ArcBest (ARCB) 10-Q 4 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Jul. 28, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		24,024,955
Entity Central Index Key	0000894405
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 187,286	$ 158,264
Short-term investments	153,116	167,662
Accounts receivable, less allowances (2023 - $11,318; 2022 - $13,892)	429,570	517,494
Other accounts receivable, less allowances (2023 - $721; 2022 - $713)	11,160	11,016
Prepaid expenses	33,244	39,484
Prepaid and refundable income taxes	39,230	19,239
Current assets of discontinued operations		64,736
Other	11,584	11,888
TOTAL CURRENT ASSETS	865,190	989,783
PROPERTY, PLANT AND EQUIPMENT
Land and structures	421,821	401,840
Revenue equipment	1,062,854	1,038,832
Service, office, and other equipment	309,952	298,234
Software	167,292	167,164
Leasehold improvements	26,240	23,466
TOTAL PROPERTY, PLANT AND EQUIPMENT, Gross	1,988,159	1,929,536
Less allowances for depreciation and amortization	1,159,626	1,129,366
PROPERTY, PLANT AND EQUIPMENT, net	828,533	800,170
GOODWILL	304,753	304,753
INTANGIBLE ASSETS, net	107,467	113,733
OPERATING RIGHT-OF-USE ASSETS	194,597	166,515
DEFERRED INCOME TAXES	6,918	6,342
LONG-TERM ASSETS OF DISCONTINUED OPERATIONS		11,097
OTHER LONG-TERM ASSETS	106,644	101,893
TOTAL ASSETS	2,414,102	2,494,286
CURRENT LIABILITIES
Accounts payable	245,998	269,854
Income taxes payable		16,017
Accrued expenses	299,339	338,457
Current portion of long-term debt	64,882	66,252
Current portion of operating lease liabilities	31,047	26,225
Current liabilities of discontinued operations		51,665
TOTAL CURRENT LIABILITIES	641,266	768,470
LONG-TERM DEBT, less current portion	168,105	198,371
OPERATING LEASE LIABILITIES, less current portion	174,145	147,828
POSTRETIREMENT LIABILITIES, less current portion	12,169	12,196
LONG-TERM LIABILITIES OF DISCONTINUED OPERATIONS		781
CONTINGENT CONSIDERATION	117,040	112,000
OTHER LONG-TERM LIABILITIES	37,314	42,745
DEFERRED INCOME TAXES	52,702	60,494
STOCKHOLDERS' EQUITY
Common stock, $0.01 par value, authorized 70,000,000 shares; issued 2023: 30,007,634 shares; 2022: 29,758,716 shares	300	298
Additional paid-in capital	335,397	339,582
Retained earnings	1,194,610	1,088,693
Treasury stock, at cost, 2023: 5,982,679 shares; 2022: 5,529,383 shares	(325,515)	(284,275)
Accumulated other comprehensive income	6,569	7,103
TOTAL STOCKHOLDERS' EQUITY	1,211,361	1,151,401
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 2,414,102	$ 2,494,286

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowances (in dollars)	$ 11,318	$ 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	30,007,634	29,758,716
Treasury stock, at cost, shares	5,982,679	5,529,383

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
CONSOLIDATED STATEMENTS OF OPERATIONS
REVENUES	$ 1,103,464	$ 1,321,692	$ 2,209,558	$ 2,589,783
OPERATING EXPENSES	1,061,348	1,185,654	2,146,283	2,360,802
OPERATING INCOME	42,116	136,038	63,275	228,981
OTHER INCOME (COSTS)
Interest and dividend income	3,725	353	6,658	452
Interest and other related financing costs	(2,205)	(1,863)	(4,532)	(3,803)
Other, net	5,038	(2,807)	6,818	(3,633)
TOTAL OTHER INCOME (COSTS)	6,558	(4,317)	8,944	(6,984)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	48,674	131,721	72,219	221,997
INCOME TAX PROVISION	9,074	30,179	13,772	52,447
NET INCOME FROM CONTINUING OPERATIONS	39,600	101,542	58,447	169,550
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX	843	919	53,279	2,480
NET INCOME	$ 40,443	$ 102,461	$ 111,726	$ 172,030
BASIC EARNINGS PER COMMON SHARE
Continuing operations (in dollars per share)	$ 1.65	$ 4.13	$ 2.42	$ 6.88
Discontinued operations (in dollars per share)	0.04	0.04	2.20	0.10
BASIC EARNINGS PER COMMON SHARE (in dollars per share)	1.68	4.16	4.62	6.98
DILUTED EARNINGS PER COMMON SHARE
Continuing operations (in dollars per share)	1.60	3.97	2.35	6.58
Discontinued operations (in dollars per share)	0.03	0.04	2.14	0.10
DILUTED EARNINGS PER COMMON SHARE (in dollars per share)	$ 1.64	$ 4	$ 4.49	$ 6.68
AVERAGE COMMON SHARES OUTSTANDING
Basic (in shares)	24,064,882	24,607,362	24,175,893	24,658,739
Diluted (in shares)	24,672,948	25,596,031	24,864,691	25,756,314

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net Income (Loss)	$ 40,443	$ 102,461	$ 111,726	$ 172,030
Amortization of unrecognized net periodic benefit credit, net of tax of: (2023 - Three-month period $85, Six-month period $171; 2022 - Three-month period $49, Six-month period $97)
Net actuarial gain	(247)	(140)	(494)	(281)
Interest rate swap and foreign currency translation:
Change in unrealized income (loss) on interest rate swap, net of tax of: (2023 - Three-month period $11, Six-month period $150; 2022 - Three-month period $121, Six-month period $638)	31	344	(421)	1,802
Change in foreign currency translation, net of tax of: (2023 - Three-month period $141, Six-month period $135; 2022 - Three-month period $194, Six-month period $86)	399	(553)	381	(246)
OTHER COMPREHENSIVE INCOME (LOSS), net of tax	183	(349)	(534)	1,275
TOTAL COMPREHENSIVE INCOME	$ 40,626	$ 102,112	$ 111,192	$ 173,305

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Amortization of unrecognized net periodic benefit credit, tax	$ (85)	$ (49)	$ (171)	$ (97)
Change in unrealized income (loss) on interest rate swap, tax	11	121	(150)	638
Change in foreign currency translation, tax	$ 141	$ (194)	$ 135	$ (86)

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	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
Dividends declared on common stock							(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, 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			172,030				172,030
Other comprehensive income (loss), net of tax					1,275		1,275
Issuance of common stock under share-based compensation plans	$ 2	(2)
Issuance of common stock under share-based compensation plans (in shares)	255,000
Shares withheld for employee tax remittance on share-based compensation		(9,637)					(9,637)
Share-based compensation expense		6,641					6,641
Purchase of treasury stock				$ (31,237)			(31,237)
Purchase of treasury stock (in shares)				402,000
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			(4,927)				(4,927)
Balances at Jun. 30, 2022	$ 296	340,035	968,417	$ (250,510)	4,974		1,063,212
Balances (in shares) at Jun. 30, 2022	29,615,000
Balances, Treasury stock (in shares) at Jun. 30, 2022				5,109,000
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
Increase (Decrease) in Stockholders' Equity
Net income			102,461				102,461
Other comprehensive income (loss), net of tax					(349)		(349)
Issuance of common stock under share-based compensation plans	$ 2	(2)
Issuance of common stock under share-based compensation plans (in shares)	230,000
Shares withheld for employee tax remittance on share-based compensation		(8,270)					(8,270)
Share-based compensation expense		3,878					3,878
Purchase of treasury stock				$ (14,731)			(14,731)
Purchase of treasury stock (in shares)				208,000
Dividends declared on common stock			(2,949)				(2,949)
Balances at Jun. 30, 2022	$ 296	340,035	968,417	$ (250,510)	4,974		1,063,212
Balances (in shares) at Jun. 30, 2022	29,615,000
Balances, Treasury stock (in shares) at Jun. 30, 2022				5,109,000
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
Dividends declared on common stock							$ (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
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			111,726				$ 111,726
Other comprehensive income (loss), net of tax					(534)		(534)
Issuance of common stock under share-based compensation plans	$ 2	(2)
Issuance of common stock under share-based compensation plans (in shares)	249,000
Shares withheld for employee tax remittance on share-based compensation		(10,022)					(10,022)
Share-based compensation expense		5,839					5,839
Purchase of treasury stock				$ (41,240)		$ (41,200)	(41,240)
Purchase of treasury stock (in shares)				454,000		453,296
Dividends declared on common stock			(5,809)				(5,809)
Balances at Jun. 30, 2023	$ 300	335,397	1,194,610	$ (325,515)	6,569		$ 1,211,361
Balances (in shares) at Jun. 30, 2023	30,008,000
Balances, Treasury stock (in shares) at Jun. 30, 2023				5,983,000			5,982,679
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
Increase (Decrease) in Stockholders' Equity
Net income			40,443				40,443
Other comprehensive income (loss), net of tax					183		183
Issuance of common stock under share-based compensation plans	$ 2	(2)
Issuance of common stock under share-based compensation plans (in shares)	199,000
Shares withheld for employee tax remittance on share-based compensation		(8,432)					(8,432)
Share-based compensation expense		3,350					3,350
Purchase of treasury stock				$ (27,148)			(27,148)
Purchase of treasury stock (in shares)				300,000
Dividends declared on common stock			(2,894)				(2,894)
Balances at Jun. 30, 2023	$ 300	$ 335,397	$ 1,194,610	$ (325,515)	$ 6,569		$ 1,211,361
Balances (in shares) at Jun. 30, 2023	30,008,000
Balances, Treasury stock (in shares) at Jun. 30, 2023				5,983,000			5,982,679

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
OPERATING ACTIVITIES
Net income	$ 111,726	$ 172,030
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	64,804	63,690
Amortization of intangibles	6,398	6,463
Share-based compensation expense	5,585	6,641
Provision for losses on accounts receivable	2,257	3,583
Change in deferred income taxes	(8,228)	(6,371)
(Gain) loss on sale of property and equipment	1,188	(4,073)
Gain on sale of subsidiary		(402)
Pre-tax gain on sale of discontinued operations	(70,215)
Change in fair value of contingent consideration	5,040	810
Change in fair value of equity investment	(3,739)
Changes in operating assets and liabilities:
Receivables	83,542	(87,092)
Prepaid expenses	6,353	7,477
Other assets	759	72
Income taxes	(35,968)	4,211
Operating right-of-use assets and lease liabilities, net	3,059	114
Accounts payable, accrued expenses, and other liabilities	(68,804)	17,470
NET CASH PROVIDED BY OPERATING ACTIVITIES	103,757	184,623
INVESTING ACTIVITIES
Purchases of property, plant and equipment, net of financings	(83,171)	(49,682)
Proceeds from sale of property and equipment	2,853	9,115
Proceeds from sale of discontinued operations	100,949
Business acquisition, net of cash acquired		2,279
Proceeds from the sale of subsidiary		475
Purchases of short-term investments	(46,858)	(64,330)
Proceeds from sale of short-term investments	63,693	35,840
Capitalization of internally developed software	(7,010)	(8,541)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	30,456	(74,844)
FINANCING ACTIVITIES
Borrowings under credit facilities		58,000
Proceeds from notes payable		7,280
Payments on long-term debt	(35,114)	(84,905)
Net change in book overdrafts	(13,171)	6,085
Deferred financing costs	57
Payment of common stock dividends	(5,809)	(4,927)
Purchases of treasury stock	(41,240)	(31,237)
Payments for tax withheld on share-based compensation	(10,022)	(9,637)
NET CASH USED IN FINANCING ACTIVITIES	(105,299)	(59,341)
NET INCREASE IN CASH AND CASH EQUIVALENTS	28,914	50,438
CASH AND CASH EQUIVALENTS AT END OF PERIOD	187,286	127,058
NONCASH INVESTING ACTIVITIES
Equipment financed	3,478	19,498
Accruals for equipment received	10,106	7,574
Lease liabilities arising from obtaining right-of-use assets	$ 43,366	$ 30,210

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 at beginning of period	$ 158,264	$ 76,568
Cash and cash equivalents of discontinued operations at beginning of period	$ 108	$ 52

