ArcBest (ARCB) 10-Q 5 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	Apr. 28, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	000-19969
Entity Registrant Name	ARCBEST CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	71-0673405
Entity Address, Address Line One	8401 McClure Drive
Entity Address, City or Town	Fort Smith
Entity Address, State or Province	AR
Entity Address, Postal Zip Code	72916
City Area Code	479
Local Phone Number	785-6000
Title of 12(b) Security	Common Stock
Trading Symbol	ARCB
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		23,953,189
Entity Central Index Key	0000894405
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 203,319	$ 158,264
Short-term investments	162,487	167,662
Accounts receivable, less allowances (2023 - $11,585; 2022 - $13,892)	470,440	517,494
Other accounts receivable, less allowances (2023 - $721; 2022 - $713)	11,485	11,016
Prepaid expenses	41,061	39,484
Prepaid and refundable income taxes	16,351	19,239
Current assets of discontinued operations		64,736
Other	11,887	11,888
TOTAL CURRENT ASSETS	917,030	989,783
PROPERTY, PLANT AND EQUIPMENT
Land and structures	418,011	401,840
Revenue equipment	1,039,771	1,038,832
Service, office, and other equipment	303,698	298,234
Software	170,523	167,164
Leasehold improvements	24,693	23,466
TOTAL PROPERTY, PLANT AND EQUIPMENT, Gross	1,956,696	1,929,536
Less allowances for depreciation and amortization	1,151,396	1,129,366
PROPERTY, PLANT AND EQUIPMENT, net	805,300	800,170
GOODWILL	304,753	304,753
INTANGIBLE ASSETS, net	110,622	113,733
OPERATING RIGHT-OF-USE ASSETS	189,610	166,515
DEFERRED INCOME TAXES	7,287	6,342
LONG-TERM ASSETS OF DISCONTINUED OPERATIONS		11,097
OTHER LONG-TERM ASSETS	96,991	101,893
TOTAL ASSETS	2,431,593	2,494,286
CURRENT LIABILITIES
Accounts payable	253,578	269,854
Income taxes payable	19,460	16,017
Accrued expenses	278,658	338,457
Current portion of contingent consideration	43,390
Current portion of long-term debt	64,491	66,252
Current portion of operating lease liabilities	28,466	26,225
Current liabilities of discontinued operations		51,665
TOTAL CURRENT LIABILITIES	688,043	768,470
LONG-TERM DEBT, less current portion	185,961	198,371
OPERATING LEASE LIABILITIES, less current portion	170,253	147,828
POSTRETIREMENT LIABILITIES, less current portion	12,169	12,196
LONG-TERM LIABILITIES OF DISCONTINUED OPERATIONS		781
CONTINGENT CONSIDERATION, less current portion	83,650	112,000
OTHER LONG-TERM LIABILITIES	34,248	42,745
DEFERRED INCOME TAXES	51,410	60,494
STOCKHOLDERS' EQUITY
Common stock, $0.01 par value, authorized 70,000,000 shares; issued 2023: 29,808,628 shares; 2022: 29,758,716 shares	298	298
Additional paid-in capital	340,481	339,582
Retained earnings	1,157,061	1,088,693
Treasury stock, at cost, 2023: 5,683,472 shares; 2022: 5,529,383 shares	(298,367)	(284,275)
Accumulated other comprehensive income	6,386	7,103
TOTAL STOCKHOLDERS' EQUITY	1,205,859	1,151,401
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 2,431,593	$ 2,494,286

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowances (in dollars)	$ 11,585	$ 13,892
Other accounts receivable, allowances (in dollars)	$ 721	$ 713
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized shares	70,000,000	70,000,000
Common stock, issued shares	29,808,628	29,758,716
Treasury stock, at cost, shares	5,683,472	5,529,383

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CONSOLIDATED STATEMENTS OF OPERATIONS
REVENUES	$ 1,106,094	$ 1,268,091
OPERATING EXPENSES	1,084,935	1,175,148
OPERATING INCOME	21,159	92,943
OTHER INCOME (COSTS)
Interest and dividend income	2,933	99
Interest and other related financing costs	(2,327)	(1,940)
Other, net	1,780	(826)
TOTAL OTHER INCOME (COSTS)	2,386	(2,667)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	23,545	90,276
INCOME TAX PROVISION	4,698	22,268
NET INCOME FROM CONTINUING OPERATIONS	18,847	68,008
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX	52,436	1,561
NET INCOME	$ 71,283	$ 69,569
BASIC EARNINGS PER COMMON SHARE
Continuing operations (in dollars per share)	$ 0.78	$ 2.75
Discontinued operations (in dollars per share)	2.16	0.06
BASIC EARNINGS PER COMMON SHARE (in dollars per share)	2.93	2.82
DILUTED EARNINGS PER COMMON SHARE
Continuing operations (in dollars per share)	0.75	2.62
Discontinued operations (in dollars per share)	2.09	0.06
DILUTED EARNINGS PER COMMON SHARE (in dollars per share)	$ 2.84	$ 2.68
AVERAGE COMMON SHARES OUTSTANDING
Basic (in shares)	24,288,138	24,710,685
Diluted (in shares)	25,057,726	25,911,200

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
NET INCOME	$ 71,283	$ 69,569
Amortization of unrecognized net periodic benefit credit, net of tax of: (2023 - $86; 2022 - $48)
Net actuarial gain	(247)	(141)
Interest rate swap and foreign currency translation:
Change in unrealized income (loss) on interest rate swap, net of tax of: (2023 - $161; 2022 - $517)	(452)	1,458
Change in foreign currency translation, net of tax of: (2023 - $6; 2022 - $108)	(18)	307
OTHER COMPREHENSIVE INCOME (LOSS), net of tax	(717)	1,624
TOTAL COMPREHENSIVE INCOME	$ 70,566	$ 71,193

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Amortization of unrecognized net periodic benefit credit, tax	$ (86)	$ (48)
Change in unrealized income (loss) on interest rate swap, tax	(161)	517
Change in foreign currency translation, tax	$ (6)	$ 108

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Share Repurchase Program	Total
Balances at Dec. 31, 2021	$ 294	$ 318,033	$ 801,314	$ (194,273)	$ 3,699		$ 929,067
Balances (in shares) at Dec. 31, 2021	29,360,000
Balances, Treasury stock (in shares) at Dec. 31, 2021				4,493,000
Increase (Decrease) in Stockholders' Equity
Net income			69,569				69,569
Other comprehensive (loss) income, net of tax					1,624		1,624
Issuance of common stock under share-based compensation plans (in shares)	25,000
Shares withheld for employee tax remittance on share-based compensation		(1,367)					(1,367)
Share-based compensation expense		2,763					2,763
Purchase of treasury stock				$ (16,506)			(16,506)
Purchase of treasury stock (in shares)				194,000
Forward contract for accelerated share repurchase		25,000		$ (25,000)
Forward contract for accelerated share repurchase (in shares)				214,000
Dividends declared on common stock			(1,978)				(1,978)
Balances at Mar. 31, 2022	$ 294	344,429	868,905	$ (235,779)	5,323		983,172
Balances (in shares) at Mar. 31, 2022	29,385,000
Balances, Treasury stock (in shares) at Mar. 31, 2022				4,901,000
Balances at Dec. 31, 2022	$ 298	339,582	1,088,693	$ (284,275)	7,103		$ 1,151,401
Balances (in shares) at Dec. 31, 2022	29,759,000
Balances, Treasury stock (in shares) at Dec. 31, 2022				5,529,000			5,529,383
Increase (Decrease) in Stockholders' Equity
Net income			71,283				$ 71,283
Other comprehensive (loss) income, net of tax					(717)		(717)
Issuance of common stock under share-based compensation plans (in shares)	50,000
Shares withheld for employee tax remittance on share-based compensation		(1,590)					(1,590)
Share-based compensation expense		2,489					2,489
Purchase of treasury stock				$ (14,092)		$ (14,100)	(14,092)
Purchase of treasury stock (in shares)				154,000		154,089
Dividends declared on common stock			(2,915)				(2,915)
Balances at Mar. 31, 2023	$ 298	$ 340,481	$ 1,157,061	$ (298,367)	$ 6,386		$ 1,205,859
Balances (in shares) at Mar. 31, 2023	29,809,000
Balances, Treasury stock (in shares) at Mar. 31, 2023				5,683,000			5,683,472

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
OPERATING ACTIVITIES
Net income	$ 71,283	$ 69,569
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	32,187	31,591
Amortization of intangibles	3,203	3,232
Share-based compensation expense	2,235	2,763
Provision for losses on accounts receivable	1,427	1,628
Change in deferred income taxes	(9,814)	(1,417)
Gain on sale of property and equipment	(9)	(3,002)
Pre-tax gain on sale of discontinued operations	(69,083)
Changes in operating assets and liabilities:
Receivables	43,977	(103,677)
Prepaid expenses	(1,464)	(2,858)
Other assets	3,874	(2,781)
Income taxes	6,221	(3,017)
Operating right-of-use assets and lease liabilities, net	1,570	14
Accounts payable, accrued expenses, and other liabilities	(64,944)	(3,298)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	20,663	(11,253)
INVESTING ACTIVITIES
Purchases of property, plant and equipment, net of financings	(34,657)	(19,471)
Proceeds from sale of property and equipment	1,833	5,334
Proceeds from sale of discontinued operations	101,138
Purchases of short-term investments	(35,588)	(12,339)
Proceeds from sale of short-term investments	41,865	23,590
Capitalization of internally developed software	(3,631)	(4,510)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	70,960	(7,396)
FINANCING ACTIVITIES
Borrowings under credit facilities		58,000
Payments on long-term debt	(17,649)	(32,967)
Net change in book overdrafts	(10,493)	955
Deferred financing costs	63
Payment of common stock dividends	(2,915)	(1,978)
Purchases of treasury stock	(14,092)	(16,506)
Payments for tax withheld on share-based compensation	(1,590)	(1,367)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	(46,676)	6,137
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	44,947	(12,512)
CASH AND CASH EQUIVALENTS AT END OF PERIOD	203,319	64,108
NONCASH INVESTING ACTIVITIES
Equipment financed	3,478	8,113
Accruals for equipment received	1,453	712
Lease liabilities arising from obtaining right-of-use assets	$ 30,581	$ 25,473

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF CASH FLOWS
Cash and cash equivalents of continuing operations	$ 158,264	$ 76,568
Cash and cash equivalents of discontinued operations	$ 108	$ 52

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF THE BUSINESS AND FINANCIAL STATEMENT PRESENTATION	3 Months Ended
	Mar. 31, 2023
ORGANIZATION AND DESCRIPTION OF THE BUSINESS AND FINANCIAL STATEMENT PRESENTATION
ORGANIZATION AND DESCRIPTION OF THE BUSINESS AND FINANCIAL STATEMENT PRESENTATION	NOTE A – ORGANIZATIO N AND DESCRIPTION OF THE BUSINESS AND FINANCIAL STATEMENT PRESENTATION ​ ArcBest Corporation ™ ® ​ The Asset-Based segment represented approximately 61% of the Company’s total revenues before other revenues and intercompany eliminations for the three months ended March 31, 2023. As of March 2023, approximately 82% of the Asset-Based segment’s employees were covered under a collective bargaining agreement, the ABF National Master Freight Agreement (the “2018 ABF NMFA”), with the International Brotherhood of Teamsters (the “IBT”), which will remain in effect through June 30, 2023. ABF Freight began negotiations with the IBT in late March 2023 for its new collective bargaining agreement for the period subsequent to June 30, 2023. The risks related to negotiations for the new collective bargaining agreement are further discussed in Part I, Item 1A (Risk Factors) of our 2022 Annual Report on Form 10-K. ​ Financial Statement Presentation ​ On February 28, 2023, the Company sold FleetNet America, Inc. (“FleetNet”), a wholly owned subsidiary and reportable operating segment of the Company, for an aggregate purchase price of $101.1 million in cash, subject to certain tax and other customary adjustments. The sale of FleetNet is a strategic shift for the Company as it is exiting the fleet roadside assistance and maintenance management business; therefore, the sale is accounted for as discontinued operations. As such, historical results of FleetNet have been excluded from both continuing operations and segment results for all periods presented, and reclassifications have been made to the prior-period financial statements to conform to the current-year presentation. Related assets and liabilities associated with FleetNet are classified as discontinued operations in the consolidated balance sheets for all periods presented. The cash flows related to the discontinued operations have not been segregated and are included in the consolidated statements of cash flows. Unless otherwise indicated, all amounts in this Quarterly Report on Form 10-Q refer to continuing operations, including comparisons to the prior year. For more information on our discontinued operations, see Note C. ​ Certain reclassifications have also been made to the prior period presentation of other long-term liabilities in the consolidated balance sheets to conform to the current year presentation. Long-term portion of contingent consideration liability previously presented in other long-term liabilities has been reclassed to a separate line in the consolidated balance sheets. ​ The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) pertaining to interim financial information. Accordingly, these interim financial statements do not include all information or footnote disclosures required by accounting principles generally accepted in the United States for complete financial statements and, therefore, should be read in conjunction with the audited financial statements and accompanying notes included in the Company’s 2022 Annual Report on Form 10-K, which have not been adjusted to reflect FleetNet as discontinued operations, and other current filings with the SEC. In the opinion of management, all adjustments (which are of a normal and recurring nature) considered necessary for a fair presentation have been included. ​ The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual amounts may differ from those estimates. ​ Accounting Pronouncements Not Yet Adopted ​ Management believes there is no new accounting guidance issued but not yet effective that would have a material impact to the Company’s current financial statements. ​

