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OPERATING SEGMENT DATA (Tables) | 9 Months Ended
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Sep. 30, 2023
OPERATING SEGMENT DATA |
Schedule of reportable operating segment information from continuing operations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended |
​ | ​ | September 30 | ​ | September 30 |
​ |  | 2023 |  | 2022 |  | 2023 |  | 2022 |
​ | ​ | (in thousands) |
REVENUES | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset-Based | ​ | $ | 741,186 | ​ | $ | 791,531 |  | $ | 2,161,018 |  | $ | 2,299,464 | ​
Asset-Light | ​ |  | 419,312 | ​ |  | 515,235 | ​ |  | 1,267,220 | ​ |  | 1,660,174 | ​
Other and eliminations | ​ |  | (32,148) | ​ |  | (31,036) | ​ |  | (90,330) | ​ |  | (94,125) | ​
Total consolidated revenues |  | $ | 1,128,350 |  | $ | 1,275,730 |  | $ | 3,337,908 |  | $ | 3,865,513 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
OPERATING EXPENSES | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset-Based | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Salaries, wages, and benefits | ​ | $ | 357,582 | ​ | $ | 332,359 |  | $ | 1,037,725 |  | $ | 973,924 | ​
Fuel, supplies, and expenses | ​ |  | 91,493 | ​ |  | 97,279 | ​ |  | 276,678 | ​ |  | 281,406 | ​
Operating taxes and licenses | ​ |  | 13,865 | ​ |  | 13,089 | ​ |  | 41,938 | ​ |  | 38,405 | ​
Insurance | ​ |  | 13,654 | ​ |  | 13,180 | ​ |  | 39,816 | ​ |  | 35,808 | ​
Communications and utilities | ​ |  | 4,729 | ​ |  | 4,794 | ​ |  | 14,586 | ​ |  | 14,129 | ​
Depreciation and amortization | ​ |  | 26,537 | ​ |  | 24,117 | ​ |  | 76,721 | ​ |  | 72,885 | ​
Rents and purchased transportation | ​ |  | 79,233 | ​ |  | 123,714 | ​ |  | 271,899 | ​ |  | 348,249 | ​
Shared services | ​ | ​ | 70,699 | ​ | ​ | 72,286 | ​ | ​ | 209,780 | ​ | ​ | 215,020 | ​
(Gain) loss on sale of property and equipment and lease impairment charges(1) | ​ |  | 540 | ​ |  | (5,910) | ​ |  | 905 | ​ |  | (9,975) | ​
Innovative technology costs(2) | ​ |  | 7,300 | ​ |  | 6,068 | ​ |  | 21,711 | ​ |  | 20,982 | ​
Other | ​ |  | 731 | ​ |  | 1,243 | ​ |  | 3,640 | ​ |  | 2,629 | ​
Total Asset-Based | ​ |  | 666,363 | ​ |  | 682,219 | ​ | ​ | 1,995,399 | ​ | ​ | 1,993,462 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset-Light | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Purchased transportation | ​ |  | 365,217 | ​ |  | 425,567 | ​ |  | 1,078,482 | ​ |  | 1,382,107 | ​
Supplies and expenses | ​ |  | 2,773 | ​ |  | 4,378 | ​ |  | 10,193 | ​ |  | 11,907 | ​
Depreciation and amortization(3) | ​ |  | 5,097 | ​ |  | 5,072 | ​ |  | 15,250 | ​ |  | 15,720 | ​
Shared services | ​ | ​ | 47,411 | ​ | ​ | 56,371 | ​ | ​ | 147,825 | ​ | ​ | 164,554 | ​
Contingent consideration(4) | ​ | ​ | (17,840) | ​ | ​ | — | ​ | ​ | (12,800) | ​ | ​ | 810 | ​
Lease impairment charges(5) | ​ | ​ | 14,407 | ​ | ​ | — | ​ | ​ | 14,407 | ​ | ​ | — | ​
Gain on sale of subsidiary(6) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (402) | ​
Other | ​ | ​ | 5,951 | ​ |  | 8,463 | ​ | ​ | 18,478 | ​ | ​ | 21,499 | ​
Total Asset-Light | ​ |  | 423,016 | ​ |  | 499,851 | ​ |  | 1,271,835 | ​ |  | 1,596,195 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​
Other and eliminations(7) | ​ |  | (6,120) | ​ |  | (21,676) |  |  | (37,692) | ​ |  | (68,461) | ​
Total consolidated operating expenses | ​ | $ | 1,083,259 | ​ | $ | 1,160,394 | ​ | $ | 3,229,542 | ​ | $ | 3,521,196 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(1) | The three and nine months ended September 30, 2023 include a $0.7 million noncash lease-related impairment charge for a service center. The three and nine months ended September 30, 2022 include 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.
(2) | Represents costs associated with the freight handling pilot test program at ABF Freight. The decision was made to pause the pilot during third quarter 2023, as previously announced.
(3) | Depreciation and amortization includes amortization of intangibles associated with acquired businesses.
(4) | Represents the change in fair value of the contingent earnout consideration related to the MoLo acquisition (see Note B). The decrease in fair value for third quarter 2023 and the net decrease in fair value for the nine months ended September 30, 2023 reflect the impact of continuing softer market conditions in 2023 and revised business growth assumptions for 2024 and 2025 on the forecasts utilized at the September 30, 2023 remeasurement date.
(5) | Represents noncash lease-related impairment charges for certain office spaces that were made available for sublease.
(6) | Gain relates to the contingent amount recognized in second quarter 2022 when funds from the May 2021 sale of the labor services portion of the Asset-Light segment’s moving business were released from escrow.
(7) | “Other and eliminations” includes $15.1 million of noncash lease-related impairment charges for a freight handling pilot facility.