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF THE BUSINESS AND FINANCIAL STATEMENT PRESENTATION	6 Months Ended
	Jun. 30, 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 63% of the Company’s total revenues before other revenues and intercompany eliminations for the six months ended June 30, 2023. As of June 2023, approximately 82% of the Asset-Based segment’s employees were covered under the previous collective bargaining agreement, the ABF National Master Freight Agreement (the “2018 ABF NMFA”), with the International Brotherhood of Teamsters (the “IBT”), which remained in effect through ​ The major economic provisions of the 2023 ABF NMFA include wage rate increases in each year of the contract, with the initial increase effective retroactive to July 1, 2023; profit-sharing bonuses upon the Asset-Based segment’s achievement of certain annual operating ratios for any full calendar year under the contract; an additional paid holiday; two additional sick days; and a new non-CDL employee classification. The 2023 ABF NMFA and the related supplemental agreements provide for annual contribution rate increases to multiemployer health and welfare and pension funds to which ABF Freight contributed under the previous agreement. Under the 2023 ABF NMFA, the contractual wages and benefits top hourly rates are estimated to increase approximately 4.2% on a compounded annual basis through the end of the agreement. ​ 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 adjusted cash purchase price of $100.9 million, including post-closing adjustments. The sale of FleetNet was a strategic shift for the Company as it exited the fleet roadside assistance and maintenance management business; therefore, the sale was 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 the Company’s discontinued operations, see Note C. ​ Certain reclassifications have been made to the prior-year presentation of other long-term liabilities to conform to the current-year presentation of the contingent consideration liability on 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	6 Months Ended
	Jun. 30, 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30 December 31 ​ ​ 2023 ​ 2022 ​ ​ (in thousands) ​ Cash and cash equivalents ​ ​ ​ ​ ​ ​ ​ Cash deposits (1) ​ $ 161,176 ​ $ 137,247 ​ Variable rate demand notes (1)(2) ​ 122 ​ 9,285 ​ Money market funds (3) ​ 25,988 ​ 11,732 ​ Total cash and cash equivalents ​ $ 187,286 ​ $ 158,264 ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term investments ​ ​ ​ ​ ​ ​ ​ Certificates of deposit (1) ​ $ 113,542 ​ $ 88,851 ​ U.S. Treasury securities (4) ​ ​ 39,574 ​ ​ 78,811 ​ Total short-term investments ​ $ 153,116 ​ $ 167,662 ​ ​ (1) Recorded at cost plus accrued interest, which approximates fair value. (2) Amounts may be redeemed on a daily basis with the original issuer. (3) 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). (4) 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 June 30, 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 $118.9 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30 ​ 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) ​ 182,987 ​ 178,490 ​ 214,623 ​ 207,778 ​ New England Pension Fund withdrawal liability (3) ​ ​ 19,755 ​ ​ 18,726 ​ ​ 20,100 ​ ​ 18,911 ​ ​ ​ $ 252,742 ​ $ 247,216 ​ $ 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 5.2% and 5.3% at June 30, 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 June 30, 2023, the outstanding withdrawal liability totaled $19.8 million, of which $0.7 million was recorded in accrued expenses, and the remaining portion was recorded in other long-term liabilities. ​ 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 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) ​ $ 25,988 ​ $ 25,988 ​ $ — ​ $ — ​ Equity, bond, and money market mutual funds held in trust related to the Voluntary Savings Plan (2) ​ 4,159 ​ 4,159 ​ — ​ — ​ Interest rate swap (3) ​ ​ 2,955 ​ ​ — ​ ​ 2,955 ​ ​ — ​ ​ ​ $ 33,102 ​ $ 30,147 ​ $ 2,955 ​ $ — ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration (4) ​ ​ 117,040 ​ ​ — ​ ​ — ​ ​ 117,040 ​ ​ ​ $ 117,040 ​ $ — ​ $ — ​ $ 117,040 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 June 30, 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 14.2% and 14.0% as of June 30, 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 June 30, 2023, the contingent earnout consideration totaled $117.0 million, which was recorded in long-term liabilities. The increase in fair value of contingent earnout consideration as of June 30, 2023, compared to December 31, 2022, reflects revised assumptions for business growth in 2024 and 2025, partially offset by the impact of continuing softer market conditions during 2023 and a higher discount rate at the June 30, 2023 remeasurement date. Based on the most recent remeasurement, achievement of the 2023 target is not expected; therefore, the current portion of the contingent consideration was reduced to zero as of June 30, 2023. 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) ​ Balance at December 31, 2022 ​ $ 112,000 ​ Change in fair value included in operating income ​ ​ 5,040 ​ Balance at June 30, 2023 ​ $ 117,040 ​ ​ ​ ​ Assets Measured at Fair Value on a Nonrecurring Basis ​ The following table provides the change in fair value of the assets measured on a nonrecurring basis using inputs categorized in Level 3 of the fair value hierarchy. ​ ​ ​ ​ ​ ​ ​ ​ Equity Investment (1) ​ ​ ​ (in thousands) ​ Balance at December 31, 2022 ​ $ 25,000 ​ Change in fair value included in operating income ​ ​ 3,739 ​ Balance at June 30, 2023 ​ $ 28,739 ​ (1) Represents the Company’s equity investment in Phantom Auto, the leading provider of human-centered remote operation software. The equity investment is accounted for as a nonmarketable equity security without a readily determinable value using the measurement alternative, which allows for the investment to be recorded at cost, less any impairment and adjusted for observable price changes in orderly transactions for an identical or similar equity security of the same issuer. The $3.7 million increase in fair value of the Company’s equity investment was measured as of April 26, 2023, based on an observable price change upon the closing of Phantom Auto’s Series B-2 funding round. The fair value of the investment was estimated using a hybrid method of the Black-Scholes option pricing model and the probability-weighted expected return method. This method produces a per-share value based on a probability-weighted scenario analysis. The scenarios reflect changes to the liquidation preferences based on the potential liquidity event. The Black-Scholes option pricing model used various inputs, including expected volatility, expected term to liquidity, risk-free rate over the expected term, breakpoints values, and liquidation preferences. ​

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	6 Months Ended
	Jun. 30, 2023
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS	NOTE C – DISCONTINUED OPERATIONS ​ On February 28, 2023, the Company sold FleetNet, a wholly owned subsidiary of the Company, for an aggregate adjusted cash purchase price of $100.9 million, and recorded a pre-tax gain on sale of $70.2 million, or $52.3 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 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 financial results of FleetNet have been accounted for as discontinued operations for all periods presented. ​ The following table summarizes the financial results from discontinued operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30 ​ June 30 ​ ​ ​ 2023 ​ 2022 2023 ​ 2022 ​ ​ ​ (in thousands) ​ Revenues ​ $ — ​ $ 71,237 ​ $ 55,929 ​ $ 138,220 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain on sale of business (1) ​ ​ (1,132) ​ ​ — ​ ​ (70,215) ​ ​ — ​ Other ​ ​ — ​ ​ 69,930 ​ ​ 54,623 ​ ​ 134,928 ​ ​ ​ ​ (1,132) ​ ​ 69,930 ​ ​ (15,592) ​ ​ 134,928 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income ​ ​ 1,132 ​ ​ 1,307 ​ ​ 71,521 ​ ​ 3,292 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other income, net (2) ​ ​ — ​ ​ 9 ​ ​ 17 ​ ​ 17 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from discontinued operations before income taxes ​ ​ 1,132 ​ ​ 1,316 ​ ​ 71,538 ​ ​ 3,309 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax provision ​ ​ 289 ​ ​ 397 ​ ​ 18,259 ​ ​ 829 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from discontinued operations, net of tax ​ $ 843 ​ $ 919 ​ $ 53,279 ​ $ 2,480 ​ (1) The gain recognized for the three and six months ended June 30, 2023 includes post-closing adjustments, including the resolution of certain post-close contingencies in the second quarter of 2023. The total pre-tax gain of $70.2 million for the six months ended June 30, 2023, includes transaction costs of $3.8 million consisting of consulting fees, professional fees, and employee-related expenses. (2) Includes interest income, net of interest expense, of which the amounts are immaterial for all periods presented. ​ 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ June 30 ​ 2023 2022 ​ ​ (in thousands) Net cash provided by (used in) operating activities (1) ​ $ 762 ​ $ (1,301) Net cash used in investing activities (2) ​ ​ (397) ​ ​ (2,187) Net cash provided by (used in) financing activities ​ ​ (473) ​ ​ 3,544 Net increase (decrease) in cash and cash equivalents ​ $ (108) ​ $ 56 (1) Includes depreciation and amortization expense of $0.4 million and $0.9 million for the six months ended June 30, 2023 and 2022, respectively. Also includes share-based compensation expense for the six months ended June 30, 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 $1.4 million for the six months ended June 30, 2023 and 2022, respectively. Excludes the proceeds from the sale of discontinued operations, which are included in cash flows from continuing operations. ​

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 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 $0.6 million of goodwill related to FleetNet to discontinued operations. The remaining goodwill balance of $304.8 million at both June 30, 2023 and December 31, 2022, primarily relates to the Asset-Light segment acquisitions of MoLo and Panther. ​ Intangible assets consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ December 31, 2022 ​ ​ 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 ​ $ 47,146 ​ $ 52,433 ​ $ 99,579 ​ $ 42,933 ​ $ 56,646 ​ Other ​ 8 ​ ​ 30,038 ​ ​ 7,304 ​ ​ 22,734 ​ ​ 29,914 ​ ​ 5,127 ​ ​ 24,787 ​ ​ 11 ​ 129,617 ​ 54,450 ​ 75,167 ​ ​ 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 ​ $ 161,917 ​ $ 54,450 ​ $ 107,467 ​ $ 161,793 ​ $ 48,060 ​ $ 113,733 ​ ​ ​ ​ As of June 30, 2023, the future amortization of intangible assets was as follows: ​ ​ ​ ​ ​ ​ ​ Amortization of ​ ​ Intangible Assets ​ ​ (in thousands) ​ Remainder of 2023 ​ $ 6,394 ​ 2024 ​ 12,778 ​ 2025 ​ 12,778 ​ 2026 ​ 8,671 ​ 2027 ​ ​ 7,247 ​ Thereafter ​ ​ 27,299 ​ Total amortization ​ $ 75,167 ​ ​

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2023
INCOME TAXES
INCOME TAXES	NOTE E – INCOME TAXES ​ The Company’s total effective tax rate was 18.8% and 22.3% for the three and six months ended June 30, 2023, respectively, compared to 23.0% and 23.6% for the same periods of 2022, including discontinued operations which are further discussed in Note C. The effective tax rate from continuing operations was 18.6% and 19.1% for the three and six months ended June 30, 2023, respectively, compared to 22.9% and 23.6% for the same periods of 2022. 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 and six months ended June 30, 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 rates for the three and six months ended June 30, 2023, were also impacted by the reinstatement of the federal alternative fuel tax credit. ​ As of June 30, 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 June 30, 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 $1.8 million and $1.7 million at June 30, 2023 and December 31, 2022, respectively. ​ The Company paid federal, state, and foreign income taxes of $77.8 million and $56.4 million during the six months ended June 30, 2023 and 2022, respectively. The Company received refunds of federal and state income taxes that were paid in prior years of $1.7 million and $1.2 million during the six months ended June 30, 2023 and 2022, respectively. ​ Income tax expense reflected in discontinued operations is $0.3 million, or an effective tax rate of 25.5%, and $18.3 million, or an effective tax rate of 25.5%, for the three and six months ended June 30, 2023, respectively, which primarily consisted of federal and state income taxes on the gain on the sale of FleetNet. For the three and six months ended June 30, 2022, income tax expense reflected in discontinued operations is $0.4 million, or an effective tax rate of 30.2%, and $0.8 million, or an effective tax rate of 25.1%, respectively. ​

