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OPERATING SEGMENT DATA (Tables)

12 Months Ended

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 Vaux^TM 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.