FINANCIAL INSTRUMENTS AND FAIR

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2023
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS	NOTE B – FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS ​ Financial Instruments ​ The following table presents the components of cash and cash equivalents and short-term investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31 December 31 ​ ​ 2023 ​ 2022 ​ ​ (in thousands) ​ Cash and cash equivalents ​ ​ ​ ​ ​ ​ ​ Cash deposits (1)(2) ​ $ 129,640 ​ $ 137,247 ​ Variable rate demand notes (1)(3) ​ 121 ​ 9,285 ​ Money market funds (4) ​ 73,558 ​ 11,732 ​ Total cash and cash equivalents ​ $ 203,319 ​ $ 158,264 ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term investments ​ ​ ​ ​ ​ ​ ​ Certificates of deposit (1) ​ $ 113,307 ​ $ 88,851 ​ U.S. Treasury securities (5) ​ ​ 49,180 ​ ​ 78,811 ​ Total short-term investments ​ $ 162,487 ​ $ 167,662 ​ ​ (1) Recorded at cost plus accrued interest, which approximates fair value. (2) The December 31, 2022 balance reflects the reclassification of FleetNet cash deposits to discontinued operations. (3) Amounts may be redeemed on a daily basis with the original issuer. (4) Recorded at fair value as determined by quoted market prices (see amounts presented in the table of financial assets and liabilities measured at fair value within this Note). (5) Recorded at amortized cost plus accrued interest, which approximates fair value. U.S. Treasury securities included in short-term investments are held-to-maturity investments with maturity dates of less than one year. ​ The Company’s long-term financial instruments are presented in the table of financial assets and liabilities measured at fair value within this Note. ​ Concentrations of Credit Risk of Financial Instruments The Company is potentially subject to concentrations of credit risk related to its cash, cash equivalents, and short-term investments. The Company reduces credit risk by maintaining its cash deposits and short-term investments in accounts and certificates of deposit which are primarily FDIC-insured or in direct obligations of the U.S. government. At March 31, 2023 and December 31, 2022, cash deposits and short-term investments which were neither FDIC insured nor direct obligations of the U.S. government totaled $105.2 million and $87.6 million, respectively. The Company also holds money market funds which are invested in U.S. government securities and repurchase agreements collateralized solely by U.S. government securities. ​ Fair Value Disclosure of Financial Instruments Fair value disclosures are made in accordance with the following hierarchy of valuation techniques based on whether the inputs of market data and market assumptions used to measure fair value are observable or unobservable: ​ ● Level 1 — Quoted prices for identical assets and liabilities in active markets. ● Level 2 — Quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. ● Level 3 — Unobservable inputs (Company’s market assumptions) that are significant to the valuation model. ​ Fair value and carrying value disclosures of financial instruments are presented in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31 ​ December 31 ​ ​ 2023 2022 ​ ​ (in thousands) ​ ​ ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ ​ ​ ​ Value ​ Value ​ Value ​ Value ​ Credit Facility (1) ​ $ 50,000 ​ $ 50,000 ​ $ 50,000 ​ $ 50,000 ​ Notes payable (2) ​ 200,452 ​ 194,705 ​ 214,623 ​ 207,778 ​ New England Pension Fund withdrawal liability (3) ​ ​ 19,929 ​ ​ 19,253 ​ ​ 20,100 ​ ​ 18,911 ​ ​ ​ $ 270,381 ​ $ 263,958 ​ $ 284,723 ​ $ 276,689 ​ ​ (1) The revolving credit facility (the “Credit Facility”) carries a variable interest rate based on Secured Overnight Financing Rate (“SOFR”), plus a margin, priced at market for debt instruments having similar terms and collateral requirements (Level 2 of the fair value hierarchy). (2) Fair value of the notes payable was determined using a present value income approach based on quoted interest rates from lending institutions with which the Company would enter into similar transactions (Level 2 of the fair value hierarchy). (3) ABF Freight’s multiemployer pension plan obligation with the New England Teamsters and Trucking Industry Pension Fund (the “New England Pension Fund”) was restructured under a transition agreement effective on August 1, 2018, which resulted in a related withdrawal liability. The fair value of the outstanding withdrawal liability is equal to the present value of the future withdrawal liability payments, discounted at an interest rate of 4.9% and 5.3% at March 31, 2023 and December 31, 2022, respectively, determined using the 20-year U.S. Treasury rate plus a spread (Level 2 of the fair value hierarchy). As of March 31, 2023, the outstanding withdrawal liability totaled $19.9 million, of which $0.7 million and $19.2 million were recorded in accrued expenses and other long-term liabilities, respectively. ​ Assets and Liabilities Measured at Fair Value on a Recurring Basis ​ The following table presents the assets and liabilities that are measured at fair value on a recurring basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ ​ ​ ​ ​ ​ Fair Value Measurements Using ​ ​ ​ ​ ​ ​ Quoted Prices Significant Significant ​ ​ ​ ​ ​ In Active ​ Observable ​ Unobservable ​ ​ ​ ​ ​ ​ Markets ​ Inputs ​ Inputs ​ ​ ​ Total (Level 1) (Level 2) (Level 3) ​ ​ (in thousands) ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds (1) ​ $ 73,558 ​ $ 73,558 ​ $ — ​ $ — ​ Equity, bond, and money market mutual funds held in trust related to the Voluntary Savings Plan (2) ​ 3,898 ​ 3,898 ​ — ​ — ​ Interest rate swap (3) ​ ​ 2,913 ​ ​ — ​ ​ 2,913 ​ ​ — ​ ​ ​ $ 80,369 ​ $ 77,456 ​ $ 2,913 ​ $ — ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration (4) ​ ​ 127,040 ​ ​ — ​ ​ — ​ ​ 127,040 ​ ​ ​ $ 127,040 ​ $ — ​ $ — ​ $ 127,040 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ ​ Fair Value Measurements Using ​ ​ ​ ​ ​ ​ Quoted Prices Significant Significant ​ ​ ​ ​ ​ In Active ​ Observable ​ Unobservable ​ ​ ​ ​ ​ ​ Markets ​ Inputs ​ Inputs ​ ​ ​ Total (Level 1) (Level 2) (Level 3) ​ ​ (in thousands) ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds (1) ​ $ 11,732 ​ $ 11,732 ​ $ — ​ $ — ​ Equity, bond, and money market mutual funds held in trust related to the Voluntary Savings Plan (2) ​ 3,982 ​ 3,982 ​ — ​ — ​ Interest rate swap (3) ​ ​ 3,526 ​ ​ — ​ ​ 3,526 ​ ​ — ​ ​ ​ $ 19,240 ​ $ 15,714 ​ $ 3,526 ​ $ — ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration (4) ​ ​ 112,000 ​ ​ — ​ ​ — ​ ​ 112,000 ​ ​ ​ $ 112,000 ​ $ — ​ $ — ​ $ 112,000 ​ ​ (1) Included in cash and cash equivalents. (2) Nonqualified deferred compensation plan investments consist of U.S. and international equity mutual funds, government and corporate bond mutual funds, and money market funds which are held in a trust with a third-party brokerage firm. Included in other long-term assets, with a corresponding liability reported within other long-term liabilities. (3) Included in other long-term assets. The fair value of the interest rate swap was determined by discounting future cash flows and receipts based on expected interest rates observed in market interest rate curves adjusted for estimated credit valuation considerations reflecting nonperformance risk of the Company and the counterparty, which are generally considered to be in Level 3 of the fair value hierarchy. However, the Company assessed Level 3 inputs as insignificant to the valuation at March 31, 2023 and December 31, 2022, and considers the interest rate swap valuation in Level 2 of the fair value hierarchy. (4) As part of the Agreement and Plan of Merger (the “Merger Agreement”) of MoLo, executed in November 2021, certain additional cash consideration is required to be paid by the Company based on the achievement of certain incremental targets of adjusted earnings before interest, taxes, depreciation and amortization for each of the years ended December 31, 2023, 2024, and 2025. At 100% of the target, the cumulative additional consideration for years 2023 through 2025 would be $215.0 million, with the possible undiscounted cash consideration due ranging from a total of $95.0 million at 80% of target to $455.0 million at 300% of target, as outlined in the Merger Agreement. The estimated fair value of contingent earnout consideration is determined by assessing Level 3 inputs. The Level 3 assessments utilize a Monte Carlo simulation with inputs including scenarios of estimated revenues and earnings before interest, taxes, depreciation and amortization to be achieved for the applicable performance periods, volatility factors applied to the simulations, and the discount rate applied, which was 13.7% and 14.0% as of March 31, 2023 and December 31, 2022, respectively. Changes in the significant unobservable inputs might result in a significantly higher or lower fair value at the reporting date. As of March 31, 2023, the contingent earnout consideration totaled $127.0 million, of which $43.4 million was recorded in current liabilities based on when expected payouts become due, and the remaining portion was recorded in long-term liabilities. The increase in fair value upon the remeasurement at March 31, 2023 reflects increases in assumptions for business growth, combined with a lower discount rate versus the previous measurement period. Adjustments to the contingent earnout consideration liability are included in operating income. ​ The following table provides the changes in fair value of the liabilities measured at fair value using inputs categorized in Level 3 of the fair value hierarchy: ​ ​ ​ ​ ​ ​ ​ ​ Contingent Consideration ​ ​ ​ (in thousands) ​ Balances at December 31, 2022 ​ $ 112,000 ​ Change in fair value included in operating income ​ ​ 15,040 ​ Balances at March 31, 2023 ​ $ 127,040 ​ ​

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	3 Months Ended
	Mar. 31, 2023
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS	NOTE C – DISCONTINUED OPERATIONS ​ On February 28, 2023, the Company sold FleetNet, an indirect wholly owned subsidiary of the Company, for an aggregate cash purchase price of $101.1 million, subject to certain tax and other customary adjustments and recorded a pre-tax gain on sale of $69.1 million, or $51.4 million, net of tax. FleetNet provided roadside repair solutions and vehicle maintenance management services for commercial and private fleets through a network of third-party service providers. The financial results of FleetNet have been accounted for as discontinued operations for all periods presented. The sale of FleetNet allows the Company to focus on growing its continuing operations, as FleetNet was no longer core to the Company’s growth initiatives. ​ The following table summarizes the financial results from discontinued operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31 ​ ​ ​ 2023 ​ 2022 ​ ​ (in thousands) ​ Revenues ​ $ 55,929 ​ $ 66,983 ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating expenses ​ ​ ​ ​ ​ ​ ​ Gain on sale of business (1) ​ ​ (69,083) ​ ​ — ​ Other ​ ​ 54,623 ​ ​ 64,998 ​ ​ ​ ​ (14,460) ​ ​ 64,998 ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income ​ ​ 70,389 ​ ​ 1,985 ​ ​ ​ ​ ​ ​ ​ ​ ​ Other income, net (2) ​ ​ 17 ​ ​ 8 ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from discontinued operations before income taxes ​ ​ 70,406 ​ ​ 1,993 ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax provision ​ ​ 17,970 ​ ​ 432 ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from discontinued operations, net of tax ​ $ 52,436 ​ $ 1,561 ​ (1) Includes estimated transaction costs of $4.4 million consisting of consulting fees, professional fees, and employee-related expenses. (2) Includes interest expense, which is immaterial for the three months ended March 31, 2023 and 2022. ​ The following table summarizes the assets and liabilities from discontinued operations: ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ (in thousands) ​ Cash and cash equivalents ​ $ 108 ​ Accounts receivable, net ​ ​ 63,022 ​ Other current assets ​ ​ 1,606 ​ Total current assets of discontinued operations ​ $ 64,736 ​ ​ ​ ​ ​ ​ Property, plant and equipment, net ​ ​ 10,350 ​ Goodwill ​ ​ 630 ​ Intangible assets, net ​ ​ 63 ​ Other long-term assets ​ ​ 54 ​ Total long-term assets of discontinued operations ​ $ 11,097 ​ ​ ​ ​ ​ ​ Accounts payable ​ ​ 47,687 ​ Income taxes payable ​ ​ 613 ​ Accrued expenses ​ ​ 3,365 ​ Total current liabilities of discontinued operations ​ $ 51,665 ​ ​ ​ ​ ​ ​ Deferred tax liability ​ ​ 781 ​ Total long-term liabilities of discontinued operations ​ $ 781 ​ ​ Cash flows from discontinued operations of FleetNet were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31 ​ 2023 2022 ​ ​ (in thousands) Net cash provided by (used in) operating activities (1) ​ $ 762 ​ $ (749) Net cash used in investing activities (2) ​ ​ (398) ​ ​ (1,062) Net cash provided by (used in) financing activities ​ ​ (472) ​ ​ 1,867 Net increase (decrease) in cash and cash equivalents ​ $ (108) ​ $ 56 (1) Includes depreciation and amortization expense of $0.4 million for the three-month periods ended March 31, 2023 and 2022 . Also includes share-based compensation expense for the three months ended March 31, 2023 of $0.3 million, which is included in the “Pre-tax gain on sale of discontinued operations” line of the consolidated statements of cash flows. (2) Includes purchases of property, plant and equipment of $0.1 million and $0.7 million for the three months ended March 31, 2023 and 2022, respectively. ​

