ARCBEST CORP /DE/, 10-Q filed on 8/1/2025
Quarterly Report
v3.25.2
Document and Entity Information - shares
 6 Months Ended
Jun. 30, 2025
Jul. 30, 2025
Document and Entity Information    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Document Transition Report false  
Securities Act 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   22,726,878
Entity Central Index Key 0000894405  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Amendment Flag false  
v3.25.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
CURRENT ASSETS    
Cash and cash equivalents $ 114,874 $ 127,444
Short-term investments 24,801 29,759
Accounts receivable, less allowances (2025 - $8,104; 2024 - $8,257) 402,321 394,838
Other accounts receivable, less allowances (2025 - $652; 2024 - $648) 23,357 36,055
Prepaid expenses 38,115 47,860
Prepaid and refundable income taxes 23,277 28,641
Other 11,423 11,045
TOTAL CURRENT ASSETS 638,168 675,642
PROPERTY, PLANT AND EQUIPMENT    
Land and structures 536,791 520,119
Revenue equipment 1,200,219 1,166,161
Service, office, and other equipment 356,319 351,907
Software 183,520 182,396
Leasehold improvements 35,065 32,263
TOTAL PROPERTY, PLANT AND EQUIPMENT, Gross 2,311,914 2,252,846
Less allowances for depreciation and amortization 1,198,757 1,186,800
PROPERTY, PLANT AND EQUIPMENT, net 1,113,157 1,066,046
GOODWILL 304,753 304,753
INTANGIBLE ASSETS, net 82,449 88,615
OPERATING RIGHT-OF-USE ASSETS 229,905 192,753
DEFERRED INCOME TAXES 9,324 9,536
OTHER LONG-TERM ASSETS 89,680 92,386
TOTAL ASSETS 2,467,436 2,429,731
CURRENT LIABILITIES    
Accounts payable 176,903 168,943
Income taxes payable 3,630  
Accrued expenses 368,623 398,700
Current portion of long-term debt 77,549 63,978
Current portion of operating lease liabilities 34,697 34,364
TOTAL CURRENT LIABILITIES 661,402 665,985
LONG-TERM DEBT, less current portion 163,850 125,156
OPERATING LEASE LIABILITIES, less current portion 215,376 189,978
POSTRETIREMENT LIABILITIES, less current portion 13,380 13,361
DEFERRED INCOME TAXES 78,279 78,649
OTHER LONG-TERM LIABILITIES 34,723 42,240
STOCKHOLDERS' EQUITY    
Common stock, $0.01 par value, authorized 70,000,000 shares; issued 2025: 30,482,894 shares; 2024: 30,401,768 shares 305 304
Additional paid-in capital 333,798 329,575
Retained earnings 1,458,647 1,435,250
Treasury stock, at cost, 2025: 7,680,406 shares; 2024: 7,114,844 shares (492,776) (451,039)
Accumulated other comprehensive income 452 272
TOTAL STOCKHOLDERS' EQUITY 1,300,426 1,314,362
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,467,436 $ 2,429,731
v3.25.2
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
CONSOLIDATED BALANCE SHEETS    
Accounts receivable, allowances (in dollars) $ 8,104 $ 8,257
Other accounts receivable, allowances (in dollars) $ 652 $ 648
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 30,482,894 30,401,768
Treasury stock, at cost, shares 7,680,406 7,114,844
v3.25.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
CONSOLIDATED STATEMENTS OF OPERATIONS        
REVENUES $ 1,022,256 $ 1,077,831 $ 1,989,333 $ 2,114,250
OPERATING EXPENSES 984,947 1,028,986 1,945,394 2,042,970
OPERATING INCOME 37,309 48,845 43,939 71,280
OTHER INCOME (COSTS)        
Interest and dividend income 1,037 3,241 2,187 6,556
Interest and other related financing costs (2,956) (2,078) (5,711) (4,306)
Other, net 578 (781) (273) (28,980)
TOTAL OTHER INCOME (COSTS) (1,341) 382 (3,797) (26,730)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 35,968 49,227 40,142 44,550
INCOME TAX PROVISION 10,159 2,303 11,202 538
NET INCOME FROM CONTINUING OPERATIONS 25,809 46,924 28,940 44,012
INCOME FROM DISCONTINUED OPERATIONS, net of tax       600
NET INCOME $ 25,809 $ 46,924 $ 28,940 $ 44,612
BASIC EARNINGS PER COMMON SHARE        
Continuing operations (in dollars per share) $ 1.12 $ 1.99 $ 1.25 $ 1.87
Discontinued operations (in dollars per share)       0.03
BASIC EARNINGS PER COMMON SHARE (in dollars per share) 1.12 1.99 1.25 1.89
DILUTED EARNINGS PER COMMON SHARE        
Continuing operations (in dollars per share) 1.12 1.96 1.25 1.83
Discontinued operations (in dollars per share)       0.02
DILUTED EARNINGS PER COMMON SHARE (in dollars per share) $ 1.12 $ 1.96 $ 1.25 $ 1.86
AVERAGE COMMON SHARES OUTSTANDING        
Basic (in shares) 22,944,228 23,618,318 23,070,812 23,589,814
Diluted (in shares) 23,008,707 23,919,613 23,146,609 24,025,499
v3.25.2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME        
Net Income (Loss) $ 25,809 $ 46,924 $ 28,940 $ 44,612
