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OPERATING SEGMENT DATA (Tables) | 3 Months Ended
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Mar. 31, 2024
OPERATING SEGMENT DATA |
Schedule of reportable operating segment information from continuing operations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​
​ | ​ | March 31 | ​
​ |  | 2024 |  | 2023 |
​ | ​ | (in thousands) | ​
REVENUES | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset-Based | ​ | $ | 671,467 | ​ | $ | 697,817 |
Asset-Light | ​ |  | 396,363 | ​ |  | 438,092 | ​
Other and eliminations | ​ |  | (31,411) | ​ |  | (29,815) | ​
Total consolidated revenues |  | $ | 1,036,419 |  | $ | 1,106,094 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
OPERATING EXPENSES | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset-Based | ​ | ​ | ​ | ​ | ​ | ​ | ​
Salaries, wages, and benefits | ​ | $ | 344,999 | ​ | $ | 335,605 |
Fuel, supplies, and expenses | ​ |  | 81,044 | ​ |  | 94,288 | ​
Operating taxes and licenses | ​ |  | 13,529 | ​ |  | 13,979 | ​
Insurance | ​ |  | 14,482 | ​ |  | 13,273 | ​
Communications and utilities | ​ |  | 4,799 | ​ |  | 5,304 | ​
Depreciation and amortization | ​ |  | 27,007 | ​ |  | 24,911 | ​
Rents and purchased transportation | ​ |  | 65,671 | ​ |  | 90,744 | ​
Shared services | ​ | ​ | 64,914 | ​ | ​ | 64,613 | ​
(Gain) loss on sale of property and equipment | ​ |  | 149 | ​ |  | (51) | ​
Innovative technology costs(1) | ​ |  | — | ​ |  | 6,068 | ​
Other | ​ |  | 1,417 | ​ |  | 1,612 | ​
Total Asset-Based | ​ |  | 618,011 | ​ |  | 650,346 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset-Light | ​ | ​ | ​ | ​ | ​ | ​ | ​
Purchased transportation | ​ |  | 344,122 | ​ |  | 370,163 | ​
Salaries, wages, and benefits(2) | ​ | ​ | 30,304 | ​ |  | 34,894 | ​
Supplies and expenses(2) | ​ |  | 2,809 | ​ |  | 3,629 | ​
Depreciation and amortization(3) | ​ |  | 5,078 | ​ |  | 5,068 | ​
Shared services(2) | ​ | ​ | 16,274 | ​ | ​ | 16,535 | ​
Contingent consideration(4) | ​ | ​ | 7,320 | ​ | ​ | 15,040 | ​
Other(2) | ​ | ​ | 5,714 | ​ |  | 6,854 | ​
Total Asset-Light | ​ |  | 411,621 | ​ |  | 452,183 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other and eliminations | ​ |  | (15,648) | ​ |  | (17,594) |
Total consolidated operating expenses | ​ | $ | 1,013,984 | ​ | $ | 1,084,935 | ​
(1) | Represents costs associated with the freight handling pilot test program at ABF Freight, for which the decision was made to pause the pilot during third quarter 2023.
(2) | For the 2023 period, certain expenses have been reclassed to conform to the current year presentation, including amounts previously reported in “Shared services” that were reclassed to present “Salaries, wages, and benefits” expenses in a separate line item, and certain immaterial facility rent expenses which were reclassed between line items.
(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).
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​
​ | ​ | March 31 | ​
​ | ​ | 2024 |  | 2023 |
​ | ​ | (in thousands)
OPERATING INCOME (LOSS) FROM CONTINUING OPERATIONS | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset-Based | ​ | $ | 53,456 | ​ | $ | 47,471 | ​
Asset-Light | ​ |  | (15,258) | ​ |  | (14,091) | ​
Other and eliminations | ​ |  | (15,763) | ​ |  | (12,221) | ​
Total consolidated operating income | ​ | $ | 22,435 | ​ | $ | 21,159 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
OTHER INCOME (COSTS) FROM CONTINUING OPERATIONS | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest and dividend income | ​ | $ | 3,315 | ​ | $ | 2,933 | ​
Interest and other related financing costs | ​ |  | (2,228) | ​ |  | (2,327) | ​
Other, net(1) | ​ |  | (28,199) | ​ |  | 1,780 | ​
Total other income (costs) | ​ |  | (27,112) | ​ |  | 2,386 | ​
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | ​ | $ | (4,677) | ​ | $ | 23,545 | ​
(1) | The 2024 period includes a noncash impairment charge to write off the Company’s equity investment in Phantom Auto, a provider of human-centered remote operation software, which ceased operations during first quarter 2024.
​
Schedule of revenues from customers and intersegment revenues | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended | ​
​ | ​ | March 31 | ​
​ |  | 2024 |  | 2023 |
​ | ​ | (in thousands)
Revenues from customers | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset-Based | ​ | $ | 640,576 | ​ | $ | 669,220 |
Asset-Light | ​ |  | 394,825 | ​ |  | 436,033 | ​
Other | ​ |  | 1,018 | ​ |  | 841 | ​
Total consolidated revenues |  | $ | 1,036,419 |  | $ | 1,106,094 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Intersegment revenues | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset-Based | ​ | $ | 30,891 | ​ | $ | 28,597 | ​
Asset-Light | ​ | ​ | 1,538 | ​ | ​ | 2,059 | ​
Other and eliminations | ​ | ​ | (32,429) | ​ | ​ | (30,656) | ​
Total intersegment revenues | ​ | $ | — |  | $ | — |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total segment revenues | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset-Based | ​ | $ | 671,467 | ​ | $ | 697,817 | ​
Asset-Light | ​ | ​ | 396,363 | ​ | ​ | 438,092 | ​
Other and eliminations | ​ | ​ | (31,411) | ​ | ​ | (29,815) | ​
Total consolidated revenues | ​ | $ | 1,036,419 | ​ | $ | 1,106,094 | ​
Schedule of consolidated operating expenses by component | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended | ​
​ | ​ | March 31 | ​
​ |  | 2024 |  | 2023 |
​ |  | (in thousands)
OPERATING EXPENSES | ​ | ​ | ​ | ​ | ​ | ​ | ​
Salaries, wages, and benefits | ​ | $ | 439,523 | ​ | $ | 436,982 | ​
Rents, purchased transportation, and other costs of services | ​ |  | 375,319 | ​ |  | 429,605 | ​
Fuel, supplies, and expenses(1) | ​ |  | 109,522 | ​ |  | 122,175 | ​
Depreciation and amortization(2) | ​ |  | 36,833 | ​ |  | 35,010 | ​
Contingent consideration(3) | ​ | ​ | 7,320 | ​ | ​ | 15,040 | ​
Other(1) | ​ |  | 45,467 | ​ |  | 46,123 | ​
​ | ​ | $ | 1,013,984 | ​ | $ | 1,084,935 | ​
(1) | For the 2023 period, certain facility rent expenses have been reclassed between line items to conform to the current year presentation. Adjustments made are not material.
(2) | Includes amortization of intangible assets.
(3) | Represents the change in fair value of the contingent earnout consideration related to the MoLo acquisition (see Note B).

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