​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended |  |
​ | ​ | September 30 | ​ | September 30 | ​ | ​
​ | ​ | 2023 |  | 2022 |  | 2023 |  | 2022 |  |
​ | ​ | (in thousands) |  |
OPERATING INCOME (LOSS) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset-Based | ​ | $ | 74,823 | ​ | $ | 109,312 | ​ | $ | 165,619 | ​ | $ | 306,002 | ​ | ​
Asset-Light | ​ |  | (3,704) | ​ |  | 15,384 | ​ |  | (4,615) | ​ |  | 63,979 | ​ | ​
Other and eliminations(1) | ​ |  | (26,028) | ​ |  | (9,360) | ​ |  | (52,638) | ​ |  | (25,664) | ​ | ​
Total consolidated operating income | ​ | $ | 45,091 | ​ | $ | 115,336 | ​ | $ | 108,366 | ​ | $ | 344,317 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
OTHER INCOME (COSTS) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest and dividend income | ​ | $ | 3,946 | ​ | $ | 1,127 | ​ | $ | 10,604 | ​ | $ | 1,579 | ​ | ​
Interest and other related financing costs | ​ |  | (2,236) | ​ |  | (1,755) | ​ |  | (6,768) | ​ |  | (5,558) | ​ | ​
Other, net(2) | ​ |  | 89 | ​ |  | (189) | ​ |  | 6,907 | ​ |  | (3,822) | ​ | ​
Total other income (costs) | ​ |  | 1,799 | ​ |  | (817) | ​ |  | 10,743 | ​ |  | (7,801) | ​ | ​
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | ​ | $ | 46,890 | ​ | $ | 114,519 | ​ | $ | 119,109 | ​ | $ | 336,516 | ​ | ​
(1) | “Other and eliminations” includes $15.1 million of noncash lease-related impairment charges for a freight handling pilot facility.
(2) | 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 nine months ended September 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 | ​ | Nine Months Ended |
​ | ​ | September 30 | ​ | September 30 |
​ |  | 2023 |  | 2022(1) |  | 2023 |  | 2022(1) |
​ | ​ | (in thousands) |
Revenues from customers | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset-Based | ​ | $ | 709,126 | ​ | $ | 761,616 |  | $ | 2,073,101 |  | $ | 2,211,688 | ​
Asset-Light | ​ |  | 417,744 | ​ |  | 512,745 | ​ |  | 1,261,703 | ​ |  | 1,650,737 | ​
Other | ​ |  | 1,480 | ​ |  | 1,369 | ​ |  | 3,104 | ​ |  | 3,088 | ​
Total consolidated revenues |  | $ | 1,128,350 |  | $ | 1,275,730 |  | $ | 3,337,908 |  | $ | 3,865,513 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Intersegment revenues | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset-Based | ​ | $ | 32,060 | ​ | $ | 29,915 | ​ | $ | 87,917 | ​ | $ | 87,776 | ​
Asset-Light | ​ | ​ | 1,568 | ​ | ​ | 2,490 | ​ | ​ | 5,517 | ​ | ​ | 9,437 | ​
Other and eliminations | ​ | ​ | (33,628) | ​ | ​ | (32,405) | ​ | ​ | (93,434) | ​ | ​ | (97,213) | ​
Total intersegment revenues | ​ | $ | — |  | $ | — |  | $ | — |  | $ | — | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total segment revenues | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset-Based | ​ | $ | 741,186 | ​ | $ | 791,531 | ​ | $ | 2,161,018 | ​ | $ | 2,299,464 | ​
Asset-Light | ​ | ​ | 419,312 | ​ | ​ | 515,235 | ​ | ​ | 1,267,220 | ​ | ​ | 1,660,174 | ​
Other and eliminations | ​ | ​ | (32,148) | ​ | ​ | (31,036) | ​ | ​ | (90,330) | ​ | ​ | (94,125) | ​
Total consolidated revenues | ​ | $ | 1,128,350 | ​ | $ | 1,275,730 | ​ | $ | 3,337,908 | ​ | $ | 3,865,513 | ​
(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 | ​ | Nine Months Ended |
​ | ​ | September 30 | ​ | September 30 | ​
​ |  | 2023 |  | 2022 |  | 2023 |  | 2022 |
​ |  | (in thousands) | ​
OPERATING EXPENSES | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Salaries, wages, and benefits | ​ | $ | 456,022 | ​ | $ | 444,164 | ​ | $ | 1,342,028 | ​ | $ | 1,301,944 | ​
Rents, purchased transportation, and other costs of services | ​ |  | 410,436 | ​ |  | 517,106 | ​ |  | 1,255,753 | ​ |  | 1,633,193 | ​
Fuel, supplies, and expenses | ​ |  | 122,700 | ​ |  | 125,349 | ​ |  | 369,466 | ​ |  | 365,213 | ​
Depreciation and amortization(1) | ​ |  | 37,141 | ​ |  | 34,229 | ​ |  | 107,962 | ​ |  | 103,509 | ​
Contingent consideration(2) | ​ | ​ | (17,840) | ​ | ​ | — | ​ | ​ | (12,800) | ​ | ​ | 810 | ​
Lease impairment charges(3) | ​ | ​ | 30,162 | ​ | ​ | — | ​ | ​ | 30,162 | ​ | ​ | — | ​
Other | ​ |  | 44,638 | ​ |  | 39,546 | ​ |  | 136,971 | ​ |  | 116,527 | ​
​ | ​ | $ | 1,083,259 | ​ | $ | 1,160,394 | ​ | $ | 3,229,542 | ​ | $ | 3,521,196 | ​
(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).
(3) | Represents noncash lease-related impairment charges for a freight handling pilot facility, a service center, and office spaces that were made available for sublease.

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