Amortization of unrecognized net periodic benefit credit, net of tax: (2025 - Three-month period $54, Six-month period $108) (2024 - Three-month period $64, Six-month period $129)        
Net actuarial gain (156) (185) (312) (372)
Interest rate swap and foreign currency translation:        
Change in unrealized loss on interest rate swap, net of tax: (2024 - Three-month period $152, Six-month period $282)   (432)   (798)
Change in foreign currency translation, net of tax: (2025 - Three-month period $241, Six-month period $175) (2024 - Three-month period $90, Six-month period $240) 679 (255) 492 (681)
OTHER COMPREHENSIVE INCOME (LOSS), net of tax 523 (872) 180 (1,851)
TOTAL COMPREHENSIVE INCOME $ 26,332 $ 46,052 $ 29,120 $ 42,761
v3.25.2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME        
Amortization of unrecognized net periodic benefit cost (credit), tax $ (54) $ (64) $ (108) $ (129)
Change in unrealized gain (loss) on interest rate swap, tax   (152)   (282)
Change in foreign currency translation, tax $ 241 $ (90) $ 175 $ (240)
v3.25.2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Common Stock
Additional Paid-In Capital
Retained Earnings
Treasury Stock
Accumulated Other Comprehensive Income (Loss)
Total
Balances at Dec. 31, 2023 $ 300 $ 340,961 $ 1,272,584 $ (375,806) $ 4,324 $ 1,242,363
Balances (in shares) at Dec. 31, 2023 30,024,000          
Balances, Treasury stock (in shares) at Dec. 31, 2023       6,460,000    
Increase (Decrease) in Stockholders' Equity            
Dividends declared on common stock           (2,828)
Balances at Mar. 31, 2024 $ 300 343,102 1,267,444 $ (391,458) 3,345 1,222,733
Balances (in shares) at Mar. 31, 2024 30,039,000          
Balances, Treasury stock (in shares) at Mar. 31, 2024       6,581,000    
Balances at Dec. 31, 2023 $ 300 340,961 1,272,584 $ (375,806) 4,324 1,242,363
Balances (in shares) at Dec. 31, 2023 30,024,000          
Balances, Treasury stock (in shares) at Dec. 31, 2023       6,460,000    
Increase (Decrease) in Stockholders' Equity            
Net income     44,612     44,612
Other comprehensive income (loss), net of tax         (1,851) (1,851)
Issuance of common stock under share-based compensation plans $ 4 (4)        
Issuance of common stock under share-based compensation plans (in shares) 376,000          
Shares withheld for employee tax remittance on share-based compensation   (22,634)       (22,634)
Share-based compensation expense   6,322       6,322
Purchase of treasury stock       $ (31,627)   (31,627)
Purchase of treasury stock (in shares)       252,000    
Dividends declared on common stock     (5,647)     (5,647)
Balances at Jun. 30, 2024 $ 304 324,645 1,311,549 $ (407,433) 2,473 1,231,538
Balances (in shares) at Jun. 30, 2024 30,400,000          
Balances, Treasury stock (in shares) at Jun. 30, 2024       6,712,000    
Balances at Mar. 31, 2024 $ 300 343,102 1,267,444 $ (391,458) 3,345 1,222,733
Balances (in shares) at Mar. 31, 2024 30,039,000          
Balances, Treasury stock (in shares) at Mar. 31, 2024       6,581,000    
Increase (Decrease) in Stockholders' Equity            
Net income     46,924     46,924
Other comprehensive income (loss), net of tax         (872) (872)
Issuance of common stock under share-based compensation plans $ 4 (4)        
Issuance of common stock under share-based compensation plans (in shares) 361,000          
Shares withheld for employee tax remittance on share-based compensation   (21,886)       (21,886)
Share-based compensation expense   3,433       3,433
Purchase of treasury stock       $ (15,975)   (15,975)
Purchase of treasury stock (in shares)       131,000    
Dividends declared on common stock     (2,819)     (2,819)
Balances at Jun. 30, 2024 $ 304 324,645 1,311,549 $ (407,433) 2,473 1,231,538
Balances (in shares) at Jun. 30, 2024 30,400,000          
Balances, Treasury stock (in shares) at Jun. 30, 2024       6,712,000    
Balances at Dec. 31, 2024 $ 304 329,575 1,435,250 $ (451,039) 272 $ 1,314,362
Balances (in shares) at Dec. 31, 2024 30,402,000          
Balances, Treasury stock (in shares) at Dec. 31, 2024       7,115,000   7,114,844
Increase (Decrease) in Stockholders' Equity            
Dividends declared on common stock           $ (2,785)
Balances at Mar. 31, 2025 $ 304 331,944 1,435,596 $ (473,029) (71) 1,294,744
Balances (in shares) at Mar. 31, 2025 30,402,000          
Balances, Treasury stock (in shares) at Mar. 31, 2025       7,374,000    
Balances at Dec. 31, 2024 $ 304 329,575 1,435,250 $ (451,039) 272 $ 1,314,362
