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OPERATING SEGMENT DATA (Tables) | 12 Months Ended
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Dec. 31, 2024
OPERATING SEGMENT DATA |
Schedule of reportable operating segment information from continuing operations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022 |
​ | ​ | (in thousands) |
REVENUES | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset-Based | ​ | $ | 2,750,134 | ​ | $ | 2,871,004 | ​ | $ | 3,010,900 | ​
Asset-Light | ​ |  | 1,552,936 | ​ |  | 1,680,645 | ​ |  | 2,139,272 | ​
Other and eliminations | ​ |  | (124,051) | ​ |  | (124,206) | ​ |  | (121,164) | ​
Total consolidated revenues | ​ | $ | 4,179,019 | ​ | $ | 4,427,443 | ​ | $ | 5,029,008 | ​
OPERATING EXPENSES | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset-Based | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Salaries, wages, and benefits | ​ | $ | 1,387,491 | ​ | $ | 1,379,756 | ​ | $ | 1,293,487 | ​
Fuel, supplies, and expenses | ​ |  | 316,526 | ​ |  | 361,355 | ​ |  | 378,558 | ​
Operating taxes and licenses | ​ |  | 54,056 | ​ |  | 55,918 | ​ |  | 52,290 | ​
Insurance | ​ |  | 72,610 | ​ |  | 52,025 | ​ |  | 47,382 | ​
Communications and utilities | ​ |  | 19,336 | ​ |  | 19,288 | ​ |  | 18,949 | ​
Depreciation and amortization | ​ |  | 110,021 | ​ |  | 104,165 | ​ |  | 97,322 | ​
Rents and purchased transportation | ​ |  | 274,312 | ​ |  | 338,575 | ​ |  | 441,167 | ​
Shared services | ​ | ​ | 270,182 | ​ | ​ | 279,248 | ​ | ​ | 281,698 | ​
(Gain) loss on sale of property and equipment and asset impairment charges(1) | ​ |  | (803) | ​ |  | 982 | ​ |  | (12,468) | ​
Innovative technology costs(2) | ​ | ​ | — | ​ | ​ | 21,711 | ​ | ​ | 27,207 | ​
Other | ​ |  | 3,800 | ​ |  | 4,829 | ​ |  | 4,175 | ​
Total Asset-Based | ​ |  | 2,507,531 | ​ |  | 2,617,852 | ​ |  | 2,629,767 | ​
Asset-Light | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Purchased transportation | ​ |  | 1,339,783 | ​ |  | 1,435,604 | ​ |  | 1,784,668 | ​
Salaries, wages, and benefits(3) | ​ | ​ | 118,983 | ​ | ​ | 129,083 | ​ | ​ | 150,694 | ​
Supplies and expenses | ​ |  | 10,232 | ​ |  | 12,094 | ​ |  | 13,955 | ​
Depreciation and amortization(4) | ​ |  | 20,062 | ​ |  | 20,370 | ​ |  | 20,730 | ​
Shared services(3) | ​ | ​ | 68,346 | ​ | ​ | 65,308 | ​ | ​ | 67,439 | ​
Contingent consideration(5) | ​ | ​ | (90,250) | ​ | ​ | (19,100) | ​ | ​ | 18,300 | ​
Asset impairment charges(6) | ​ | ​ | 1,700 | ​ | ​ | 14,407 | ​ | ​ | — | ​
Legal settlement(7) | ​ | ​ | 274 | ​ | ​ | 9,500 | ​ | ​ | — | ​
Gain on sale of subsidiary(8) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (402) | ​
Other(3) | ​ | ​ | 25,362 | ​ |  | 25,650 | ​ |  | 31,163 | ​
Total Asset-Light | ​ |  | 1,494,492 | ​ |  | 1,692,916 | ​ |  | 2,086,547 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other and eliminations | ​ |  | (67,438) | ​ |  | (55,944) | ​ |  | (81,832) | ​
Total consolidated operating expenses | ​ | $ | 3,934,585 | ​ | $ | 4,254,824 | ​ | $ | 4,634,482 | ​
(1) | For 2023, includes a $0.7 million noncash lease-related impairment charge for an Asset-Based service center. 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.