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2023
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS	NOTE D – GOODWILL AND INTANGIBLE ASSETS ​ Goodwill represents the excess of cost over the fair value of net identifiable tangible and intangible assets acquired. The December 31, 2022 balance has been adjusted to reclassify the goodwill portion related to FleetNet of $0.6 million to discontinued operations. The remaining goodwill balance of $304.8 million at both March 31, 2023 and December 31, 2022, primarily relates to the Asset-Light segment acquisitions of MoLo and Panther. ​ Intangible assets consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ December 31, 2022 (1) ​ ​ Weighted-Average ​ ​ ​ ​ Accumulated ​ Net ​ ​ ​ ​ Accumulated ​ Net ​ Amortization Period Cost Amortization Value ​ Cost Amortization Value ​ ​ (in years) ​ (in thousands) ​ (in thousands) Finite-lived intangible assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships 12 ​ $ 99,579 ​ $ 45,040 ​ $ 54,539 ​ $ 99,579 ​ $ 42,933 ​ $ 56,646 ​ Other ​ 8 ​ ​ 29,998 ​ ​ 6,215 ​ ​ 23,783 ​ ​ 29,914 ​ ​ 5,127 ​ ​ 24,787 ​ ​ 11 ​ 129,577 ​ 51,255 ​ 78,322 ​ ​ 129,493 ​ 48,060 ​ 81,433 ​ Indefinite-lived intangible assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade name N/A ​ 32,300 ​ N/A ​ 32,300 ​ ​ 32,300 ​ N/A ​ 32,300 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total intangible assets N/A ​ $ 161,877 ​ $ 51,255 ​ $ 110,622 ​ $ 161,793 ​ $ 48,060 ​ $ 113,733 ​ (1) The December 31, 2022 balances reflect the reclassification of intangibles of FleetNet to discontinued operations. ​ ​ The future amortization for intangible assets as of March 31, 2023, was as follows: ​ ​ ​ ​ ​ ​ ​ Amortization of ​ ​ Intangible Assets ​ ​ (in thousands) ​ Remainder of 2023 ​ $ 9,586 ​ 2024 ​ 12,778 ​ 2025 ​ 12,778 ​ 2026 ​ 8,671 ​ 2027 ​ ​ 7,247 ​ Thereafter ​ ​ 27,262 ​ Total amortization ​ $ 78,322 ​ ​

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2023
INCOME TAXES
INCOME TAXES	NOTE E – INCOME TAXES ​ The Company’s total effective tax rate was 24.1% and 24.6% for the three months ended March 31, 2023 and 2022, respectively, including discontinued operations which are further discussed in Note C. The effective tax rate from continuing operations was 20.0% and 24.7% for the three months ended March 31, 2023 and 2022, respectively. State tax rates vary among states and average approximately 6.0% to 6.5%, although some state rates are higher, and a small number of states do not impose an income tax. ​ For the three months ended March 31, 2023 and 2022, the difference between the Company’s effective tax rate from continuing operations and the federal statutory rate resulted from state income taxes, nondeductible expenses, changes in the cash surrender value of life insurance, the federal research and development tax credit, changes in tax valuation allowances, and the tax benefit from the vesting of stock awards. The Company’s effective tax rate for the three months ended March 31, 2023, was also impacted by the reinstatement of the federal alternative fuel tax credit. ​ As of March 31, 2023, the Company’s deferred tax liabilities, which will reverse in future years, exceeded the deferred tax assets. The Company evaluated the total deferred tax assets at March 31, 2023, and concluded that, other than for certain deferred tax assets related to foreign and state tax credit carryforwards and state net operating losses, the assets did not exceed the amount for which realization is more likely than not. In making this determination, the Company considered the future reversal of existing taxable temporary differences, future taxable income, and tax planning strategies. Valuation allowances for deferred tax assets totaled $1.7 million at both March 31, 2023 and December 31, 2022. ​ For the three months ended March 31, 2023, the Company paid federal, state, and foreign income taxes of $27.7 million and received refunds of $1.6 million of federal and state income taxes that were paid in prior years. For the three months ended March 31, 2022, the Company paid federal and state income taxes of $27.2 million and received refunds of less than $0.1 million that were paid in prior years. ​ Income tax expense reflected in discontinued operations is $18.0 million, or an effective tax rate of 25.5%, for the three months ended March 31, 2023, which primarily consisted of federal and state income taxes on the gain on the sale of FleetNet, and $0.4 million, or an effective tax rate of 21.7%, for the three months ended March 31, 2022. ​

LEASES

LEASES	3 Months Ended
	Mar. 31, 2023
LEASES
LEASES	NOTE F – LEASES ​ The Company leases, under finance and operating lease arrangements, certain facilities used primarily in the Asset-Based segment service center operations, certain revenue equipment used in the Asset-Light segment operations, and certain other office equipment. ​ The components of operating lease expense were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31 ​ ​ 2023 2022 ​ ​ (in thousands) ​ Operating lease expense ​ $ 9,166 ​ $ 7,083 ​ Variable lease expense ​ ​ 1,540 ​ ​ 976 ​ Sublease income ​ ​ (114) ​ ​ (161) ​ Total operating lease expense (1) ​ $ 10,592 ​ $ 7,898 ​ (1) Operating lease expense excludes short-term leases with a term of 12 months or less. ​ The operating cash flows from operating lease activity were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31 ​ ​ 2023 ​ 2022 ​ ​ (in thousands) ​ Noncash change in operating right-of-use assets ​ $ 7,485 ​ $ 6,171 ​ Change in operating lease liabilities ​ ​ (5,915) ​ ​ (6,157) ​ Operating right-of-use-assets and lease liabilities, net ​ $ 1,570 ​ $ 14 ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of operating lease liabilities ​ $ (7,596) ​ $ (7,071) ​ ​ Maturities of operating lease liabilities at March 31, 2023, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equipment ​ ​ ​ ​ ​ ​ Land and ​ and ​ ​ Total Structures (1) Other ​ (in thousands) ​ Remainder of 2023 ​ $ 26,455 ​ $ 26,161 ​ $ 294 ​ 2024 ​ 35,844 ​ 35,527 ​ 317 ​ 2025 ​ 32,060 ​ 32,037 ​ 23 ​ 2026 ​ 29,118 ​ 29,118 ​ — ​ 2027 ​ 22,883 ​ 22,883 ​ — ​ Thereafter ​ 87,528 ​ 87,528 ​ — ​ Total lease payments ​ ​ 233,888 ​ ​ 233,254 ​ ​ 634 ​ Less imputed interest ​ ​ (35,169) ​ ​ (35,147) ​ ​ (22) ​ Total ​ $ 198,719 ​ $ 198,107 ​ $ 612 ​ (1) Excludes future minimum lease payments for leases which were executed but had not yet commenced as of March 31, 2023, totaling $32.0 million which will be paid over approximately 10 years .

LONG-TERM DEBT AND FINANCING AR

LONG-TERM DEBT AND FINANCING ARRANGEMENTS	3 Months Ended
	Mar. 31, 2023
LONG-TERM DEBT AND FINANCING ARRANGEMENTS
LONG-TERM DEBT AND FINANCING ARRANGEMENTS	NOTE G – LONG-TERM DEBT AND FINANCING ARRANGEMENTS ​ Long-Term Debt Obligations ​ Long-term debt consisted of borrowings outstanding under the Company’s revolving credit facility, which is further described in Financing Arrangements within this Note, notes payable and finance lease obligations related to the financing of revenue equipment (tractors and trailers used primarily in Asset-Based segment operations), certain other equipment, and software as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31 ​ December 31 ​ ​ 2023 2022 ​ ​ (in thousands) ​ Credit Facility (interest rate of 6.0% (1) ​ $ 50,000 ​ $ 50,000 ​ Notes payable (weighted-average interest rate of 3.4% at March 31, 2023) ​ 200,452 ​ 214,623 ​ ​ ​ 250,452 ​ 264,623 ​ Less current portion ​ 64,491 ​ 66,252 ​ Long-term debt, less current portion ​ $ 185,961 ​ $ 198,371 ​ ​ (1) The interest rate swap mitigates interest rate risk by effectively converting the $50.0 million of borrowings under the Credit Facility from variable-rate interest to fixed-rate interest with a per annum rate of 1.55% based on the margin of the Credit Facility as of both March 31, 2023 and December 31, 2022. ​ ​ Scheduled maturities of long-term debt obligations as of March 31, 2023, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit ​ Notes ​ ​ Total Facility (1) Payable ​ (in thousands) ​ Due in one year or less $ 73,256 $ 2,981 $ 70,275 ​ Due after one year through two years ​ 113,166 ​ 51,217 ​ 61,949 ​ Due after two years through three years ​ 40,882 ​ — ​ 40,882 ​ Due after three years through four years ​ 29,413 ​ — ​ 29,413 ​ Due after four years through five years ​ 11,261 ​ — ​ 11,261 ​ Total payments ​ 267,978 ​ 54,198 ​ 213,780 ​ Less amounts representing interest ​ 17,526 ​ 4,198 ​ 13,328 ​ Long-term debt $ 250,452 $ 50,000 $ 200,452 ​ (1) The future interest payments included in the scheduled maturities due are calculated using variable interest rates based on the SOFR swap curve, plus the anticipated applicable margin, exclusive of payments on the interest rate swap. ​ Assets securing notes payable or held under finance leases were included in property, plant and equipment as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31 ​ December 31 ​ ​ 2023 2022 ​ ​ (in thousands) Revenue equipment $ 305,925 $ 294,700 ​ Service, office, and other equipment ​ ​ 39,121 ​ ​ 41,522 ​ Total assets securing notes payable or held under finance leases ​ 345,046 ​ 336,222 ​ Less accumulated depreciation and amortization (1) ​ 130,896 ​ 119,244 ​ Net assets securing notes payable or held under finance leases ​ $ 214,150 ​ $ 216,978 ​ ​ ​ (1) Amortization of assets held under finance leases and depreciation of assets securing notes payable are included in depreciation expense. ​ Financing Arrangements ​ Credit Facility As of March 31, 2023, the Company has a revolving credit facility (the “Credit Facility”) under its Fourth Amended and Restated Credit Agreement (the “Credit Agreement”), with an initial maximum credit amount of up to $250.0 million, including a swing line facility in an aggregate amount of up to $40.0 million and a letter of credit sub-facility providing for the issuance of letters of credit up to an aggregate amount of $20.0 million. The Company may request additional revolving commitments or incremental term loans thereunder up to an aggregate amount of $125.0 million, subject to the satisfaction of certain additional conditions as provided in the Credit Agreement. As of March 31, 2023, the Company had available borrowing capacity of $200.0 million under the initial maximum credit amount of the Credit Facility. ​ Principal payments under the Credit Facility are due upon maturity of the facility on October 7, 2027; however, borrowings may be repaid, at the Company’s discretion, in whole or in part at any time, without penalty, subject to required notice periods and compliance with minimum prepayment amounts. In addition, the Credit Facility requires the Company to pay a fee on unused commitments. The Credit Agreement contains conditions, representations and warranties, events of default, and indemnification provisions that are customary for financings of this type, including, but not limited to, a minimum interest coverage ratio, a maximum adjusted leverage ratio, and limitations on incurrence of debt, investments, liens on assets, certain sale and leaseback transactions, transactions with affiliates, mergers, consolidations, and sales of assets. The Company was in compliance with the covenants under the Credit Agreement at March 31, 2023. ​ Interest Rate Swaps The Company has an interest rate swap agreement with a $50.0 million notional amount, which will end on October 1, 2024. The Company received floating-rate interest amounts based on one-month SOFR in exchange for fixed-rate interest payments of 0.33% throughout the remaining term of the agreement. The interest rate swap agreement effectively converted $50.0 million of borrowings under the Credit Facility from variable-rate interest to fixed-rate interest with a per annum rate of 1.55% based on the margin of the Credit Facility as of March 31, 2023. The fair value of the interest rate swap of $2.9 million and $3.5 million was recorded in other long-term assets at March 31, 2023 and December 31, 2022, respectively. ​ The unrealized gain or loss on the interest rate swap instruments in effect at the balance sheet date was reported as a component of accumulated other comprehensive income, net of tax, in stockholders’ equity at March 31, 2023 and December 31, 2022, and the change in the unrealized gain or loss on the interest rate swaps for the three months ended March 31, 2023 and 2022 was reported in other comprehensive income (loss), net of tax, in the consolidated statements of comprehensive income. The interest rate swaps are subject to certain customary provisions that could allow the counterparty to request immediate settlement of the fair value liability or asset upon violation of any or all of the provisions. The Company was in compliance with all provisions of the interest rate swap agreement at March 31, 2023. ​ Accounts Receivable Securitization Program The Company’s accounts receivable securitization program, which matures on July 1, 2024, provides available cash proceeds of $50.0 million to be provided under the program and has an accordion feature allowing the Company to request additional borrowings up to $100.0 million, subject to certain conditions. ​ Under this program, certain subsidiaries of the Company continuously sell a designated pool of trade accounts receivables to a wholly owned subsidiary which, in turn, may borrow funds on a revolving basis. This wholly owned consolidated subsidiary is a separate bankruptcy-remote entity, and its assets would be available only to satisfy the claims related to the lenders’ interest in the trade accounts receivables. Borrowings under the accounts receivable securitization program bear interest based upon SOFR, plus a margin, and an annual facility fee. The securitization agreement contains representations and warranties, affirmative and negative covenants, and events of default that are customary for financings of this type, including a maximum adjusted leverage ratio covenant. The Company was in compliance with the covenants under the accounts receivable securitization program at March 31, 2023. ​ The accounts receivable securitization program includes a provision under which the Company may request, and the letter of credit issuer may issue standby letters of credit, primarily in support of workers’ compensation and third-party casualty claims liabilities in various states in which the Company is self-insured. The outstanding standby letters of credit reduce the availability of borrowings under the program. As of March 31, 2023, standby letters of credit of $10.0 million have been issued under the program, which reduced the available borrowing capacity to $40.0 million. ​ Letter of Credit Agreements and Surety Bond Programs As of March 31, 2023, the Company had letters of credit outstanding of $10.6 million (including $10.0 million issued under the accounts receivable securitization program). The Company has programs in place with multiple surety companies for the issuance of surety bonds in support of its self-insurance program. As of March 31, 2023, surety bonds outstanding related to the self-insurance program totaled $64.9 million. ​ Notes Payable The Company has financed the purchase of certain revenue equipment, other equipment, and software through promissory note arrangements, including $3.5 million for revenue equipment during the three months ended March 31, 2023.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2023
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	NOTE H – STOCKHOLDERS’ EQUITY ​ Accumulated Other Comprehensive Income ​ Components of accumulated other comprehensive income were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31 December 31 ​ ​ 2023 2022 ​ ​ (in thousands) ​ Pre-tax amounts: ​ ​ ​ ​ ​ ​ ​ Unrecognized net periodic benefit credit ​ $ 8,954 ​ $ 9,287 ​ Interest rate swap ​ ​ 2,913 ​ ​ 3,526 ​ Foreign currency translation ​ (3,271) ​ (3,247) ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ 8,596 ​ $ 9,566 ​ ​ ​ ​ ​ ​ ​ ​ ​ After-tax amounts: ​ ​ ​ ​ ​ ​ ​ Unrecognized net periodic benefit credit ​ $ 6,649 ​ $ 6,896 ​ Interest rate swap ​ ​ 2,152 ​ ​ 2,604 ​ Foreign currency translation ​ (2,415) ​ (2,397) ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ 6,386 ​ $ 7,103 ​ ​ ​ ​ The following is a summary of the changes in accumulated other comprehensive income, net of tax, by component for the three months ended March 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrecognized ​ Interest ​ Foreign ​ ​ ​ ​ ​ ​ Net Periodic ​ Rate ​ Currency ​ ​ Total Benefit Credit Swap Translation ​ ​ (in thousands) ​ Balances at December 31, 2022 ​ $ 7,103 ​ $ 6,896 ​ $ 2,604 ​ $ (2,397) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive loss before reclassifications ​ (470) ​ — ​ ​ (452) ​ (18) ​ Amounts reclassified from accumulated other comprehensive income ​ (247) ​ (247) ​ ​ — ​ — ​ Net current-period other comprehensive loss ​ (717) ​ (247) ​ ​ (452) ​ (18) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances at March 31, 2023 ​ $ 6,386 ​ $ 6,649 ​ $ 2,152 ​ $ (2,415) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances at December 31, 2021 ​ $ 3,699 ​ $ 4,160 ​ $ 309 ​ $ (770) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income before reclassifications ​ ​ 1,765 ​ ​ — ​ ​ 1,458 ​ ​ 307 ​ Amounts reclassified from accumulated other comprehensive income ​ ​ (141) ​ ​ (141) ​ ​ — ​ ​ — ​ Net current-period other comprehensive income (loss) ​ ​ 1,624 ​ ​ (141) ​ ​ 1,458 ​ ​ 307 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances at March 31, 2022 ​ $ 5,323 ​ $ 4,019 ​ $ 1,767 ​ $ (463) ​ ​ The following is a summary of the significant reclassifications out of accumulated other comprehensive income by component: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrecognized Net Periodic ​ ​ ​ Benefit Credit (1)(2) ​ ​ Three Months Ended March 31 ​ ​ 2023 2022 ​ ​ (in thousands) Amortization of net actuarial gain, pre-tax ​ $ 333 ​ $ 189 ​ Tax expense ​ ​ (86) ​ (48) ​ Total, net of tax ​ $ 247 ​ $ 141 ​ ​ (1) Amounts in parentheses indicate increases in expense or loss. (2) These components of accumulated other comprehensive income are included in the computation of net periodic benefit cost of the Company’s supplemental benefit plan (“SBP”) and postretirement health benefit plan. ​ Dividends on Common Stock ​ The following table is a summary of dividends declared during the applicable quarter: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ Per Share Amount Per Share Amount ​ ​ (in thousands, except per share data) First quarter ​ $ 0.12 ​ $ 2,915 ​ $ 0.08 ​ $ 1,978 ​ ​ On April 26, 2023, the Company announced its Board of Directors declared a dividend of $0.12 per share to stockholders of record as of May 10, 2023. ​ Treasury Stock ​ The Company has a program to repurchase its common stock in the open market or in privately negotiated transactions (the “share repurchase program”). The share repurchase program has no expiration date but may be terminated at any time at the Board of Directors’ discretion. Repurchases may be made using the Company’s cash reserves or other available sources. ​ As of December 31, 2022, the Company had $26.5 million available for repurchases of its common stock in total under the share repurchase program. In February 2023, the Board of Directors reauthorized the share repurchase program and increased the total amount available for purchases of the Company’s common stock under the program to $125.0 million. In March 2023, the Company entered into a 10b5-1 agreement allowing for stock repurchases during our closed trading window extending from March 16, 2023 to May 2, 2023. ​ During the three months ended March 31, 2023, the Company repurchased 154,089 shares for an aggregate cost of $14.1 million. The Company had $110.9 million remaining under its share repurchase program as of March 31, 2023. During April 2023, the Company settled repurchases of 171,967 shares for an aggregate cost of $15.9 million pursuant to the 10b5-1 agreement under the Company’s share repurchase program, leaving $95.0 million available under the program as of April 28, 2023.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2023
EARNINGS PER SHARE
EARNINGS PER SHARE	NOTE I – EARNINGS PER SHARE ​ The following table sets forth the computation of basic and diluted earnings per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31 ​ ​ 2023 2022 ​ ​ (in thousands, except share and per share data) ​ Basic ​ ​ ​ ​ ​ ​ ​ Numerator: ​ ​ ​ ​ ​ ​ ​ Net income from continuing operations ​ $ 18,847 ​ $ 68,008 ​ Net income from discontinued operations ​ 52,436 ​ 1,561 ​ Net income ​ $ 71,283 ​ $ 69,569 ​ Denominator: ​ ​ ​ ​ ​ ​ ​ Weighted-average shares ​ 24,288,138 ​ 24,710,685 ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per common share ​ ​ ​ ​ ​ ​ ​ Continuing operations ​ $ 0.78 ​ $ 2.75 ​ Discontinued operations ​ 2.16 ​ 0.06 ​ Total basic earnings per common share (1) ​ $ 2.93 ​ $ 2.82 ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted ​ ​ ​ ​ ​ ​ ​ Numerator: ​ ​ ​ ​ ​ ​ ​ Net income from continuing operations ​ $ 18,847 ​ $ 68,008 ​ Net income from discontinued operations ​ 52,436 ​ 1,561 ​ Net income ​ $ 71,283 ​ $ 69,569 ​ Denominator: ​ ​ ​ ​ ​ ​ ​ Weighted-average shares ​ 24,288,138 ​ 24,710,685 ​ Effect of dilutive securities ​ 769,588 ​ 1,200,515 ​ Adjusted weighted-average shares and assumed conversions ​ 25,057,726 ​ 25,911,200 ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted earnings per common share ​ ​ ​ ​ ​ ​ ​ Continuing operations ​ $ 0.75 ​ $ 2.62 ​ Discontinued operations ​ 2.09 ​ 0.06 ​ Total diluted earnings per common share (1) ​ $ 2.84 ​ $ 2.68 ​ ​ (1) Earnings per common share is calculated in total and may not equal the sum of earnings per common share from continuing operations and discontinued operations due to rounding. ​