Balances (in shares) at Dec. 31, 2024 30,402,000          
Balances, Treasury stock (in shares) at Dec. 31, 2024       7,115,000   7,114,844
Increase (Decrease) in Stockholders' Equity            
Net income     28,940     $ 28,940
Other comprehensive income (loss), net of tax         180 180
Issuance of common stock under share-based compensation plans $ 1 (1)        
Issuance of common stock under share-based compensation plans (in shares) 81,000          
Shares withheld for employee tax remittance on share-based compensation   (1,938)       (1,938)
Share-based compensation expense   6,162       6,162
Purchase of treasury stock       $ (41,737)   (41,737)
Purchase of treasury stock (in shares)       565,000    
Dividends declared on common stock     (5,543)     (5,543)
Balances at Jun. 30, 2025 $ 305 333,798 1,458,647 $ (492,776) 452 $ 1,300,426
Balances (in shares) at Jun. 30, 2025 30,483,000          
Balances, Treasury stock (in shares) at Jun. 30, 2025       7,680,000   7,680,406
Balances at Mar. 31, 2025 $ 304 331,944 1,435,596 $ (473,029) (71) $ 1,294,744
Balances (in shares) at Mar. 31, 2025 30,402,000          
Balances, Treasury stock (in shares) at Mar. 31, 2025       7,374,000    
Increase (Decrease) in Stockholders' Equity            
Net income     25,809     25,809
Other comprehensive income (loss), net of tax         523 523
Issuance of common stock under share-based compensation plans $ 1 (1)        
Issuance of common stock under share-based compensation plans (in shares) 81,000          
Shares withheld for employee tax remittance on share-based compensation   (1,924)       (1,924)
Share-based compensation expense   3,779       3,779
Purchase of treasury stock       $ (19,747)   (19,747)
Purchase of treasury stock (in shares)       306,000    
Dividends declared on common stock     (2,758)     (2,758)
Balances at Jun. 30, 2025 $ 305 $ 333,798 $ 1,458,647 $ (492,776) $ 452 $ 1,300,426
Balances (in shares) at Jun. 30, 2025 30,483,000          
Balances, Treasury stock (in shares) at Jun. 30, 2025       7,680,000   7,680,406
v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
OPERATING ACTIVITIES    
Net income $ 28,940 $ 44,612
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 74,490 66,693
Amortization of intangibles 6,400 6,416
Share-based compensation expense 6,162 6,322
Provision for losses on accounts receivable 1,402 1,248
Change in deferred income taxes (187) (11,457)
(Gain) loss on sale of property and equipment 42 565
Pre-tax gain on sale of discontinued operations   (806)
Change in fair value of contingent consideration (2,650) 11,170
Change in fair value of equity investment   28,739
Changes in operating assets and liabilities:    
Receivables 3,866 38,702
Prepaid expenses 9,744 5,199
Other assets (321) (2,789)
Income taxes 9,130 (8,806)
Operating right-of-use assets and lease liabilities, net (11,421) (7,262)
Accounts payable, accrued expenses, and other liabilities (39,486) (38,344)
NET CASH PROVIDED BY OPERATING ACTIVITIES 86,111 140,202
INVESTING ACTIVITIES    
Purchases of property, plant and equipment, net of financings (42,007) (104,909)
Proceeds from sale of property and equipment 6,142 2,341
Purchases of short-term investments   (5,236)
Proceeds from sale of short-term investments 5,236 28,504
Capitalization of internally developed software (6,268) (7,779)
NET CASH USED IN INVESTING ACTIVITIES (36,897) (87,079)
FINANCING ACTIVITIES    
Borrowings under credit facilities 25,000  
Payments on long-term debt (35,526) (35,705)
Net change in book overdrafts (2,021) (4,146)
Deferred financing costs (19)  
Payment of common stock dividends (5,543) (5,647)
Purchases of treasury stock (41,737) (31,627)
Payments for tax withheld on share-based compensation (1,938) (22,634)
NET CASH USED IN FINANCING ACTIVITIES (61,784) (99,759)
NET DECREASE IN CASH AND CASH EQUIVALENTS (12,570) (46,636)
Cash and cash equivalents at beginning of period 127,444 262,226
CASH AND CASH EQUIVALENTS AT END OF PERIOD 114,874 215,590
NONCASH INVESTING ACTIVITIES    
Equipment financed 62,791 10,354
Accruals for equipment received 14,586 3,904
Lease liabilities arising from obtaining right-of-use assets $ 41,978 $ 26,001
v3.25.2
ORGANIZATION AND DESCRIPTION OF THE BUSINESS AND FINANCIAL STATEMENT PRESENTATION
 6 Months Ended
Jun. 30, 2025
ORGANIZATION AND DESCRIPTION OF THE BUSINESS AND FINANCIAL STATEMENT PRESENTATION  
ORGANIZATION AND DESCRIPTION OF THE BUSINESS AND FINANCIAL STATEMENT PRESENTATION

