Restated Non-Employee Director Stock Plan (the “Amended Plan”), approved in May 2007 and further amended in February 2013 and January 2016, up to 360 of common shares may be issued. As of September 30, 2022, approxim ately 60 shares re main available for grant under the Amended Plan. Under the Amended Plan, each non-employee director receives an annual grant of restricted shares of the Company’s common stock. The restricted shares vest on the either of (a) the day immediately prior to the first annual shareholder meeting that occurs after the grant date or (b) one year after the grant date. Director restricted share transactions during the nine months ended September 30, 2022 were as follows: Director Restricted Shares Weighted-Average Grant Date Fair Value Outstanding as of January 1 15 $ 93.46 Granted 15 93.70 Vested (15) 93.46 Forfeited — — Outstanding as of September 30 15 $ 93.70 For the three and nine months ended September 30, 2022, the Company recorded $321 and $1,040, respectively, of share-based compensation expense associated with these grants. For the three and nine

Indebtedness

Indebtedness	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Indebtedness	Indebtedness Long-term debt consisted of the following as of September 30, 2022 and December 31, 2021: September 30, December 31, Credit facility, expires 2026 $ 108,875 $ 157,500 Debt issuance costs (447) (534) 108,428 156,966 Less: Current portion of long-term debt (1,494) (1,500) Total long-term debt, less current portion $ 106,934 $ 155,466 In September 2017, the Company entered into a five-year senior unsecured revolving credit facility (the “Facility”) with a maximum aggregate principal amount of $150,000, with a sublimit of $30,000 for letters of credit and a sublimit of $30,000 for swing line loans. The maturity date of the Facility was September 29, 2022. In April 2020, the Company entered into the first amendment to the Facility, which increased the maximum aggregate principal amount to $225,000. The Facility could have been increased by up to $25,000 to a maximum aggregate principal amount of $250,000 pursuant to the terms of the amended credit agreement, subject to the lenders’ agreement to increase their commitments or the addition of new lenders extending such commitments. In July 2021, the Company entered into the second amendment to the Facility, which extended the maturity date to July 20, 2026 and changed the interest rate options available under the Facility. In December 2021, the Company entered into the third amendment to the Facility, which increased the amount available for borrowing under the Facility to $450,000, consisting of a $300,000 revolving line of credit and a term loan of $150,000. In connection with the third amendment, the Company borrowed $150,000 under the term loan and simultaneously repaid $150,000 on the revolving line of credit from the borrowings received. Under the third amendment, the Facility may be increased by up to $75,000 to a maximum aggregate principal amount of $525,000 pursuant to the terms of the amended credit agreement, subject to the lenders’ agreement to increase their commitments or the addition of new lenders extending such commitments. Such increases to the Facility may be in the form of additional revolving credit loans, term loans or a combination thereof, and are contingent upon there being no events of default under the Facility. As of September 30, 2022 and December 31, 2021, the Company had $279,966 and $272,466 respectively, of available borrowing capacity under the Facility. The Facility contains covenants that, among other things, restrict the ability of the Company, without the approval of the required lenders, to engage in certain mergers, consolidations, asset sales, dividends and stock repurchases, investments, and other transactions or to incur liens or indebtedness in excess of agreed thresholds, as set forth in the credit agreement. The Company also has to fulfill financial covenants with respect to a leverage ratio and an interest coverage ratio. As of September 30, 2022, the Company was in compliance with the aforementioned covenants. Under the amended Facility, interest accrues on the amounts outstanding under the Facility at the Company ’s option, at either (1) Bloomberg Short-Term Bank Yield Index rate (the “BSBY Ra te”), which cannot be less than zero, plus a margin ranging from 1.25% to 1.75% based on the Company’s leverage ratio, or (2) the base rate, which cannot be less than 2.00%. The base rate is the highest of (i) the federal funds rate, which cannot be less than zero, plus 0.50%, (ii) the administrative agent ’s prime rate and (iii) the BSBY Rate, which cannot be less than zero, plus 1.00%, plus a margin ranging from 0.00% to 0.50% based on the Company ’s leverage ratio. Interest is payable in arrears for each loan that is based on the BSBY rate on the last day o f the interest period applicable to each loan, and interest is payable in arrears on loans not based on the BSBY rate on the last day of each quarter. The interest rate on the outstanding borrowings under the Facility was 3.33% as of September 30, 2022 and 1.35% as of September 30, 2021.

Net Income (Loss) Per Share

Net Income (Loss) Per Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Net Income (Loss) Per Share	Net Income (Loss) Per ShareBasic net income (loss) per common share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during each period. Restricted shares have non-forfeitable rights to dividends and as a result, are considered participating securities for purposes of computing net income (loss) per common share pursuant to the two-class method. Diluted net income (loss) per common share assumes the exercise of outstanding stock options and the vesting of performance share awards using the treasury stock method when the effects of such assumptions are dilutive. A reconciliation of net income (loss) attributable to Forward Air and weighted-average common shares outstanding for purposes of calculating basic and diluted net income (loss) per share during the three and nine months ended September 30, 2022 and 2021 is as follows: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Numerator: Net income and comprehensive income from continuing operations $ 52,133 $ 30,503 $ 150,249 $ 77,894 Net loss and comprehensive loss from discontinued operation — (6,967) — (12,500) Net income attributable to Forward Air $ 52,133 $ 23,536 $ 150,249 $ 65,394 Income allocated to participating securities from continuing operations (325) (235) (838) (541) Loss allocated to participating securities from discontinued operation — — — — Income allocated to participating securities (325) (235) (838) (541) Numerator for basic and diluted net income per share for continuing operations $ 51,808 $ 30,268 $ 149,411 $ 77,353 Numerator for basic and diluted net loss per share for discontinued operation $ — $ (6,967) $ — $ (12,500) Denominator: Denominator for basic net income per share - weighted-average number of common shares outstanding 26,769 27,034 26,864 27,217 Dilutive stock options and performance share awards 133 110 135 134 Denominator for diluted net income per share - weighted-average number of common shares and common share equivalents outstanding 26,902 27,144 26,999 27,351 Basic net income (loss) per share: Continuing operations $ 1.94 $ 1.12 $ 5.56 $ 2.84 Discontinued operation — (0.26) — (0.46) Net income per basic share 1 $ 1.94 $ 0.86 $ 5.56 $ 2.39 Diluted net income (loss) per share: Continuing operations $ 1.93 $ 1.12 $ 5.53 $ 2.83 Discontinued operation — (0.26) — (0.46) Net income per diluted share $ 1.93 $ 0.86 $ 5.53 $ 2.37 1 Rounding may impact summation of amounts. The number of shares that were not included in the calculation of net income (loss) per diluted share because to do so would have been anti-dilutive for the three and nine months ended September 30, 2022 and 2021 are as follows: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Anti-dilutive stock options 57 39 49 39 Anti-dilutive performance shares 13 — 11 — Anti-dilutive restricted shares and deferred stock units — — — — Total anti-dilutive shares 70 39 60 39

