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OPERATING SEGMENT DATA | 12 Months Ended
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Dec. 31, 2022
OPERATING SEGMENT DATA |
OPERATING SEGMENT DATA | NOTE N – OPERATING SEGMENT DATA ​ The Company uses the “management approach” to determine its reportable operating segments, as well as to determine the basis of reporting the operating segment information. The management approach focuses on financial information that the Company’s management uses to make operating decisions. Management uses revenues, operating expense categories, operating ratios, operating income, and key operating statistics to evaluate performance and allocate resources to the Company’s operations. ​ The Company’s reportable operating segments are as follows: ​
| ● | The Asset-Based segment includes the results of operations of ABF Freight System, Inc. and certain other subsidiaries. The segment operations include national, inter-regional, and regional transportation of general commodities through standard, expedited, and guaranteed LTL services. The Asset-Based segment provides services to the ArcBest segment, including freight transportation related to certain consumer household goods self-move services.
​
| ● | The ArcBest segment includes the results of operations of the Company’s service offerings in ground expedite, truckload, dedicated, intermodal, household goods moving, managed transportation, warehousing and distribution, and international freight transportation for air, ocean, and ground. The ArcBest segment provides services to the Asset-Based segment.
​
| ● | FleetNet includes the results of operations of FleetNet America, Inc. and certain other subsidiaries that provide roadside assistance and maintenance management services for commercial vehicles through a network of third-party service providers. FleetNet provides services to the Asset-Based and ArcBest segments.
​ The Company’s other business activities and operations that are not reportable segments include ArcBest Corporation (the parent holding company) and certain subsidiaries. Certain costs incurred by the parent holding company and the Company’s shared services subsidiary are allocated to the reporting segments. The Company eliminates intercompany transactions in consolidation. However, the information used by the Company’s management with respect to its reportable operating segments is before intersegment eliminations of revenues and expenses. ​ Shared services represent costs incurred to support all segments, including sales, pricing, customer service, marketing, capacity sourcing functions, human resources, financial services, information technology, and other company-wide services. Certain overhead costs are not attributable to any segment and remain unallocated in “Other and eliminations.” Included in unallocated costs are expenses related to investor relations, legal, the Company’s Board of Directors, and certain technology investments. Shared services costs attributable to the reportable operating segments are predominantly allocated based upon estimated and planned resource utilization-related metrics such as estimated shipment levels, number of pricing proposals, or number of personnel supported. The bases for such charges are modified and adjusted by management when necessary or appropriate to reflect fairly and equitably the actual incidence of cost incurred by the reportable operating segments. Management believes the methods used to allocate expenses are reasonable. ​ Further classifications of operations or revenues by geographic location are impracticable and, therefore, are not provided. The Company’s foreign operations are not significant. ​ ​ ​ ​ The following table reflects reportable operating segment information for the years ended December 31: ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |  | 2020 |
​ | ​ | (in thousands) |
REVENUES | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset-Based | ​ | $ | 3,010,900 | ​ | $ | 2,573,773 | ​ | $ | 2,092,031 | ​
ArcBest(1) | ​ |  | 2,139,272 | ​ |  | 1,300,626 | ​ |  | 779,115 | ​
FleetNet | ​ |  | 343,056 | ​ |  | 254,087 | ​ |  | 205,049 | ​
Other and eliminations | ​ |  | (169,176) | ​ |  | (148,419) | ​ |  | (136,032) | ​
Total consolidated revenues | ​ | $ | 5,324,052 | ​ | $ | 3,980,067 | ​ | $ | 2,940,163 | ​
OPERATING EXPENSES | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset-Based | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Salaries, wages, and benefits | ​ | $ | 1,293,487 | ​ | $ | 1,198,253 | ​ | $ | 1,095,694 | ​
Fuel, supplies, and expenses | ​ |  | 378,558 | ​ |  | 266,139 | ​ |  | 209,095 | ​
Operating taxes and licenses | ​ |  | 52,290 | ​ |  | 49,461 | ​ |  | 49,300 | ​
Insurance | ​ |  | 47,382 | ​ |  | 37,800 | ​ |  | 33,568 | ​
Communications and utilities | ​ |  | 18,949 | ​ |  | 18,773 | ​ |  | 17,916 | ​
Depreciation and amortization | ​ |  | 97,322 | ​ |  | 93,799 | ​ |  | 94,326 | ​
Rents and purchased transportation | ​ |  | 441,167 | ​ |  | 364,345 | ​ |  | 250,159 | ​