NOTE A – ORGANIZATION AND DESCRIPTION OF THE BUSINESS AND FINANCIAL STATEMENT PRESENTATION

​

Organization and Description of Business

​

ArcBest Corporation™ (the “Company”) is a multibillion-dollar integrated logistics company that leverages technology and a full suite of shipping and logistics solutions to meet customers’ supply chain needs. The Company, which started over a century ago as a local freight hauler, is now a logistics powerhouse with global reach. The Company’s operations are conducted through its two reportable operating segments: Asset-Based, which consists of ABF Freight System, Inc. and certain other subsidiaries (“ABF Freight”), and Asset-Light, which includes MoLo Solutions, LLC (“MoLo”), Panther Premium Logistics® (“Panther”), and certain other subsidiaries. References to the Company in this Quarterly Report on Form 10-Q are primarily to the Company and its subsidiaries on a consolidated basis.

​

The Asset-Based segment represented approximately 66% of the Company’s total revenues before other revenues and intercompany eliminations for the six months ended June 30, 2025. As of June 2025, approximately 81% of the Asset-Based segment’s employees were covered under a collective bargaining agreement, the ABF National Master Freight Agreement (the “2023 ABF NMFA”), with the International Brotherhood of Teamsters (the “IBT”), which will remain in effect through June 30, 2028.

​

Financial Statement Presentation

​

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 2024 Annual Report on Form 10-K 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.

​

For the year ended December 31, 2024, certain reclassifications have been made between the accounts payable and accrued expenses lines on the Company’s consolidated balance sheet to conform to the current-year presentation.

​

On February 28, 2023, the Company sold FleetNet America, Inc. (“FleetNet”), a wholly owned subsidiary and reportable operating segment of the Company. 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. The six months ended June 30, 2024 includes the reversal of an employee-related contingent liability that expired one year after disposition, which resulted in a pre-tax gain on sale of $0.8 million included in the “Pre-tax gain on sale of discontinued operations” line of the consolidated statements of cash flows, or $0.6 million net of tax included in “Income from discontinued operations, net of tax” on the Company’s consolidated statements of operations.

​

Accounting Pronouncements Not Yet Adopted

​

ASC Topic 740, Income Taxes, was amended in December 2023 through the issuance of Accounting Standards Update (“ASU”) No. 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”), to improve income tax disclosures primarily related to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for fiscal years

beginning after December 15, 2024, while early adoption is permitted. This ASU is not expected to have a significant impact on the Company’s disclosures.

​

ASC Topic 220, Disaggregation of Income Statement Expenses, was amended in November 2024 through the issuance of ASU No. 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (“ASU 2024-03”), which requires additional disclosure of specified information about certain costs and expenses. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, while early adoption is permitted. The Company is currently assessing the amendment’s impact on the Company’s disclosures.

​
v3.25.2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2025
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

 

​

​

2025

​

2024

 

​

​

(in thousands)

​

Cash and cash equivalents

​

​

​

​

​

​

​

Cash deposits(1)

​

$

32,263

​

$

83,048

​

Money market funds(2)

​

 

82,611

​

 

44,396

​

Total cash and cash equivalents

​

$

114,874

​

$

127,444

​

​

​

​

​

​

​

​

​

Short-term investments

​

​

​

​

​

​

​

Certificates of deposit(3)

​

$

24,801

​

$

29,759

​

​

(1)Recorded at cost plus accrued interest, which approximates fair value.
(2)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).
(3)Recorded at cost plus accrued interest, which approximates fair value due to its short-term nature and is categorized in Level 2 of the fair value hierarchy.

​

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 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 that are primarily FDIC‑insured. However, certain cash deposits and certificates of deposit may exceed federally insured limits. At June 30, 2025 and December 31, 2024, cash deposits and short-term investments totaling $19.6 million and $51.7 million, respectively, were not FDIC‑insured. 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 (based on the 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

​

​

    

2025

    

2024

 

​

​

(in thousands)

​

​

​

​

Carrying

    

​

Fair

    

​

Carrying

    

​

Fair

​

​

​

​

Value

 

​

Value

 

​

Value

 

​

Value

​

Credit Facility(1)

​

$

25,000

​

$

25,000

​

$

—

​

$

—

​

Notes payable(2)

​

 

216,399

​

 

217,499

​

 

189,134

​

 

187,675

​

New England Pension Fund withdrawal liability(3)

