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OPERATING SEGMENT DATA (Tables) | 9 Months Ended
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Sep. 30, 2024
OPERATING SEGMENT DATA |
Schedule of reportable operating segment information from continuing operations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended |
​ | ​ | September 30 | ​ | September 30 |
​ |  | 2024 |  | 2023 |  | 2024 |  | 2023 |
​ | ​ | (in thousands) |
REVENUES | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset-Based | ​ | $ | 709,722 | ​ | $ | 741,186 |  | $ | 2,093,914 |  | $ | 2,161,018 | ​
Asset-Light | ​ |  | 385,324 | ​ |  | 419,312 | ​ |  | 1,177,504 | ​ |  | 1,267,220 | ​
Other and eliminations | ​ |  | (31,922) | ​ |  | (32,148) | ​ |  | (94,044) | ​ |  | (90,330) | ​
Total consolidated revenues |  | $ | 1,063,124 |  | $ | 1,128,350 |  | $ | 3,177,374 |  | $ | 3,337,908 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
OPERATING EXPENSES | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset-Based | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Salaries, wages, and benefits | ​ | $ | 358,469 | ​ | $ | 357,582 |  | $ | 1,056,146 |  | $ | 1,037,725 | ​
Fuel, supplies, and expenses | ​ |  | 79,170 | ​ |  | 91,493 | ​ |  | 243,152 | ​ |  | 276,678 | ​
Operating taxes and licenses | ​ |  | 13,538 | ​ |  | 13,865 | ​ |  | 40,624 | ​ |  | 41,938 | ​
Insurance | ​ |  | 19,819 | ​ |  | 13,654 | ​ |  | 51,265 | ​ |  | 39,816 | ​
Communications and utilities | ​ |  | 4,793 | ​ |  | 4,729 | ​ |  | 14,004 | ​ |  | 14,586 | ​
Depreciation and amortization | ​ |  | 26,967 | ​ |  | 26,537 | ​ |  | 80,620 | ​ |  | 76,721 | ​
Rents and purchased transportation | ​ |  | 73,600 | ​ |  | 79,233 | ​ |  | 209,586 | ​ |  | 271,899 | ​
Shared services | ​ | ​ | 69,463 | ​ | ​ | 70,699 | ​ | ​ | 206,622 | ​ | ​ | 209,780 | ​
(Gain) loss on sale of property and equipment and lease impairment charges(1) | ​ |  | (1,688) | ​ |  | 540 | ​ |  | (1,630) | ​ |  | 905 | ​
Innovative technology costs(2) | ​ |  | — | ​ |  | 7,300 | ​ |  | — | ​ |  | 21,711 | ​
Other | ​ |  | 1,571 | ​ |  | 731 | ​ |  | 3,257 | ​ |  | 3,640 | ​
Total Asset-Based | ​ |  | 645,702 | ​ |  | 666,363 | ​ | ​ | 1,903,646 | ​ | ​ | 1,995,399 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset-Light | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Purchased transportation | ​ |  | 331,107 | ​ |  | 365,217 | ​ |  | 1,014,476 | ​ |  | 1,078,482 | ​
Salaries, wages, and benefits(3) | ​ | ​ | 30,150 | ​ |  | 31,193 | ​ | ​ | 91,490 | ​ | ​ | 98,688 | ​
Supplies and expenses(3) | ​ |  | 2,702 | ​ |  | 2,625 | ​ |  | 8,279 | ​ |  | 9,159 | ​
Depreciation and amortization(4) | ​ |  | 5,037 | ​ |  | 5,097 | ​ |  | 15,154 | ​ |  | 15,250 | ​
Shared services(3) | ​ | ​ | 17,547 | ​ | ​ | 16,218 | ​ | ​ | 51,118 | ​ | ​ | 49,232 | ​
Contingent consideration(5) | ​ | ​ | (91,910) | ​ | ​ | (17,840) | ​ | ​ | (80,740) | ​ | ​ | (12,800) | ​
Lease impairment charges(6) | ​ | ​ | — | ​ | ​ | 14,407 | ​ | ​ | — | ​ | ​ | 14,407 | ​
Other(3) | ​ | ​ | 5,912 | ​ |  | 6,099 | ​ | ​ | 17,704 | ​ | ​ | 19,417 | ​
Total Asset-Light | ​ |  | 300,545 | ​ |  | 423,016 | ​ |  | 1,117,481 | ​ |  | 1,271,835 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​
Other and eliminations(7) | ​ |  | (18,116) | ​ |  | (6,120) |  |  | (50,026) | ​ |  | (37,692) | ​
Total consolidated operating expenses | ​ | $ | 928,131 | ​ | $ | 1,083,259 | ​ | $ | 2,971,101 | ​ | $ | 3,229,542 | ​
(1) | The three and nine months ended September 30, 2023 include a $0.7 million noncash lease-related impairment charge for a service center.
(2) | 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.
(3) | For the three and nine months ended September 30, 2023, 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.
(4) | Depreciation and amortization includes amortization of intangibles associated with acquired businesses.
(5) | Represents the change in fair value of the contingent earnout consideration related to the MoLo acquisition (see Note B).
(6) | Represents noncash lease-related impairment charges for certain office spaces that were made available for sublease.
