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SUBSEQUENT EVENTS | 9 Months Ended
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Sep. 30, 2021
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | NOTE L – SUBSEQUENT EVENTS ​ Acquisition ​ On September 29, 2021, the Company entered into an agreement and plan of merger to acquire MoLo Solutions, LLC (“MoLo”), a Chicago-based truckload freight brokerage company. As a result of the transaction, which closed on November 1, 2021, MoLo became a wholly owned subsidiary of the Company. Subsequent to closing, the acquired operations are expected to be reported within the ArcBest operating segment. Terms of the transaction included initial consideration paid at closing of $235.0 million, subject to certain post-closing adjustments which were estimated at closing, and the potential for additional cash consideration based on achievement of certain targets of adjusted earnings before interest, taxes, depreciation and amortization as adjusted for certain items pursuant to the merger agreement for years 2023 through 2025. The Company funded the initial purchase price with cash from its cash reserves. ​ Due to the timing of the recent acquisition, the initial accounting for the business combination, including the determination of the fair value of the contingent consideration and the allocation of the purchase consideration to the fair value of assets acquired and liabilities assumed was not complete as of the date of this Quarterly Report on Form 10-Q. ​ Accelerated Share Repurchase Program ​ On November 1, 2021, the Company announced that its Board of Directors authorized the Company to enter into an accelerated share repurchase program (“ASR”). The ASR authorization is in addition to the authorization under the Company’s existing share repurchase program, which is described in Note H. On November 2, 2021, the Company entered into a fixed dollar ASR with a third-party financial institution, to effect an accelerated repurchase of the Company’s common stock pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934. Under the ASR, the Company paid $100.0 million and received an initial delivery of 709,287 shares valued at $75.0 million based on the closing price of the Company’s common stock on November, 2, 2021. The remaining balance is scheduled to settle in the first quarter of 2022. The total shares repurchased will be based on the daily volume-weighted average share price of the Company’s common stock during the term of the ASR, less a negotiated discount. All share repurchase activities under the Company’s existing share repurchase program are suspended while the ASR is in effect. ​ ​

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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