​

​

18,293

​

​

16,566

​

​

18,671

​

​

16,783

​

​

​

$

259,692

​

$

259,065

​

$

207,805

​

$

204,458

​

​

(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 5.9% and 6.0% at June 30, 2025 and December 31, 2024, respectively, determined using the 20-year U.S. Treasury rate plus a spread (Level 2 of the fair value hierarchy). As of June 30, 2025, the outstanding withdrawal liability totaled $18.3 million, of which $0.8 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, 2025

​

​

​

​

​

​

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)

​

$

82,611

​

$

82,611

​

$

—

​

$

—

​

Equity, bond, and money market mutual funds held in trust related to the Voluntary Savings Plan(2)

​

 

5,749

​

 

5,749

​

 

—

​

 

—

​

​

​

$

88,360

​

$

88,360

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

​

​

​

​

​

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)

​

$

44,396

​

$

44,396

​

$

—

​

$

—

​

Equity, bond, and money market mutual funds held in trust related to the Voluntary Savings Plan(2)

​

 

5,570

​

 

5,570

​

 

—

​

 

—

​

​

​

$

49,966

​

$

49,966

​

$

—

​

$

—

​

Liabilities:

​

 

​

​

​

​

​

​

​

​

​

​

​

Contingent consideration(3)

​

$

2,650

​

$

—

​

$

—

​

$

2,650

​

​

(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)The estimated fair value of contingent consideration related to the acquisition of MoLo is determined by assessing Level 3 inputs. The Level 3 assessments utilize a Monte Carlo simulation with inputs including scenarios of estimated revenues and expenses to be achieved for the applicable performance period, volatility factors applied to the simulation, and the discount rate applied, which was 12.9% as of December 31, 2024. Fair value of the contingent consideration was qualitatively assessed as of June 30, 2025, which involved analyzing the likelihood of achieving adjusted earnings before interest, taxes, depreciation, and amortization (“adjusted EBITDA”) thresholds, as defined by the Agreement and Plan of Merger for the acquisition of MoLo. As a result, the Company reduced the contingent consideration for the MoLo acquisition to zero in second quarter 2025, reflecting the remote probability of an earnout payment based on projections of adjusted EBITDA for 2025.

​

​

​

The following table provides the change 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, 2024

​

$

2,650

​

Change in fair value included in operating expenses

​

​

(2,650)

​

Balance at June 30, 2025

​

$

—

​

​

Assets Measured at Fair Value on a Nonrecurring Basis

​

The Company remeasures certain assets on a nonrecurring basis upon events or changes in circumstances that indicate the carrying amount may not be recoverable. During the first quarter of 2024, the Company was notified that Phantom Auto was ceasing operations due to liquidity concerns from failing to secure additional funding from investors or lenders. As a

result, the Company assessed the likelihood of recovering its investment as remote and recorded a pre-tax, noncash impairment charge of $28.7 million, to write off the equity investment in Phantom Auto, which was recognized below the operating income line in “Other, net” within “Other income (costs).”

v3.25.2
GOODWILL AND INTANGIBLE ASSETS
 6 Months Ended
Jun. 30, 2025
GOODWILL AND INTANGIBLE ASSETS  
GOODWILL AND INTANGIBLE ASSETS

NOTE C – GOODWILL AND INTANGIBLE ASSETS

​

Goodwill represents the excess of cost over the fair value of net identifiable tangible and intangible assets acquired. The goodwill balance of $304.8 million at both June 30, 2025 and December 31, 2024 relates to the Asset-Light segment.

​

Intangible assets consisted of the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2025

​

December 31, 2024

 

​

​

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

​

$

63,994

​

$

35,585

​

$

99,579

​

$

59,782

​

$

39,797

​

Other

​

9

​

​

30,672

​

​

16,108

​

​

14,564

​

​

30,438

​

​

13,920

​

​

16,518

​

​

 

11

​

 

130,251

​

 

80,102

​

 

50,149

​

​

130,017

​

 

73,702

​

 

56,315

​

Indefinite-lived intangible asset

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Trade name

 

N/A

​

 

32,300

​

 

N/A

​

 

32,300

​

​

32,300

​

 

N/A

​

 

32,300

​

​

​

​

​

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total intangible assets

 

N/A

​

$

162,551

​

$

80,102

​

$

82,449

​

$

162,317

​

$

73,702

​

$

88,615

​

​

​

As of June 30, 2025, the future amortization for intangible assets acquired through business acquisitions was as follows:

​

​

​

​

​

​

​

    

Amortization of

    

​

​

Intangible Assets

 

​

​

(in thousands)

​

Remainder of 2025

​

$

6,400

​

2026

​

 

8,693

​

2027

​

 

7,269

​

2028

​

 

7,269

​

2029

​

​

7,223

​

Thereafter

​

​

13,295

​

Total amortization

​

$

50,149

​

​
v3.25.2
INCOME TAXES
 6 Months Ended
Jun. 30, 2025
INCOME TAXES  
INCOME TAXES

NOTE D – INCOME TAXES

​

On July 4, 2025, the United States Congress passed budget reconciliation bill H.R. 1 referred to as the One Big Beautiful Bill Act (“OBBB”). The OBBB contains several changes to corporate taxation, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act of 2017, including 100% expensing of qualified depreciable assets and modifications to capitalization of research and development expenses. The OBBB has multiple effective dates with certain provisions effective in 2025 and others implemented through 2027. The Company is continuing to evaluate the overall impact of the OBBB. At this time, however, the Company does not anticipate a material impact on its effective tax rate for 2025.