OPERATING SEGMENT DATA

OPERATING SEGMENT DATA	3 Months Ended
	Mar. 31, 2023
OPERATING SEGMENT DATA
OPERATING SEGMENT DATA	NOTE J – OPERATING SEGMENT DATA ​ The Company uses the “management approach” to determine its reportable operating segments, as well as to determine the basis of reporting the operating segment information. The management approach focuses on financial information that the Company’s management uses to make operating decisions. Management uses revenues, operating expense categories, operating ratios, operating income, and key operating statistics to evaluate performance and allocate resources to the Company’s operations. ​ On February 28, 2023, the Company sold FleetNet, a wholly owned subsidiary and reportable operating segment of the Company. Following the sale, FleetNet is reported as discontinued operations. As such, historical results of FleetNet have been excluded from both continuing operations and segment results for all periods presented, and reclassifications have been made to the prior-period financial statements to conform to the current-year presentation. ​ The Company’s reportable operating segments are impacted by seasonal fluctuations which affect tonnage and shipment levels and demand for services, as described below; therefore, operating results for the interim periods presented may not necessarily be indicative of the results for the fiscal year. In recent periods, including the three months ended March 31, 2023 and 2022, the Company’s operations have not been as heavily impacted by seasonal fluctuations. ​ Inclement weather conditions can adversely affect freight shipments and operating costs of the Asset-Based and Asset-Light segments. Shipments may decline during winter months because of post-holiday slowdowns; however, expedite shipments can be subject to short-term increases depending on the impact of weather or other disruptions to customers’ supply chains. Plant shutdowns during summer months may affect shipments for automotive and manufacturing customers of the Asset-Light segment, but disruptive events can result in higher demand for expedite services. Moving services of the Asset-Light segment are impacted by seasonal fluctuations, generally resulting in higher business levels in the second and third quarters as the demand for moving services is typically stronger in the summer months. ​ Historically, the second and third calendar quarters of each year usually have the highest tonnage and shipment levels, while the first quarter generally has the lowest, although other factors, including the state of the U.S. and global economies; available capacity in the market; the impact of yield initiatives; and the impact of adverse external events or conditions, may influence quarterly business levels. The Company’s yield initiatives, along with increased intelligence and visibility with respect to demand, have allowed for shipment optimization in non-peak times, reducing the Company’s susceptibility to seasonal fluctuations in recent years. ​ The Company’s reportable operating segments are as follows: ​ ● The Asset-Based segment includes the results of operations of ABF Freight System, Inc. and certain other subsidiaries. The segment operations include national, inter-regional, and regional transportation of general commodities through standard, expedited, and guaranteed LTL services. The Asset-Based segment provides services to the Asset-Light segment, including freight transportation related to certain consumer household goods self-move services. ​ ● The Asset-Light segment includes the results of operations of the Company’s service offerings in ground truckload, expedite, dedicated, intermodal, household goods moving, managed transportation, warehousing and distribution, and international freight transportation for air, ocean, and ground. The Asset-Light segment provides services to the Asset-Based segment. ​ The Company’s other business activities and operations that are not reportable segments include ArcBest Corporation (the parent holding company) and certain subsidiaries. Certain costs incurred by the parent holding company and the Company’s shared services subsidiary are allocated to the reportable segments. The Company eliminates intercompany transactions in consolidation. However, the information used by the Company’s management with respect to its reportable operating segments is before intersegment eliminations of revenues and expenses. ​ Shared services represent costs incurred to support all segments, including sales, pricing, customer service, marketing, capacity sourcing functions, human resources, financial services, information technology, and other company-wide services. Certain overhead costs are not attributable to any segment and remain unallocated in “Other and eliminations.” Included in unallocated costs are expenses related to investor relations, legal, the Company’s Board of Directors, and certain technology investments. Shared services costs attributable to the reportable operating segments are predominantly allocated based upon estimated and planned resource utilization-related metrics such as estimated shipment levels or number of personnel supported. The bases for such charges are modified and adjusted by management when necessary or appropriate to reflect fairly and equitably the actual incidence of cost incurred by the reportable operating segments. Management believes the methods used to allocate expenses are reasonable. ​ Further classifications of operations or revenues by geographic location are impracticable and, therefore, are not provided. The Company’s foreign operations are not significant. ​ The following tables reflect the Company’s 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. ​ The following table reflects information about 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 ​ ​ ​ The following table presents operating expenses by category on a consolidated basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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). ​

LEGAL PROCEEDINGS, ENVIRONMENTA

LEGAL PROCEEDINGS, ENVIRONMENTAL MATTERS, AND OTHER EVENTS	3 Months Ended
	Mar. 31, 2023
LEGAL PROCEEDINGS, ENVIRONMENTAL MATTERS, AND OTHER EVENTS
LEGAL PROCEEDINGS, ENVIRONMENTAL MATTERS, AND OTHER EVENTS	NOTE K – LEGAL PROCEEDINGS, ENVIRONMENTAL MATTERS, AND OTHER EVENTS ​ The Company is involved in various legal actions arising in the ordinary course of business. The Company maintains liability insurance against certain risks arising out of the normal course of its business, subject to certain self-insured retention limits. The Company routinely establishes and reviews the adequacy of reserves for estimated legal, environmental, and self-insurance exposures. While management believes that amounts accrued in the consolidated financial statements are adequate, estimates of these liabilities may change as circumstances develop. Considering amounts recorded, routine legal matters are not expected to have a material adverse effect on the Company’s financial condition, results of operations, or cash flows. ​ Legal Proceedings ​ In January 2023, the Company and MoLo were named as defendants in lawsuits related to an auto accident which involved a MoLo contract carrier. The accident occurred prior to the Company’s acquisition of MoLo on November 1, 2021. The Company intends to vigorously defend against these lawsuits. The Company believes that a loss related to this matter is reasonably possible. The Company cannot estimate the amount or a range of reasonably possible losses for this matter, if any, at this time; however, it is reasonably possible that such amounts could be material to the Company’s financial condition, results of operations, or cash flows. The Company will pursue recovery for its losses, if any, against all available sources, including, but not limited to, insurance and any potentially responsible third parties. ​ Environmental Matters ​ The Company’s subsidiaries store fuel for use in tractors and trucks in underground tanks at certain facilities. Maintenance of such tanks is regulated at the federal and, in most cases, state levels. The Company believes it is in substantial compliance with all such regulations. The Company’s underground storage tanks are required to have leak detection systems. The Company is not aware of any leaks from such tanks that could reasonably be expected to have a material adverse effect on the Company. ​ The Company has received notices from the Environmental Protection Agency (the “EPA”) and others that it has been identified as a potentially responsible party under the Comprehensive Environmental Response Compensation and Liability Act of 1980, ​ On March 20, 2023, ABF Freight entered into a consent decree with the EPA (the “Consent Decree”) and, as a result, will pay a civil penalty of $0.5 million, including interest to resolve alleged compliance issues under the federal Clean Water Act (the “CWA”). By the date of the Consent Decree, the Asset-Based service center facilities were in general compliance with the stormwater laws and have ensured compliance with applicable stormwater permits under the CWA. As a result of the Consent Decree, ABF Freight will internally develop an environmental stormwater management strategy, including the delineation of roles and responsibilities for stormwater compliance; develop procedures for tracking the permit process, including comprehensive employee training; implement standard operating procedures; ensure contractor awareness of stormwater laws; and track facility-specific corrective actions. The settlement expense for this matter was reserved within accrued expenses as of March 31, 2023 and December 31, 2022. ​ Other Events ​ During February 2023, the Company received a Notice of Intent to Assess from a state regarding an ongoing sales and use tax audit for the trailing time period of December 1, 2018 to March 31, 2021. This is in addition to the February 2021 Notice of Assessment from that state pertaining to uncollected sales and use tax, including interest and penalties, for the period September 1, 2016 to November 30, 2018. The Company does not agree with the basis of the February 2021 assessment and filed an appeal in May 2021. The Company intends to appeal the potential February 2023 assessment on the same legal basis as the prior Notice of Assessment. The Company has previously accrued an amount related to this assessment consistent with applicable accounting guidance, but if the state prevails in its position, the Company may owe additional tax. Management does not believe the resolution of this matter will have a material adverse effect on the Company’s financial condition, results of operations, or cash flows. ​