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the nine months ended September 30, 2022 and 2021, the Company recorded income tax expense of $50,791 and $25,969, respectively, for continuing operations. The effective tax rate of 25.3% for the nine months ended September 30, 2022 varied from the statutory United States federal income tax rate of 21.0% primarily due to the effect of state income taxes, net of the federal benefit, and non-deductible executive compensation, partially offset by excess tax benefits realized on share-based awards. The effective tax rate of 25.0% for the nine months ended September 30, 2021 varied from the statutory United States federal income tax rate of 21.0% primarily due to the effect of state income taxes, net of the federal benefit, and non-deductible executive compensation, partially offset by excess tax benefits realized on share-based awards. The Company recognizes income tax benefits from uncertain tax positions where the realization of the ultimate benefit is uncertain. As of both September 30, 2022 and December 31, 2021, the Company had $241 of unrecognized income tax benefits, all of which would affect the Company’s effective tax rate if recognized. As of both September 30, 2022 and December 31, 2021, the Company had accrued interest and penalties related to unrecognized tax benefits of $88. With a few exceptions, the Company is no longer subject to U.S. federal, state and local, or Canadian examinations by tax authorities for years before 2014.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company categorizes its assets and liabilities into one of three levels based on the assumptions used in valuing the asset or liability. Estimates of fair value financial assets and liabilities are based on a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Observable inputs (highest level) reflect market data obtained from independent sources, while unobservable inputs (lowest level) reflect internally developed market assumptions. In accordance with this guidance, fair value measurements are classified under the following hierarchy: • Level 1 - Quoted prices in active markets for identical assets or liabilities. • Level 2 - Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and model-derived valuations in which all significant inputs are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 - Model-derived valuations in which one or more significant inputs are unobservable. As previously discussed in Note 4, Acquisitions, the estimated fair value of the earn-out liability was determined using the option pricing method. The significant inputs used to calculate the estimated fair value are derived from a combination of observable and unobservable market data. Observable inputs used in the option pricing method include the risk-free rate and the revenue volatility while unobservable inputs include the revenue discount rate and the estimated revenue projections. Assets and liabilities measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021 are summarized below: As of September 30, 2022 Level 1 Level 2 Level 3 Total Earn-out liability $ — $ — $ — $ — As of December 31, 2021 Level 1 Level 2 Level 3 Total Earn-out liability $ — $ — $ 385 $ 385 Cash and cash equivalents, accounts receivable, other receivables, and accounts payable are valued at their carrying amounts in the Company’s Condensed Consolidated Balance Sheets, due to the immediate or short-term maturity of these financial instruments. The carrying amount of long-term debt under the Company’s credit facility approximates fair value based on the borrowing rates currently available to the Company for a loan with similar terms and average maturity.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2022
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ Equity Cash Dividends During the first, second and third quarters of 2022, the Board declared and the Company has paid a quarterly cash dividend of $0.24 per common share. During each quarter of 2021, the Company’s Board of Directors declared and the Company has paid a quarterly cash dividend of $0.21 per common share. On October 25, 2022, the Board declared a quarterly cash dividend of $0.24 per common share that will be paid in the fourth quarter of 2022. Share Repurchase Program On February 5, 2019, the Board approved a stock repurchase plan authorizing the repurchase of up to 5,000 shares of the Company’s common stock (the “2019 Repurchase Plan”). The 2019 Repurchase Plan expires when the shares authorized for repurchase are exhausted or the 2019 Repurchase Plan is canceled. During the nine months ended September 30, 2022, the Company repurchased through open market transactions 466 shares of common stock for $47,774, or an average of $102.44 per share, and during the nine months ended September 30, 2021, the Company repurchased through open market transactions 535 shares of common stock for $48,989, or an average of $91.46 per share. All shares received were retired upon receipt, and the excess of the purchase price over the par value per share was recorded to “Retained Earnings ” in the Condensed Consolidated Balance Sheets. As of September 30, 2022, the remaining shares permitted to be repurchased under the 2019 Repurchase Plan were approximately 2,366 shares.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Contingencies The Company is party to various legal claims and actions incidental to its business, including claims related to vehicle liability, workers’ compensation, property damage and employee medical benefits. The Company accrues for the uninsured portion of contingent losses from these and other pending claims when it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated. Based on the knowledge of the facts, the Company believes the resolution of claims and pending litigation, taking into account existing reserves, will not have a material adverse effect on its Condensed Consolidated Financial Statements. Moreover, the results of complex legal proceedings are difficult to predict, and the Company’s view of these matters may change in the future as the litigation and related events unfold. Insurance coverage provides the Company with primary and excess coverage for claims related to vehicle liability, workers’ compensation, property damage and employee medical benefits. For vehicle liability, the Company retains a portion of the risk. Below is a summary of the Company’s risk retention on vehicle liability insurance coverage maintained by the Company through $10,000: Company Frequency Layer Policy Term Expedited Freight¹ LTL business $ 3,000 Occurrence/Accident² $0 to $3,000 10/1/2021 to 10/1/2022 Truckload business $ 2,000 Occurrence/Accident² $0 to $2,000 10/1/2021 to 10/1/2022 LTL business $ 6,000 Policy Term Aggregate³ $3,000 to $5,000 10/1/2021 to 10/1/2022 LTL, Truckload and Intermodal businesses $ 2,500 Policy Term Aggregate³ $5,000 to $10,000 10/1/2021 to 10/1/2022 Intermodal $ 1,000 Occurrence/Accident² $0 to $1,000 10/1/2021 to 10/1/2022 ¹ Excluding the Final Mile business, which is primarily a brokered service. ² For each and every accident, the Company is responsible for damages and defense up to these amounts, regardless of the number of claims associated with any accident. ³ During the Policy Term, the Company is responsible for damages and defense within the stated Layer up to the stated, aggregate amount of Company Risk Retention before insurance will respond. Also, from time to time, when brokering freight, the Company may face claims for the “negligent selection” of outside, contracted carriers that are involved in accidents, and the Company maintains third-party liability insurance coverage with a $100 deductible per occurrence for most of its brokered services. Additionally, the Company maintains workers’ compensation insurance with a self-insured retention of $500 per occurrence. Insurance coverage in excess of the self-insured retention limit is an important part of the Company’s risk management process. The Company accrues for the costs of the uninsured portion of pending claims within the self-insured retention based on the nature and severity of individual claims and historical claims development trends. The Company believes the recorded