​

The Company’s total effective tax rate was 28.2% and 27.9% for the three and six months ended June 30, 2025, respectively, compared to 4.7% and 1.6% for the same respective prior year periods, including discontinued operations. 2024 tax rates were lower primarily due to the pre-tax loss from the noncash impairment charge to write off the equity investment in Phantom Auto included in the loss from continuing operations during the first quarter of 2024 and the tax benefit from the vesting of restricted stock units (“RSUs”) granted in 2020 and 2021. State tax rates vary among states and average approximately 6.0%, 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, 2025 and 2024, the difference between the Company’s effective tax rate from continuing operations and the federal statutory rate resulted from various factors, including state income taxes; the tax expense (benefit) from the vesting of RSUs; changes in the cash surrender value of life insurance; and various nondeductible expenses, including compensation under IRC Section 162(m). The difference between the effective tax rate and the federal statutory rate for the six months ended June 30, 2024 also included the federal alternative fuel tax credit that expired on December 31, 2024.

​

As of June 30, 2025, 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, 2025, and concluded that, other than for certain deferred tax assets related to foreign and state tax credit carryforwards and federal 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.

​

The Company paid federal, state, and foreign income taxes, net of refunds of $2.4 million and $20.7 million for the six months ended June 30, 2025 and 2024, respectively.

​

Income tax expense reflected in discontinued operations, which primarily consisted of federal and state income taxes on the gain adjustment from sale of FleetNet, was $0.2 million for the six months ended June 30, 2024, or an effective tax rate of 25.5%.

​
v3.25.2
LEASES
 6 Months Ended
Jun. 30, 2025
LEASES  
LEASES

NOTE E – 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

​

​

    

2025

    

2024

    

2025

    

2024

 

​

​

(in thousands)

​

Operating lease expense

​

$

11,630

​

$

10,742

​

$

22,767

​

$

21,018

​

Variable lease expense

​

​

2,658

​

​

1,938

​

​

4,707

​

​

3,619

​

Sublease income

​

​

(1,162)

​

​

(728)

​

​

(2,159)

​

​

(1,374)

​

Total operating lease expense

​

$

13,126

​

$

11,952

​

$

25,315

​

$

23,263

​

​

The operating cash flows from operating lease activity were as follows:

​

​

​

​

​

​

​

​

​

​

​

Six Months Ended 

​

​

​

June 30

​

​

​

2025

​

2024

 

​

​

(in thousands)

​

Noncash change in operating right-of-use assets

​

$

16,326

​

$

16,971

​

Cash payments to obtain right-of-use assets

​

​

(11,500)

​

​

(7,752)

​

Change in operating lease liabilities

​

​

(16,247)

​

​

(16,481)

​

Changes in operating right-of-use assets and lease liabilities, net

​

$

(11,421)

​

$

(7,262)

​

​

​

​

​

​

​

​

​

Supplemental cash flow information

​

​

​

​

​

​

​

Cash paid for amounts included in the measurement of operating lease liabilities

​

$

22,734

​

$

20,518

​

Right-of-use assets obtained in exchange for operating lease liabilities

​

$

41,978

​

$

26,001

​

​

Maturities of operating lease liabilities at June 30, 2025, were as follows:

​

​

​

​

​

​

​

​

Operating

​

​

​

Lease

​

​

    

Liabilities(1)

    

​

 

(in thousands)

​

Remainder of 2025

​

$

22,972

​

2026

​

 

44,885

​

2027

​

 

40,301

​

2028

​

 

36,670

​

2029

​

 

31,594

​

Thereafter

​

 

131,342

​

Total lease payments

​

​

307,764

​

Less imputed interest

​

​

(57,691)

​

Total

​

$

250,073

​

(1)Excludes future minimum lease payments for leases which were executed but had not yet commenced as of June 30, 2025, totaling $0.4 million, which will be paid over approximately 2 years.
v3.25.2
LONG-TERM DEBT AND FINANCING ARRANGEMENTS
 6 Months Ended
Jun. 30, 2025
LONG-TERM DEBT AND FINANCING ARRANGEMENTS  
LONG-TERM DEBT AND FINANCING ARRANGEMENTS

NOTE F – LONG-TERM DEBT AND FINANCING ARRANGEMENTS

​

Long-Term Debt Obligations

​

Long-term debt consisted of borrowings outstanding under the Company’s revolving credit facility and notes payable related to the financing of revenue equipment (tractors and trailers used primarily in Asset-Based segment operations) and certain other equipment at June 30, 2025 and December 31, 2024, were as follows:

​

​

​

​

​

​

​

​

​

​

​

June 30

​

December 31

​

​

    

2025

    

2024

 

​

​

(in thousands)

​

Credit Facility (interest rate of 5.5% at June 30, 2025)

​

$

25,000

​

$

—

​

Notes payable (weighted-average interest rate of 4.9% at June 30, 2025)

​

 

216,399

​

 

189,134

​

​

​

 

241,399

​

 

189,134

​

Less current portion

​

 

77,549

​

 

63,978

​

Long-term debt, less current portion

​

$

163,850

​

$

125,156

​

​

​

​

Scheduled payments of long-term debt obligations as of June 30, 2025, were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Credit

​

Notes

​

​

    

Total

    

Facility(1)

    

Payable

 

​

 

(in thousands) 

​

Due in one year or less

 

$

87,619

 

$

1,282

 

$

86,337

​

Due after one year through two years

​

 

76,451

​

 

1,104

​

 

75,347

​

Due after two years through three years

​

 

76,569

​

 

25,298

​

 

51,271

​

Due after three years through four years

​

 

17,085

​

 

—

​

 

17,085

​

Due after four years through five years

​

 

3,469

​

 

—

​

 

3,469

​

Total payments

​

 

261,193

​

 

27,684

​

 

233,509

​

Less amounts representing interest

​

 

19,794

​

 

2,684

​

 

17,110

​

Long-term debt

 

$

241,399

 

$

25,000

 

$

216,399

​

(1)The future interest payments included in the scheduled maturities due are calculated using variable interest rates based on SOFR, plus the anticipated applicable margin.

​

Assets securing notes payable, primarily consisting of revenue equipment, which were included in property, plant and equipment, totaled $395.0 million and $333.5 million at June 30, 2025 and December 31, 2024, respectively.

​

​

​

Financing Arrangements

​

Credit Facility

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 $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 up to $125.0 million, subject to the satisfaction of certain additional conditions as provided in the Credit Agreement. As of June 30, 2025, the Company had available borrowing capacity of $225.0 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, 2025.

​

Accounts Receivable Securitization Program

During June 2025, the Company amended its accounts receivable securitization program (“A/R Securitization”), extending the maturity date to July 1, 2026. The A/R Securitization provides available cash proceeds of $50.0 million and has an accordion feature allowing the Company to request additional borrowings up to $100.0 million, subject to certain conditions. As of June 30, 2025 and December 31, 2024, the Company had no borrowings outstanding under the A/R Securitization.

​

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. The A/R Securitization does not qualify for sale treatment. Accordingly, the accounts receivable and related debt obligation remain on the Company’s consolidated balance sheets. 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 A/R Securitization bear interest based upon SOFR or, to the extent funded by the conduit lender through the issuance of notes, at the commercial paper rate as defined in the agreement, plus a margin in each case, 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 A/R Securitization at June 30, 2025.

​

The A/R Securitization includes a provision under which the Company may request, and the letter of credit issuer may issue standby letters of credit. The outstanding standby letters of credit are primarily in support of workers’ compensation and third-party casualty claims liabilities in various states in which the Company is self-insured and reduce the availability of borrowings under the program. As of June 30, 2025, standby letters of credit of $23.7 million have been issued under the program, which reduced the available borrowing capacity to $26.3 million.

​

Surety Bond Programs

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, 2025, surety bonds outstanding related to the self-insurance program totaled $68.8 million.

​

Notes Payable

The Company has financed the purchase of certain revenue equipment through promissory note arrangements totaling $45.4 million and $62.8 million during the three and six months ended June 30, 2025, respectively. Subsequent to June 30, 2025, the Company financed the purchase of an additional $9.3 million of revenue equipment through promissory note arrangements.
v3.25.2
STOCKHOLDERS' EQUITY
 6 Months Ended
Jun. 30, 2025
STOCKHOLDERS' EQUITY  
STOCKHOLDERS' EQUITY

NOTE G – STOCKHOLDERS’ EQUITY

​

Accumulated Other Comprehensive Income

​

Components of accumulated other comprehensive income were as follows:

​

​

​

​

​

​

​

​

​

​

    

June 30

    

December 31

​

​

    

2025

    

2024

 

​

​

(in thousands)

​

Pre-tax amounts:

​

​

​

​

​

​

​

Unrecognized net periodic benefit credit

​

$

5,240

​

$

5,660

​

Foreign currency translation

​

 

(4,656)

​

 

(5,323)

​

​

​

​

​

​

​

​

​

Total

​

$

584

​

$

337

​

​

​

​

​

​

​

​

​

After-tax amounts:

​

​

​

​

​

​

​

Unrecognized net periodic benefit credit

​

$

3,891

​

$

4,203

​

Foreign currency translation

​

 

(3,439)

​

 

(3,931)