LEASES

LEASES	6 Months Ended
	Jun. 30, 2023
LEASES
LEASES	NOTE F – LEASES ​ The Company has operating lease arrangements for certain facilities and revenue equipment used in the Asset-Based and Asset-Light segment operations and certain other facilities and office equipment. ​ The components of operating lease expense were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30 ​ June 30 ​ ​ 2023 2022 2023 2022 ​ ​ (in thousands) ​ Operating lease expense ​ $ 10,048 ​ $ 7,367 ​ $ 19,214 ​ $ 14,450 ​ Variable lease expense ​ ​ 1,762 ​ ​ 1,068 ​ ​ 3,302 ​ ​ 2,044 ​ Sublease income ​ ​ (5) ​ ​ (97) ​ ​ (119) ​ ​ (258) ​ Total operating lease expense (1) ​ $ 11,805 ​ $ 8,338 ​ $ 22,397 ​ $ 16,236 ​ (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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ ​ June 30 ​ ​ ​ 2023 ​ 2022 ​ ​ (in thousands) ​ Noncash change in operating right-of-use assets ​ $ 15,283 ​ $ 12,810 ​ Change in operating lease liabilities ​ ​ (12,224) ​ ​ (12,696) ​ Operating right-of-use-assets and lease liabilities, net ​ $ 3,059 ​ $ 114 ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of operating lease liabilities ​ $ (16,158) ​ $ (14,334) ​ ​ Maturities of operating lease liabilities at June 30, 2023, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equipment ​ ​ ​ ​ ​ ​ Land and ​ and ​ ​ Total Structures (1) Other ​ (in thousands) ​ Remainder of 2023 ​ $ 19,302 ​ $ 19,106 ​ $ 196 ​ 2024 ​ 37,430 ​ 37,113 ​ 317 ​ 2025 ​ 33,529 ​ 33,506 ​ 23 ​ 2026 ​ 30,564 ​ 30,564 ​ — ​ 2027 ​ 24,262 ​ 24,262 ​ — ​ Thereafter ​ 95,941 ​ 95,941 ​ — ​ Total lease payments ​ ​ 241,028 ​ ​ 240,492 ​ ​ 536 ​ Less imputed interest ​ ​ (35,836) ​ ​ (35,821) ​ ​ (15) ​ Total ​ $ 205,192 ​ $ 204,671 ​ $ 521 ​ (1) Excludes future minimum lease payments for leases which were executed but had not yet commenced as of June 30, 2023, totaling $50.8 million, which will be paid over approximately 10 years .