ORGANIZATION AND DESCRIPTION _2

ORGANIZATION AND DESCRIPTION OF THE BUSINESS AND FINANCIAL STATEMENT PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2023
ORGANIZATION AND DESCRIPTION OF THE BUSINESS AND FINANCIAL STATEMENT PRESENTATION
Financial Statement Presentation	Financial Statement Presentation ​ On February 28, 2023, the Company sold FleetNet America, Inc. (“FleetNet”), a wholly owned subsidiary and reportable operating segment of the Company, for an aggregate purchase price of $101.1 million in cash, subject to certain tax and other customary adjustments. The sale of FleetNet is a strategic shift for the Company as it is exiting the fleet roadside assistance and maintenance management business; therefore, the sale is accounted for as discontinued operations. As such, historical results of FleetNet have been excluded from both continuing operations and segment results for all periods presented, and reclassifications have been made to the prior-period financial statements to conform to the current-year presentation. Related assets and liabilities associated with FleetNet are classified as discontinued operations in the consolidated balance sheets for all periods presented. The cash flows related to the discontinued operations have not been segregated and are included in the consolidated statements of cash flows. Unless otherwise indicated, all amounts in this Quarterly Report on Form 10-Q refer to continuing operations, including comparisons to the prior year. For more information on our discontinued operations, see Note C. ​ Certain reclassifications have also been made to the prior period presentation of other long-term liabilities in the consolidated balance sheets to conform to the current year presentation. Long-term portion of contingent consideration liability previously presented in other long-term liabilities has been reclassed to a separate line in the consolidated balance sheets. ​ The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) pertaining to interim financial information. Accordingly, these interim financial statements do not include all information or footnote disclosures required by accounting principles generally accepted in the United States for complete financial statements and, therefore, should be read in conjunction with the audited financial statements and accompanying notes included in the Company’s 2022 Annual Report on Form 10-K, which have not been adjusted to reflect FleetNet as discontinued operations, and other current filings with the SEC. In the opinion of management, all adjustments (which are of a normal and recurring nature) considered necessary for a fair presentation have been included. ​ The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual amounts may differ from those estimates.
Accounting Pronouncements Not Yet Adopted	​ Accounting Pronouncements Not Yet Adopted ​ Management believes there is no new accounting guidance issued but not yet effective that would have a material impact to the Company’s current financial statements.

FINANCIAL INSTRUMENTS AND FAI_2

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2023
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Schedule components of cash and cash equivalents, short term investments, and restricted funds	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31 December 31 ​ ​ 2023 ​ 2022 ​ ​ (in thousands) ​ Cash and cash equivalents ​ ​ ​ ​ ​ ​ ​ Cash deposits (1)(2) ​ $ 129,640 ​ $ 137,247 ​ Variable rate demand notes (1)(3) ​ 121 ​ 9,285 ​ Money market funds (4) ​ 73,558 ​ 11,732 ​ Total cash and cash equivalents ​ $ 203,319 ​ $ 158,264 ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term investments ​ ​ ​ ​ ​ ​ ​ Certificates of deposit (1) ​ $ 113,307 ​ $ 88,851 ​ U.S. Treasury securities (5) ​ ​ 49,180 ​ ​ 78,811 ​ Total short-term investments ​ $ 162,487 ​ $ 167,662 ​ ​ (1) Recorded at cost plus accrued interest, which approximates fair value. (2) The December 31, 2022 balance reflects the reclassification of FleetNet cash deposits to discontinued operations. (3) Amounts may be redeemed on a daily basis with the original issuer. (4) Recorded at fair value as determined by quoted market prices (see amounts presented in the table of financial assets and liabilities measured at fair value within this Note). (5) Recorded at amortized cost plus accrued interest, which approximates fair value. U.S. Treasury securities included in short-term investments are held-to-maturity investments with maturity dates of less than one year. ​
Schedule of fair value and carrying value disclosures of financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31 ​ December 31 ​ ​ 2023 2022 ​ ​ (in thousands) ​ ​ ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ ​ ​ ​ Value ​ Value ​ Value ​ Value ​ Credit Facility (1) ​ $ 50,000 ​ $ 50,000 ​ $ 50,000 ​ $ 50,000 ​ Notes payable (2) ​ 200,452 ​ 194,705 ​ 214,623 ​ 207,778 ​ New England Pension Fund withdrawal liability (3) ​ ​ 19,929 ​ ​ 19,253 ​ ​ 20,100 ​ ​ 18,911 ​ ​ ​ $ 270,381 ​ $ 263,958 ​ $ 284,723 ​ $ 276,689 ​ ​ (1) The revolving credit facility (the “Credit Facility”) carries a variable interest rate based on Secured Overnight Financing Rate (“SOFR”), plus a margin, priced at market for debt instruments having similar terms and collateral requirements (Level 2 of the fair value hierarchy). (2) Fair value of the notes payable was determined using a present value income approach based on quoted interest rates from lending institutions with which the Company would enter into similar transactions (Level 2 of the fair value hierarchy). (3) ABF Freight’s multiemployer pension plan obligation with the New England Teamsters and Trucking Industry Pension Fund (the “New England Pension Fund”) was restructured under a transition agreement effective on August 1, 2018, which resulted in a related withdrawal liability. The fair value of the outstanding withdrawal liability is equal to the present value of the future withdrawal liability payments, discounted at an interest rate of 4.9% and 5.3% at March 31, 2023 and December 31, 2022, respectively, determined using the 20-year U.S. Treasury rate plus a spread (Level 2 of the fair value hierarchy). As of March 31, 2023, the outstanding withdrawal liability totaled $19.9 million, of which $0.7 million and $19.2 million were recorded in accrued expenses and other long-term liabilities, respectively. ​
Schedule of financial assets and liabilities measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ ​ ​ ​ ​ ​ Fair Value Measurements Using ​ ​ ​ ​ ​ ​ Quoted Prices Significant Significant ​ ​ ​ ​ ​ In Active ​ Observable ​ Unobservable ​ ​ ​ ​ ​ ​ Markets ​ Inputs ​ Inputs ​ ​ ​ Total (Level 1) (Level 2) (Level 3) ​ ​ (in thousands) ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds (1) ​ $ 73,558 ​ $ 73,558 ​ $ — ​ $ — ​ Equity, bond, and money market mutual funds held in trust related to the Voluntary Savings Plan (2) ​ 3,898 ​ 3,898 ​ — ​ — ​ Interest rate swap (3) ​ ​ 2,913 ​ ​ — ​ ​ 2,913 ​ ​ — ​ ​ ​ $ 80,369 ​ $ 77,456 ​ $ 2,913 ​ $ — ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration (4) ​ ​ 127,040 ​ ​ — ​ ​ — ​ ​ 127,040 ​ ​ ​ $ 127,040 ​ $ — ​ $ — ​ $ 127,040 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ ​ Fair Value Measurements Using ​ ​ ​ ​ ​ ​ Quoted Prices Significant Significant ​ ​ ​ ​ ​ In Active ​ Observable ​ Unobservable ​ ​ ​ ​ ​ ​ Markets ​ Inputs ​ Inputs ​ ​ ​ Total (Level 1) (Level 2) (Level 3) ​ ​ (in thousands) ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds (1) ​ $ 11,732 ​ $ 11,732 ​ $ — ​ $ — ​ Equity, bond, and money market mutual funds held in trust related to the Voluntary Savings Plan (2) ​ 3,982 ​ 3,982 ​ — ​ — ​ Interest rate swap (3) ​ ​ 3,526 ​ ​ — ​ ​ 3,526 ​ ​ — ​ ​ ​ $ 19,240 ​ $ 15,714 ​ $ 3,526 ​ $ — ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration (4) ​ ​ 112,000 ​ ​ — ​ ​ — ​ ​ 112,000 ​ ​ ​ $ 112,000 ​ $ — ​ $ — ​ $ 112,000 ​ ​ (1) Included in cash and cash equivalents. (2) Nonqualified deferred compensation plan investments consist of U.S. and international equity mutual funds, government and corporate bond mutual funds, and money market funds which are held in a trust with a third-party brokerage firm. Included in other long-term assets, with a corresponding liability reported within other long-term liabilities. (3) Included in other long-term assets. The fair value of the interest rate swap was determined by discounting future cash flows and receipts based on expected interest rates observed in market interest rate curves adjusted for estimated credit valuation considerations reflecting nonperformance risk of the Company and the counterparty, which are generally considered to be in Level 3 of the fair value hierarchy. However, the Company assessed Level 3 inputs as insignificant to the valuation at March 31, 2023 and December 31, 2022, and considers the interest rate swap valuation in Level 2 of the fair value hierarchy. (4) As part of the Agreement and Plan of Merger (the “Merger Agreement”) of MoLo, executed in November 2021, certain additional cash consideration is required to be paid by the Company based on the achievement of certain incremental targets of adjusted earnings before interest, taxes, depreciation and amortization for each of the years ended December 31, 2023, 2024, and 2025. At 100% of the target, the cumulative additional consideration for years 2023 through 2025 would be $215.0 million, with the possible undiscounted cash consideration due ranging from a total of $95.0 million at 80% of target to $455.0 million at 300% of target, as outlined in the Merger Agreement. The estimated fair value of contingent earnout consideration is determined by assessing Level 3 inputs. The Level 3 assessments utilize a Monte Carlo simulation with inputs including scenarios of estimated revenues and earnings before interest, taxes, depreciation and amortization to be achieved for the applicable performance periods, volatility factors applied to the simulations, and the discount rate applied, which was 13.7% and 14.0% as of March 31, 2023 and December 31, 2022, respectively. Changes in the significant unobservable inputs might result in a significantly higher or lower fair value at the reporting date. As of March 31, 2023, the contingent earnout consideration totaled $127.0 million, of which $43.4 million was recorded in current liabilities based on when expected payouts become due, and the remaining portion was recorded in long-term liabilities. The increase in fair value upon the remeasurement at March 31, 2023 reflects increases in assumptions for business growth, combined with a lower discount rate versus the previous measurement period. Adjustments to the contingent earnout consideration liability are included in operating income. ​
Schedule of changes in fair value of liabilities measured at fair value using inputs categorized in Level 3	​ ​ ​ ​ ​ ​ ​ ​ Contingent Consideration ​ ​ ​ (in thousands) ​ Balances at December 31, 2022 ​ $ 112,000 ​ Change in fair value included in operating income ​ ​ 15,040 ​ Balances at March 31, 2023 ​ $ 127,040 ​

