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v3.23.2

OPERATING SEGMENT DATA (Tables) | 6 Months Ended
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Jun. 30, 2023
OPERATING SEGMENT DATA |
Schedule of reportable operating segment information from continuing operations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended |
​ | ​ | June 30 | ​ | June 30 |
​ |  | 2023 |  | 2022 |  | 2023 |  | 2022 |
​ | ​ | (in thousands) |
REVENUES | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset-Based | ​ | $ | 722,015 | ​ | $ | 802,622 |  | $ | 1,419,832 |  | $ | 1,507,933 | ​
Asset-Light | ​ |  | 409,816 | ​ |  | 549,655 | ​ |  | 847,908 | ​ |  | 1,144,939 | ​
Other and eliminations | ​ |  | (28,367) | ​ |  | (30,585) | ​ |  | (58,182) | ​ |  | (63,089) | ​
Total consolidated revenues |  | $ | 1,103,464 |  | $ | 1,321,692 |  | $ | 2,209,558 |  | $ | 2,589,783 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
OPERATING EXPENSES | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset-Based | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Salaries, wages, and benefits | ​ | $ | 344,538 | ​ | $ | 328,068 |  | $ | 680,143 |  | $ | 641,565 | ​
Fuel, supplies, and expenses | ​ |  | 90,897 | ​ |  | 99,296 | ​ |  | 185,185 | ​ |  | 184,127 | ​
Operating taxes and licenses | ​ |  | 14,094 | ​ |  | 12,823 | ​ |  | 28,073 | ​ |  | 25,316 | ​
Insurance | ​ |  | 12,889 | ​ |  | 12,197 | ​ |  | 26,162 | ​ |  | 22,628 | ​
Communications and utilities | ​ |  | 4,553 | ​ |  | 4,648 | ​ |  | 9,857 | ​ |  | 9,335 | ​
Depreciation and amortization | ​ |  | 25,273 | ​ |  | 24,463 | ​ |  | 50,184 | ​ |  | 48,768 | ​
Rents and purchased transportation | ​ |  | 101,922 | ​ |  | 121,550 | ​ |  | 192,666 | ​ |  | 224,535 | ​
Shared services | ​ | ​ | 74,468 | ​ | ​ | 75,584 | ​ | ​ | 139,081 | ​ | ​ | 142,734 | ​
(Gain) loss on sale of property and equipment | ​ |  | 416 | ​ |  | (1,370) | ​ |  | 365 | ​ |  | (4,065) | ​
Innovative technology costs(1) | ​ |  | 8,343 | ​ |  | 7,954 | ​ |  | 14,411 | ​ |  | 14,914 | ​
Other | ​ |  | 1,297 | ​ |  | 753 | ​ |  | 2,909 | ​ |  | 1,386 | ​
Total Asset-Based | ​ |  | 678,690 | ​ |  | 685,966 | ​ | ​ | 1,329,036 | ​ | ​ | 1,311,243 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset-Light | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Purchased transportation | ​ |  | 343,102 | ​ |  | 448,160 | ​ |  | 713,265 | ​ |  | 956,540 | ​
Supplies and expenses | ​ |  | 3,348 | ​ |  | 4,263 | ​ |  | 7,420 | ​ |  | 7,529 | ​
Depreciation and amortization(2) | ​ |  | 5,085 | ​ |  | 5,468 | ​ |  | 10,153 | ​ |  | 10,648 | ​
Shared services | ​ | ​ | 48,985 | ​ | ​ | 57,986 | ​ | ​ | 100,414 | ​ | ​ | 108,183 | ​
Contingent consideration(3) | ​ | ​ | (10,000) | ​ | ​ | — | ​ | ​ | 5,040 | ​ | ​ | 810 | ​
Gain on sale of subsidiary(4) | ​ | ​ | — | ​ | ​ | (402) | ​ | ​ | — | ​ | ​ | (402) | ​
Other | ​ | ​ | 6,116 | ​ |  | 6,701 | ​ | ​ | 12,527 | ​ | ​ | 13,036 | ​
Total Asset-Light | ​ |  | 396,636 | ​ |  | 522,176 | ​ |  | 848,819 | ​ |  | 1,096,344 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​
Other and eliminations | ​ |  | (13,978) | ​ |  | (22,488) |  |  | (31,572) | ​ |  | (46,785) | ​
Total consolidated operating expenses | ​ | $ | 1,061,348 | ​ | $ | 1,185,654 | ​ | $ | 2,146,283 | ​ | $ | 2,360,802 | ​
(1) | Represents costs associated with the Vaux freight handling pilot test program at ABF Freight.
(2) | Depreciation and amortization includes amortization of intangibles associated with acquired businesses.
(3) | Represents the change in fair value of the contingent earnout consideration related to the MoLo acquisition (see Note B). The second quarter 2023 decrease in fair value reflects the impact of continuing softer market conditions in 2023 and revised growth assumptions for 2024 and 2025 on the forecasts utilized at the June 30, 2023 remeasurement date. The net increase in fair value for the six months ended June 30, 2023 reflects an increase in fair value based on assumptions for business growth projected at March 31, 2023, partially offset by revised growth assumptions at June 30, 2023, which resulted in a decrease in fair value for the second quarter.
(4) | Gain relates to the contingent amount recognized in second quarter 2022 when the funds from the May 2021 sale of the labor services portion of the Asset-Light segment’s moving business were released from escrow.