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2022 and 2021 are as follows: Three Months Ended September 30, 2022 Expedited Freight Intermodal Corporate Eliminations Consolidated - Continuing Operations External revenues $ 395,607 $ 114,416 $ — $ — $ 510,023 Intersegment revenues 28 5 — (33) — Depreciation 6,331 1,782 — — 8,113 Amortization 1,809 2,347 — — 4,156 Income (loss) from continuing operations 56,304 16,610 (1,249) — 71,665 Purchases of property and equipment 6,434 294 — — 6,728 Three Months Ended September 30, 2021 Expedited Freight Intermodal Corporate Eliminations Consolidated - Continuing Operations External revenues $ 341,461 $ 78,164 $ — $ — $ 419,625 Intersegment revenues 96 9 — (105) — Depreciation 4,942 841 16 — 5,799 Amortization 1,842 1,775 — — 3,617 Income (loss) from continuing operations 34,636 8,712 (872) — 42,476 Purchases of property and equipment 13,769 671 — — 14,440 Nine Months Ended September 30, 2022 Expedited Freight Intermodal Corporate Eliminations Consolidated - Continuing Operations External revenues $ 1,180,947 $ 311,256 $ — $ — $ 1,492,203 Intersegment revenues 136 16 — (152) — Depreciation 18,010 4,766 101 — 22,877 Amortization 5,428 6,689 — — 12,117 Income (loss) from continuing operations 167,091 43,005 (5,535) — 204,561 Purchases of property and equipment 24,155 1,246 — — 25,401 Nine Months Ended September 30, 2021 Expedited Freight Intermodal Corporate Eliminations Consolidated - Continuing Operations External revenues $ 996,769 $ 205,786 $ — $ — $ 1,202,555 Intersegment revenues 709 34 — (800) (57) Depreciation 14,924 2,475 42 — 17,441 Amortization 5,437 5,189 — — 10,626 Income (loss) from continuing operations 93,854 21,607 (8,137) — 107,324 Purchases of property and equipment 21,905 1,110 — — 23,015 Total Assets As of September 30, 2022 $ 698,313 $ 304,378 $ 183,409 $ (41) $ 1,186,059 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 Nine Months Ended September 30, September 30, September 30, September 30, Intersegment revenues - continuing operations $ — $ — $ — $ (57) Intersegment revenues - discontinued operation — — — 57 Consolidated intersegment revenues $ — $ — $ — $ — Revenue from the individual services within the Expedited Freight segment for the three and nine months ended September 30, 2022 and 2021 are as follows: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Expedited Freight revenues: Network $ 240,482 $ 199,360 $ 726,054 $ 579,373 Truckload 55,607 53,651 171,659 162,999 Final Mile 76,822 71,355 215,608 203,494 Other 22,724 17,191 67,762 51,612 Total $ 395,635 $ 341,557 $ 1,181,083 $ 997,478

Description of Business and B_2

Description of Business and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Forward Air Corporation and its subsidiaries (“Forward Air ” or the “Company ” ) is a leading asset-light freight and logistics company. The Company has two reportable segments: Expedited Freight and Intermodal. The Company conducts business in the United States and Canada. The Expedited Freight segment provides expedited regional, inter-regional and national less-than-truckload (“LTL ” ), truckload and final mile services. Expedited Freight also offers customers local pick-up and delivery and other services including shipment consolidation and deconsolidation, warehousing, customs brokerage and other handling. The Intermodal segment provides first- and last-mile high value intermodal container drayage services both to and from seaports and railheads. Intermodal also offers dedicated contract and container freight station (“CFS ”
Principles of Consolidation	The condensed consolidated financial statements of the Company have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary to present fairly the Company’s financial position, results of operations, and cash flows for the periods presented. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Results for interim periods are not necessarily indicative of the results for the year.
Discontinued Operations	On April 23, 2020, the Board of Directors (the “Board ”) of the Company approved a strategy to divest the Pool Distribution business (“Pool ” ), and the sale of Pool was completed on February 12, 2021. Pool provided high-frequency handling and distribution of time sensitive product to numerous destinations within a specific geographic region. As a result of the strategy to divest of Pool, the results of operations for Pool were presented as a discontinued operation in the Condensed Consolidated Statements of Comprehensive Income for the prior period. Unless otherwise noted, amounts, percentages and discussion for the prior period reflect the results of operations, financial condition and cash flows from the Company’s continuing operations. Refer to Note 3, Discontinued Operation
Revenue Recognition	Revenue is recognized when the Company satisfies the performance obligation by the delivery of a shipment in accordance with contractual agreements, bills of lading (“BOLs”) and general tariff provisions. The amount of revenue recognized is measured as the consideration the Company expects to receive in exchange for those services pursuant to a contract with a customer. A contract exists once the Company enters into a contractual agreement with a customer. The Company does not recognize revenue in cases where collectibility is not probable, and defers recognition until collection is probable or payment is received. The Company generates revenue from the delivery of a shipment and the completion of related services. Revenue for the delivery of a shipment is recorded over time to coincide with when customers simultaneously receive and consume the benefits of the delivery services. Accordingly, revenue billed to a customer for the transportation of freight are recognized over the transit period as the performance obligation to the customer is satisfied. The Company determines the transit period for a shipment based on the pick-up date and the delivery date, which may be estimated if delivery has not occurred as of a reporting period. The determination of the transit period and how much of it has been completed as of a given reporting date may require the Company to make judgments that impact the timing of revenue recognized. For delivery of shipments with a pick-up date in one reporting period and a delivery date in another reporting period, the Company recognizes revenue based on relative transit

Discontinued Operation (Tables)

Discontinued Operation (Tables)	9 Months Ended
	Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Summarized Held for Sale and Discontinued Operations Financial Information	A summary of the results of operations classified as a discontinued operation, net of tax, in the Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2021 is as follows: Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Operating revenue $ — $ 17,087 Operating expenses: Purchased transportation — 4,290 Salaries, wages and employee benefits — 9,674 Operating leases — 2,907 Depreciation and amortization — — Insurance and claims — 929 Fuel expense — 644 Other operating expenses — 2,087 Impairment charge 6,967 6,967 Total operating expenses 6,967 27,498 Loss from discontinued operation (6,967) (10,411) Loss on sale of business — (2,860) Loss from discontinued operation before income taxes (6,967) (13,271) Income tax benefit — (771) Loss from discontinued operation, net of tax $ (6,967) $ (12,500)

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Allocations of Purchase Price	Assets acquired and liabilities assumed as of the acquisition date are presented in the following table: BarOle Edgmon November 30, 2021 May 30, 2022 Tangible assets: Accounts receivable $ 2,481 $ 4,831 Property and equipment 6,464 613 Total tangible assets 8,945 5,444 Intangible assets: Customer relationships 11,120 17,950 Non-compete agreements 221 465 Goodwill 15,418 17,003 Total intangible assets 26,759 35,418 Total assets acquired 35,704 40,862 Liabilities assumed: Current liabilities 268 429 Total liabilities assumed 268 429 Net assets acquired $ 35,436 $ 40,433
Schedule of Acquired Finite-Lived Intangible Assets	The estimated useful lives of acquired intangible assets as of the acquisition date are summarized in the following table: Estimated Useful Lives BarOle Edgmon Customer relationships 8 years 7 years Non-compete agreements 5 years 5 years