LONG-TERM DEBT AND FINANCING AR

LONG-TERM DEBT AND FINANCING ARRANGEMENTS	6 Months Ended
	Jun. 30, 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, and notes payable related to the financing of revenue equipment (tractors and trailers used primarily in Asset-Based segment operations), certain other equipment, and software as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30 ​ December 31 ​ ​ 2023 2022 ​ ​ (in thousands) ​ Credit Facility (interest rate of 6.3% (1) ​ $ 50,000 ​ $ 50,000 ​ Notes payable (weighted-average interest rate of 3.4% at June 30, 2023) ​ 182,987 ​ 214,623 ​ ​ ​ 232,987 ​ 264,623 ​ Less current portion ​ 64,882 ​ 66,252 ​ Long-term debt, less current portion ​ $ 168,105 ​ $ 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 June 30, 2023 and December 31, 2022. ​ ​ Scheduled maturities of long-term debt obligations as of June 30, 2023, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit ​ Notes ​ ​ Total Facility (1) Payable ​ (in thousands) ​ Due in one year or less $ 73,463 $ 3,296 $ 70,167 ​ Due after one year through two years ​ 57,823 ​ 2,762 ​ 55,061 ​ Due after two years through three years ​ 39,963 ​ 2,392 ​ 37,571 ​ Due after three years through four years ​ 27,800 ​ 2,246 ​ 25,554 ​ Due after four years through five years ​ 56,895 ​ 50,593 ​ 6,302 ​ Total payments ​ 255,944 ​ 61,289 ​ 194,655 ​ Less amounts representing interest ​ 22,957 ​ 11,289 ​ 11,668 ​ Long-term debt $ 232,987 $ 50,000 $ 182,987 ​ (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 were included in property, plant and equipment as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30 ​ December 31 ​ ​ 2023 2022 ​ ​ (in thousands) Revenue equipment $ 305,601 $ 294,700 ​ Service, office, and other equipment ​ ​ 39,121 ​ ​ 41,522 ​ Total assets securing notes payable ​ 344,722 ​ 336,222 ​ Less accumulated depreciation ​ 143,087 ​ 119,244 ​ Net assets securing notes payable ​ $ 201,635 ​ $ 216,978 ​ ​ ​ ​ Financing Arrangements ​ Credit Facility As of June 30, 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 June 30, 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 June 30, 2023. ​ Interest Rate Swap As noted in the table above, 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 fair value of the interest rate swap of $3.0 million and $3.5 million was recorded in other long-term assets at June 30, 2023 and December 31, 2022, respectively. ​ The unrealized gain or loss on the interest rate swap instrument in effect at the balance sheet date was reported as a component of accumulated other comprehensive income, net of tax, in stockholders’ equity at June 30, 2023 and December 31, 2022, and the change in the unrealized gain or loss on the interest rate swap for the three and six months ended June 30, 2023 and 2022 was reported in other comprehensive income (loss), net of tax, in the consolidated statements of comprehensive income. The interest rate swap is 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 June 30, 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 June 30, 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 June 30, 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 June 30, 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 June 30, 2023, surety bonds outstanding related to the self-insurance program totaled $58.8 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 six months ended June 30, 2023. As of August 1, 2023, the Company financed the purchase of an additional $10.4 million of revenue equipment through promissory note arrangements.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2023
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	NOTE H – STOCKHOLDERS’ EQUITY ​ Accumulated Other Comprehensive Income ​ Components of accumulated other comprehensive income were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30 December 31 ​ ​ 2023 2022 ​ ​ (in thousands) ​ Pre-tax amounts: ​ ​ ​ ​ ​ ​ ​ Unrecognized net periodic benefit credit ​ $ 8,622 ​ $ 9,287 ​ Interest rate swap ​ ​ 2,955 ​ ​ 3,526 ​ Foreign currency translation ​ (2,731) ​ (3,247) ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ 8,846 ​ $ 9,566 ​ ​ ​ ​ ​ ​ ​ ​ ​ After-tax amounts: ​ ​ ​ ​ ​ ​ ​ Unrecognized net periodic benefit credit ​ $ 6,402 ​ $ 6,896 ​ Interest rate swap ​ ​ 2,183 ​ ​ 2,604 ​ Foreign currency translation ​ (2,016) ​ (2,397) ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ 6,569 ​ $ 7,103 ​ ​ ​ ​ The following is a summary of the changes in accumulated other comprehensive income, net of tax, by component for the six months ended June 30, 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 income (loss) before reclassifications ​ (40) ​ — ​ ​ (421) ​ 381 ​ Amounts reclassified from accumulated other comprehensive income ​ (494) ​ (494) ​ ​ — ​ — ​ Net current-period other comprehensive income (loss) ​ (534) ​ (494) ​ ​ (421) ​ 381 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances at June 30, 2023 ​ $ 6,569 ​ $ 6,402 ​ $ 2,183 ​ $ (2,016) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances at December 31, 2021 ​ $ 3,699 ​ $ 4,160 ​ $ 309 ​ $ (770) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income (loss) before reclassifications ​ ​ 1,556 ​ ​ — ​ ​ 1,802 ​ ​ (246) ​ Amounts reclassified from accumulated other comprehensive income ​ ​ (281) ​ ​ (281) ​ ​ — ​ ​ — ​ Net current-period other comprehensive income (loss) ​ ​ 1,275 ​ ​ (281) ​ ​ 1,802 ​ ​ (246) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances at June 30, 2022 ​ $ 4,974 ​ $ 3,879 ​ $ 2,111 ​ $ (1,016) ​ ​ The following is a summary of the significant reclassifications out of accumulated other comprehensive income by component: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrecognized Net Periodic ​ ​ ​ Benefit Credit ​ ​ Six Months Ended June 30 ​ ​ 2023 2022 ​ ​ (in thousands) Amortization of net actuarial gain, pre-tax (1) ​ $ 665 ​ $ 378 ​ Tax expense ​ ​ (171) ​ (97) ​ Total, net of tax ​ $ 494 ​ $ 281 ​ ​ (1) Included in the computation of net periodic benefit credit 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 ​ Second quarter ​ $ 0.12 ​ $ 2,894 ​ $ 0.12 ​ $ 2,949 ​ ​ On July 26, 2023, the Company announced its Board of Directors declared a dividend of $0.12 per share to stockholders of record as of August 9, 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 the closed trading window extending from March 16, 2023 to May 2, 2023. ​ During the six months ended June 30, 2023, the Company repurchased 453,296 shares for an aggregate cost of $41.2 million, including 305,751 shares for an aggregate cost of $28.0 million under the 10b5-1 agreement. The Company had $83.8 million remaining under its share repurchase program as of June 30, 2023.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 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 ​ Six Months Ended ​ ​ ​ June 30 ​ June 30 ​ ​ 2023 2022 2023 2022 ​ ​ (in thousands, except share and per share data) ​ Basic ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income from continuing operations ​ $ 39,600 ​ $ 101,542 ​ $ 58,447 ​ $ 169,550 ​ Net income from discontinued operations ​ 843 ​ 919 ​ 53,279 ​ 2,480 ​ Net income ​ $ 40,443 ​ $ 102,461 ​ $ 111,726 ​ $ 172,030 ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares ​ 24,064,882 ​ 24,607,362 ​ 24,175,893 ​ 24,658,739 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per common share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Continuing operations ​ $ 1.65 ​ $ 4.13 ​ $ 2.42 ​ $ 6.88 ​ Discontinued operations ​ 0.04 ​ 0.04 ​ ​ 2.20 ​ 0.10 ​ Total basic earnings per common share (1) ​ $ 1.68 ​ $ 4.16 ​ $ 4.62 ​ $ 6.98 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income from continuing operations ​ $ 39,600 ​ $ 101,542 ​ $ 58,447 ​ $ 169,550 ​ Net income from discontinued operations ​ 843 ​ 919 ​ 53,279 ​ 2,480 ​ Net income ​ $ 40,443 ​ $ 102,461 ​ $ 111,726 ​ $ 172,030 ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares ​ 24,064,882 ​ 24,607,362 ​ 24,175,893 ​ 24,658,739 ​ Effect of dilutive securities ​ 608,066 ​ 988,669 ​ 688,798 ​ 1,097,575 ​ Adjusted weighted-average shares and assumed conversions ​ 24,672,948 ​ 25,596,031 ​ 24,864,691 ​ 25,756,314 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted earnings per common share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Continuing operations ​ $ 1.60 ​ $ 3.97 ​ $ 2.35 ​ $ 6.58 ​ Discontinued operations ​ 0.03 ​ 0.04 ​ ​ 2.14 ​ 0.10 ​ Total diluted earnings per common share (1) ​ $ 1.64 ​ $ 4.00 ​ $ 4.49 ​ $ 6.68 ​ ​ (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	6 Months Ended
	Jun. 30, 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. 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 and during summer months due to plant shutdowns affecting automotive and manufacturing customers of the Asset-Light segment; however, weather and other disruptive events can result in higher short-term demand for expedite services depending on the impact to customers' supply chains. 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 technology-driven 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, including the three and six months ended June 30, 2023 and 2022. ​ 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 fairly and equitably reflect 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 ​ Six Months Ended ​ ​ June 30 ​ June 30 ​ 2023 2022 2023 2022 ​ ​ (in thousands) REVENUES ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset-Based ​ $ 722,015 ​ $ 802,622 $ 1,419,832 $ 1,507,933 ​ Asset-Light ​ 409,816 ​ 549,655 ​ 847,908 ​ 1,144,939 ​ Other and eliminations ​ (28,367) ​ (30,585) ​ (58,182) ​ (63,089) ​ Total consolidated revenues $ 1,103,464 $ 1,321,692 $ 2,209,558 $ 2,589,783 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ OPERATING EXPENSES ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset-Based ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Salaries, wages, and benefits ​ $ 344,538 ​ $ 328,068 $ 680,143 $ 641,565 ​ Fuel, supplies, and expenses ​ 90,897 ​ 99,296 ​ 185,185 ​ 184,127 ​ Operating taxes and licenses ​ 14,094 ​ 12,823 ​ 28,073 ​ 25,316 ​ Insurance ​ 12,889 ​ 12,197 ​ 26,162 ​ 22,628 ​ Communications and utilities ​ 4,553 ​ 4,648 ​ 9,857 ​ 9,335 ​ Depreciation and amortization ​ 25,273 ​ 24,463 ​ 50,184 ​ 48,768 ​ Rents and purchased transportation ​ 101,922 ​ 121,550 ​ 192,666 ​ 224,535 ​ Shared services ​ ​ 74,468 ​ ​ 75,584 ​ ​ 139,081 ​ ​ 142,734 ​ (Gain) loss on sale of property and equipment ​ 416 ​ (1,370) ​ 365 ​ (4,065) ​ Innovative technology costs (1) ​ 8,343 ​ 7,954 ​ 14,411 ​ 14,914 ​ Other ​ 1,297 ​ 753 ​ 2,909 ​ 1,386 ​ Total Asset-Based ​ 678,690 ​ 685,966 ​ ​ 1,329,036 ​ ​ 1,311,243 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset-Light ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchased transportation ​ 343,102 ​ 448,160 ​ 713,265 ​ 956,540 ​ Supplies and expenses ​ 3,348 ​ 4,263 ​ 7,420 ​ 7,529 ​ Depreciation and amortization (2) ​ 5,085 ​ 5,468 ​ 10,153 ​ 10,648 ​ Shared services ​ ​ 48,985 ​ ​ 57,986 ​ ​ 100,414 ​ ​ 108,183 ​ Contingent consideration (3) ​ ​ (10,000) ​ ​ — ​ ​ 5,040 ​ ​ 810 ​ Gain on sale of subsidiary (4) ​ ​ — ​ ​ (402) ​ ​ — ​ ​ (402) ​ Other ​ ​ 6,116 ​ 6,701 ​ ​ 12,527 ​ ​ 13,036 ​ Total Asset-Light ​ 396,636 ​ 522,176 ​ 848,819 ​ 1,096,344 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other and eliminations ​ (13,978) ​ (22,488) (31,572) ​ (46,785) ​ Total consolidated operating expenses ​ $ 1,061,348 ​ $ 1,185,654 ​ $ 2,146,283 ​ $ 2,360,802 ​ (1) Represents costs associated with the Vaux freight handling pilot test program at ABF Freight. (2) Depreciation and amortization includes amortization of intangibles associated with acquired businesses. (3) Represents the change in fair value of the contingent earnout consideration related to the MoLo acquisition (see Note B). The second quarter 2023 decrease in fair value reflects the impact of continuing softer market conditions in 2023 and revised growth assumptions for 2024 and 2025 on the forecasts utilized at the June 30, 2023 remeasurement date. The net increase in fair value for the six months ended June 30, 2023 reflects an increase in fair value based on assumptions for business growth projected at March 31, 2023, partially offset by revised growth assumptions at June 30, 2023, which resulted in a decrease in fair value for the second quarter. (4) Gain relates to the contingent amount recognized in second quarter 2022 when the funds from the May 2021 sale of the labor services portion of the Asset-Light segment’s moving business were released from escrow. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30 ​ June 30 ​ ​ ​ ​ 2023 2022 2023 2022 ​ ​ (in thousands) OPERATING INCOME ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset-Based ​ $ 43,325 ​ $ 116,656 ​ $ 90,796 ​ $ 196,690 ​ ​ Asset-Light ​ 13,180 ​ 27,479 ​ (911) ​ 48,595 ​ ​ Other and eliminations ​ (14,389) ​ (8,097) ​ (26,610) ​ (16,304) ​ ​ Total consolidated operating income ​ $ 42,116 ​ $ 136,038 ​ $ 63,275 ​ $ 228,981 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ OTHER INCOME (COSTS) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest and dividend income ​ $ 3,725 ​ $ 353 ​ $ 6,658 ​ $ 452 ​ ​ Interest and other related financing costs ​ (2,205) ​ (1,863) ​ (4,532) ​ (3,803) ​ ​ Other, net (1) ​ 5,038 ​ (2,807) ​ 6,818 ​ (3,633) ​ ​ Total other income (costs) ​ 6,558 ​ (4,317) ​ 8,944 ​ (6,984) ​ ​ INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES ​ $ 48,674 ​ $ 131,721 ​ $ 72,219 ​ $ 221,997 ​ ​ (1) Includes the components of net periodic benefit cost (credit) other than service cost related to the Company’s SBP and postretirement health benefit plan and proceeds and changes in cash surrender value of life insurance policies. For the three and six months ended June 30, 2023, includes a $3.7 million fair value increase related to the Company’s equity investment in Phantom Auto, based on an observable price change during second quarter 2023 (see Note B). ​ The following table reflects information about revenues from customers and intersegment revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30 ​ June 30 ​ 2023 2022 (1) 2023 2022 (1) ​ ​ (in thousands) Revenues from customers ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset-Based ​ $ 694,755 ​ $ 774,554 $ 1,363,975 $ 1,450,072 ​ Asset-Light ​ 407,926 ​ 546,270 ​ 843,959 ​ 1,137,992 ​ Other ​ 783 ​ 868 ​ 1,624 ​ 1,719 ​ Total consolidated revenues $ 1,103,464 $ 1,321,692 $ 2,209,558 $ 2,589,783 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Intersegment revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset-Based ​ $ 27,260 ​ $ 28,068 ​ $ 55,857 ​ $ 57,861 ​ Asset-Light ​ ​ 1,890 ​ ​ 3,385 ​ ​ 3,949 ​ ​ 6,947 ​ Other and eliminations ​ ​ (29,150) ​ ​ (31,453) ​ ​ (59,806) ​ ​ (64,808) ​ Total intersegment revenues ​ $ — $ — $ — $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total segment revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset-Based ​ $ 722,015 ​ $ 802,622 ​ $ 1,419,832 ​ $ 1,507,933 ​ Asset-Light ​ ​ 409,816 ​ ​ 549,655 ​ ​ 847,908 ​ ​ 1,144,939 ​ Other and eliminations ​ ​ (28,367) ​ ​ (30,585) ​ ​ (58,182) ​ ​ (63,089) ​ Total consolidated revenues ​ $ 1,103,464 ​ $ 1,321,692 ​ $ 2,209,558 ​ $ 2,589,783 ​ (1) The 2022 amounts have been adjusted from those previously reported to correct the intersegment breakdown of certain revenues from customers and intersegment revenues between the segments. Adjustments made are not material. ​ The following table presents operating expenses by category on a consolidated basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30 ​ June 30 ​ ​ 2023 2022 2023 2022 ​ (in thousands) ​ OPERATING EXPENSES ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Salaries, wages, and benefits ​ $ 449,024 ​ $ 442,875 ​ $ 886,006 ​ $ 857,780 ​ Rents, purchased transportation, and other costs of services ​ 415,712 ​ 538,238 ​ 845,317 ​ 1,116,087 ​ Fuel, supplies, and expenses ​ 124,148 ​ 129,505 ​ 246,766 ​ 239,864 ​ Depreciation and amortization (1) ​ 35,811 ​ 34,884 ​ 70,821 ​ 69,280 ​ Contingent consideration (2) ​ ​ (10,000) ​ ​ — ​ ​ 5,040 ​ ​ 810 ​ Other ​ 46,653 ​ 40,152 ​ 92,333 ​ 76,981 ​ ​ ​ $ 1,061,348 ​ $ 1,185,654 ​ $ 2,146,283 ​ $ 2,360,802 ​ (1) Includes amortization of intangible assets. (2) Represents the change 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	6 Months Ended
	Jun. 30, 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, exposure related to identified properties based on current environmental regulations, management’s experience with similar environmental matters, and testing performed at certain sites. ​ 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 is in the process of internally developing an environmental stormwater management strategy, including the delineation of roles and responsibilities for stormwater compliance; developing procedures for tracking the permit process, including comprehensive employee training; implementing standard operating procedures; ensuring contractor awareness of stormwater laws; and tracking facility-specific corrective actions. The settlement expense for this matter was reserved within accrued expenses as of June 30, 2023 and December 31, 2022. ​ Other Events ​ During second quarter 2023, the Company received a Notice of Assessment 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 notice 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 assessments and has appealed the 2023 assessment on the same legal basis as the appeal filed in May 2021 for the prior Notice of Assessment. The Company has previously accrued an amount related to these assessments 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)	6 Months Ended
	Jun. 30, 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 adjusted cash purchase price of $100.9 million, including post-closing adjustments. The sale of FleetNet was a strategic shift for the Company as it exited the fleet roadside assistance and maintenance management business; therefore, the sale was 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 the Company’s discontinued operations, see Note C. ​ Certain reclassifications have been made to the prior-year presentation of other long-term liabilities to conform to the current-year presentation of the contingent consideration liability on 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)	6 Months Ended
	Jun. 30, 2023
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Schedule components of cash and cash equivalents, short term investments, and restricted funds	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30 December 31 ​ ​ 2023 ​ 2022 ​ ​ (in thousands) ​ Cash and cash equivalents ​ ​ ​ ​ ​ ​ ​ Cash deposits (1) ​ $ 161,176 ​ $ 137,247 ​ Variable rate demand notes (1)(2) ​ 122 ​ 9,285 ​ Money market funds (3) ​ 25,988 ​ 11,732 ​ Total cash and cash equivalents ​ $ 187,286 ​ $ 158,264 ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term investments ​ ​ ​ ​ ​ ​ ​ Certificates of deposit (1) ​ $ 113,542 ​ $ 88,851 ​ U.S. Treasury securities (4) ​ ​ 39,574 ​ ​ 78,811 ​ Total short-term investments ​ $ 153,116 ​ $ 167,662 ​ ​ (1) Recorded at cost plus accrued interest, which approximates fair value. (2) Amounts may be redeemed on a daily basis with the original issuer. (3) 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). (4) 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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30 ​ 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) ​ 182,987 ​ 178,490 ​ 214,623 ​ 207,778 ​ New England Pension Fund withdrawal liability (3) ​ ​ 19,755 ​ ​ 18,726 ​ ​ 20,100 ​ ​ 18,911 ​ ​ ​ $ 252,742 ​ $ 247,216 ​ $ 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 5.2% and 5.3% at June 30, 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 June 30, 2023, the outstanding withdrawal liability totaled $19.8 million, of which $0.7 million was recorded in accrued expenses, and the remaining portion was recorded in other long-term liabilities.
Schedule of financial assets and liabilities measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 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) ​ $ 25,988 ​ $ 25,988 ​ $ — ​ $ — ​ Equity, bond, and money market mutual funds held in trust related to the Voluntary Savings Plan (2) ​ 4,159 ​ 4,159 ​ — ​ — ​ Interest rate swap (3) ​ ​ 2,955 ​ ​ — ​ ​ 2,955 ​ ​ — ​ ​ ​ $ 33,102 ​ $ 30,147 ​ $ 2,955 ​ $ — ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration (4) ​ ​ 117,040 ​ ​ — ​ ​ — ​ ​ 117,040 ​ ​ ​ $ 117,040 ​ $ — ​ $ — ​ $ 117,040 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 June 30, 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 14.2% and 14.0% as of June 30, 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 June 30, 2023, the contingent earnout consideration totaled $117.0 million, which was recorded in long-term liabilities. The increase in fair value of contingent earnout consideration as of June 30, 2023, compared to December 31, 2022, reflects revised assumptions for business growth in 2024 and 2025, partially offset by the impact of continuing softer market conditions during 2023 and a higher discount rate at the June 30, 2023 remeasurement date. Based on the most recent remeasurement, achievement of the 2023 target is not expected; therefore, the current portion of the contingent consideration was reduced to zero as of June 30, 2023. 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) ​ Balance at December 31, 2022 ​ $ 112,000 ​ Change in fair value included in operating income ​ ​ 5,040 ​ Balance at June 30, 2023 ​ $ 117,040 ​
Schedule of assets measured at fair value on a nonrecurring basis	​ ​ ​ ​ ​ ​ ​ ​ Equity Investment (1) ​ ​ ​ (in thousands) ​ Balance at December 31, 2022 ​ $ 25,000 ​ Change in fair value included in operating income ​ ​ 3,739 ​ Balance at June 30, 2023 ​ $ 28,739 ​ (1) Represents the Company’s equity investment in Phantom Auto, the leading provider of human-centered remote operation software. The equity investment is accounted for as a nonmarketable equity security without a readily determinable value using the measurement alternative, which allows for the investment to be recorded at cost, less any impairment and adjusted for observable price changes in orderly transactions for an identical or similar equity security of the same issuer. The $3.7 million increase in fair value of the Company’s equity investment was measured as of April 26, 2023, based on an observable price change upon the closing of Phantom Auto’s Series B-2 funding round. The fair value of the investment was estimated using a hybrid method of the Black-Scholes option pricing model and the probability-weighted expected return method. This method produces a per-share value based on a probability-weighted scenario analysis. The scenarios reflect changes to the liquidation preferences based on the potential liquidity event. The Black-Scholes option pricing model used various inputs, including expected volatility, expected term to liquidity, risk-free rate over the expected term, breakpoints values, and liquidation preferences.