(7) | For the three and nine months ended September 30, 2023, “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 | ​
​ | ​ | 2024 |  | 2023 |  | 2024 |  | 2023 |
​ | ​ | (in thousands) |
OPERATING INCOME (LOSS) FROM CONTINUING OPERATIONS | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset-Based | ​ | $ | 64,020 | ​ | $ | 74,823 | ​ | $ | 190,268 | ​ | $ | 165,619 | ​
Asset-Light(1) | ​ |  | 84,779 | ​ |  | (3,704) | ​ |  | 60,023 | ​ |  | (4,615) | ​
Other and eliminations(2) | ​ |  | (13,806) | ​ |  | (26,028) | ​ |  | (44,018) | ​ |  | (52,638) | ​
Total consolidated operating income | ​ | $ | 134,993 | ​ | $ | 45,091 | ​ | $ | 206,273 | ​ | $ | 108,366 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
OTHER INCOME (COSTS) FROM CONTINUING OPERATIONS | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest and dividend income | ​ | $ | 3,130 | ​ | $ | 3,946 | ​ | $ | 9,686 | ​ | $ | 10,604 | ​
Interest and other related financing costs | ​ |  | (2,281) | ​ |  | (2,236) | ​ |  | (6,587) | ​ |  | (6,768) | ​
Other, net(3) | ​ |  | 862 | ​ |  | 89 | ​ |  | (28,118) | ​ |  | 6,907 | ​
Total other income (costs) | ​ |  | 1,711 | ​ |  | 1,799 | ​ |  | (25,019) | ​ |  | 10,743 | ​
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | ​ | $ | 136,704 | ​ | $ | 46,890 | ​ | $ | 181,254 | ​ | $ | 119,109 | ​
(1) | Includes the change in fair value of the contingent earnout consideration related to the MoLo acquisition (see Note B).
(2) | For the three and nine months ended September 30, 2023, “Other and eliminations” includes $15.1 million of noncash lease-related impairment charges for a freight handling pilot facility.
(3) | The nine months ended September 30, 2024 includes a noncash impairment charge to write off the Company’s equity investment in Phantom Auto, as previously discussed. The nine months ended September 30, 2023 includes a $3.7 million fair value increase related to the Company’s 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 |
​ |  | 2024 |  | 2023 |  | 2024 |  | 2023 |
​ | ​ | (in thousands) |
Revenues from customers | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset-Based | ​ | $ | 677,537 | ​ | $ | 709,126 |  | $ | 2,000,671 |  | $ | 2,073,101 | ​
Asset-Light | ​ |  | 384,125 | ​ |  | 417,744 | ​ |  | 1,173,327 | ​ |  | 1,261,703 | ​
Other | ​ |  | 1,462 | ​ |  | 1,480 | ​ |  | 3,376 | ​ |  | 3,104 | ​
Total consolidated revenues |  | $ | 1,063,124 |  | $ | 1,128,350 |  | $ | 3,177,374 |  | $ | 3,337,908 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Intersegment revenues | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset-Based | ​ | $ | 32,185 | ​ | $ | 32,060 | ​ | $ | 93,243 | ​ | $ | 87,917 | ​
Asset-Light | ​ | ​ | 1,199 | ​ | ​ | 1,568 | ​ | ​ | 4,177 | ​ | ​ | 5,517 | ​
Other and eliminations | ​ | ​ | (33,384) | ​ | ​ | (33,628) | ​ | ​ | (97,420) | ​ | ​ | (93,434) | ​
Total intersegment revenues | ​ | $ | — |  | $ | — |  | $ | — |  | $ | — | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total segment revenues | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset-Based | ​ | $ | 709,722 | ​ | $ | 741,186 | ​ | $ | 2,093,914 | ​ | $ | 2,161,018 | ​
Asset-Light | ​ | ​ | 385,324 | ​ | ​ | 419,312 | ​ | ​ | 1,177,504 | ​ | ​ | 1,267,220 | ​
Other and eliminations | ​ | ​ | (31,922) | ​ | ​ | (32,148) | ​ | ​ | (94,044) | ​ | ​ | (90,330) | ​
Total consolidated revenues | ​ | $ | 1,063,124 | ​ | $ | 1,128,350 | ​ | $ | 3,177,374 | ​ | $ | 3,337,908 | ​
Schedule of consolidated operating expenses by component | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended | ​ | Nine Months Ended |
​ | ​ | September 30 | ​ | September 30 | ​
​ |  | 2024 |  | 2023 |  | 2024 |  | 2023 |
​ |  | (in thousands) | ​
OPERATING EXPENSES | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Salaries, wages, and benefits | ​ | $ | 455,685 | ​ | $ | 456,022 | ​ | $ | 1,348,491 | ​ | $ | 1,342,123 | ​
Rents, purchased transportation, and other costs of services | ​ |  | 369,785 | ​ |  | 410,436 | ​ |  | 1,121,241 | ​ |  | 1,255,753 | ​
Fuel, supplies, and expenses(1) | ​ |  | 109,017 | ​ |  | 122,552 | ​ |  | 330,676 | ​ |  | 368,432 | ​
Depreciation and amortization(2) | ​ |  | 36,611 | ​ |  | 37,141 | ​ |  | 109,720 | ​ |  | 107,962 | ​
Contingent consideration(3) | ​ | ​ | (91,910) | ​ | ​ | (17,840) | ​ | ​ | (80,740) | ​ | ​ | (12,800) | ​
Lease impairment charges(4) | ​ | ​ | — | ​ | ​ | 30,162 | ​ | ​ | — | ​ | ​ | 30,162 | ​
Other(1) | ​ |  | 48,943 | ​ |  | 44,786 | ​ |  | 141,713 | ​ |  | 137,910 | ​
​ | ​ | $ | 928,131 | ​ | $ | 1,083,259 | ​ | $ | 2,971,101 | ​ | $ | 3,229,542 | ​
(1) | For the 2023 periods, 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).
(4) | 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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