(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 2023, certain expenses have been reclassified to conform to the current year presentation, including amounts previously reported in “Shared services” that were reclassified to present “Salaries, wages, and benefits” expenses in a separate line item. Adjustments made are not material.
(4) | Includes amortization of intangibles associated with acquired businesses.
(5) | Represents the change in fair value of the contingent earnout consideration recorded for the MoLo acquisition (see Note C).
(6) | For 2024, represents noncash asset impairment charges for certain revenue equipment and software recognized during fourth quarter 2024 as part of a strategic decision to adjust capacity within Asset-Light’s operations. For 2023, represents noncash lease-related impairment charges for certain office spaces that were made available for sublease.
(7) | Represents settlement expenses related to the classification of certain Asset-Light employees under the Fair Labor Standards Act, which were paid during first quarter 2025.
(8) | Represents the contingent amount recognized in second quarter 2022 when the funds from the gain on the sale of the labor services portion of the Asset-Light segment’s moving business were released from escrow.
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022 |
​ |  | (in thousands) |
OPERATING INCOME (LOSS) FROM CONTINUING OPERATIONS | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset-Based | ​ | $ | 242,603 | ​ | $ | 253,152 | ​ | $ | 381,133 | ​
Asset-Light(1) | ​ |  | 58,444 | ​ |  | (12,271) | ​ |  | 52,725 | ​
Other and eliminations(2) | ​ |  | (56,613) | ​ |  | (68,262) | ​ |  | (39,332) | ​
Total consolidated operating income | ​ | $ | 244,434 | ​ | $ | 172,619 | ​ | $ | 394,526 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
OTHER INCOME (COSTS) FROM CONTINUING OPERATIONS | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest and dividend income | ​ | $ | 11,618 | ​ | $ | 14,728 | ​ | $ | 3,873 | ​
Interest and other related financing costs | ​ |  | (8,980) | ​ |  | (9,094) | ​ |  | (7,726) | ​
Other, net(3) | ​ |  | (28,358) | ​ |  | 8,662 | ​ |  | (2,370) | ​
Total other income (costs) | ​ |  | (25,720) | ​ |  | 14,296 | ​ |  | (6,223) | ​
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | ​ | $ | 218,714 | ​ | $ | 186,915 | ​ | $ | 388,303 | ​
(1) | Includes the change in fair value of the contingent earnout consideration related to the MoLo acquisition (see Note C).
(2) | For 2023, “Other and eliminations” includes $15.1 million of noncash lease-related impairment charges for a freight handling pilot facility.
(3) | Includes the components of net periodic benefit cost (credit) 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. For 2024, includes a $28.7 million noncash impairment charge to write off the Company’s equity investment in Phantom Auto, as previously discussed. For 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 C).
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022 | ​
​ | ​ | (in thousands) | ​
CAPITAL EXPENDITURES, GROSS | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset-Based(1) | ​ | $ | 239,842 | ​ | $ | 207,072 | ​ | $ | 137,117 | ​
Asset-Light | ​ | ​ | 3,062 | ​ | ​ | 7,587 | ​ | ​ | 14,372 | ​
Other and eliminations(2)(3) | ​ |  | 60,913 | ​ |  | 37,752 | ​ |  | 77,720 | ​
​ | ​ | $ | 303,817 | ​ | $ | 252,411 | ​ | $ | 229,209 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2024 |  | 2023 |  | 2022 | ​
​ | ​ | (in thousands) | ​
DEPRECIATION AND AMORTIZATION EXPENSE(2) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset-Based | ​ | $ | 110,021 | ​ | $ | 104,165 | ​ | $ | 97,322 | ​
Asset-Light(4) | ​ | ​ | 20,062 | ​ | ​ | 20,370 | ​ | ​ | 20,730 | ​
Other and eliminations(2) | ​ |  | 19,004 | ​ |  | 20,814 | ​ |  | 20,107 | ​
​ | ​ | $ | 149,087 | ​ | $ | 145,349 | ​ | $ | 138,159 | ​
(1) | Includes assets acquired through notes payable of $80.7 million, $33.5 million, and $79.0 million in 2024, 2023, and 2022, 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 $12.8 million, $12.8 million, and $12.9 million in 2024, 2023, and 2022, respectively.