Shared services | ​ | ​ | 281,698 | ​ | ​ | 263,532 | ​ | ​ | 217,258 | ​
Gain on sale of property and equipment(2) | ​ |  | (12,468) | ​ |  | (8,676) | ​ |  | (3,309) | ​
Innovative technology costs(3) | ​ | ​ | 27,207 | ​ | ​ | 27,631 | ​ | ​ | 22,458 | ​
Other | ​ |  | 4,175 | ​ |  | 2,009 | ​ |  | 6,701 | ​
Total Asset-Based | ​ |  | 2,629,767 | ​ |  | 2,313,066 | ​ |  | 1,993,166 | ​
ArcBest(1) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Purchased transportation | ​ |  | 1,784,668 | ​ |  | 1,097,332 | ​ |  | 649,933 | ​
Supplies and expenses | ​ |  | 15,815 | ​ |  | 10,531 | ​ |  | 9,627 | ​
Depreciation and amortization(4) | ​ |  | 20,730 | ​ |  | 11,387 | ​ |  | 9,714 | ​
Shared services | ​ | ​ | 218,133 | ​ | ​ | 132,137 | ​ | ​ | 90,983 | ​
Gain on sale of subsidiary(5) | ​ | ​ | (402) | ​ | ​ | (6,923) | ​ | ​ | — | ​
Other(6) | ​ | ​ | 47,603 | ​ |  | 9,765 | ​ |  | 9,203 | ​
Total ArcBest | ​ |  | 2,086,547 | ​ |  | 1,254,229 | ​ |  | 769,460 | ​
FleetNet | ​ |  | 337,231 | ​ |  | 249,543 | ​ |  | 201,682 | ​
Other and eliminations | ​ |  | (128,762) | ​ |  | (117,757) | ​ |  | (122,423) | ​
Total consolidated operating expenses | ​ | $ | 4,924,783 | ​ | $ | 3,699,081 | ​ | $ | 2,841,885 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
OPERATING INCOME | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset-Based | ​ | $ | 381,133 | ​ | $ | 260,707 | ​ | $ | 98,865 | ​
ArcBest(1) | ​ |  | 52,725 | ​ |  | 46,397 | ​ |  | 9,655 | ​
FleetNet | ​ |  | 5,825 | ​ |  | 4,544 | ​ |  | 3,367 | ​
Other and eliminations | ​ |  | (40,414) | ​ |  | (30,662) | ​ |  | (13,609) | ​
Total consolidated operating income | ​ | $ | 399,269 | ​ | $ | 280,986 | ​ | $ | 98,278 | ​
OTHER INCOME (COSTS) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest and dividend income | ​ | $ | 3,957 | ​ | $ | 1,275 | ​ | $ | 3,616 | ​
Interest and other related financing costs | ​ |  | (7,701) | ​ |  | (8,904) | ​ |  | (11,697) | ​
Other, net(7) | ​ |  | (2,370) | ​ |  | 3,797 | ​ |  | 2,299 | ​
Total other costs | ​ |  | (6,114) | ​ |  | (3,832) | ​ |  | (5,782) | ​
INCOME BEFORE INCOME TAXES | ​ | $ | 393,155 | ​ | $ | 277,154 | ​ | $ | 92,496 | ​
(1) | For 2022 and 2021, includes the operations of MoLo since the November 1, 2021 acquisition (see Note D).
(2) | For 2022, includes a $4.3 million noncash gain on a like-kind property exchange of a service center, with the remaining gains related primarily to sales of replaced equipment. For 2021, includes an $8.6 million gain on the sale of unutilized service center property.
(3) | Represents costs associated with the freight handling pilot test program at ABF Freight.
(4) | Depreciation and amortization includes amortization of intangibles associated with acquired businesses.
(5) | Gain recognized relates to the sale of the labor services portion of the ArcBest segment’s moving business in second quarter 2021, including the contingent amount recognized in second quarter 2022 when the funds were released from escrow.
(6) | For 2022, includes the increase in fair value of the contingent earnout consideration of $18.3 million recorded for the MoLo acquisition (see Note D).
(7) | Includes the components of net periodic benefit cost other than service cost related to the Company’s SBP and postretirement plans (see Note J) and proceeds and changes in cash surrender value of life insurance policies.
​ ​ The following table reflects information about revenues from customers and intersegment revenues: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |  | 2020 |
​ | ​ | (in thousands) |
Revenues from customers | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset-Based | ​ | $ | 2,896,284 | ​ | $ | 2,470,529 | ​ | $ | 1,998,549 | ​
ArcBest | ​ |  | 2,128,394 | ​ |  | 1,291,679 | ​ |  | 770,560 | ​
FleetNet | ​ |  | 295,043 | ​ |  | 213,882 | ​ |  | 166,654 | ​
Other | ​ |  | 4,331 | ​ |  | 3,977 | ​ |  | 4,400 | ​
Total consolidated revenues | ​ | $ | 5,324,052 | ​ | $ | 3,980,067 | ​ | $ | 2,940,163 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Intersegment revenues | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset-Based | ​ | $ | 114,616 | ​ | $ | 103,244 | ​ | $ | 93,482 | ​
ArcBest | ​ | ​ | 10,878 | ​ | ​ | 8,947 | ​ | ​ | 8,555 | ​
FleetNet | ​ | ​ | 48,013 | ​ | ​ | 40,205 | ​ | ​ | 38,395 | ​
Other and eliminations | ​ | ​ | (173,507) | ​ | ​ | (152,396) | ​ | ​ | (140,432) | ​
Total intersegment revenues | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total segment revenues | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset-Based | ​ | $ | 3,010,900 | ​ | ​ | 2,573,773 | ​ | $ | 2,092,031 | ​
ArcBest(1) | ​ | ​ | 2,139,272 | ​ | ​ | 1,300,626 | ​ | ​ | 779,115 | ​
FleetNet | ​ | ​ | 343,056 | ​ | ​ | 254,087 | ​ | ​ | 205,049 | ​
Other and eliminations | ​ | ​ | (169,176) | ​ | ​ | (148,419) | ​ | ​ | (136,032) | ​
Total consolidated revenues(1) | ​ | $ | 5,324,052 | ​ | $ | 3,980,067 | ​ | $ | 2,940,163 | ​
(1) | For 2022 and 2021, includes the operations of MoLo since the November 1, 2021 acquisition (see Note D).