​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended |  |
​ | ​ | June 30 | ​ | June 30 | ​ | ​
​ | ​ | 2023 |  | 2022 |  | 2023 |  | 2022 |  |
​ | ​ | (in thousands) |  |
OPERATING INCOME | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset-Based | ​ | $ | 43,325 | ​ | $ | 116,656 | ​ | $ | 90,796 | ​ | $ | 196,690 | ​ | ​
Asset-Light | ​ |  | 13,180 | ​ |  | 27,479 | ​ |  | (911) | ​ |  | 48,595 | ​ | ​
Other and eliminations | ​ |  | (14,389) | ​ |  | (8,097) | ​ |  | (26,610) | ​ |  | (16,304) | ​ | ​
Total consolidated operating income | ​ | $ | 42,116 | ​ | $ | 136,038 | ​ | $ | 63,275 | ​ | $ | 228,981 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
OTHER INCOME (COSTS) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest and dividend income | ​ | $ | 3,725 | ​ | $ | 353 | ​ | $ | 6,658 | ​ | $ | 452 | ​ | ​
Interest and other related financing costs | ​ |  | (2,205) | ​ |  | (1,863) | ​ |  | (4,532) | ​ |  | (3,803) | ​ | ​
Other, net(1) | ​ |  | 5,038 | ​ |  | (2,807) | ​ |  | 6,818 | ​ |  | (3,633) | ​ | ​
Total other income (costs) | ​ |  | 6,558 | ​ |  | (4,317) | ​ |  | 8,944 | ​ |  | (6,984) | ​ | ​
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | ​ | $ | 48,674 | ​ | $ | 131,721 | ​ | $ | 72,219 | ​ | $ | 221,997 | ​ | ​
(1) | Includes the components of net periodic benefit cost (credit) other than service cost related to the Company’s SBP and postretirement health benefit plan and proceeds and changes in cash surrender value of life insurance policies. For the three and six months ended June 30, 2023, includes a $3.7 million fair value increase related to the Company’s equity investment in Phantom Auto, based on an observable price change during second quarter 2023 (see Note B).
​
Schedule of revenues from customers and intersegment revenues | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended | ​ | Six Months Ended |
​ | ​ | June 30 | ​ | June 30 |
​ |  | 2023 |  | 2022(1) |  | 2023 |  | 2022(1) |
​ | ​ | (in thousands) |
Revenues from customers | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset-Based | ​ | $ | 694,755 | ​ | $ | 774,554 |  | $ | 1,363,975 |  | $ | 1,450,072 | ​
Asset-Light | ​ |  | 407,926 | ​ |  | 546,270 | ​ |  | 843,959 | ​ |  | 1,137,992 | ​
Other | ​ |  | 783 | ​ |  | 868 | ​ |  | 1,624 | ​ |  | 1,719 | ​
Total consolidated revenues |  | $ | 1,103,464 |  | $ | 1,321,692 |  | $ | 2,209,558 |  | $ | 2,589,783 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Intersegment revenues | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset-Based | ​ | $ | 27,260 | ​ | $ | 28,068 | ​ | $ | 55,857 | ​ | $ | 57,861 | ​
Asset-Light | ​ | ​ | 1,890 | ​ | ​ | 3,385 | ​ | ​ | 3,949 | ​ | ​ | 6,947 | ​
Other and eliminations | ​ | ​ | (29,150) | ​ | ​ | (31,453) | ​ | ​ | (59,806) | ​ | ​ | (64,808) | ​
Total intersegment revenues | ​ | $ | — |  | $ | — |  | $ | — |  | $ | — | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total segment revenues | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset-Based | ​ | $ | 722,015 | ​ | $ | 802,622 | ​ | $ | 1,419,832 | ​ | $ | 1,507,933 | ​
Asset-Light | ​ | ​ | 409,816 | ​ | ​ | 549,655 | ​ | ​ | 847,908 | ​ | ​ | 1,144,939 | ​
Other and eliminations | ​ | ​ | (28,367) | ​ | ​ | (30,585) | ​ | ​ | (58,182) | ​ | ​ | (63,089) | ​
Total consolidated revenues | ​ | $ | 1,103,464 | ​ | $ | 1,321,692 | ​ | $ | 2,209,558 | ​ | $ | 2,589,783 | ​
(1) | The 2022 amounts have been adjusted from those previously reported to correct the intersegment breakdown of certain revenues from customers and intersegment revenues between the segments. Adjustments made are not material.
Schedule of consolidated operating expenses by component | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended | ​ | Six Months Ended |
​ | ​ | June 30 | ​ | June 30 | ​
​ |  | 2023 |  | 2022 |  | 2023 |  | 2022 |
​ |  | (in thousands) | ​
OPERATING EXPENSES | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Salaries, wages, and benefits | ​ | $ | 449,024 | ​ | $ | 442,875 | ​ | $ | 886,006 | ​ | $ | 857,780 | ​
Rents, purchased transportation, and other costs of services | ​ |  | 415,712 | ​ |  | 538,238 | ​ |  | 845,317 | ​ |  | 1,116,087 | ​
Fuel, supplies, and expenses | ​ |  | 124,148 | ​ |  | 129,505 | ​ |  | 246,766 | ​ |  | 239,864 | ​
Depreciation and amortization(1) | ​ |  | 35,811 | ​ |  | 34,884 | ​ |  | 70,821 | ​ |  | 69,280 | ​
Contingent consideration(2) | ​ | ​ | (10,000) | ​ | ​ | — | ​ | ​ | 5,040 | ​ | ​ | 810 | ​
Other | ​ |  | 46,653 | ​ |  | 40,152 | ​ |  | 92,333 | ​ |  | 76,981 | ​
​ | ​ | $ | 1,061,348 | ​ | $ | 1,185,654 | ​ | $ | 2,146,283 | ​ | $ | 2,360,802 | ​
(1) | Includes amortization of intangible assets.
(2) | Represents the change in fair value of the contingent earnout consideration related to the MoLo acquisition (see Note B).

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