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	6 Months Ended
	Jun. 30, 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 ​ Six Months Ended ​ ​ ​ June 30 ​ June 30 ​ ​ ​ 2023 ​ 2022 2023 ​ 2022 ​ ​ ​ (in thousands) ​ Revenues ​ $ — ​ $ 71,237 ​ $ 55,929 ​ $ 138,220 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain on sale of business (1) ​ ​ (1,132) ​ ​ — ​ ​ (70,215) ​ ​ — ​ Other ​ ​ — ​ ​ 69,930 ​ ​ 54,623 ​ ​ 134,928 ​ ​ ​ ​ (1,132) ​ ​ 69,930 ​ ​ (15,592) ​ ​ 134,928 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income ​ ​ 1,132 ​ ​ 1,307 ​ ​ 71,521 ​ ​ 3,292 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other income, net (2) ​ ​ — ​ ​ 9 ​ ​ 17 ​ ​ 17 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from discontinued operations before income taxes ​ ​ 1,132 ​ ​ 1,316 ​ ​ 71,538 ​ ​ 3,309 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax provision ​ ​ 289 ​ ​ 397 ​ ​ 18,259 ​ ​ 829 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from discontinued operations, net of tax ​ $ 843 ​ $ 919 ​ $ 53,279 ​ $ 2,480 ​ (1) The gain recognized for the three and six months ended June 30, 2023 includes post-closing adjustments, including the resolution of certain post-close contingencies in the second quarter of 2023. The total pre-tax gain of $70.2 million for the six months ended June 30, 2023, includes transaction costs of $3.8 million consisting of consulting fees, professional fees, and employee-related expenses. (2) Includes interest income, net of interest expense, of which the amounts are immaterial for all periods presented. ​ 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ June 30 ​ 2023 2022 ​ ​ (in thousands) Net cash provided by (used in) operating activities (1) ​ $ 762 ​ $ (1,301) Net cash used in investing activities (2) ​ ​ (397) ​ ​ (2,187) Net cash provided by (used in) financing activities ​ ​ (473) ​ ​ 3,544 Net increase (decrease) in cash and cash equivalents ​ $ (108) ​ $ 56 (1) Includes depreciation and amortization expense of $0.4 million and $0.9 million for the six months ended June 30, 2023 and 2022, respectively. Also includes share-based compensation expense for the six months ended June 30, 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 $1.4 million for the six months ended June 30, 2023 and 2022, respectively. Excludes the proceeds from the sale of discontinued operations, which are included in cash flows from continuing operations.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2023
GOODWILL AND INTANGIBLE ASSETS
Schedule of intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ December 31, 2022 ​ ​ 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 ​ $ 47,146 ​ $ 52,433 ​ $ 99,579 ​ $ 42,933 ​ $ 56,646 ​ Other ​ 8 ​ ​ 30,038 ​ ​ 7,304 ​ ​ 22,734 ​ ​ 29,914 ​ ​ 5,127 ​ ​ 24,787 ​ ​ 11 ​ 129,617 ​ 54,450 ​ 75,167 ​ ​ 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 ​ $ 161,917 ​ $ 54,450 ​ $ 107,467 ​ $ 161,793 ​ $ 48,060 ​ $ 113,733 ​ ​
Schedule of future amortization for intangible assets	​ ​ ​ ​ ​ ​ ​ Amortization of ​ ​ Intangible Assets ​ ​ (in thousands) ​ Remainder of 2023 ​ $ 6,394 ​ 2024 ​ 12,778 ​ 2025 ​ 12,778 ​ 2026 ​ 8,671 ​ 2027 ​ ​ 7,247 ​ Thereafter ​ ​ 27,299 ​ Total amortization ​ $ 75,167 ​

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2023
LEASES
Schedule of components of lease expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30 ​ June 30 ​ ​ 2023 2022 2023 2022 ​ ​ (in thousands) ​ Operating lease expense ​ $ 10,048 ​ $ 7,367 ​ $ 19,214 ​ $ 14,450 ​ Variable lease expense ​ ​ 1,762 ​ ​ 1,068 ​ ​ 3,302 ​ ​ 2,044 ​ Sublease income ​ ​ (5) ​ ​ (97) ​ ​ (119) ​ ​ (258) ​ Total operating lease expense (1) ​ $ 11,805 ​ $ 8,338 ​ $ 22,397 ​ $ 16,236 ​ (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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ ​ June 30 ​ ​ ​ 2023 ​ 2022 ​ ​ (in thousands) ​ Noncash change in operating right-of-use assets ​ $ 15,283 ​ $ 12,810 ​ Change in operating lease liabilities ​ ​ (12,224) ​ ​ (12,696) ​ Operating right-of-use-assets and lease liabilities, net ​ $ 3,059 ​ $ 114 ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of operating lease liabilities ​ $ (16,158) ​ $ (14,334) ​
Schedule of maturities of operating lease liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equipment ​ ​ ​ ​ ​ ​ Land and ​ and ​ ​ Total Structures (1) Other ​ (in thousands) ​ Remainder of 2023 ​ $ 19,302 ​ $ 19,106 ​ $ 196 ​ 2024 ​ 37,430 ​ 37,113 ​ 317 ​ 2025 ​ 33,529 ​ 33,506 ​ 23 ​ 2026 ​ 30,564 ​ 30,564 ​ — ​ 2027 ​ 24,262 ​ 24,262 ​ — ​ Thereafter ​ 95,941 ​ 95,941 ​ — ​ Total lease payments ​ ​ 241,028 ​ ​ 240,492 ​ ​ 536 ​ Less imputed interest ​ ​ (35,836) ​ ​ (35,821) ​ ​ (15) ​ Total ​ $ 205,192 ​ $ 204,671 ​ $ 521 ​ (1) Excludes future minimum lease payments for leases which were executed but had not yet commenced as of June 30, 2023, totaling $50.8 million, which will be paid over approximately 10 years .

LONG-TERM DEBT AND FINANCING _2

LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables)	6 Months Ended
	Jun. 30, 2023
LONG-TERM DEBT AND FINANCING ARRANGEMENTS
Schedule of long-term debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30 ​ December 31 ​ ​ 2023 2022 ​ ​ (in thousands) ​ Credit Facility (interest rate of 6.3% (1) ​ $ 50,000 ​ $ 50,000 ​ Notes payable (weighted-average interest rate of 3.4% at June 30, 2023) ​ 182,987 ​ 214,623 ​ ​ ​ 232,987 ​ 264,623 ​ Less current portion ​ 64,882 ​ 66,252 ​ Long-term debt, less current portion ​ $ 168,105 ​ $ 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 June 30, 2023 and December 31, 2022. ​ ​
Scheduled maturities of long-term debt obligations	Scheduled maturities of long-term debt obligations as of June 30, 2023, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit ​ Notes ​ ​ Total Facility (1) Payable ​ (in thousands) ​ Due in one year or less $ 73,463 $ 3,296 $ 70,167 ​ Due after one year through two years ​ 57,823 ​ 2,762 ​ 55,061 ​ Due after two years through three years ​ 39,963 ​ 2,392 ​ 37,571 ​ Due after three years through four years ​ 27,800 ​ 2,246 ​ 25,554 ​ Due after four years through five years ​ 56,895 ​ 50,593 ​ 6,302 ​ Total payments ​ 255,944 ​ 61,289 ​ 194,655 ​ Less amounts representing interest ​ 22,957 ​ 11,289 ​ 11,668 ​ Long-term debt $ 232,987 $ 50,000 $ 182,987 ​ (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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30 ​ December 31 ​ ​ 2023 2022 ​ ​ (in thousands) Revenue equipment $ 305,601 $ 294,700 ​ Service, office, and other equipment ​ ​ 39,121 ​ ​ 41,522 ​ Total assets securing notes payable ​ 344,722 ​ 336,222 ​ Less accumulated depreciation ​ 143,087 ​ 119,244 ​ Net assets securing notes payable ​ $ 201,635 ​ $ 216,978 ​ ​ ​ ​

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 2023
STOCKHOLDERS' EQUITY
Components of accumulated other comprehensive income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30 December 31 ​ ​ 2023 2022 ​ ​ (in thousands) ​ Pre-tax amounts: ​ ​ ​ ​ ​ ​ ​ Unrecognized net periodic benefit credit ​ $ 8,622 ​ $ 9,287 ​ Interest rate swap ​ ​ 2,955 ​ ​ 3,526 ​ Foreign currency translation ​ (2,731) ​ (3,247) ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ 8,846 ​ $ 9,566 ​ ​ ​ ​ ​ ​ ​ ​ ​ After-tax amounts: ​ ​ ​ ​ ​ ​ ​ Unrecognized net periodic benefit credit ​ $ 6,402 ​ $ 6,896 ​ Interest rate swap ​ ​ 2,183 ​ ​ 2,604 ​ Foreign currency translation ​ (2,016) ​ (2,397) ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ 6,569 ​ $ 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 income (loss) before reclassifications ​ (40) ​ — ​ ​ (421) ​ 381 ​ Amounts reclassified from accumulated other comprehensive income ​ (494) ​ (494) ​ ​ — ​ — ​ Net current-period other comprehensive income (loss) ​ (534) ​ (494) ​ ​ (421) ​ 381 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances at June 30, 2023 ​ $ 6,569 ​ $ 6,402 ​ $ 2,183 ​ $ (2,016) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances at December 31, 2021 ​ $ 3,699 ​ $ 4,160 ​ $ 309 ​ $ (770) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income (loss) before reclassifications ​ ​ 1,556 ​ ​ — ​ ​ 1,802 ​ ​ (246) ​ Amounts reclassified from accumulated other comprehensive income ​ ​ (281) ​ ​ (281) ​ ​ — ​ ​ — ​ Net current-period other comprehensive income (loss) ​ ​ 1,275 ​ ​ (281) ​ ​ 1,802 ​ ​ (246) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances at June 30, 2022 ​ $ 4,974 ​ $ 3,879 ​ $ 2,111 ​ $ (1,016) ​ ​
Summary of the significant reclassifications out of accumulated other comprehensive income (loss) by component	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrecognized Net Periodic ​ ​ ​ Benefit Credit ​ ​ Six Months Ended June 30 ​ ​ 2023 2022 ​ ​ (in thousands) Amortization of net actuarial gain, pre-tax (1) ​ $ 665 ​ $ 378 ​ Tax expense ​ ​ (171) ​ (97) ​ Total, net of tax ​ $ 494 ​ $ 281 ​ ​ (1) Included in the computation of net periodic benefit credit 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 ​ Second quarter ​ $ 0.12 ​ $ 2,894 ​ $ 0.12 ​ $ 2,949 ​