Schedule of revenues from customers and intersegment revenues | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022 |
​ | ​ | (in thousands) |
Revenues from customers | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset-Based | ​ | $ | 2,626,408 | ​ | $ | 2,749,803 | ​ | $ | 2,896,284 | ​
Asset-Light | ​ |  | 1,547,627 | ​ |  | 1,673,399 | ​ |  | 2,128,394 | ​
Other | ​ |  | 4,984 | ​ |  | 4,241 | ​ |  | 4,330 | ​
Total consolidated revenues | ​ | $ | 4,179,019 | ​ | $ | 4,427,443 | ​ | $ | 5,029,008 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Intersegment revenues | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset-Based | ​ | $ | 123,726 | ​ | $ | 121,201 | ​ | $ | 114,616 | ​
Asset-Light | ​ | ​ | 5,309 | ​ | ​ | 7,246 | ​ | ​ | 10,878 | ​
Other and eliminations | ​ | ​ | (129,035) | ​ | ​ | (128,447) | ​ | ​ | (125,494) | ​
Total intersegment revenues | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total segment revenues | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset-Based | ​ | $ | 2,750,134 | ​ | $ | 2,871,004 | ​ | $ | 3,010,900 | ​
Asset-Light | ​ | ​ | 1,552,936 | ​ | ​ | 1,680,645 | ​ | ​ | 2,139,272 | ​
Other and eliminations | ​ | ​ | (124,051) | ​ | ​ | (124,206) | ​ | ​ | (121,164) | ​
Total consolidated revenues | ​ | $ | 4,179,019 | ​ | $ | 4,427,443 | ​ | $ | 5,029,008 | ​
Schedule of consolidated operating expenses by component | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022 |
​ | ​ | (in thousands) | ​
OPERATING EXPENSES | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Salaries, wages, and benefits | ​ | $ | 1,768,581 | ​ | $ | 1,781,304 | ​ | $ | 1,728,653 | ​
Rents, purchased transportation, and other costs of services | ​ |  | 1,478,114 | ​ |  | 1,642,669 | ​ |  | 2,100,663 | ​
Fuel, supplies, and expenses | ​ |  | 433,237 | ​ |  | 479,688 | ​ |  | 488,009 | ​
Depreciation and amortization(1) | ​ |  | 149,087 | ​ |  | 145,349 | ​ |  | 138,159 | ​
Contingent consideration(2) | ​ | ​ | (90,250) | ​ | ​ | (19,100) | ​ | ​ | 18,300 | ​
Asset impairment charges(3) | ​ | ​ | 1,700 | ​ | ​ | 30,162 | ​ | ​ | — | ​
Other(4) | ​ |  | 194,116 | ​ |  | 194,752 | ​ |  | 160,698 | ​
​ | ​ | $ | 3,934,585 | ​ | $ | 4,254,824 | ​ | $ | 4,634,482 | ​
(1) | Includes amortization of intangibles assets.
(2) | Represents the change in fair value of the contingent earnout consideration related to the MoLo acquisition (see Notes C).
(3) | For 2024, represents noncash asset impairment charges for certain revenue equipment and software recognized during fourth quarter 2024 as part of a strategic decision to adjust capacity within Asset-Light’s operations. For 2023, represents noncash lease-related impairment charges for a freight handling pilot facility, a service center, and office spaces that were made available for sublease.
(4) | For 2023, includes $9.5 million settlement expenses related to the classification of certain Asset-Light employees under the Fair Labor Standards Act, which were paid during first quarter 2025. For 2022, includes a $12.5 million gain related to the sale of property and equipment within the Asset-Based segment and the sale of replaced equipment and a like-kind exchange of a service center property in the prior year. Includes innovative technology costs of $34.1 million, $52.4 million, and $40.8 million, for 2024, 2023, and 2022, respectively, associated with costs related to the Company’s customer pilot offering of VauxTM and initiatives to
| optimize performance through technological innovation. For 2023 and 2022, innovative technology costs were also incurred associated with the freight handling pilot program at ABF Freight, for which the decision was made to pause the pilot during third quarter 2023.

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