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	3 Months Ended
	Mar. 31, 2023
FleetNet | Discontinued Operations, Disposed of by Sale
Discontinued Operations
Schedules of Discontinued Operations - Financial information, Assets and liabilities and Cash flows	The following table summarizes the financial results from discontinued operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31 ​ ​ ​ 2023 ​ 2022 ​ ​ (in thousands) ​ Revenues ​ $ 55,929 ​ $ 66,983 ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating expenses ​ ​ ​ ​ ​ ​ ​ Gain on sale of business (1) ​ ​ (69,083) ​ ​ — ​ Other ​ ​ 54,623 ​ ​ 64,998 ​ ​ ​ ​ (14,460) ​ ​ 64,998 ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income ​ ​ 70,389 ​ ​ 1,985 ​ ​ ​ ​ ​ ​ ​ ​ ​ Other income, net (2) ​ ​ 17 ​ ​ 8 ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from discontinued operations before income taxes ​ ​ 70,406 ​ ​ 1,993 ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax provision ​ ​ 17,970 ​ ​ 432 ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from discontinued operations, net of tax ​ $ 52,436 ​ $ 1,561 ​ (1) Includes estimated transaction costs of $4.4 million consisting of consulting fees, professional fees, and employee-related expenses. (2) Includes interest expense, which is immaterial for the three months ended March 31, 2023 and 2022. ​ The following table summarizes the assets and liabilities from discontinued operations: ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ (in thousands) ​ Cash and cash equivalents ​ $ 108 ​ Accounts receivable, net ​ ​ 63,022 ​ Other current assets ​ ​ 1,606 ​ Total current assets of discontinued operations ​ $ 64,736 ​ ​ ​ ​ ​ ​ Property, plant and equipment, net ​ ​ 10,350 ​ Goodwill ​ ​ 630 ​ Intangible assets, net ​ ​ 63 ​ Other long-term assets ​ ​ 54 ​ Total long-term assets of discontinued operations ​ $ 11,097 ​ ​ ​ ​ ​ ​ Accounts payable ​ ​ 47,687 ​ Income taxes payable ​ ​ 613 ​ Accrued expenses ​ ​ 3,365 ​ Total current liabilities of discontinued operations ​ $ 51,665 ​ ​ ​ ​ ​ ​ Deferred tax liability ​ ​ 781 ​ Total long-term liabilities of discontinued operations ​ $ 781 ​ ​ Cash flows from discontinued operations of FleetNet were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31 ​ 2023 2022 ​ ​ (in thousands) Net cash provided by (used in) operating activities (1) ​ $ 762 ​ $ (749) Net cash used in investing activities (2) ​ ​ (398) ​ ​ (1,062) Net cash provided by (used in) financing activities ​ ​ (472) ​ ​ 1,867 Net increase (decrease) in cash and cash equivalents ​ $ (108) ​ $ 56 (1) Includes depreciation and amortization expense of $0.4 million for the three-month periods ended March 31, 2023 and 2022 . Also includes share-based compensation expense for the three months ended March 31, 2023 of $0.3 million, which is included in the “Pre-tax gain on sale of discontinued operations” line of the consolidated statements of cash flows. (2) Includes purchases of property, plant and equipment of $0.1 million and $0.7 million for the three months ended March 31, 2023 and 2022, respectively.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2023
GOODWILL AND INTANGIBLE ASSETS
Schedule of intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ December 31, 2022 (1) ​ ​ Weighted-Average ​ ​ ​ ​ Accumulated ​ Net ​ ​ ​ ​ Accumulated ​ Net ​ Amortization Period Cost Amortization Value ​ Cost Amortization Value ​ ​ (in years) ​ (in thousands) ​ (in thousands) Finite-lived intangible assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships 12 ​ $ 99,579 ​ $ 45,040 ​ $ 54,539 ​ $ 99,579 ​ $ 42,933 ​ $ 56,646 ​ Other ​ 8 ​ ​ 29,998 ​ ​ 6,215 ​ ​ 23,783 ​ ​ 29,914 ​ ​ 5,127 ​ ​ 24,787 ​ ​ 11 ​ 129,577 ​ 51,255 ​ 78,322 ​ ​ 129,493 ​ 48,060 ​ 81,433 ​ Indefinite-lived intangible assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade name N/A ​ 32,300 ​ N/A ​ 32,300 ​ ​ 32,300 ​ N/A ​ 32,300 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total intangible assets N/A ​ $ 161,877 ​ $ 51,255 ​ $ 110,622 ​ $ 161,793 ​ $ 48,060 ​ $ 113,733 ​ (1) The December 31, 2022 balances reflect the reclassification of intangibles of FleetNet to discontinued operations. ​
Schedule of future amortization for intangible assets	​ ​ ​ ​ ​ ​ ​ Amortization of ​ ​ Intangible Assets ​ ​ (in thousands) ​ Remainder of 2023 ​ $ 9,586 ​ 2024 ​ 12,778 ​ 2025 ​ 12,778 ​ 2026 ​ 8,671 ​ 2027 ​ ​ 7,247 ​ Thereafter ​ ​ 27,262 ​ Total amortization ​ $ 78,322 ​

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2023
LEASES
Schedule of components of lease expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31 ​ ​ 2023 2022 ​ ​ (in thousands) ​ Operating lease expense ​ $ 9,166 ​ $ 7,083 ​ Variable lease expense ​ ​ 1,540 ​ ​ 976 ​ Sublease income ​ ​ (114) ​ ​ (161) ​ Total operating lease expense (1) ​ $ 10,592 ​ $ 7,898 ​ (1) Operating lease expense excludes short-term leases with a term of 12 months or less. ​
Schedule of operating cash flows from operating lease activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31 ​ ​ 2023 ​ 2022 ​ ​ (in thousands) ​ Noncash change in operating right-of-use assets ​ $ 7,485 ​ $ 6,171 ​ Change in operating lease liabilities ​ ​ (5,915) ​ ​ (6,157) ​ Operating right-of-use-assets and lease liabilities, net ​ $ 1,570 ​ $ 14 ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of operating lease liabilities ​ $ (7,596) ​ $ (7,071) ​ ​
Schedule of maturities of operating lease liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equipment ​ ​ ​ ​ ​ ​ Land and ​ and ​ ​ Total Structures (1) Other ​ (in thousands) ​ Remainder of 2023 ​ $ 26,455 ​ $ 26,161 ​ $ 294 ​ 2024 ​ 35,844 ​ 35,527 ​ 317 ​ 2025 ​ 32,060 ​ 32,037 ​ 23 ​ 2026 ​ 29,118 ​ 29,118 ​ — ​ 2027 ​ 22,883 ​ 22,883 ​ — ​ Thereafter ​ 87,528 ​ 87,528 ​ — ​ Total lease payments ​ ​ 233,888 ​ ​ 233,254 ​ ​ 634 ​ Less imputed interest ​ ​ (35,169) ​ ​ (35,147) ​ ​ (22) ​ Total ​ $ 198,719 ​ $ 198,107 ​ $ 612 ​ (1) Excludes future minimum lease payments for leases which were executed but had not yet commenced as of March 31, 2023, totaling $32.0 million which will be paid over approximately 10 years .

LONG-TERM DEBT AND FINANCING _2

LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables)	3 Months Ended
	Mar. 31, 2023
LONG-TERM DEBT AND FINANCING ARRANGEMENTS
Schedule of long-term debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31 ​ December 31 ​ ​ 2023 2022 ​ ​ (in thousands) ​ Credit Facility (interest rate of 6.0% (1) ​ $ 50,000 ​ $ 50,000 ​ Notes payable (weighted-average interest rate of 3.4% at March 31, 2023) ​ 200,452 ​ 214,623 ​ ​ ​ 250,452 ​ 264,623 ​ Less current portion ​ 64,491 ​ 66,252 ​ Long-term debt, less current portion ​ $ 185,961 ​ $ 198,371 ​ ​ (1) The interest rate swap mitigates interest rate risk by effectively converting the $50.0 million of borrowings under the Credit Facility from variable-rate interest to fixed-rate interest with a per annum rate of 1.55% based on the margin of the Credit Facility as of both March 31, 2023 and December 31, 2022. ​ ​
Scheduled maturities of long-term debt obligations	Scheduled maturities of long-term debt obligations as of March 31, 2023, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit ​ Notes ​ ​ Total Facility (1) Payable ​ (in thousands) ​ Due in one year or less $ 73,256 $ 2,981 $ 70,275 ​ Due after one year through two years ​ 113,166 ​ 51,217 ​ 61,949 ​ Due after two years through three years ​ 40,882 ​ — ​ 40,882 ​ Due after three years through four years ​ 29,413 ​ — ​ 29,413 ​ Due after four years through five years ​ 11,261 ​ — ​ 11,261 ​ Total payments ​ 267,978 ​ 54,198 ​ 213,780 ​ Less amounts representing interest ​ 17,526 ​ 4,198 ​ 13,328 ​ Long-term debt $ 250,452 $ 50,000 $ 200,452 ​ (1) The future interest payments included in the scheduled maturities due are calculated using variable interest rates based on the SOFR swap curve, plus the anticipated applicable margin, exclusive of payments on the interest rate swap. ​
Schedule of assets securing notes payable or held under capital leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31 ​ December 31 ​ ​ 2023 2022 ​ ​ (in thousands) Revenue equipment $ 305,925 $ 294,700 ​ Service, office, and other equipment ​ ​ 39,121 ​ ​ 41,522 ​ Total assets securing notes payable or held under finance leases ​ 345,046 ​ 336,222 ​ Less accumulated depreciation and amortization (1) ​ 130,896 ​ 119,244 ​ Net assets securing notes payable or held under finance leases ​ $ 214,150 ​ $ 216,978 ​ ​ ​ (1) Amortization of assets held under finance leases and depreciation of assets securing notes payable are included in depreciation expense. ​

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	3 Months Ended
	Mar. 31, 2023
STOCKHOLDERS' EQUITY
Components of accumulated other comprehensive income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31 December 31 ​ ​ 2023 2022 ​ ​ (in thousands) ​ Pre-tax amounts: ​ ​ ​ ​ ​ ​ ​ Unrecognized net periodic benefit credit ​ $ 8,954 ​ $ 9,287 ​ Interest rate swap ​ ​ 2,913 ​ ​ 3,526 ​ Foreign currency translation ​ (3,271) ​ (3,247) ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ 8,596 ​ $ 9,566 ​ ​ ​ ​ ​ ​ ​ ​ ​ After-tax amounts: ​ ​ ​ ​ ​ ​ ​ Unrecognized net periodic benefit credit ​ $ 6,649 ​ $ 6,896 ​ Interest rate swap ​ ​ 2,152 ​ ​ 2,604 ​ Foreign currency translation ​ (2,415) ​ (2,397) ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ 6,386 ​ $ 7,103 ​ ​
Summary of changes in accumulated other comprehensive income, net of tax, by component	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrecognized ​ Interest ​ Foreign ​ ​ ​ ​ ​ ​ Net Periodic ​ Rate ​ Currency ​ ​ Total Benefit Credit Swap Translation ​ ​ (in thousands) ​ Balances at December 31, 2022 ​ $ 7,103 ​ $ 6,896 ​ $ 2,604 ​ $ (2,397) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive loss before reclassifications ​ (470) ​ — ​ ​ (452) ​ (18) ​ Amounts reclassified from accumulated other comprehensive income ​ (247) ​ (247) ​ ​ — ​ — ​ Net current-period other comprehensive loss ​ (717) ​ (247) ​ ​ (452) ​ (18) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances at March 31, 2023 ​ $ 6,386 ​ $ 6,649 ​ $ 2,152 ​ $ (2,415) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances at December 31, 2021 ​ $ 3,699 ​ $ 4,160 ​ $ 309 ​ $ (770) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income before reclassifications ​ ​ 1,765 ​ ​ — ​ ​ 1,458 ​ ​ 307 ​ Amounts reclassified from accumulated other comprehensive income ​ ​ (141) ​ ​ (141) ​ ​ — ​ ​ — ​ Net current-period other comprehensive income (loss) ​ ​ 1,624 ​ ​ (141) ​ ​ 1,458 ​ ​ 307 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances at March 31, 2022 ​ $ 5,323 ​ $ 4,019 ​ $ 1,767 ​ $ (463) ​ ​
Summary of the significant reclassifications out of accumulated other comprehensive income (loss) by component	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrecognized Net Periodic ​ ​ ​ Benefit Credit (1)(2) ​ ​ Three Months Ended March 31 ​ ​ 2023 2022 ​ ​ (in thousands) Amortization of net actuarial gain, pre-tax ​ $ 333 ​ $ 189 ​ Tax expense ​ ​ (86) ​ (48) ​ Total, net of tax ​ $ 247 ​ $ 141 ​ ​ (1) Amounts in parentheses indicate increases in expense or loss. (2) These components of accumulated other comprehensive income are included in the computation of net periodic benefit cost of the Company’s supplemental benefit plan (“SBP”) and postretirement health benefit plan. ​
Summary of dividends declared	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ Per Share Amount Per Share Amount ​ ​ (in thousands, except per share data) First quarter ​ $ 0.12 ​ $ 2,915 ​ $ 0.08 ​ $ 1,978 ​ ​

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2023
EARNINGS PER SHARE
Schedule of computation of basic and diluted earnings (loss) per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31 ​ ​ 2023 2022 ​ ​ (in thousands, except share and per share data) ​ Basic ​ ​ ​ ​ ​ ​ ​ Numerator: ​ ​ ​ ​ ​ ​ ​ Net income from continuing operations ​ $ 18,847 ​ $ 68,008 ​ Net income from discontinued operations ​ 52,436 ​ 1,561 ​ Net income ​ $ 71,283 ​ $ 69,569 ​ Denominator: ​ ​ ​ ​ ​ ​ ​ Weighted-average shares ​ 24,288,138 ​ 24,710,685 ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per common share ​ ​ ​ ​ ​ ​ ​ Continuing operations ​ $ 0.78 ​ $ 2.75 ​ Discontinued operations ​ 2.16 ​ 0.06 ​ Total basic earnings per common share (1) ​ $ 2.93 ​ $ 2.82 ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted ​ ​ ​ ​ ​ ​ ​ Numerator: ​ ​ ​ ​ ​ ​ ​ Net income from continuing operations ​ $ 18,847 ​ $ 68,008 ​ Net income from discontinued operations ​ 52,436 ​ 1,561 ​ Net income ​ $ 71,283 ​ $ 69,569 ​ Denominator: ​ ​ ​ ​ ​ ​ ​ Weighted-average shares ​ 24,288,138 ​ 24,710,685 ​ Effect of dilutive securities ​ 769,588 ​ 1,200,515 ​ Adjusted weighted-average shares and assumed conversions ​ 25,057,726 ​ 25,911,200 ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted earnings per common share ​ ​ ​ ​ ​ ​ ​ Continuing operations ​ $ 0.75 ​ $ 2.62 ​ Discontinued operations ​ 2.09 ​ 0.06 ​ Total diluted earnings per common share (1) ​ $ 2.84 ​ $ 2.68 ​ ​ (1) Earnings per common share is calculated in total and may not equal the sum of earnings per common share from continuing operations and discontinued operations due to rounding.

OPERATING SEGMENT DATA (Tables)

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).