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2023
EARNINGS PER SHARE
Schedule of computation of basic and diluted earnings (loss) per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30 ​ June 30 ​ ​ 2023 2022 2023 2022 ​ ​ (in thousands, except share and per share data) ​ Basic ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income from continuing operations ​ $ 39,600 ​ $ 101,542 ​ $ 58,447 ​ $ 169,550 ​ Net income from discontinued operations ​ 843 ​ 919 ​ 53,279 ​ 2,480 ​ Net income ​ $ 40,443 ​ $ 102,461 ​ $ 111,726 ​ $ 172,030 ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares ​ 24,064,882 ​ 24,607,362 ​ 24,175,893 ​ 24,658,739 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per common share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Continuing operations ​ $ 1.65 ​ $ 4.13 ​ $ 2.42 ​ $ 6.88 ​ Discontinued operations ​ 0.04 ​ 0.04 ​ ​ 2.20 ​ 0.10 ​ Total basic earnings per common share (1) ​ $ 1.68 ​ $ 4.16 ​ $ 4.62 ​ $ 6.98 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income from continuing operations ​ $ 39,600 ​ $ 101,542 ​ $ 58,447 ​ $ 169,550 ​ Net income from discontinued operations ​ 843 ​ 919 ​ 53,279 ​ 2,480 ​ Net income ​ $ 40,443 ​ $ 102,461 ​ $ 111,726 ​ $ 172,030 ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares ​ 24,064,882 ​ 24,607,362 ​ 24,175,893 ​ 24,658,739 ​ Effect of dilutive securities ​ 608,066 ​ 988,669 ​ 688,798 ​ 1,097,575 ​ Adjusted weighted-average shares and assumed conversions ​ 24,672,948 ​ 25,596,031 ​ 24,864,691 ​ 25,756,314 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted earnings per common share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Continuing operations ​ $ 1.60 ​ $ 3.97 ​ $ 2.35 ​ $ 6.58 ​ Discontinued operations ​ 0.03 ​ 0.04 ​ ​ 2.14 ​ 0.10 ​ Total diluted earnings per common share (1) ​ $ 1.64 ​ $ 4.00 ​ $ 4.49 ​ $ 6.68 ​ ​ (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)	6 Months Ended
	Jun. 30, 2023
OPERATING SEGMENT DATA
Schedule of reportable operating segment information from continuing operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30 ​ June 30 ​ 2023 2022 2023 2022 ​ ​ (in thousands) REVENUES ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset-Based ​ $ 722,015 ​ $ 802,622 $ 1,419,832 $ 1,507,933 ​ Asset-Light ​ 409,816 ​ 549,655 ​ 847,908 ​ 1,144,939 ​ Other and eliminations ​ (28,367) ​ (30,585) ​ (58,182) ​ (63,089) ​ Total consolidated revenues $ 1,103,464 $ 1,321,692 $ 2,209,558 $ 2,589,783 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ OPERATING EXPENSES ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset-Based ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Salaries, wages, and benefits ​ $ 344,538 ​ $ 328,068 $ 680,143 $ 641,565 ​ Fuel, supplies, and expenses ​ 90,897 ​ 99,296 ​ 185,185 ​ 184,127 ​ Operating taxes and licenses ​ 14,094 ​ 12,823 ​ 28,073 ​ 25,316 ​ Insurance ​ 12,889 ​ 12,197 ​ 26,162 ​ 22,628 ​ Communications and utilities ​ 4,553 ​ 4,648 ​ 9,857 ​ 9,335 ​ Depreciation and amortization ​ 25,273 ​ 24,463 ​ 50,184 ​ 48,768 ​ Rents and purchased transportation ​ 101,922 ​ 121,550 ​ 192,666 ​ 224,535 ​ Shared services ​ ​ 74,468 ​ ​ 75,584 ​ ​ 139,081 ​ ​ 142,734 ​ (Gain) loss on sale of property and equipment ​ 416 ​ (1,370) ​ 365 ​ (4,065) ​ Innovative technology costs (1) ​ 8,343 ​ 7,954 ​ 14,411 ​ 14,914 ​ Other ​ 1,297 ​ 753 ​ 2,909 ​ 1,386 ​ Total Asset-Based ​ 678,690 ​ 685,966 ​ ​ 1,329,036 ​ ​ 1,311,243 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset-Light ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchased transportation ​ 343,102 ​ 448,160 ​ 713,265 ​ 956,540 ​ Supplies and expenses ​ 3,348 ​ 4,263 ​ 7,420 ​ 7,529 ​ Depreciation and amortization (2) ​ 5,085 ​ 5,468 ​ 10,153 ​ 10,648 ​ Shared services ​ ​ 48,985 ​ ​ 57,986 ​ ​ 100,414 ​ ​ 108,183 ​ Contingent consideration (3) ​ ​ (10,000) ​ ​ — ​ ​ 5,040 ​ ​ 810 ​ Gain on sale of subsidiary (4) ​ ​ — ​ ​ (402) ​ ​ — ​ ​ (402) ​ Other ​ ​ 6,116 ​ 6,701 ​ ​ 12,527 ​ ​ 13,036 ​ Total Asset-Light ​ 396,636 ​ 522,176 ​ 848,819 ​ 1,096,344 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other and eliminations ​ (13,978) ​ (22,488) (31,572) ​ (46,785) ​ Total consolidated operating expenses ​ $ 1,061,348 ​ $ 1,185,654 ​ $ 2,146,283 ​ $ 2,360,802 ​ (1) Represents costs associated with the Vaux freight handling pilot test program at ABF Freight. (2) Depreciation and amortization includes amortization of intangibles associated with acquired businesses. (3) Represents the change in fair value of the contingent earnout consideration related to the MoLo acquisition (see Note B). The second quarter 2023 decrease in fair value reflects the impact of continuing softer market conditions in 2023 and revised growth assumptions for 2024 and 2025 on the forecasts utilized at the June 30, 2023 remeasurement date. The net increase in fair value for the six months ended June 30, 2023 reflects an increase in fair value based on assumptions for business growth projected at March 31, 2023, partially offset by revised growth assumptions at June 30, 2023, which resulted in a decrease in fair value for the second quarter. (4) Gain relates to the contingent amount recognized in second quarter 2022 when the funds from the May 2021 sale of the labor services portion of the Asset-Light segment’s moving business were released from escrow. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30 ​ June 30 ​ ​ ​ ​ 2023 2022 2023 2022 ​ ​ (in thousands) OPERATING INCOME ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset-Based ​ $ 43,325 ​ $ 116,656 ​ $ 90,796 ​ $ 196,690 ​ ​ Asset-Light ​ 13,180 ​ 27,479 ​ (911) ​ 48,595 ​ ​ Other and eliminations ​ (14,389) ​ (8,097) ​ (26,610) ​ (16,304) ​ ​ Total consolidated operating income ​ $ 42,116 ​ $ 136,038 ​ $ 63,275 ​ $ 228,981 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ OTHER INCOME (COSTS) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest and dividend income ​ $ 3,725 ​ $ 353 ​ $ 6,658 ​ $ 452 ​ ​ Interest and other related financing costs ​ (2,205) ​ (1,863) ​ (4,532) ​ (3,803) ​ ​ Other, net (1) ​ 5,038 ​ (2,807) ​ 6,818 ​ (3,633) ​ ​ Total other income (costs) ​ 6,558 ​ (4,317) ​ 8,944 ​ (6,984) ​ ​ INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES ​ $ 48,674 ​ $ 131,721 ​ $ 72,219 ​ $ 221,997 ​ ​ (1) Includes the components of net periodic benefit cost (credit) other than service cost related to the Company’s SBP and postretirement health benefit plan and proceeds and changes in cash surrender value of life insurance policies. For the three and six months ended June 30, 2023, includes a $3.7 million fair value increase related to the Company’s equity investment in Phantom Auto, based on an observable price change during second quarter 2023 (see Note B). ​
Schedule of revenues from customers and intersegment revenues	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30 ​ June 30 ​ 2023 2022 (1) 2023 2022 (1) ​ ​ (in thousands) Revenues from customers ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset-Based ​ $ 694,755 ​ $ 774,554 $ 1,363,975 $ 1,450,072 ​ Asset-Light ​ 407,926 ​ 546,270 ​ 843,959 ​ 1,137,992 ​ Other ​ 783 ​ 868 ​ 1,624 ​ 1,719 ​ Total consolidated revenues $ 1,103,464 $ 1,321,692 $ 2,209,558 $ 2,589,783 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Intersegment revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset-Based ​ $ 27,260 ​ $ 28,068 ​ $ 55,857 ​ $ 57,861 ​ Asset-Light ​ ​ 1,890 ​ ​ 3,385 ​ ​ 3,949 ​ ​ 6,947 ​ Other and eliminations ​ ​ (29,150) ​ ​ (31,453) ​ ​ (59,806) ​ ​ (64,808) ​ Total intersegment revenues ​ $ — $ — $ — $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total segment revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset-Based ​ $ 722,015 ​ $ 802,622 ​ $ 1,419,832 ​ $ 1,507,933 ​ Asset-Light ​ ​ 409,816 ​ ​ 549,655 ​ ​ 847,908 ​ ​ 1,144,939 ​ Other and eliminations ​ ​ (28,367) ​ ​ (30,585) ​ ​ (58,182) ​ ​ (63,089) ​ Total consolidated revenues ​ $ 1,103,464 ​ $ 1,321,692 ​ $ 2,209,558 ​ $ 2,589,783 ​ (1) The 2022 amounts have been adjusted from those previously reported to correct the intersegment breakdown of certain revenues from customers and intersegment revenues between the segments. Adjustments made are not material.
Schedule of consolidated operating expenses by component	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30 ​ June 30 ​ ​ 2023 2022 2023 2022 ​ (in thousands) ​ OPERATING EXPENSES ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Salaries, wages, and benefits ​ $ 449,024 ​ $ 442,875 ​ $ 886,006 ​ $ 857,780 ​ Rents, purchased transportation, and other costs of services ​ 415,712 ​ 538,238 ​ 845,317 ​ 1,116,087 ​ Fuel, supplies, and expenses ​ 124,148 ​ 129,505 ​ 246,766 ​ 239,864 ​ Depreciation and amortization (1) ​ 35,811 ​ 34,884 ​ 70,821 ​ 69,280 ​ Contingent consideration (2) ​ ​ (10,000) ​ ​ — ​ ​ 5,040 ​ ​ 810 ​ Other ​ 46,653 ​ 40,152 ​ 92,333 ​ 76,981 ​ ​ ​ $ 1,061,348 ​ $ 1,185,654 ​ $ 2,146,283 ​ $ 2,360,802 ​ (1) Includes amortization of intangible assets. (2) Represents the change 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) - segment		6 Months Ended
	Jul. 01, 2023	Jun. 30, 2023
Organization and description of business
Number of reportable operating segments		2
Subsequent Event
Organization and description of business
Estimated increase in compounded annual contractual wage and benefit contribution rates (as a percent)	4.20%
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		63%
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	$ 100.9

FINANCIAL INSTRUMENTS AND FAI_3

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Cash and Cash Equivalents and Short-term Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair value disclosure
Cash and cash equivalents	$ 187,286	$ 158,264
Short-term investments	153,116	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	118,900	87,600
Cash deposits
Fair value disclosure
Cash and cash equivalents	161,176	137,247
Variable rate demand notes
Fair value disclosure
Cash and cash equivalents	122	9,285
Money market funds
Fair value disclosure
Cash and cash equivalents	25,988	11,732
Certificates of deposit
Fair value disclosure
Short-term investments	113,542	88,851
U.S. Treasury securities
Fair value disclosure
Short-term investments	$ 39,574	$ 78,811

FINANCIAL INSTRUMENTS AND FAI_4

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Debt (Details) $ in Thousands	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair value disclosure
Outstanding withdrawal liability	$ 19,800
Accrued expenses
Fair value disclosure
Outstanding withdrawal liability	700
Carrying Value
Fair value disclosure
Financial instruments	252,742	$ 284,723
Fair Value
Fair value disclosure
Financial instruments	247,216	276,689
Credit Facility | Carrying Value | Level 2
Fair value disclosure
Financial instruments	50,000	50,000
Credit Facility | Fair Value | Level 2
Fair value disclosure
Financial instruments	50,000	50,000
Notes payable | Carrying Value | Level 2
Fair value disclosure
Financial instruments	182,987	214,623
Notes payable | Fair Value | Level 2
Fair value disclosure
Financial instruments	$ 178,490	$ 207,778
New England Pension Fund withdrawal liability | Discount Rate
Fair value disclosure
Measurement input	0.052	0.053
New England Pension Fund withdrawal liability | Carrying Value | Level 2
Fair value disclosure
Financial instruments	$ 19,755	$ 20,100
New England Pension Fund withdrawal liability | Fair Value | Level 2
Fair value disclosure
Financial instruments	$ 18,726	$ 18,911

