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OPERATING SEGMENT DATA (Tables) | 6 Months Ended
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Jun. 30, 2018
OPERATING SEGMENT DATA |
Schedule of reportable operating segment information | The following tables reflect reportable operating segment information:
|  | Three Months Ended |  | Six Months Ended |
|  | June 30 |  | June 30 |
|  | 2018 |  | 2017 |  | 2018 |  | 2017 |
|  | (in thousands) |
REVENUES |  |  |  |  |  |  |  |  |  |  |  |  |
Asset-Based |  | $ | 559,239 |  | $ | 514,537 |  | $ | 1,041,354 |  | $ | 978,893 |
ArcBest |  |  | 199,987 |  |  | 175,929 |  |  | 381,920 |  |  | 328,805 |
FleetNet |  |  | 46,792 |  |  | 36,501 |  |  | 94,551 |  |  | 76,739 |
Other and eliminations |  |  | (12,668) |  |  | (6,599) |  |  | (24,474) |  |  | (12,981) |
Total consolidated revenues |  | $ | 793,350 |  | $ | 720,368 |  | $ | 1,493,351 |  | $ | 1,371,456 |
OPERATING EXPENSES(1) |  |  |  |  |  |  |  |  |  |  |  |  |
Asset-Based |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries, wages, and benefits |  | $ | 286,750 |  | $ | 286,904 |  | $ | 556,529 |  | $ | 566,284 |
Fuel, supplies, and expenses |  |  | 65,040 |  |  | 58,541 |  |  | 127,233 |  |  | 116,931 |
Operating taxes and licenses |  |  | 11,910 |  |  | 12,191 |  |  | 23,666 |  |  | 24,014 |
Insurance |  |  | 7,979 |  |  | 7,602 |  |  | 14,607 |  |  | 14,720 |
Communications and utilities |  |  | 4,135 |  |  | 4,168 |  |  | 8,656 |  |  | 8,685 |
Depreciation and amortization |  |  | 21,362 |  |  | 20,716 |  |  | 42,292 |  |  | 41,234 |
Rents and purchased transportation |  |  | 63,253 |  |  | 53,189 |  |  | 109,386 |  |  | 99,615 |
Shared services(2) |  |  | 56,825 |  |  | 46,600 |  |  | 102,432 |  |  | 90,104 |
Multiemployer pension fund withdrawal liability charge(3) |  |  | 37,922 |  |  | — |  |  | 37,922 |  |  | — |
(Gain) loss on sale of property and equipment |  |  | (266) |  |  | 25 |  |  | (399) |  |  | (592) |
Other |  |  | 948 |  |  | 1,673 |  |  | 2,247 |  |  | 3,178 |
Restructuring costs(4) |  |  | — |  |  | 33 |  |  | — |  |  | 173 |
Total Asset-Based |  |  | 555,858 |  |  | 491,642 |  |  | 1,024,571 |  |  | 964,346 |
ArcBest |  |  |  |  |  |  |  |  |  |  |  |  |
Purchased transportation |  |  | 162,920 |  |  | 139,432 |  |  | 311,292 |  |  | 261,419 |
Supplies and expenses |  |  | 3,538 |  |  | 3,742 |  |  | 6,768 |  |  | 7,412 |
Depreciation and amortization |  |  | 3,597 |  |  | 3,230 |  |  | 7,005 |  |  | 6,496 |
Shared services(2) |  |  | 23,536 |  |  | 20,658 |  |  | 45,404 |  |  | 40,244 |
Other |  |  | 2,546 |  |  | 2,873 |  |  | 4,427 |  |  | 5,338 |
Restructuring costs(4) |  |  | 143 |  |  | 65 |  |  | 152 |  |  | 875 |
Total ArcBest |  |  | 196,280 |  |  | 170,000 |  |  | 375,048 |  |  | 321,784 |
FleetNet |  |  | 45,763 |  |  | 35,754 |  |  | 92,001 |  |  | 74,971 |
Other and eliminations |  |  | (7,707) |  |  | (2,795) |  |  | (14,150) |  |  | (5,512) |
Total consolidated operating expenses |  | $ | 790,194 |  | $ | 694,601 |  | $ | 1,477,470 |  | $ | 1,355,589 |
| (1) |  | As previously discussed in this Note, the Company retrospectively adopted an amendment to ASC Topic 715, effective January 1, 2018, which requires the components of net periodic benefit cost other than service cost to be presented within other income (costs) in the consolidated financial statements and, therefore, these costs are no longer classified within operating expenses within this table.