​ The following table provides capital expenditure and depreciation and amortization information by reportable operating segment: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31 | ​
​ |  | 2022 |  | 2021 |  | 2020 | ​
​ | ​ | (in thousands) | ​
CAPITAL EXPENDITURES, GROSS | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset-Based(1) | ​ | $ | 137,117 | ​ | $ | 96,180 | ​ | $ | 85,135 | ​
ArcBest | ​ | ​ | 14,372 | ​ | ​ | 9,565 | ​ | ​ | 1,258 | ​
FleetNet | ​ |  | 1,439 | ​ |  | 1,174 | ​ |  | 675 | ​
Other and eliminations(2)(3) | ​ |  | 77,720 | ​ |  | 11,193 | ​ |  | 17,983 | ​
​ | ​ | $ | 230,648 | ​ | $ | 118,112 | ​ | $ | 105,051 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31 | ​
​ | ​ | 2022 |  | 2021 |  | 2020 | ​
​ | ​ | (in thousands) | ​
DEPRECIATION AND AMORTIZATION EXPENSE(2) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset-Based | ​ | $ | 97,322 | ​ | $ | 93,799 | ​ | $ | 94,326 | ​
ArcBest(4) | ​ | ​ | 20,730 | ​ | ​ | 11,387 | ​ | ​ | 9,714 | ​
FleetNet(5) | ​ |  | 1,880 | ​ |  | 1,661 | ​ |  | 1,622 | ​
Other and eliminations(2) | ​ |  | 20,107 | ​ |  | 17,374 | ​ |  | 12,729 | ​
​ | ​ | $ | 140,039 | ​ | $ | 124,221 | ​ | $ | 118,391 | ​
(1) | Includes assets acquired through notes payable of $79.0 million, $59.7 million, and $61.8 million in 2022, 2021, and 2020, respectively.
(2) | Other and eliminations includes certain assets held for the benefit of multiple segments, including information systems equipment. For 2022, also includes the purchase of a property for $37.5 million. Depreciation and amortization associated with these assets is allocated to the reporting segments. Depreciation and amortization expense includes amortization of internally developed capitalized software which has not been included in gross capital expenditures presented in the table.
(3) | Includes assets acquired through notes payable of $3.4 million in 2022.
(4) | Includes amortization of intangibles of $12.9 million, $5.3 million, and $3.7 million in 2022, 2021, and 2020, respectively.
(5) | Includes amortization of intangibles which totaled less than $0.1 million in both 2022 and 2021, and $0.2 million in 2020.
​ A table of assets by reportable operating segment has not been presented as segment assets are not included in reports regularly provided to management nor does management consider segment assets for assessing segment operating performance or allocating resources. ​ The Company incurred research and development costs of $40.8 million and $32.8 million for the year ended December 31, 2022 and 2021, respectively, related to innovative technology initiatives. ​ The following table presents operating expenses by category on a consolidated basis: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the year ended December 31 |
​ |  | 2022(1) |  | 2021(1) |  | 2020 |
​ | ​ | (in thousands) | ​
OPERATING EXPENSES | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Salaries, wages, and benefits | ​ | $ | 1,755,947 | ​ | $ | 1,550,859 | ​ | $ | 1,368,588 | ​
Rents, purchased transportation, and other costs of services | ​ |  | 2,404,701 | ​ |  | 1,570,050 | ​ |  | 974,835 | ​
Fuel, supplies, and expenses | ​ |  | 444,776 | ​ |  | 324,380 | ​ |  | 250,221 | ​
Depreciation and amortization(2) | ​ |  | 140,039 | ​ |  | 124,221 | ​ |  | 118,391 | ​
Other(3) | ​ |  | 179,320 | ​ |  | 129,571 | ​ |  | 129,850 | ​
​ | ​ | $ | 4,924,783 | ​ | $ | 3,699,081 | ​ | $ | 2,841,885 | ​
(1) | For 2022 and 2021, includes the operations of MoLo since the November 1, 2021 acquisition (see Note D).
(2) | Includes amortization of intangibles assets.
(3) | For 2022, includes the increase in fair value of the contingent earnout consideration of $18.3 million recorded by the ArcBest segment for the MoLo acquisition (see Note D). For 2021, includes a $6.9 million gain related to the sale of a subsidiary within the ArcBest segment and an $8.6 million gain related to the sale of an unutilized service center property within the Asset-Based segment.
​

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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