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	Changes in the carrying amount of goodwill during the nine months ended September 30, 2022 are summarized as follows: Expedited Freight Intermodal Consolidated Balance as of December 31, 2021 $ 169,288 $ 97,464 $ 266,752 Acquisition — 17,003 17,003 Acquisition adjustment — 4,741 4,741 Balance as of September 30, 2022 $ 169,288 $ 119,208 $ 288,496
Schedule of Other Intangible Assets	Changes in the carrying amount of acquired intangible assets during the nine months ended September 30, 2022 are summarized as follows: Gross Carrying Amount Customer Relationships 1 Non-Compete Agreements Trade Names Total Balance as of December 31, 2021 $ 251,377 $ 9,176 $ 1,500 $ 262,053 Acquisition 17,950 465 — 18,415 Acquisition adjustment (5,162) (692) — (5,854) Balance as of September 30, 2022 $ 264,165 $ 8,949 $ 1,500 $ 274,614 Accumulated Amortization Customer Relationships 1 Non-Compete Agreements Trade Names Total Balance as of December 31, 2021 $ 99,093 $ 6,743 $ 1,500 $ 107,336 Amortization expense 11,507 610 — 12,117 Balance as of September 30, 2022 $ 110,600 $ 7,353 $ 1,500 $ 119,453 1 Carrying value as of September 30, 2022 and December 31, 2021 is inclusive of $16,501

Stock Incentive Plans (Tables)

Stock Incentive Plans (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Share-based Compensation Expense	The Company recorded share-based compensation expense as follows for the three and nine months ended September 30, 2022 and 2021: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Salaries, wages and employee benefits - continuing operations $ 2,355 $ 2,283 $ 7,661 $ 7,015 Salaries, wages and employee benefits - discontinued operation — — — 16 Total share-based compensation expense $ 2,355 $ 2,283 $ 7,661 $ 7,031
Share-based Payment Arrangement Activity	Stock option transactions during the nine months ended September 30, 2022 on a continuing operations basis were as follows: Stock Options Weighted-Average Exercise Price Outstanding as of January 1 342 $ 58.44 Granted 64 106.13 Exercised (3) 60.42 Forfeited (6) 106.29 Outstanding as of September 30 397 $ 65.32
Share Activity	Restricted share transactions during the nine months ended September 30, 2022 on a continuing operations basis were as follows: Restricted Shares Weighted-Average Grant Date Fair Value Outstanding as of January 1 191 $ 69.84 Granted 80 105.66 Vested (91) 67.36 Forfeited (25) 84.20 Outstanding as of September 30 155 $ 87.42 Director restricted share transactions during the nine months ended September 30, 2022 were as follows: Director Restricted Shares Weighted-Average Grant Date Fair Value Outstanding as of January 1 15 $ 93.46 Granted 15 93.70 Vested (15) 93.46 Forfeited — — Outstanding as of September 30 15 $ 93.70
Activity of Performance Awards	Performance award transactions during the nine months ended September 30, 2022 on a continuing operations basis were as follows assuming target levels of performance: Performance Awards Weighted-Average Grant Date Fair Value Outstanding as of January 1 79 $ 75.61 Granted 14 127.29 Earned (7) 63.40 Forfeited or unearned (16) 74.79 Outstanding as of September 30 70 $ 87.74
Schedule of Employee Stock Purchase Plan	Employee stock purchase plan activity and related information was as follows on a continuing operations basis: Nine Months Ended September 30, September 30, Shares purchased by participants under the ESPP 5 5 Average purchase price $ 82.76 $ 68.76 Weighted-average fair value of each purchase right under the ESPP granted¹ $ 9.20 $ 20.99 Share-based compensation expense for ESPP $ 42 $ 118 ¹ Equal to the discount from the market value of the common stock at the end of each six month purchase period.

Indebtedness (Tables)

Indebtedness (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Long-term debt consisted of the following as of September 30, 2022 and December 31, 2021: September 30, December 31, Credit facility, expires 2026 $ 108,875 $ 157,500 Debt issuance costs (447) (534) 108,428 156,966 Less: Current portion of long-term debt (1,494) (1,500) Total long-term debt, less current portion $ 106,934 $ 155,466

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Net Income Per Share	A reconciliation of net income (loss) attributable to Forward Air and weighted-average common shares outstanding for purposes of calculating basic and diluted net income (loss) per share during the three and nine months ended September 30, 2022 and 2021 is as follows: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Numerator: Net income and comprehensive income from continuing operations $ 52,133 $ 30,503 $ 150,249 $ 77,894 Net loss and comprehensive loss from discontinued operation — (6,967) — (12,500) Net income attributable to Forward Air $ 52,133 $ 23,536 $ 150,249 $ 65,394 Income allocated to participating securities from continuing operations (325) (235) (838) (541) Loss allocated to participating securities from discontinued operation — — — — Income allocated to participating securities (325) (235) (838) (541) Numerator for basic and diluted net income per share for continuing operations $ 51,808 $ 30,268 $ 149,411 $ 77,353 Numerator for basic and diluted net loss per share for discontinued operation $ — $ (6,967) $ — $ (12,500) Denominator: Denominator for basic net income per share - weighted-average number of common shares outstanding 26,769 27,034 26,864 27,217 Dilutive stock options and performance share awards 133 110 135 134 Denominator for diluted net income per share - weighted-average number of common shares and common share equivalents outstanding 26,902 27,144 26,999 27,351 Basic net income (loss) per share: Continuing operations $ 1.94 $ 1.12 $ 5.56 $ 2.84 Discontinued operation — (0.26) — (0.46) Net income per basic share 1 $ 1.94 $ 0.86 $ 5.56 $ 2.39 Diluted net income (loss) per share: Continuing operations $ 1.93 $ 1.12 $ 5.53 $ 2.83 Discontinued operation — (0.26) — (0.46) Net income per diluted share $ 1.93 $ 0.86 $ 5.53 $ 2.37
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The number of shares that were not included in the calculation of net income (loss) per diluted share because to do so would have been anti-dilutive for the three and nine months ended September 30, 2022 and 2021 are as follows: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Anti-dilutive stock options 57 39 49 39 Anti-dilutive performance shares 13 — 11 — Anti-dilutive restricted shares and deferred stock units — — — — Total anti-dilutive shares 70 39 60 39

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring Basis	Assets and liabilities measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021 are summarized below: As of September 30, 2022 Level 1 Level 2 Level 3 Total Earn-out liability $ — $ — $ — $ — As of December 31, 2021 Level 1 Level 2 Level 3 Total Earn-out liability $ — $ — $ 385 $ 385

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Other Commitments	Below is a summary of the Company’s risk retention on vehicle liability insurance coverage maintained by the Company through $10,000: Company Frequency Layer Policy Term Expedited Freight¹ LTL business $ 3,000 Occurrence/Accident² $0 to $3,000 10/1/2021 to 10/1/2022 Truckload business $ 2,000 Occurrence/Accident² $0 to $2,000 10/1/2021 to 10/1/2022 LTL business $ 6,000 Policy Term Aggregate³ $3,000 to $5,000 10/1/2021 to 10/1/2022 LTL, Truckload and Intermodal businesses $ 2,500 Policy Term Aggregate³ $5,000 to $10,000 10/1/2021 to 10/1/2022 Intermodal $ 1,000 Occurrence/Accident² $0 to $1,000 10/1/2021 to 10/1/2022 ¹ Excluding the Final Mile business, which is primarily a brokered service. ² For each and every accident, the Company is responsible for damages and defense up to these amounts, regardless of the number of claims associated with any accident.