| (2) |  | Certain reclassifications have been made to the prior year’s operating segment data to conform to the current year presentation, reflecting the modified presentation of segment expenses allocated from shared services as previously discussed in this Note.
| (3) |  | ABF Freight recorded a one-time charge in June 2018 for the multiemployer pension plan withdrawal liability resulting from the transition agreement it entered into with the New England Teamsters and Trucking Industry Pension Fund (see Note F).
| (4) |  | Restructuring costs relate to the realignment of the Company’s corporate structure (see Note K).
|  | Three Months Ended |  | Six Months Ended |
|  | June 30 |  | June 30 |
|  | 2018 |  | 2017 |  | 2018 |  | 2017 |
|  | (in thousands) |
OPERATING INCOME(1) |  |  |  |  |  |  |  |  |  |  |  |  |
Asset-Based |  | $ | 3,381 |  | $ | 22,895 |  | $ | 16,783 |  | $ | 14,547 |
ArcBest |  |  | 3,707 |  |  | 5,929 |  |  | 6,872 |  |  | 7,021 |
FleetNet |  |  | 1,029 |  |  | 747 |  |  | 2,550 |  |  | 1,768 |
Other and eliminations |  |  | (4,961) |  |  | (3,804) |  |  | (10,324) |  |  | (7,469) |
Total consolidated operating income |  | $ | 3,156 |  | $ | 25,767 |  | $ | 15,881 |  | $ | 15,867 |
OTHER INCOME (COSTS) |  |  |  |  |  |  |  |  |  |  |  |  |
Interest and dividend income |  | $ | 714 |  | $ | 285 |  | $ | 1,240 |  | $ | 559 |
Interest and other related financing costs |  |  | (2,013) |  |  | (1,389) |  |  | (4,072) |  |  | (2,704) |
Other, net(1)(2) |  |  | (1,123) |  |  | (528) |  |  | (3,324) |  |  | (2,234) |
Total other income (costs) |  |  | (2,422) |  |  | (1,632) |  |  | (6,156) |  |  | (4,379) |
INCOME BEFORE INCOME TAXES |  | $ | 734 |  | $ | 24,135 |  | $ | 9,725 |  | $ | 11,488 |
| (1) |  | As previously discussed in this Note, for the three and six months ended June 30, 2018 and 2017, the components of net periodic benefit cost other than service cost are presented within other income (costs) rather than within operating income (loss) in accordance with an amendment to ASC Topic 715, which the Company adopted retrospectively effective January 1, 2018.
| (2) |  | Includes proceeds and changes in cash surrender value of life insurance policies.
The following table presents operating expenses by category on a consolidated basis:
|  | Three Months Ended |  | Six Months Ended |
|  | June 30 |  | June 30 |
|  | 2018 |  | 2017 |  | 2018 |  | 2017 |
|  | (in thousands) |
OPERATING EXPENSES |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries, wages, and benefits |  | $ | 355,913 |  | $ | 349,200 |  | $ | 684,670 |  | $ | 681,790 |
Rents, purchased transportation, and other costs of services |  |  | 253,540 |  |  | 216,237 |  |  | 477,296 |  |  | 416,108 |
Fuel, supplies, and expenses |  |  | 84,884 |  |  | 68,451 |  |  | 163,530 |  |  | 141,113 |
Depreciation and amortization(1) |  |  | 27,187 |  |  | 25,209 |  |  | 53,673 |  |  | 50,603 |
Other |  |  | 30,408 |  |  | 35,141 |  |  | 59,663 |  |  | 63,981 |
Multiemployer pension fund withdrawal liability charge(2) |  |  | 37,922 |  |  | — |  |  | 37,922 |  |  | — |
Restructuring costs(3) |  |  | 340 |  |  | 363 |  |  | 716 |  |  | 1,994 |
|  | $ | 790,194 |  | $ | 694,601 |  | $ | 1,477,470 |  | $ | 1,355,589 |
| (1) |  | Includes amortization of intangible assets.
| (2) |  | ABF Freight recorded a one-time charge in June 2018 for the multiemployer pension plan withdrawal liability resulting from the transition agreement it entered into with the New England Teamsters and Trucking Industry Pension Fund (see Note F).
| (3) |  | Restructuring costs relate to the realignment of the Company’s corporate structure (see Note K).

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8813-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13816-109267 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8736-108599 + Details
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