ORGANIZATION AND DESCRIPTION _3

ORGANIZATION AND DESCRIPTION OF THE BUSINESS AND FINANCIAL STATEMENT PRESENTATION - Organization (Details)	3 Months Ended
	Mar. 31, 2023 segment
Organization and description of business
Number of reportable operating segments	2
Asset Based
Organization and description of business
Percentage of the Company's revenues, before other revenues and intercompany eliminations, represented by the Asset-Based segment	61%
Asset Based | Unionized employees concentration risk | Number of employees
Organization and description of business
Percentage of Asset-Based segment employees covered under collective bargaining agreement with the IBT	82%

ORGANIZATION AND DESCRIPTION _4

ORGANIZATION AND DESCRIPTION OF THE BUSINESS AND FINANCIAL STATEMENT PRESENTATION - Discontinued Operations (Details) $ in Millions	Feb. 28, 2023 USD ($)
FleetNet | Discontinued Operations, Disposed of by Sale
Discontinued Operations
Aggregate purchase price	$ 101.1

FINANCIAL INSTRUMENTS AND FAI_3

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Cash and Cash Equivalents and Short-term Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair value disclosure
Cash and cash equivalents	$ 203,319	$ 158,264
Short-term investments	162,487	167,662
Concentrations of Credit Risk of Financial Instruments
Cash deposits and short-term investments which were neither FDIC insured nor direct obligations of the U.S. government	105,200	87,600
Cash deposits
Fair value disclosure
Cash and cash equivalents	129,640	137,247
Variable rate demand notes
Fair value disclosure
Cash and cash equivalents	121	9,285
Money market funds
Fair value disclosure
Cash and cash equivalents	73,558	11,732
Certificates of deposit
Fair value disclosure
Short-term investments	113,307	88,851
U.S. Treasury securities
Fair value disclosure
Short-term investments	$ 49,180	$ 78,811

FINANCIAL INSTRUMENTS AND FAI_4

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Debt (Details) $ in Thousands	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair value disclosure
Outstanding withdrawal liability	$ 19,900
Accrued expenses
Fair value disclosure
Outstanding withdrawal liability	700
Other long-term liabilities
Fair value disclosure
Outstanding withdrawal liability	19,200
Carrying value
Fair value disclosure
Financial instruments	270,381	$ 284,723
Fair value disclosure
Fair value disclosure
Financial instruments	263,958	276,689
Credit Facility | Carrying value | Level 2
Fair value disclosure
Financial instruments	50,000	50,000
Credit Facility | Fair value disclosure | Level 2
Fair value disclosure
Financial instruments	50,000	50,000
Notes payable | Carrying value | Level 2
Fair value disclosure
Financial instruments	200,452	214,623
Notes payable | Fair value disclosure | Level 2
Fair value disclosure
Financial instruments	$ 194,705	$ 207,778
New England Pension Fund withdrawal liability | Discount Rate
Fair value disclosure
Measurement input	0.049	0.053
New England Pension Fund withdrawal liability | Carrying value | Level 2
Fair value disclosure
Financial instruments	$ 19,929	$ 20,100
New England Pension Fund withdrawal liability | Fair value disclosure | Level 2
Fair value disclosure
Financial instruments	$ 19,253	$ 18,911

FINANCIAL INSTRUMENTS AND FAI_5

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Assets and Liabilities (Details) $ in Thousands	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Discount Rate | Valuation Technique, Discounted Cash Flow
Liabilities:
Measurement input	0.137	0.140
Recurring basis
Assets:
Assets	$ 80,369	$ 19,240
Liabilities:
Liabilities	127,040	112,000
Recurring basis | Cash and cash equivalents
Assets:
Money market funds	73,558	11,732
Recurring basis | Other long-term assets
Assets:
Equity, bond, and money market mutual funds held in trust related to the Voluntary Savings Plan	3,898	3,982
Interest rate swap	2,913	3,526
Recurring basis | Other long-term liabilities
Liabilities:
Contingent consideration	127,040	112,000
Recurring basis | Level 1
Assets:
Assets	77,456	15,714
Recurring basis | Level 1 | Cash and cash equivalents
Assets:
Money market funds	73,558	11,732
Recurring basis | Level 1 | Other long-term assets
Assets:
Equity, bond, and money market mutual funds held in trust related to the Voluntary Savings Plan	3,898	3,982
Recurring basis | Level 2
Assets:
Assets	2,913	3,526
Recurring basis | Level 2 | Other long-term assets
Assets:
Interest rate swap	2,913	3,526
Recurring basis | Level 3
Liabilities:
Liabilities	127,040	112,000
Recurring basis | Level 3 | Other long-term liabilities
Liabilities:
Contingent consideration	$ 127,040	$ 112,000

FINANCIAL INSTRUMENTS AND FAI_6

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Merger Agreement (Details) $ in Thousands	Mar. 31, 2023 USD ($)	Dec. 31, 2022	Nov. 01, 2021 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current portion of contingent consideration	$ 43,390
Valuation Technique, Discounted Cash Flow | Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.137	0.140
MoLo Solutions, LLC | 100% of target
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Adjusted EBITDA target percentage			100%
Contingent consideration, target			$ 215,000
MoLo Solutions, LLC | 80% of target
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Adjusted EBITDA target percentage			80%
Contingent consideration, low range			$ 95,000
MoLo Solutions, LLC | 300% of target
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Adjusted EBITDA target percentage			300%
Contingent consideration, high range			$ 455,000

FINANCIAL INSTRUMENTS AND FAI_7

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Changes in Fair Value of Liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Changes in fair value
Beginning Balances	$ 112,000
Change in fair value included in operating income	$ 15,040
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income	Operating income
Ending Balances	$ 127,040
Current portion of contingent consideration	43,390
Contingent Consideration
Changes in fair value
Contingent earnout consideration	127,000
Current portion of contingent consideration	$ 43,400

DISCONTINUED OPERATIONS - Finan

DISCONTINUED OPERATIONS - Financial results (Details) - USD ($) $ in Thousands		3 Months Ended
	Feb. 28, 2023	Mar. 31, 2023	Mar. 31, 2022
Operating expenses
Income tax provision		$ 18,000	$ 400
Income from discontinued operations, net of tax		52,436	1,561
FleetNet | Discontinued Operations, Disposed of by Sale
Discontinued Operations
Aggregate purchase price	$ 101,100
Pre-tax gain on sale of discontinued operations	69,100	69,083
Gain on sale of discontinued operations, net of tax	51,400
Financial results from discontinued operations
Revenues		55,929
Operating expenses
Gain on sale of business	$ (69,100)	(69,083)
Other		54,623
Operating expenses		(14,460)
Operating Income		70,389
Other income, net		17
Income from discontinued operations before income taxes		70,406
Income tax provision		17,970
Income from discontinued operations, net of tax		52,436
Transaction costs		$ 4,400
FleetNet | Discontinued Operations, Held-for-sale
Financial results from discontinued operations
Revenues			66,983
Operating expenses
Other			64,998
Operating expenses			64,998
Operating Income			1,985
Other income, net			8
Income from discontinued operations before income taxes			1,993
Income tax provision			432
Income from discontinued operations, net of tax			$ 1,561

DISCONTINUED OPERATIONS - Asset

DISCONTINUED OPERATIONS - Assets and liabilities (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Assets and liabilities from discontinued operations
Total current assets of discontinued operations	$ 64,736
Total long-term assets of discontinued operations	11,097
Total current liabilities of discontinued operations	51,665
Total long-term liabilities of discontinued operations	781
FleetNet | Discontinued Operations, Held-for-sale
Assets and liabilities from discontinued operations
Cash and cash equivalents	108
Accounts receivable, net	63,022
Other current assets	1,606
Total current assets of discontinued operations	64,736
Property, plant and equipment, net	10,350
Goodwill	630
Intangible assets, net	63
Other long-term assets	54
Total long-term assets of discontinued operations	11,097
Accounts payable	47,687
Income taxes payable	613
Accrued expenses	3,365
Total current liabilities of discontinued operations	51,665
Deferred tax liability	781
Total long-term liabilities of discontinued operations	$ 781

DISCONTINUED OPERATIONS - Cash

DISCONTINUED OPERATIONS - Cash flows (Details) - FleetNet - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Discontinued Operations, Disposed of by Sale
Cash flows from discontinued operations
Net cash provided by (used in) operating activities	$ 762
Net cash used in investing activities	(398)
Net cash provided by (used in) financing activities	(472)
Net increase (decrease) in cash and cash equivalents	(108)
Depreciation and amortization expense	400
Share-based compensation expense	300
Purchases of property, plant and equipment	$ 100
Discontinued Operations, Held-for-sale
Cash flows from discontinued operations
Net cash provided by (used in) operating activities		$ (749)
Net cash used in investing activities		(1,062)
Net cash provided by (used in) financing activities		1,867
Net increase (decrease) in cash and cash equivalents		56
Depreciation and amortization expense		400
Purchases of property, plant and equipment		$ 700

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Goodwill (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Goodwill by reportable operating segment
Goodwill	$ 304,753	$ 304,753
FleetNet Segment | Discontinued Operations, Held-for-sale
Goodwill by reportable operating segment
Goodwill, Discontinued operation		$ 600

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Intangible (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Finite-lived intangible assets
Weighted Average Amortization Period	11 years
Cost	$ 129,577	$ 129,493
Accumulated Amortization	51,255	48,060
Net Value	78,322	81,433
Total intangible assets
Cost	161,877	161,793
Net Value	110,622	113,733
Trade name
Indefinite-lived intangible assets
Net Value	$ 32,300	32,300
Customer relationships
Finite-lived intangible assets
Weighted Average Amortization Period	12 years
Cost	$ 99,579	99,579
Accumulated Amortization	45,040	42,933
Net Value	$ 54,539	56,646
Other intangible assets
Finite-lived intangible assets
Weighted Average Amortization Period	8 years
Cost	$ 29,998	29,914
Accumulated Amortization	6,215	5,127
Net Value	$ 23,783	$ 24,787

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Amortization (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Future amortization for intangible assets
Remainder of 2023	$ 9,586
2024	12,778
2025	12,778
2026	8,671
2027	7,247
Thereafter	27,262
Net Value	$ 78,322	$ 81,433

INCOME TAXES - Tax Rate (Detail

INCOME TAXES - Tax Rate (Details)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
INCOME TAXES
Effective tax rate, including discontinued operations (as a percent)	24.10%	24.60%
Effective tax rate from continuing operations (as a percent)	20%	24.70%
State tax, low end of range of rate (as a percent)	6%	6%
State tax, high end of range of rate (as a percent)	6.50%	6.50%

INCOME TAXES - Allowance (Detai

INCOME TAXES - Allowance (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Valuation allowance	$ 1.7	$ 1.7

INCOME TAXES - Taxes Paid (Deta

INCOME TAXES - Taxes Paid (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income taxes
Income taxes paid (in dollars)	$ 27.7	$ 27.2
Income tax refunds received (in dollars)	1.6
Income tax expense, discontinued operations	$ 18	$ 0.4
Effective tax rate, discontinued operations (as a percent)	25.50%	21.70%
Maximum
Income taxes
Income tax refunds received (in dollars)		$ 0.1

LEASES - Components of Lease Ex

LEASES - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
LEASES
Operating lease expense	$ 9,166	$ 7,083
Variable lease expense	1,540	976
Sublease income	(114)	(161)
Total operating lease expense	$ 10,592	$ 7,898

LEASES - Cash Flows (Details)

LEASES - Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating leases
Noncash change in operating right-of-use assets	$ 7,485	$ 6,171
Change in operating lease liabilities	(5,915)	(6,157)
Operating right-of-use assets and lease liabilities, net	1,570	14
Cash paid for amounts included in the measurement of operating lease liabilities	$ (7,596)	$ (7,071)

LEASES - Maturities of Operatin

LEASES - Maturities of Operating Lease Liabilities (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Maturities of operating lease liabilities
Remainder of 2023	$ 26,455
2024	35,844
2025	32,060
2026	29,118
2027	22,883
Thereafter	87,528
Total lease payments	233,888
Less imputed interest	(35,169)
Total operating lease liabilities	$ 198,719
Operating Lease, Liability, Statement of Financial Position	Operating Lease, Liability, Current, Operating Lease, Liability, Noncurrent
Land and Structures
Maturities of operating lease liabilities
Remainder of 2023	$ 26,161
2024	35,527
2025	32,037
2026	29,118
2027	22,883
Thereafter	87,528
Total lease payments	233,254
Less imputed interest	(35,147)
Total operating lease liabilities	198,107
Future minimum payments for leases that have not yet commenced	$ 32,000
Lease term for lease commitments that have not yet commenced	10 years
Equipment and Others
Maturities of operating lease liabilities
Remainder of 2023	$ 294
2024	317
2025	23
Total lease payments	634
Less imputed interest	(22)
Total operating lease liabilities	$ 612

LONG-TERM DEBT AND FINANCING _3

LONG-TERM DEBT AND FINANCING ARRANGEMENTS - Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Long-term debt obligations
Long-term debt	$ 250,452	$ 264,623
Less current portion	64,491	66,252
Long-term debt, less current portion	185,961	198,371
Credit Facility
Long-term debt obligations
Long-term debt	$ 50,000	50,000
Interest rate (as a percent)	6%
Credit Facility | Interest rate swap agreement
Long-term debt obligations
Amount of borrowings covered by the interest rate swap	$ 50,000	$ 50,000
Effective fixed interest rate on hedged borrowings (as a percent)	1.55%	1.55%
Notes payable
Long-term debt obligations
Long-term debt	$ 200,452	$ 214,623
Weighted-average interest rate (as a percent)	3.40%

LONG-TERM DEBT AND FINANCING _4

LONG-TERM DEBT AND FINANCING ARRANGEMENTS - Maturities (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Maturities of long-term debt obligations
Due in one year or less	$ 73,256
Due after one year through two years	113,166
Due after two years through three years	40,882
Due after three years through four years	29,413
Due after four years through five years	11,261
Total payments	267,978
Less amounts representing interest	17,526
Long-term debt	250,452
Credit Facility
Maturities of long-term debt obligations
Due in one year or less	2,981
Due after one year through two years	51,217
Total payments	54,198
Less amounts representing interest	4,198
Long-term debt	50,000
Notes payable
Maturities of long-term debt obligations
Due in one year or less	70,275
Due after one year through two years	61,949
Due after two years through three years	40,882
Due after three years through four years	29,413
Due after four years through five years	11,261
Total payments	213,780
Less amounts representing interest	13,328
Long-term debt	$ 200,452