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Summary of Segment Information	Segment results from operations for the three and nine months ended September 30, 2022 and 2021 are as follows: Three Months Ended September 30, 2022 Expedited Freight Intermodal Corporate Eliminations Consolidated - Continuing Operations External revenues $ 395,607 $ 114,416 $ — $ — $ 510,023 Intersegment revenues 28 5 — (33) — Depreciation 6,331 1,782 — — 8,113 Amortization 1,809 2,347 — — 4,156 Income (loss) from continuing operations 56,304 16,610 (1,249) — 71,665 Purchases of property and equipment 6,434 294 — — 6,728 Three Months Ended September 30, 2021 Expedited Freight Intermodal Corporate Eliminations Consolidated - Continuing Operations External revenues $ 341,461 $ 78,164 $ — $ — $ 419,625 Intersegment revenues 96 9 — (105) — Depreciation 4,942 841 16 — 5,799 Amortization 1,842 1,775 — — 3,617 Income (loss) from continuing operations 34,636 8,712 (872) — 42,476 Purchases of property and equipment 13,769 671 — — 14,440 Nine Months Ended September 30, 2022 Expedited Freight Intermodal Corporate Eliminations Consolidated - Continuing Operations External revenues $ 1,180,947 $ 311,256 $ — $ — $ 1,492,203 Intersegment revenues 136 16 — (152) — Depreciation 18,010 4,766 101 — 22,877 Amortization 5,428 6,689 — — 12,117 Income (loss) from continuing operations 167,091 43,005 (5,535) — 204,561 Purchases of property and equipment 24,155 1,246 — — 25,401 Nine Months Ended September 30, 2021 Expedited Freight Intermodal Corporate Eliminations Consolidated - Continuing Operations External revenues $ 996,769 $ 205,786 $ — $ — $ 1,202,555 Intersegment revenues 709 34 — (800) (57) Depreciation 14,924 2,475 42 — 17,441 Amortization 5,437 5,189 — — 10,626 Income (loss) from continuing operations 93,854 21,607 (8,137) — 107,324 Purchases of property and equipment 21,905 1,110 — — 23,015 Total Assets As of September 30, 2022 $ 698,313 $ 304,378 $ 183,409 $ (41) $ 1,186,059 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 Nine Months Ended September 30, September 30, September 30, September 30, Intersegment revenues - continuing operations $ — $ — $ — $ (57) Intersegment revenues - discontinued operation — — — 57 Consolidated intersegment revenues $ — $ — $ — $ — Revenue from the individual services within the Expedited Freight segment for the three and nine months ended September 30, 2022 and 2021 are as follows: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Expedited Freight revenues: Network $ 240,482 $ 199,360 $ 726,054 $ 579,373 Truckload 55,607 53,651 171,659 162,999 Final Mile 76,822 71,355 215,608 203,494 Other 22,724 17,191 67,762 51,612 Total $ 395,635 $ 341,557 $ 1,181,083 $ 997,478

Description of Business and B_3

Description of Business and Basis of Presentation (Details)	9 Months Ended
	Sep. 30, 2022 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	2

Discontinued Operation - Narrat

Discontinued Operation - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended		12 Months Ended
	Feb. 12, 2021	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Involvement period	6 months
TSA monthly service charge		$ 229		$ 641
Remittance payment, expense (up to)	$ 18,000
Reimbursement receivable period	60 days
Reimbursement receivable			$ 0		$ 8,097
Reserve for receivable			$ 235

Discontinued Operation - Consol

Discontinued Operation - Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating expenses:
Loss from discontinued operation, net of tax	$ 0	$ (6,967)	$ 0	$ (12,500)
Discontinued Operations
Discontinued Operations, Statement of Comprehensive Income
Operating revenue		0		17,087
Operating expenses:
Purchased transportation		0		4,290
Salaries, wages and employee benefits		0		9,674
Operating leases		0		2,907
Depreciation and amortization		0		0
Insurance and claims		0		929
Fuel expense		0		644
Other operating expenses		0		2,087
Impairment charge		6,967		6,967
Total operating expenses		6,967		27,498
Loss from discontinued operation		(6,967)		(10,411)
Loss on sale of business		0		(2,860)
Loss from discontinued operation before income taxes		(6,967)		(13,271)
Income tax benefit		0		(771)
Loss from discontinued operation, net of tax		$ (6,967)		$ (12,500)

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended			9 Months Ended
	May 30, 2022	Feb. 28, 2021	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Dec. 31, 2021	Nov. 30, 2021
Business Acquisition [Line Items]
Change in fair value of earn-out liability						$ (294)	$ (385)
Acquisition adjustment						4,741
Earn-out liability | Fair Value, Recurring
Business Acquisition [Line Items]
Earn-out liability			$ 0			0			$ 385
Proficient Transport Incorporated And Proficient Trucking, Inc.
Business Acquisition [Line Items]
Net assets acquired and earn-out		$ 16,339
Earn-out payment, up to		$ 2,000
Earnout period		1 year
Earnout opportunity		$ 829
Change in fair value of earn-out liability			$ 0		$ 0	294	$ 333
Earnout period one				1 year
Earn-out paid during current period								$ 91
Proficient Transport Incorporated And Proficient Trucking, Inc. | Earn-out liability | Fair Value, Recurring
Business Acquisition [Line Items]
Earn-out liability									$ 385
BarOle
Business Acquisition [Line Items]
Assets and liabilities assumed										$ 35,436
Increase in acquired property and equipment						1,113
Decrease in intangibles						5,854
Acquisition adjustment						$ 5,854
Edgmon
Business Acquisition [Line Items]
Earn-out payment, up to	$ 5,000
Earnout period	19 months
Assets and liabilities assumed	$ 40,433

Acquisitions - Allocations of P

Acquisitions - Allocations of Purchase Price (Details) - USD ($) $ in Thousands	Sep. 30, 2022	May 30, 2022	Dec. 31, 2021	Nov. 30, 2021
Intangible assets:
Goodwill	$ 288,496		$ 266,752
BarOle
Tangible assets:
Accounts receivable				$ 2,481
Property and equipment				6,464
Total tangible assets				8,945
Intangible assets:
Goodwill				15,418
Total intangible assets				26,759
Total assets acquired				35,704
Liabilities assumed:
Current liabilities				268
Total liabilities assumed				268
Net assets acquired				35,436
Edgmon
Tangible assets:
Accounts receivable		$ 4,831
Property and equipment		613
Total tangible assets		5,444
Intangible assets:
Goodwill		17,003
Total intangible assets		35,418
Total assets acquired		40,862
Liabilities assumed:
Current liabilities		429
Total liabilities assumed		429
Net assets acquired		40,433
Customer relationships | BarOle
Intangible assets:
Intangible assets				11,120
Customer relationships | Edgmon
Intangible assets:
Intangible assets		17,950
Non-compete agreements | BarOle
Intangible assets:
Intangible assets				$ 221
Non-compete agreements | Edgmon
Intangible assets:
Intangible assets		$ 465

