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).