LONG-TERM DEBT AND FINANCING _5

LONG-TERM DEBT AND FINANCING ARRANGEMENTS - Assets Securing Notes (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Financing Arrangements
Total assets securing notes payable or held under finance leases	$ 345,046	$ 336,222
Less accumulated depreciation and amortization	130,896	119,244
Net assets securing notes payable or held under finance leases	214,150	216,978
Revenue equipment
Financing Arrangements
Total assets securing notes payable or held under finance leases	305,925	294,700
Service, office, and other equipment
Financing Arrangements
Total assets securing notes payable or held under finance leases	$ 39,121	$ 41,522

LONG-TERM DEBT AND FINANCING _6

LONG-TERM DEBT AND FINANCING ARRANGEMENTS - Credit Facility (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Financing Arrangements
Borrowings under credit facilities		$ 58,000
Repayment of debt	$ 17,649	$ 32,967
Outstanding letters of credit	10,600
Credit Facility
Financing Arrangements
Maximum borrowing capacity	250,000
Additional borrowing capacity that may be requested	125,000
Remaining borrowing capacity	200,000
Swing Line Facility
Financing Arrangements
Maximum borrowing capacity	40,000
Letters of Credit, Sub-Facility
Financing Arrangements
Maximum borrowing capacity	$ 20,000

LONG-TERM DEBT AND FINANCING _7

LONG-TERM DEBT AND FINANCING ARRANGEMENTS - Interest Rate Swaps (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022
Interest rate swap agreement | Credit Facility
Financing Arrangements
Amount of borrowings covered by the interest rate swap	$ 50	$ 50
Effective fixed interest rate on hedged borrowings (as a percent)	1.55%	1.55%
Interest rate swap agreement, maturing on October 1, 2024
Financing Arrangements
Notional amount			$ 50
Fixed interest rate payments (as a percent)			0.33%
Interest rate swap agreement, maturing on October 1, 2024 | Other long-term assets
Financing Arrangements
Fair value of interest rate swap, asset	$ 2.9	$ 3.5
Interest rate swap agreement, maturing on October 1, 2024 | Credit Facility
Financing Arrangements
Amount of borrowings covered by the interest rate swap	$ 50
Effective fixed interest rate on hedged borrowings (as a percent)	1.55%

LONG-TERM DEBT AND FINANCING _8

LONG-TERM DEBT AND FINANCING ARRANGEMENTS - Securitization Program (Details) $ in Millions	Mar. 31, 2023 USD ($)
Financing Arrangements
Outstanding letters of credit	$ 10.6
Accounts receivable securitization program
Financing Arrangements
Maximum borrowing capacity	50
Additional borrowing capacity that may be requested	100
Outstanding letters of credit	10
Remaining borrowing capacity	$ 40

LONG-TERM DEBT AND FINANCING _9

LONG-TERM DEBT AND FINANCING ARRANGEMENTS - Letters of Credit & Surety Bonds (Details) $ in Millions	Mar. 31, 2023 USD ($)
Financing Arrangements
Outstanding letters of credit	$ 10.6
Accounts receivable securitization program
Financing Arrangements
Outstanding letters of credit	10
Surety bonds
Financing Arrangements
Outstanding surety bonds under uncollateralized bond programs	$ 64.9

LONG-TERM DEBT AND FINANCING_10

LONG-TERM DEBT AND FINANCING ARRANGEMENTS - Notes Payable (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Notes payable
Financing Arrangements
Assets financed during the period under promissory note arrangements	$ 3.5

STOCKHOLDERS' EQUITY - AOCI (De

STOCKHOLDERS' EQUITY - AOCI (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income
Total after-tax amount	$ 1,205,859	$ 1,151,401	$ 983,172	$ 929,067
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income
Total pre-tax amount	8,596	9,566
Total after-tax amount	6,386	7,103	5,323	3,699
Unrecognized Net Periodic Benefit Credit
Accumulated Other Comprehensive Income
Total pre-tax amount	8,954	9,287
Total after-tax amount	6,649	6,896	4,019	4,160
Interest Rate Swap
Accumulated Other Comprehensive Income
Total pre-tax amount	2,913	3,526
Total after-tax amount	2,152	2,604	1,767	309
Foreign Currency Translation
Accumulated Other Comprehensive Income
Total pre-tax amount	(3,271)	(3,247)
Total after-tax amount	$ (2,415)	$ (2,397)	$ (463)	$ (770)

STOCKHOLDERS' EQUITY - AOCI Com

STOCKHOLDERS' EQUITY - AOCI Components (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Changes in accumulated other comprehensive income, net of tax, by component
Balances	$ 1,151,401	$ 929,067
OTHER COMPREHENSIVE INCOME (LOSS), net of tax	(717)	1,624
Balances	1,205,859	983,172
Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income, net of tax, by component
Balances	7,103	3,699
Other comprehensive income (loss) before reclassifications	(470)	1,765
Amounts reclassified from accumulated other comprehensive income	(247)	(141)
OTHER COMPREHENSIVE INCOME (LOSS), net of tax	(717)	1,624
Balances	6,386	5,323
Unrecognized Net Periodic Benefit Credit
Changes in accumulated other comprehensive income, net of tax, by component
Balances	6,896	4,160
Amounts reclassified from accumulated other comprehensive income	(247)	(141)
OTHER COMPREHENSIVE INCOME (LOSS), net of tax	(247)	(141)
Balances	6,649	4,019
Interest Rate Swap
Changes in accumulated other comprehensive income, net of tax, by component
Balances	2,604	309
Other comprehensive income (loss) before reclassifications	(452)	1,458
OTHER COMPREHENSIVE INCOME (LOSS), net of tax	(452)	1,458
Balances	2,152	1,767
Foreign Currency Translation
Changes in accumulated other comprehensive income, net of tax, by component
Balances	(2,397)	(770)
Other comprehensive income (loss) before reclassifications	(18)	307
OTHER COMPREHENSIVE INCOME (LOSS), net of tax	(18)	307
Balances	$ (2,415)	$ (463)

STOCKHOLDERS' EQUITY - Reclass

STOCKHOLDERS' EQUITY - Reclass (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Unrecognized Net Periodic Benefit Credit
Significant reclassifications out of accumulated other comprehensive loss by component
Tax expense	$ (86)	$ (48)
Total, net of tax	247	141
Amortization of net actuarial gain
Significant reclassifications out of accumulated other comprehensive loss by component
Total, pre-tax	$ 333	$ 189

STOCKHOLDERS' EQUITY - Dividend

STOCKHOLDERS' EQUITY - Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Apr. 26, 2023	Mar. 31, 2023	Mar. 31, 2022
Dividends on Common Stock
Dividends declared (in dollars per share)		$ 0.12	$ 0.08
Dividend Amount		$ 2,915	$ 1,978
Subsequent Event
Dividends on Common Stock
Dividends declared (in dollars per share)	$ 0.12

STOCKHOLDERS' EQUITY - Treasury

STOCKHOLDERS' EQUITY - Treasury Stock (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 30, 2023	Mar. 31, 2023	Mar. 31, 2022	Apr. 28, 2023	Feb. 28, 2023	Dec. 31, 2022
Treasury Stock
Cost of repurchased shares		$ 14,092	$ 16,506
Share Repurchase Program
Treasury Stock
Amount available for repurchase		$ 110,900				$ 26,500
Amount of stock repurchases authorized					$ 125,000
Number of shares repurchased during the period		154,089
Cost of repurchased shares		$ 14,100
Share Repurchase Program | Subsequent Event
Treasury Stock
Amount available for repurchase				$ 95,000
Number of shares repurchased during the period	171,967
Cost of repurchased shares	$ 15,900

EARNINGS PER SHARE - Basic And

EARNINGS PER SHARE - Basic And Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Basic, numerator:
Net income from continuing operations	$ 18,847	$ 68,008
Net income from discontinued operations	52,436	1,561
Net income	$ 71,283	$ 69,569
Basic, denominator:
Weighted-average shares	24,288,138	24,710,685
Basic earnings per common share
Continuing operations (in dollars per share)	$ 0.78	$ 2.75
Discontinued operations (in dollars per share)	2.16	0.06
BASIC EARNINGS PER COMMON SHARE (in dollars per share)	$ 2.93	$ 2.82
Diluted, numerator:
Net income from continuing operations	$ 18,847	$ 68,008
Net income from discontinued operations	52,436	1,561
Net income	$ 71,283	$ 69,569
Diluted, denominator:
Weighted-average shares	24,288,138	24,710,685
Effect of dilutive securities	769,588	1,200,515
Adjusted weighted-average shares and assumed conversions	25,057,726	25,911,200
Diluted earnings per common share
Continuing operations (in dollars per share)	$ 0.75	$ 2.62
Discontinued operations (in dollars per share)	2.09	0.06
DILUTED EARNINGS PER COMMON SHARE (in dollars per share)	$ 2.84	$ 2.68

OPERATING SEGMENT DATA - Revenu

OPERATING SEGMENT DATA - Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
REVENUES FROM CONTINUING OPERATIONS
Revenues	$ 1,106,094	$ 1,268,091
Asset Based
REVENUES FROM CONTINUING OPERATIONS
Revenues	669,220	675,518
Asset-Light
REVENUES FROM CONTINUING OPERATIONS
Revenues	436,033	591,722
Operating Segments | Asset Based
REVENUES FROM CONTINUING OPERATIONS
Revenues	697,817	705,311
Operating Segments | Asset-Light
REVENUES FROM CONTINUING OPERATIONS
Revenues	438,092	595,284
Other and eliminations
REVENUES FROM CONTINUING OPERATIONS
Revenues	$ (29,815)	$ (32,504)

OPERATING SEGMENT DATA - Operat

OPERATING SEGMENT DATA - Operating Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
OPERATING EXPENSES FROM CONTINUING OPERATIONS
Salaries, wages, and benefits	$ 436,982	$ 414,905
Fuel, supplies, and expenses	122,618	110,359
Depreciation and amortization	35,010	34,396
Contingent consideration	15,040	810
Pre-tax gain on sale of discontinued operations	(69,083)
Gain on sale of property and equipment	(9)	(3,002)
Other	45,680	36,829
Total consolidated operating expenses	1,084,935	1,175,148
Operating Segments | Asset Based
OPERATING EXPENSES FROM CONTINUING OPERATIONS
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	6,068	6,960
Other	1,612	633
Total consolidated operating expenses	650,346	625,277
Operating Segments | Asset-Light
OPERATING EXPENSES FROM CONTINUING OPERATIONS
Purchased transportation	370,163	508,380
Supplies and expenses	4,072	3,266
Depreciation and amortization	5,068	5,180
Shared services	51,429	50,197
Contingent consideration	15,040	810
Other	6,411	6,335
Total consolidated operating expenses	452,183	574,168
Other and eliminations
OPERATING EXPENSES FROM CONTINUING OPERATIONS
Total consolidated operating expenses	$ (17,594)	$ (24,297)

OPERATING SEGMENT DATA - Oper_2

OPERATING SEGMENT DATA - Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
OPERATING INCOME FROM CONTINUING OPERATIONS
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	1,780	(826)
TOTAL OTHER INCOME (COSTS)	2,386	(2,667)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	23,545	90,276
Operating Segments | Asset Based
OPERATING INCOME FROM CONTINUING OPERATIONS
Operating income	47,471	80,034
Operating Segments | Asset-Light
OPERATING INCOME FROM CONTINUING OPERATIONS
Operating income	(14,091)	21,116
Other and eliminations
OPERATING INCOME FROM CONTINUING OPERATIONS
Operating income	$ (12,221)	$ (8,207)

OPERATING SEGMENT DATA - Reve_2

OPERATING SEGMENT DATA - Revenue from Customers (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
REVENUES FROM CONTINUING OPERATIONS
Revenues	$ 1,106,094	$ 1,268,091
Asset Based
REVENUES FROM CONTINUING OPERATIONS
Revenues	669,220	675,518
Asset-Light
REVENUES FROM CONTINUING OPERATIONS
Revenues	436,033	591,722
Corporate and Other
REVENUES FROM CONTINUING OPERATIONS
Revenues	841	851
Operating Segments | Asset Based
REVENUES FROM CONTINUING OPERATIONS
Revenues	697,817	705,311
Operating Segments | Asset-Light
REVENUES FROM CONTINUING OPERATIONS
Revenues	438,092	595,284
Intersegment revenues
REVENUES FROM CONTINUING OPERATIONS
Revenues	(30,656)	(33,355)
Intersegment revenues | Asset Based
REVENUES FROM CONTINUING OPERATIONS
Revenues	28,597	29,793
Intersegment revenues | Asset-Light
REVENUES FROM CONTINUING OPERATIONS
Revenues	2,059	3,562
Other and eliminations
REVENUES FROM CONTINUING OPERATIONS
Revenues	$ (29,815)	$ (32,504)

OPERATING SEGMENT DATA - Oper_3

OPERATING SEGMENT DATA - Operating Expenses by Category (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
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	35,010	34,396
Contingent consideration	15,040	810
Other	45,680	36,829
Total consolidated operating expenses	$ 1,084,935	$ 1,175,148

LEGAL PROCEEDINGS, ENVIRONMEN_2

LEGAL PROCEEDINGS, ENVIRONMENTAL MATTERS, AND OTHER EVENTS (Details) $ in Millions	Mar. 20, 2023 USD ($)
Compliance issues under federal Clean Water Act
Environmental Matters
Amount of civil penalty	$ 0.5