XML 43 R29.htm IDEA: XBRL DOCUMENT v3.23.1
OPERATING SEGMENT DATA (Tables)
3 Months Ended
Mar. 31, 2023
OPERATING SEGMENT DATA  
Schedule of reportable operating segment information from continuing operations

Three Months Ended March 31

    

2023

    

2022

    

(in thousands)

REVENUES FROM CONTINUING OPERATIONS

Asset-Based

$

697,817

$

705,311

 

Asset-Light

 

438,092

 

595,284

Other and eliminations

 

(29,815)

 

(32,504)

Total consolidated revenues

 

$

1,106,094

 

$

1,268,091

 

OPERATING EXPENSES FROM CONTINUING OPERATIONS

Asset-Based

Salaries, wages, and benefits

$

335,605

$

313,497

 

Fuel, supplies, and expenses

 

94,288

 

84,831

Operating taxes and licenses

 

13,979

 

12,493

Insurance

 

13,273

 

10,431

Communications and utilities

 

5,304

 

4,687

Depreciation and amortization

 

24,911

 

24,305

Rents and purchased transportation

 

90,744

 

102,985

Shared services

64,613

67,150

Gain on sale of property and equipment

 

(51)

 

(2,695)

Innovative technology costs(1)

 

6,068

 

6,960

Other

 

1,612

 

633

Total Asset-Based

 

650,346

 

625,277

Asset-Light

Purchased transportation

 

370,163

 

508,380

Supplies and expenses

 

4,072

 

3,266

Depreciation and amortization(2)

 

5,068

 

5,180

Shared services

51,429

50,197

Contingent consideration(3)

15,040

810

Other

6,411

 

6,335

Total Asset-Light

 

452,183

 

574,168

Other and eliminations

 

(17,594)

 

(24,297)

 

Total consolidated operating expenses

$

1,084,935

$

1,175,148

OPERATING INCOME FROM CONTINUING OPERATIONS

Asset-Based

$

47,471

$

80,034

Asset-Light

 

(14,091)

 

21,116

Other and eliminations

 

(12,221)

 

(8,207)

Total consolidated operating income

$

21,159

$

92,943

OTHER INCOME (COSTS) FROM CONTINUING OPERATIONS

Interest and dividend income

$

2,933

$

99

Interest and other related financing costs

 

(2,327)

 

(1,940)

Other, net(4)

 

1,780

 

(826)

Total other income (costs)

 

2,386

 

(2,667)

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

$

23,545

$

90,276

(1)Represents costs associated with the freight handling pilot test program at ABF Freight.
(2)Depreciation and amortization includes amortization of intangibles associated with acquired businesses.
(3)Represents the increase in fair value of the contingent earnout consideration related to the MoLo acquisition (see Note B).
(4)Includes the components of net periodic benefit cost (credit) other than service cost related to the Company’s SBP and postretirement plans and proceeds and changes in cash surrender value of life insurance policies.

Schedule of revenues from customers and intersegment revenues

    

Three Months Ended March 31

    

2023

    

2022

    

(in thousands)

Revenues from customers

Asset-Based

$

669,220

$

675,518

 

Asset-Light

 

436,033

 

591,722

Other

 

841

 

851

Total consolidated revenues

 

$

1,106,094

 

$

1,268,091

 

Intersegment revenues

Asset-Based

$

28,597

$

29,793

Asset-Light

2,059

3,562

Other and eliminations

(30,656)

(33,355)

Total intersegment revenues

$

 

$

 

Total segment revenues

Asset-Based

$

697,817

$

705,311

Asset-Light

438,092

595,284

Other and eliminations

(29,815)

(32,504)

Total consolidated revenues

$

1,106,094

$

1,268,091

Schedule of consolidated operating expenses by component

    

Three Months Ended March 31

    

2023

    

2022

    

 

(in thousands)

OPERATING EXPENSES

Salaries, wages, and benefits

$

436,982

$

414,905

Rents, purchased transportation, and other costs of services

 

429,605

 

577,849

Fuel, supplies, and expenses

 

122,618

 

110,359

Depreciation and amortization(1)

 

35,010

 

34,396

Contingent consideration(2)

15,040

810

Other

 

45,680

 

36,829

$

1,084,935

$

1,175,148

(1)Includes amortization of intangible assets.
(2)Represents the increase in fair value of the contingent earnout consideration related to the MoLo acquisition (see Note B).