FINANCIAL INSTRUMENTS AND FAI_5

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Assets and Liabilities (Details) $ in Thousands	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Discount Rate | Valuation Technique, Discounted Cash Flow
Liabilities:
Measurement input	0.142	0.140
Recurring basis
Assets:
Assets	$ 33,102	$ 19,240
Liabilities:
Liabilities	117,040	112,000
Recurring basis | Cash and cash equivalents
Assets:
Money market funds	25,988	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	4,159	3,982
Interest rate swap	2,955	3,526
Recurring basis | Other long-term liabilities
Liabilities:
Contingent consideration	117,040	112,000
Recurring basis | Level 1
Assets:
Assets	30,147	15,714
Recurring basis | Level 1 | Cash and cash equivalents
Assets:
Money market funds	25,988	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	4,159	3,982
Recurring basis | Level 2
Assets:
Assets	2,955	3,526
Recurring basis | Level 2 | Other long-term assets
Assets:
Interest rate swap	2,955	3,526
Recurring basis | Level 3
Liabilities:
Liabilities	117,040	112,000
Recurring basis | Level 3 | Other long-term liabilities
Liabilities:
Contingent consideration	$ 117,040	$ 112,000

FINANCIAL INSTRUMENTS AND FAI_6

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Merger Agreement (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Nov. 01, 2021 USD ($)
Fair value measurement
Contingent consideration, noncurrent	$ 117,040		$ 112,000
Contingent consideration, current	0
Increase (decrease) to contingent earnout consideration liability	$ 5,040	$ 810
Valuation Technique, Discounted Cash Flow | Discount Rate
Fair value measurement
Measurement input	0.142		0.140
MoLo Solutions, LLC | 100% of target
Fair value measurement
Adjusted EBITDA target percentage				100%
Contingent consideration, target				$ 215,000
MoLo Solutions, LLC | 80% of target
Fair value measurement
Adjusted EBITDA target percentage				80%
Contingent consideration, low range				$ 95,000
MoLo Solutions, LLC | 300% of target
Fair value measurement
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	6 Months Ended
	Jun. 30, 2023 USD ($)
Changes in fair value
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income	Operating income
Contingent Consideration
Changes in fair value
Balance at beginning of period	$ 112,000
Change in fair value included in operating income	5,040
Balance at end of period	$ 117,040

FINANCIAL INSTRUMENTS AND FAI_8

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Assets Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
	Apr. 26, 2023	Jun. 30, 2023	Jun. 30, 2023
Fair value measurement
Change in fair value included in operating income		$ 3,700	$ 3,739
Nonrecurring basis | Level 3
Fair value measurement
Equity investment, Balance at beginning of period			25,000
Change in fair value included in operating income	$ 3,700		3,739
Equity investment, Balance at end of period		$ 28,739	$ 28,739

DISCONTINUED OPERATIONS - Finan

DISCONTINUED OPERATIONS - Financial results (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Feb. 28, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Discontinued Operations
Gain on sale of discontinued operations, pre-tax				$ 70,215
Operating expenses
Gain on sale of business, pre-tax				(70,215)
Income tax provision		$ 300	$ 400	18,300	$ 800
Income from discontinued operations, net of tax		843	919	53,279	2,480
FleetNet | Discontinued Operations, Disposed of by Sale
Discontinued Operations
Aggregate purchase price	$ 100,900
Gain on sale of discontinued operations, pre-tax	70,200	1,132		70,215
Gain on sale of discontinued operations, net of tax	52,300
Financial results from discontinued operations
Revenues				55,929
Operating expenses
Gain on sale of business, pre-tax	$ (70,200)	(1,132)		(70,215)
Other				54,623
Operating expenses		(1,132)		(15,592)
Operating Income		1,132		71,521
Other income, net				17
Income from discontinued operations before income taxes		1,132		71,538
Income tax provision		289		18,259
Income from discontinued operations, net of tax		$ 843		53,279
Transaction costs				$ 3,800
FleetNet | Discontinued Operations, Held-for-sale
Financial results from discontinued operations
Revenues			71,237		138,220
Operating expenses
Other			69,930		134,928
Operating expenses			69,930		134,928
Operating Income			1,307		3,292
Other income, net			9		17
Income from discontinued operations before income taxes			1,316		3,309
Income tax provision			397		829
Income from discontinued operations, net of tax			$ 919		$ 2,480

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	6 Months Ended
	Jun. 30, 2023	Jun. 30, 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	(397)
Net cash provided by (used in) financing activities	(473)
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		$ (1,301)
Net cash used in investing activities		(2,187)
Net cash provided by (used in) financing activities		3,544
Net increase (decrease) in cash and cash equivalents		56
Depreciation and amortization expense		900
Purchases of property, plant and equipment		$ 1,400

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Goodwill (Details) - USD ($) $ in Thousands	Jun. 30, 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	Jun. 30, 2023	Dec. 31, 2022
Finite-lived intangible assets
Weighted Average Amortization Period	11 years
Cost	$ 129,617	$ 129,493
Accumulated Amortization	54,450	48,060
Net Value	75,167	81,433
Total intangible assets
Cost	161,917	161,793
Net Value	107,467	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	47,146	42,933
Net Value	$ 52,433	56,646
Other intangible assets
Finite-lived intangible assets
Weighted Average Amortization Period	8 years
Cost	$ 30,038	29,914
Accumulated Amortization	7,304	5,127
Net Value	$ 22,734	$ 24,787

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Amortization (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Future amortization for intangible assets
Remainder of 2023	$ 6,394
2024	12,778
2025	12,778
2026	8,671
2027	7,247
Thereafter	27,299
Net Value	$ 75,167	$ 81,433

INCOME TAXES - Tax Rate (Detail

INCOME TAXES - Tax Rate (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
INCOME TAXES
Effective tax rate, including discontinued operations (as a percent)	18.80%	23%	22.30%	23.60%
Effective tax rate from continuing operations (as a percent)	18.60%	22.90%	19.10%	23.60%
State tax, low end of range of rate (as a percent)	6%	6%	6%	6%
State tax, high end of range of rate (as a percent)	6.50%	6.50%	6.50%	6.50%

INCOME TAXES - Allowance (Detai

INCOME TAXES - Allowance (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Deferred tax assets:
Valuation allowance	$ 1.8	$ 1.7

INCOME TAXES - Taxes Paid (Deta

INCOME TAXES - Taxes Paid (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
INCOME TAXES
Income taxes paid (in dollars)			$ 77.8	$ 56.4
Income tax refunds received (in dollars)			1.7	1.2
Income tax expense, discontinued operations	$ 0.3	$ 0.4	$ 18.3	$ 0.8
Effective tax rate, discontinued operations (as a percent)	25.50%	30.20%	25.50%	25.10%

LEASES - Components of Lease Ex

LEASES - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
LEASES
Operating lease expense	$ 10,048	$ 7,367	$ 19,214	$ 14,450
Variable lease expense	1,762	1,068	3,302	2,044
Sublease income	(5)	(97)	(119)	(258)
Total operating lease expense	$ 11,805	$ 8,338	$ 22,397	$ 16,236

LEASES - Cash Flows (Details)

LEASES - Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating leases
Noncash change in operating right-of-use assets	$ 15,283	$ 12,810
Change in operating lease liabilities	(12,224)	(12,696)
Operating right-of-use assets and lease liabilities, net	3,059	114
Cash paid for amounts included in the measurement of operating lease liabilities	$ (16,158)	$ (14,334)

LEASES - Maturities of Operatin

LEASES - Maturities of Operating Lease Liabilities (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Maturities of operating lease liabilities
Remainder of 2023	$ 19,302
2024	37,430
2025	33,529
2026	30,564
2027	24,262
Thereafter	95,941
Total lease payments	241,028
Less imputed interest	(35,836)
Total operating lease liabilities	$ 205,192
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	$ 19,106
2024	37,113
2025	33,506
2026	30,564
2027	24,262
Thereafter	95,941
Total lease payments	240,492
Less imputed interest	(35,821)
Total operating lease liabilities	204,671
Future minimum payments for leases that have not yet commenced	$ 50,800
Lease term for lease commitments that have not yet commenced	10 years
Equipment and Other
Maturities of operating lease liabilities
Remainder of 2023	$ 196
2024	317
2025	23
Total lease payments	536
Less imputed interest	(15)
Total operating lease liabilities	$ 521

LONG-TERM DEBT AND FINANCING _3

LONG-TERM DEBT AND FINANCING ARRANGEMENTS - Summary (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Long-term debt obligations
Long-term debt	$ 232,987	$ 264,623
Less current portion	64,882	66,252
Long-term debt, less current portion	168,105	198,371
Credit Facility
Long-term debt obligations
Long-term debt	$ 50,000	50,000
Interest rate (as a percent)	6.30%
Credit Facility | Interest rate swap agreement, maturing on October 1, 2024
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	$ 182,987	$ 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) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Maturities of long-term debt obligations
Due in one year or less	$ 73,463
Due after one year through two years	57,823
Due after two years through three years	39,963
Due after three years through four years	27,800
Due after four years through five years	56,895
Total payments	255,944
Less amounts representing interest	22,957
Long-term debt	232,987	$ 264,623
Credit Facility
Maturities of long-term debt obligations
Due in one year or less	3,296
Due after one year through two years	2,762
Due after two years through three years	2,392
Due after three years through four years	2,246
Due after four years through five years	50,593
Total payments	61,289
Less amounts representing interest	11,289
Long-term debt	50,000	50,000
Notes payable
Maturities of long-term debt obligations
Due in one year or less	70,167
Due after one year through two years	55,061
Due after two years through three years	37,571
Due after three years through four years	25,554
Due after four years through five years	6,302
Total payments	194,655
Less amounts representing interest	11,668
Long-term debt	$ 182,987	$ 214,623

LONG-TERM DEBT AND FINANCING _5

LONG-TERM DEBT AND FINANCING ARRANGEMENTS - Assets Securing Notes (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Financing Arrangements
Total assets securing notes payable	$ 344,722	$ 336,222
Less accumulated depreciation	143,087	119,244
Net assets securing notes payable	201,635	216,978
Revenue equipment
Financing Arrangements
Total assets securing notes payable	305,601	294,700
Service, office, and other equipment
Financing Arrangements
Total assets securing notes payable	$ 39,121	$ 41,522

LONG-TERM DEBT AND FINANCING _6

LONG-TERM DEBT AND FINANCING ARRANGEMENTS - Credit Facility (Details) $ in Millions	Jun. 30, 2023 USD ($)
Credit Facility
Financing Arrangements
Maximum borrowing capacity	$ 250
Additional borrowing capacity that may be requested	125
Remaining borrowing capacity	200
Swing Line Facility
Financing Arrangements
Maximum borrowing capacity	40
Letters of Credit, Sub-Facility
Financing Arrangements
Maximum borrowing capacity	$ 20

LONG-TERM DEBT AND FINANCING _7

LONG-TERM DEBT AND FINANCING ARRANGEMENTS - Interest Rate Swap (Details) - Interest rate swap agreement, maturing on October 1, 2024 - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Financing Arrangements
Notional amount	$ 50
Fixed interest rate payments (as a percent)	0.33%
Other long-term assets
Financing Arrangements
Fair value of interest rate swap, asset	$ 3	$ 3.5
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%

LONG-TERM DEBT AND FINANCING _8

LONG-TERM DEBT AND FINANCING ARRANGEMENTS - Securitization Program (Details) $ in Millions	Jun. 30, 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	Jun. 30, 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	$ 58.8