Acquisitions - Estimated Useful

Acquisitions - Estimated Useful Lives (Details)	May 30, 2022	Nov. 30, 2021
BarOle | Customer relationships
Business Acquisition [Line Items]
Estimated Useful Lives		8 years
BarOle | Non-compete agreements
Business Acquisition [Line Items]
Estimated Useful Lives		5 years
Edgmon | Customer relationships
Business Acquisition [Line Items]
Estimated Useful Lives	7 years
Edgmon | Non-compete agreements
Business Acquisition [Line Items]
Estimated Useful Lives	5 years

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Goodwill Roll Forward (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 266,752
Acquisition	17,003
Acquisition adjustment	4,741
Ending balance	288,496
Goodwill accumulated impairment	25,686
Tax deductible goodwill	209,353
Expedited Freight
Goodwill [Roll Forward]
Beginning balance	169,288
Acquisition	0
Acquisition adjustment	0
Ending balance	169,288
Intermodal
Goodwill [Roll Forward]
Beginning balance	97,464
Acquisition	17,003
Acquisition adjustment	4,741
Ending balance	$ 119,208

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Other Intangible Assets (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Finite-lived Intangible Assets [Roll Forward]
Beginning balance, gross carrying amount	$ 262,053
Acquisition	18,415
Acquisition adjustment	(5,854)
Ending balance, gross carrying amount	274,614
Beginning balance, accumulated amortization	107,336
Amortization expense	12,117
Ending balance, accumulated amortization	119,453
Customer Relationships
Finite-lived Intangible Assets [Roll Forward]
Beginning balance, gross carrying amount	251,377
Acquisition	17,950
Acquisition adjustment	(5,162)
Ending balance, gross carrying amount	264,165
Beginning balance, accumulated amortization	99,093
Amortization expense	11,507
Ending balance, accumulated amortization	110,600
Accumulated impairment	16,501	$ 16,501
Non-Compete Agreements
Finite-lived Intangible Assets [Roll Forward]
Beginning balance, gross carrying amount	9,176
Acquisition	465
Acquisition adjustment	(692)
Ending balance, gross carrying amount	8,949
Beginning balance, accumulated amortization	6,743
Amortization expense	610
Ending balance, accumulated amortization	7,353
Trade Names
Finite-lived Intangible Assets [Roll Forward]
Beginning balance, gross carrying amount	1,500
Acquisition	0
Acquisition adjustment	0
Ending balance, gross carrying amount	1,500
Beginning balance, accumulated amortization	1,500
Amortization expense	0
Ending balance, accumulated amortization	$ 1,500

Stock Incentive Plans - Share-b

Stock Incentive Plans - Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 2,355	$ 2,283	$ 7,661	$ 7,031
Continuing Operations | Salaries, Wages and Employee Benefits
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	2,355	2,283	7,661	7,015
Discontinued Operations | Salaries, Wages and Employee Benefits
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 0	$ 0	$ 0	$ 16

Stock Incentive Plans - Narrati

Stock Incentive Plans - Narrative (Details) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) contribution shares	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) contribution shares	Sep. 30, 2021 USD ($) shares	May 31, 2016 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares) | shares					2,000
Shares available for grant (in shares) | shares	693		693
Vesting period (in years)			3 years
Share-based compensation expense			$ 8,743	$ 8,179
Stock Options | Continuing Operations
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation, net of estimated forfeitures	$ 1,687		$ 1,687
Weighted average period over which unrecognized compensation will be recognized (years)			2 years
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)			3 years
Restricted Stock | Continuing Operations
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation, net of estimated forfeitures	9,402		$ 9,402
Weighted average period over which unrecognized compensation will be recognized (years)			2 years
Restricted Stock | Year One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)			1 year
Vesting percentage			33.33%
Restricted Stock | Year Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			33.33%
Restricted Stock | Year Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			33.33%
Performance Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Measurement period			3 years
Performance Awards | Continuing Operations
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation, net of estimated forfeitures	$ 3,448		$ 3,448
Weighted average period over which unrecognized compensation will be recognized (years)			2 years
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares) | shares	318		318
Percentage of shares at market value (in percent)			90%
Purchase period			6 months
Number of lump sum contributions | contribution	2		2
ESPP | Continuing Operations
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares purchased by participants under the ESPP (in shares) | shares			5	5
Share-based compensation expense			$ 42	$ 118
Director Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares) | shares	360		360
Shares available for grant (in shares) | shares	60		60
Vesting period (in years)			1 year
Director Restricted Shares | Continuing Operations
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation, net of estimated forfeitures	$ 841		$ 841
Weighted average period over which unrecognized compensation will be recognized (years)			1 year
Share-based compensation expense	$ 321	$ 318	$ 1,040	$ 1,046

Stock Incentive Plans - Roll Fo

Stock Incentive Plans - Roll Forward Activity (Details) - Continuing Operations shares in Thousands	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Stock Options
Options
Outstanding, beginning of period (in shares) | shares	342
Granted (in shares) | shares	64
Exercised (in shares) | shares	(3)
Forfeited (in shares) | shares	(6)
Outstanding, end of period (in shares) | shares	397
Weighted-Average Exercise Price
Outstanding, beginning of period (in dollars per share) | $ / shares	$ 58.44
Granted (in dollars per share) | $ / shares	106.13
Exercised (in dollars per share) | $ / shares	60.42
Forfeited (in dollars per share) | $ / shares	106.29
Outstanding, end of period (in dollars per share) | $ / shares	$ 65.32
Restricted Stock
Shares
Outstanding and non-vested, beginning of period (in shares) | shares	191
Granted (in shares) | shares	80
Vested/Earned (in shares) | shares	(91)
Forfeited or unearned (in shares) | shares	(25)
Outstanding and non-vested, end of period (in shares) | shares	155
Weighted-Average Grant Date Fair Value
Outstanding and non-vested, beginning of period (in dollars per share) | $ / shares	$ 69.84
Granted (in dollars per share) | $ / shares	105.66
Vested/Earned (in dollars per share) | $ / shares	67.36
Forfeited or unearned (in dollars per share) | $ / shares	84.20
Outstanding and non-vested, end of period (in dollars per share) | $ / shares	$ 87.42
Performance Awards
Shares
Outstanding and non-vested, beginning of period (in shares) | shares	79
Granted (in shares) | shares	14
Vested/Earned (in shares) | shares	(7)
Forfeited or unearned (in shares) | shares	(16)
Outstanding and non-vested, end of period (in shares) | shares	70
Weighted-Average Grant Date Fair Value
Outstanding and non-vested, beginning of period (in dollars per share) | $ / shares	$ 75.61
Granted (in dollars per share) | $ / shares	127.29
Vested/Earned (in dollars per share) | $ / shares	63.40
Forfeited or unearned (in dollars per share) | $ / shares	74.79
Outstanding and non-vested, end of period (in dollars per share) | $ / shares	$ 87.74
Director Restricted Shares
Shares
Outstanding and non-vested, beginning of period (in shares) | shares	15
Granted (in shares) | shares	15
Vested/Earned (in shares) | shares	(15)
Forfeited or unearned (in shares) | shares	0
Outstanding and non-vested, end of period (in shares) | shares	15
Weighted-Average Grant Date Fair Value
Outstanding and non-vested, beginning of period (in dollars per share) | $ / shares	$ 93.46
Granted (in dollars per share) | $ / shares	93.70
Vested/Earned (in dollars per share) | $ / shares	93.46
Forfeited or unearned (in dollars per share) | $ / shares	0
Outstanding and non-vested, end of period (in dollars per share) | $ / shares	$ 93.70

Stock Incentive Plans - Employe

Stock Incentive Plans - Employee Stock Purchase Plan (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Schedule of Employee Stock Purchase Plan (ESPP) Disclosures [Line Items]
Share-based compensation expense for ESPP	$ 8,743	$ 8,179
ESPP | Continuing Operations
Schedule of Employee Stock Purchase Plan (ESPP) Disclosures [Line Items]
Shares purchased by participants under the ESPP (in shares)	5	5
Average share price (in dollars per share)	$ 82.76	$ 68.76
Weighted-average fair value of each purchase right under the ESPP granted (in dollars per share)	$ 9.20	$ 20.99
Share-based compensation expense for ESPP	$ 42	$ 118

Indebtedness - Summary (Details

Indebtedness - Summary (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Debt issuance costs	$ (447)	$ (534)
Long-term debt	108,428	156,966
Less: Current portion of long-term debt	(1,494)	(1,500)
Total long-term debt, less current portion	106,934	155,466
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 108,875	$ 157,500

Indebtedness - Narrative (Detai

Indebtedness - Narrative (Details) - USD ($)	1 Months Ended		9 Months Ended
	Dec. 31, 2021	Sep. 30, 2017	Sep. 30, 2022	Sep. 30, 2021	Apr. 30, 2020
Debt Instrument [Line Items]
Proceeds from credit facility			$ 0	$ 45,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Term		5 years
Credit facility amount	$ 525,000,000	$ 150,000,000			$ 250,000,000
Aggregate principal amount	450,000,000				225,000,000
Additional borrowing capacity of credit facility	75,000,000				$ 25,000,000
Borrowings outstanding	300,000,000
Repayments of debt	150,000,000
Available borrowing capacity	$ 272,466,000		$ 279,966,000
Bloomberg short-term bank yield index rate floor	0%
Base rate floor	2%
Federal funds rate floor	0%
Bloomberg short-term bank yield index additional rate	1%
Interest rate at period end			3.33%	1.35%
Revolving Credit Facility | Medium-term Notes
Debt Instrument [Line Items]
Borrowings outstanding	$ 150,000,000
Proceeds from credit facility	$ 150,000,000
Revolving Credit Facility | Bloomberg Short-Term Bank Yield Index | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Revolving Credit Facility | Bloomberg Short-Term Bank Yield Index | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Revolving Credit Facility | Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Revolving Credit Facility | Prime Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0%
Revolving Credit Facility | Prime Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Letter of Credit
Debt Instrument [Line Items]
Credit facility amount		30,000,000
Outstanding amount	$ 20,034,000		$ 20,034,000
Swing Line Loan
Debt Instrument [Line Items]
Credit facility amount		$ 30,000,000

Net Income (Loss) Per Share - B

Net Income (Loss) Per Share - Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022		Sep. 30, 2021
Numerator:
Net income and comprehensive income from continuing operations	$ 52,133			$ 30,503			$ 150,249		$ 77,894
Net loss and comprehensive loss from discontinued operation	0			(6,967)			0		(12,500)
Net income attributable to Forward Air	52,133	$ 55,430	$ 42,686	23,536	$ 30,677	$ 11,181	150,249		65,394
Income allocated to participating securities from continuing operations	(325)			(235)			(838)		(541)
Loss allocated to participating securities from discontinued operation	0			0			0		0
Income allocated to participating securities	(325)			(235)			(838)		(541)
Net income per share for continuing operations, basic (in shares)	51,808			30,268			149,411		77,353
Net income per share for continuing operations, diluted (in shares)	51,808			30,268			149,411		77,353
Net loss per share for discontinued operation, basic (in shares)	0			(6,967)			0		(12,500)
Net loss per share for discontinued operation, diluted (in shares)	$ 0			$ (6,967)			$ 0		$ (12,500)
Denominator:
Denominator for basic income per share - weighted-average number of common shares outstanding (in shares)	26,769			27,034			26,864		27,217
Dilutive stock options and performance share awards (in shares)	133			110			135		134
Denominator for diluted income per share - weighted-average number of common shares and share equivalents outstanding (in shares)	26,902			27,144			26,999		27,351
Basic net income (loss) per share:
Continuing operations (in dollars per share)	$ 1.94			$ 1.12			$ 5.56		$ 2.84
Discontinued operation (in dollars per share)	0			(0.26)			0		(0.46)
Net income per basic share (in dollars per share)	1.94			0.86			5.56	[1]	2.39	[1]
Diluted net income (loss) per share:
Continuing operations (in dollars per share)	1.93			1.12			5.53		2.83
Discontinued operation (in dollars per share)	0			(0.26)			0		(0.46)
Net income per diluted share (in dollars per share)	$ 1.93			$ 0.86			$ 5.53		$ 2.37
[1]Rounding may impact summation of amounts.

Net Income (Loss) Per Share - A

Net Income (Loss) Per Share - Anti-Dilutive Shares (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares (in shares)	70	39	60	39
Anti-dilutive stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares (in shares)	57	39	49	39
Anti-dilutive performance shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares (in shares)	13	0	11	0
Anti-dilutive restricted shares and deferred stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares (in shares)	0	0	0	0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income tax expense	$ 17,988	$ 11,000	$ 50,791	$ 25,969
Effective tax rate (in percent)			25.30%	25%
Unrecognized tax benefits	241		$ 241		$ 241
Unrecognized tax benefits, accrued interest and penalties	88		88		$ 88
Sale of business, capital loss			4,230
Valuation Allowance [Line Items]
Valuation allowance	4,230		4,230
State and Local Jurisdiction
Valuation Allowance [Line Items]
Valuation allowance	$ 395		$ 395

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Finance lease obligation	$ 16,923	$ 14,312
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Finance lease obligation	17,531	14,159
Fair Value, Recurring | Earn-out liability
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Earn-out liability	0	385
Level 1 | Fair Value, Recurring | Earn-out liability
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Earn-out liability	0	0
Level 2 | Fair Value, Recurring | Earn-out liability
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Earn-out liability	0	0
Level 3 | Fair Value, Recurring | Earn-out liability
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Earn-out liability	$ 0	$ 385