LONG-TERM DEBT AND FINANCING_10

LONG-TERM DEBT AND FINANCING ARRANGEMENTS - Notes Payable (Details) - Notes payable - USD ($) $ in Millions		6 Months Ended
	Aug. 01, 2023	Jun. 30, 2023
Financing Arrangements
Assets financed during the period under promissory note arrangements		$ 3.5
Subsequent Event
Financing Arrangements
Assets financed during the period under promissory note arrangements	$ 10.4

STOCKHOLDERS' EQUITY - AOCI (De

STOCKHOLDERS' EQUITY - AOCI (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income
Total after-tax amount	$ 1,211,361	$ 1,205,859	$ 1,151,401	$ 1,063,212	$ 983,172	$ 929,067
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income
Total pre-tax amount	8,846		9,566
Total after-tax amount	6,569	$ 6,386	7,103	4,974	$ 5,323	3,699
Unrecognized Net Periodic Benefit Credit
Accumulated Other Comprehensive Income
Total pre-tax amount	8,622		9,287
Total after-tax amount	6,402		6,896	3,879		4,160
Interest Rate Swap
Accumulated Other Comprehensive Income
Total pre-tax amount	2,955		3,526
Total after-tax amount	2,183		2,604	2,111		309
Foreign Currency Translation
Accumulated Other Comprehensive Income
Total pre-tax amount	(2,731)		(3,247)
Total after-tax amount	$ (2,016)		$ (2,397)	$ (1,016)		$ (770)

STOCKHOLDERS' EQUITY - AOCI Com

STOCKHOLDERS' EQUITY - AOCI Components (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Changes in accumulated other comprehensive income, net of tax, by component
Balances	$ 1,205,859	$ 983,172	$ 1,151,401	$ 929,067
OTHER COMPREHENSIVE INCOME (LOSS), net of tax	183	(349)	(534)	1,275
Balances	1,211,361	1,063,212	1,211,361	1,063,212
Accumulated Other Comprehensive Income
Changes in accumulated other comprehensive income, net of tax, by component
Balances	6,386	5,323	7,103	3,699
Other comprehensive income (loss) before reclassifications			(40)	1,556
Amounts reclassified from accumulated other comprehensive income			(494)	(281)
OTHER COMPREHENSIVE INCOME (LOSS), net of tax	183	(349)	(534)	1,275
Balances	6,569	4,974	6,569	4,974
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			(494)	(281)
OTHER COMPREHENSIVE INCOME (LOSS), net of tax			(494)	(281)
Balances	6,402	3,879	6,402	3,879
Interest Rate Swap
Changes in accumulated other comprehensive income, net of tax, by component
Balances			2,604	309
Other comprehensive income (loss) before reclassifications			(421)	1,802
OTHER COMPREHENSIVE INCOME (LOSS), net of tax			(421)	1,802
Balances	2,183	2,111	2,183	2,111
Foreign Currency Translation
Changes in accumulated other comprehensive income, net of tax, by component
Balances			(2,397)	(770)
Other comprehensive income (loss) before reclassifications			381	(246)
OTHER COMPREHENSIVE INCOME (LOSS), net of tax			381	(246)
Balances	$ (2,016)	$ (1,016)	$ (2,016)	$ (1,016)

STOCKHOLDERS' EQUITY - Reclass

STOCKHOLDERS' EQUITY - Reclass (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Unrecognized Net Periodic Benefit Credit
Significant reclassifications out of accumulated other comprehensive loss by component
Tax expense	$ (171)	$ (97)
Total, net of tax	494	281
Amortization of net actuarial gain
Significant reclassifications out of accumulated other comprehensive loss by component
Total, pre-tax	$ 665	$ 378

STOCKHOLDERS' EQUITY - Dividend

STOCKHOLDERS' EQUITY - Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended				6 Months Ended
	Jul. 26, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Dividends on Common Stock
Dividends declared (in dollars per share)		$ 0.12	$ 0.12	$ 0.12	$ 0.08
Dividend Amount		$ 2,894	$ 2,915	$ 2,949	$ 1,978	$ 5,809	$ 4,927
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	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Feb. 28, 2023	Dec. 31, 2022
Treasury Stock
Cost of repurchased shares	$ 27,148	$ 14,731	$ 41,240	$ 31,237
Share Repurchase Program
Treasury Stock
Amount available for repurchase	$ 83,800		$ 83,800			$ 26,500
Amount of stock repurchases authorized					$ 125,000
Number of shares repurchased during the period			453,296
Cost of repurchased shares			$ 41,200
Stock repurchase, 10b5-1 Agreement
Treasury Stock
Number of shares repurchased during the period			305,751
Cost of repurchased shares			$ 28,000

EARNINGS PER SHARE - Basic And

EARNINGS PER SHARE - Basic And Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Basic, numerator:
Net income from continuing operations	$ 39,600	$ 101,542	$ 58,447	$ 169,550
Net income from discontinued operations	843	919	53,279	2,480
Net income	$ 40,443	$ 102,461	$ 111,726	$ 172,030
Basic, denominator:
Weighted-average shares	24,064,882	24,607,362	24,175,893	24,658,739
Basic earnings per common share
Continuing operations (in dollars per share)	$ 1.65	$ 4.13	$ 2.42	$ 6.88
Discontinued operations (in dollars per share)	0.04	0.04	2.20	0.10
BASIC EARNINGS PER COMMON SHARE (in dollars per share)	$ 1.68	$ 4.16	$ 4.62	$ 6.98
Diluted, numerator:
Net income from continuing operations	$ 39,600	$ 101,542	$ 58,447	$ 169,550
Net income from discontinued operations	843	919	53,279	2,480
Net income	$ 40,443	$ 102,461	$ 111,726	$ 172,030
Diluted, denominator:
Weighted-average shares	24,064,882	24,607,362	24,175,893	24,658,739
Effect of dilutive securities	608,066	988,669	688,798	1,097,575
Adjusted weighted-average shares and assumed conversions	24,672,948	25,596,031	24,864,691	25,756,314
Diluted earnings per common share
Continuing operations (in dollars per share)	$ 1.60	$ 3.97	$ 2.35	$ 6.58
Discontinued operations (in dollars per share)	0.03	0.04	2.14	0.10
DILUTED EARNINGS PER COMMON SHARE (in dollars per share)	$ 1.64	$ 4	$ 4.49	$ 6.68

OPERATING SEGMENT DATA - Revenu

OPERATING SEGMENT DATA - Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
REVENUES
Revenues	$ 1,103,464	$ 1,321,692	$ 2,209,558	$ 2,589,783
Asset Based
REVENUES
Revenues	694,755	774,554	1,363,975	1,450,072
Asset-Light
REVENUES
Revenues	407,926	546,270	843,959	1,137,992
Operating Segments | Asset Based
REVENUES
Revenues	722,015	802,622	1,419,832	1,507,933
Operating Segments | Asset-Light
REVENUES
Revenues	409,816	549,655	847,908	1,144,939
Other and eliminations
REVENUES
Revenues	$ (28,367)	$ (30,585)	$ (58,182)	$ (63,089)

OPERATING SEGMENT DATA - Operat

OPERATING SEGMENT DATA - Operating Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
OPERATING EXPENSES
Salaries, wages, and benefits	$ 449,024	$ 442,875	$ 886,006	$ 857,780
Fuel, supplies, and expenses	124,148	129,505	246,766	239,864
Depreciation and amortization	35,811	34,884	70,821	69,280
Contingent consideration	(10,000)		5,040	810
Gain on sale of subsidiary				(402)
(Gain) loss on sale of property and equipment			1,188	(4,073)
Other	46,653	40,152	92,333	76,981
Total consolidated operating expenses	1,061,348	1,185,654	2,146,283	2,360,802
Operating Segments | Asset Based
OPERATING EXPENSES
Salaries, wages, and benefits	344,538	328,068	680,143	641,565
Fuel, supplies, and expenses	90,897	99,296	185,185	184,127
Operating taxes and licenses	14,094	12,823	28,073	25,316
Insurance	12,889	12,197	26,162	22,628
Communications and utilities	4,553	4,648	9,857	9,335
Depreciation and amortization	25,273	24,463	50,184	48,768
Rents and purchased transportation	101,922	121,550	192,666	224,535
Shared services	74,468	75,584	139,081	142,734
(Gain) loss on sale of property and equipment	416	(1,370)	365	(4,065)
Innovative technology costs	8,343	7,954	14,411	14,914
Other	1,297	753	2,909	1,386
Total consolidated operating expenses	678,690	685,966	1,329,036	1,311,243
Operating Segments | Asset-Light
OPERATING EXPENSES
Purchased transportation	343,102	448,160	713,265	956,540
Supplies and expenses	3,348	4,263	7,420	7,529
Depreciation and amortization	5,085	5,468	10,153	10,648
Shared services	48,985	57,986	100,414	108,183
Contingent consideration	(10,000)		5,040	810
Gain on sale of subsidiary		(402)		(402)
Other	6,116	6,701	12,527	13,036
Total consolidated operating expenses	396,636	522,176	848,819	1,096,344
Other and eliminations
OPERATING EXPENSES
Total consolidated operating expenses	$ (13,978)	$ (22,488)	$ (31,572)	$ (46,785)

OPERATING SEGMENT DATA - Oper_2

OPERATING SEGMENT DATA - Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
OPERATING INCOME (LOSS)
Operating income	$ 42,116	$ 136,038	$ 63,275	$ 228,981
OTHER INCOME (COSTS)
Interest and dividend income	3,725	353	6,658	452
Interest and other related financing costs	(2,205)	(1,863)	(4,532)	(3,803)
Other, net	5,038	(2,807)	6,818	(3,633)
TOTAL OTHER INCOME (COSTS)	6,558	(4,317)	8,944	(6,984)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	48,674	131,721	72,219	221,997
Increase in fair value of equity investment	3,700		3,739
Operating Segments | Asset Based
OPERATING INCOME (LOSS)
Operating income	43,325	116,656	90,796	196,690
Operating Segments | Asset-Light
OPERATING INCOME (LOSS)
Operating income	13,180	27,479	(911)	48,595
Other and eliminations
OPERATING INCOME (LOSS)
Operating income	$ (14,389)	$ (8,097)	$ (26,610)	$ (16,304)

OPERATING SEGMENT DATA - Reve_2

OPERATING SEGMENT DATA - Revenue from Customers (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
REVENUES
Revenues	$ 1,103,464	$ 1,321,692	$ 2,209,558	$ 2,589,783
Asset Based
REVENUES
Revenues	694,755	774,554	1,363,975	1,450,072
Asset-Light
REVENUES
Revenues	407,926	546,270	843,959	1,137,992
Corporate and Other
REVENUES
Revenues	783	868	1,624	1,719
Operating Segments | Asset Based
REVENUES
Revenues	722,015	802,622	1,419,832	1,507,933
Operating Segments | Asset-Light
REVENUES
Revenues	409,816	549,655	847,908	1,144,939
Intersegment revenues
REVENUES
Revenues	(29,150)	(31,453)	(59,806)	(64,808)
Intersegment revenues | Asset Based
REVENUES
Revenues	27,260	28,068	55,857	57,861
Intersegment revenues | Asset-Light
REVENUES
Revenues	1,890	3,385	3,949	6,947
Other and eliminations
REVENUES
Revenues	$ (28,367)	$ (30,585)	$ (58,182)	$ (63,089)

OPERATING SEGMENT DATA - Oper_3

OPERATING SEGMENT DATA - Operating Expenses by Category (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
OPERATING EXPENSES
Salaries, wages, and benefits	$ 449,024	$ 442,875	$ 886,006	$ 857,780
Rents, purchased transportation, and other costs of services	415,712	538,238	845,317	1,116,087
Fuel, supplies, and expenses	124,148	129,505	246,766	239,864
Depreciation and amortization	35,811	34,884	70,821	69,280
Contingent consideration	(10,000)		5,040	810
Other	46,653	40,152	92,333	76,981
Total consolidated operating expenses	$ 1,061,348	$ 1,185,654	$ 2,146,283	$ 2,360,802

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

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 40,443	$ 102,461	$ 111,726	$ 172,030

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false