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended							9 Months Ended
	Oct. 25, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Feb. 05, 2019
Equity, Class of Treasury Stock [Line Items]
Dividends per share (in dollars per share)		$ 0.24	$ 0.24	$ 0.24	$ 0.21	$ 0.21	$ 0.21	$ 0.21	$ 0.72	$ 0.63
Repurchases of common stock									$ 47,774	$ 48,989
Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Dividends per share (in dollars per share)	$ 0.24
Stock Repurchase Plan 2019
Equity, Class of Treasury Stock [Line Items]
Shares authorized for repurchase (in shares)											5,000
Shares available to be purchased (in shares)		2,366							2,366
Stock Repurchase Plan 2019 | Common Stock
Equity, Class of Treasury Stock [Line Items]
Shares repurchased (in shares)									466	535
Repurchases of common stock									$ 47,774	$ 48,989
Average cost per share (in dollars per share)									$ 102.44	$ 91.46

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Other Commitments [Line Items]
Liability insurance coverage	$ 100
Self-insurance retention workers' compensation	500
Aggregate deductible for claims between $0 and $3,000 | Expedited Freight
Other Commitments [Line Items]
Company Risk Retention	3,000
Aggregate deductible for claims between $0 and $2,000 | Expedited Freight
Other Commitments [Line Items]
Company Risk Retention	2,000
Aggregate deductible for claims between $3,000 and $5,000 | Expedited Freight
Other Commitments [Line Items]
Company Risk Retention	6,000
Aggregate deductible for claims between $5,000 and $10,000 | Expedited Freight
Other Commitments [Line Items]
Company Risk Retention	2,500
Aggregate deductible for claims between $0 and $1,000 | Intermodal
Other Commitments [Line Items]
Company Risk Retention	1,000
Minimum | Aggregate deductible for claims between $0 and $3,000 | Expedited Freight
Other Commitments [Line Items]
Self-insurance retention liability additional deductible applicable range	0
Minimum | Aggregate deductible for claims between $0 and $2,000 | Expedited Freight
Other Commitments [Line Items]
Self-insurance retention liability additional deductible applicable range	0
Minimum | Aggregate deductible for claims between $3,000 and $5,000 | Expedited Freight
Other Commitments [Line Items]
Self-insurance retention liability additional deductible applicable range	3,000
Minimum | Aggregate deductible for claims between $5,000 and $10,000 | Expedited Freight
Other Commitments [Line Items]
Self-insurance retention liability additional deductible applicable range	5,000
Minimum | Aggregate deductible for claims between $0 and $1,000 | Intermodal
Other Commitments [Line Items]
Self-insurance retention liability additional deductible applicable range	0
Maximum | Aggregate deductible for claims between $0 and $3,000 | Expedited Freight
Other Commitments [Line Items]
Self-insurance retention liability additional deductible applicable range	3,000
Maximum | Aggregate deductible for claims between $0 and $2,000 | Expedited Freight
Other Commitments [Line Items]
Self-insurance retention liability additional deductible applicable range	2,000
Maximum | Aggregate deductible for claims between $3,000 and $5,000 | Expedited Freight
Other Commitments [Line Items]
Self-insurance retention liability additional deductible applicable range	5,000
Maximum | Aggregate deductible for claims between $5,000 and $10,000
Other Commitments [Line Items]
Self-insurance retention liability additional deductible applicable range	10,000
Maximum | Aggregate deductible for claims between $5,000 and $10,000 | Expedited Freight
Other Commitments [Line Items]
Self-insurance retention liability additional deductible applicable range	10,000
Maximum | Aggregate deductible for claims between $0 and $1,000 | Intermodal
Other Commitments [Line Items]
Self-insurance retention liability additional deductible applicable range	$ 1,000

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) segment	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			2
Operating revenues	$ 510,023	$ 419,625	$ 1,492,203	$ 1,202,498
Amortization			12,117
Income (loss) from continuing operations	71,665	42,476	204,561	107,324
Purchases of property and equipment			25,401	23,015
Total Assets	1,186,059		1,186,059		$ 1,117,823
Continuing Operations
Segment Reporting Information [Line Items]
Operating revenues	510,023	419,625	1,492,203	1,202,555
Depreciation	8,113	5,799	22,877	17,441
Amortization	4,156	3,617	12,117	10,626
Income (loss) from continuing operations	71,665	42,476	204,561	107,324
Purchases of property and equipment	6,728	14,440	25,401	23,015
Total Assets	1,186,059		1,186,059		1,117,823
Expedited Freight
Segment Reporting Information [Line Items]
Operating revenues	395,635	341,557	1,181,083	997,478
Expedited Freight | Network
Segment Reporting Information [Line Items]
Operating revenues	240,482	199,360	726,054	579,373
Expedited Freight | Truckload
Segment Reporting Information [Line Items]
Operating revenues	55,607	53,651	171,659	162,999
Expedited Freight | Final Mile
Segment Reporting Information [Line Items]
Operating revenues	76,822	71,355	215,608	203,494
Expedited Freight | Other
Segment Reporting Information [Line Items]
Operating revenues	22,724	17,191	67,762	51,612
Operating Segments | Expedited Freight
Segment Reporting Information [Line Items]
Operating revenues	395,607	341,461	1,180,947	996,769
Depreciation	6,331	4,942	18,010	14,924
Amortization	1,809	1,842	5,428	5,437
Income (loss) from continuing operations	56,304	34,636	167,091	93,854
Purchases of property and equipment	6,434	13,769	24,155	21,905
Operating Segments | Expedited Freight | Continuing Operations
Segment Reporting Information [Line Items]
Total Assets	698,313		698,313		777,987
Operating Segments | Intermodal
Segment Reporting Information [Line Items]
Operating revenues	114,416	78,164	311,256	205,786
Depreciation	1,782	841	4,766	2,475
Amortization	2,347	1,775	6,689	5,189
Income (loss) from continuing operations	16,610	8,712	43,005	21,607
Purchases of property and equipment	294	671	1,246	1,110
Operating Segments | Intermodal | Continuing Operations
Segment Reporting Information [Line Items]
Total Assets	304,378		304,378		249,467
Corporate
Segment Reporting Information [Line Items]
Operating revenues	0	0	0	0
Depreciation	0	16	101	42
Amortization	0	0	0	0
Income (loss) from continuing operations	(1,249)	(872)	(5,535)	(8,137)
Purchases of property and equipment	0	0	0	0
Corporate | Continuing Operations
Segment Reporting Information [Line Items]
Total Assets	183,409		183,409		90,588
Eliminations
Segment Reporting Information [Line Items]
Operating revenues	(33)	(105)	(152)	(800)
Depreciation	0	0	0	0
Amortization	0	0	0	0
Income (loss) from continuing operations	0	0	0	0
Purchases of property and equipment	0	0	0	0
Eliminations | Continuing Operations
Segment Reporting Information [Line Items]
Operating revenues	0	0	0	(57)
Total Assets	(41)		(41)		$ (219)
Eliminations | Discontinued Operations
Segment Reporting Information [Line Items]
Operating revenues	0	0	0	57
Eliminations | Expedited Freight
Segment Reporting Information [Line Items]
Operating revenues	(28)	(96)	(136)	(709)
Eliminations | Intermodal
Segment Reporting Information [Line Items]
Operating revenues	$ (5)	$ (9)	$ (16)	$ (34)