​

​

​

​

​

​

​

​

​

Total

​

$

452

​

$

272

​

​

​

​

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, 2025 and 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Unrecognized

​

Interest

​

Foreign

​

​

​

​

​

​

Net Periodic

​

Rate

​

Currency

​

​

    

Total

    

Benefit Credit

    

Swap

    

Translation

 

​

​

(in thousands)

​

Balances at December 31, 2024

​

$

272

​

$

4,203

​

$

—

​

$

(3,931)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other comprehensive income before reclassifications

​

​

492

​

​

—

​

​

—

​

​

492

​

Amounts reclassified from accumulated other comprehensive income

​

​

(312)

​

​

(312)

​

​

—

​

​

—

​

Net current-period other comprehensive income (loss)

​

​

180

​

​

(312)

​

​

—

​

​

492

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balances at June 30, 2025

​

$

452

​

$

3,891

​

$

—

​

$

(3,439)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balances at December 31, 2023

​

$

4,324

​

$

5,061

​

$

1,263

​

$

(2,000)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other comprehensive loss before reclassifications

​

 

(1,479)

​

 

—

​

​

(798)

​

 

(681)

​

Amounts reclassified from accumulated other comprehensive income

​

 

(372)

​

 

(372)

​

​

—

​

 

—

​

Net current-period other comprehensive loss

​

 

(1,851)

​

 

(372)

​

​

(798)

​

 

(681)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balances at June 30, 2024

​

$

2,473

​

$

4,689

​

$

465

​

$

(2,681)

​

​

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

​

​

    

2025

    

2024

 

​

​

(in thousands)

 

Amortization of net actuarial gain, pre-tax(1)

​

$

420

​

$

501

​

Tax expense

​

​

(108)

​

 

(129)

​

Total, net of tax

​

$

312

​

$

372

​

​

(1)Included in the computation of net periodic benefit credit of the Company’s supplemental benefit plan and postretirement health benefit plan.

​

Dividends on Common Stock

​

The following table is a summary of dividends declared during the applicable quarter:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2025

​

2024

​

​

    

Per Share

    

Amount

    

Per Share

    

Amount

 

​

​

(in thousands, except per share data)

First quarter

​

$

0.12

​

$

2,785

​

$

0.12

​

$

2,828

​

Second quarter

​

$

0.12

​

$

2,758

​

$

0.12

​

$

2,819

​

​

On July 25, 2025, the Company announced its Board of Directors declared a dividend of $0.12 per share to stockholders of record as of August 8, 2025.

​

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, 2024, the Company had $56.6 million available for repurchases of its common stock under the share repurchase program. During the six months ended June 30, 2025, the Company repurchased 565,562 shares for an aggregate cost of $41.7 million, including 327,013 shares for an aggregate cost of $25.0 million under Rule 10b5-1 plans, which allows for stock repurchases during closed trading windows. The Company had $14.8 million remaining under its share repurchase program as of June 30, 2025. Subsequent to June 30, 2025, the Company settled repurchases of 76,932 shares for an aggregate cost of $6.3 million.
v3.25.2
EARNINGS PER SHARE
 6 Months Ended
Jun. 30, 2025
EARNINGS PER SHARE  
EARNINGS PER SHARE

NOTE H – EARNINGS PER SHARE

​

The following table reflects the computation of basic and diluted earnings per common share:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended 

​

Six Months Ended 

​

​

​

June 30

​

June 30

​

​

    

2025

    

2024

    

2025

    

2024

 

​

​

(in thousands, except share and per share data)

​

Basic

​

​

​

​

​

​

​

​

​

​

​

​

​

Numerator:

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income from continuing operations

​

$

25,809

​

$

46,924

​

$

28,940

​

$

44,012

​

Net income from discontinued operations

​

 

—

​

 

—

​

 

—

​

​

600

​

Net income

​

$

25,809

​

$

46,924

​

$

28,940

​

$

44,612

​

Denominator:

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-average shares

​

 

22,944,228

​

 

23,618,318

​

 

23,070,812

​

 

23,589,814

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Basic earnings per common share

​

​

​

​

​

​

​

​

​

​

​

​

​

Continuing operations

​

$

1.12

​

$

1.99

​

$

1.25

​

$

1.87

​

Discontinued operations

​

 

—

​

 

—

​

​

—

​

 

0.03

​

Total basic earnings per common share(1)

​

$

1.12

​

$

1.99

​

$

1.25

​

$

1.89

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Diluted

​

​

​

​

​

​

​

​

​

​

​

​

​

Numerator:

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income from continuing operations

​

$

25,809

​

$

46,924

​

$

28,940

​

$

44,012

​

Net income from discontinued operations

​

 

—

​

 

—

​

 

—

​

 

600

​

Net income

​

$

25,809

​

$

46,924

​

$

28,940

​

$

44,612

​

Denominator:

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-average shares

​

 

22,944,228

​

 

23,618,318

​

 

23,070,812

​

 

23,589,814

​

Effect of dilutive securities

​

 

64,479

​

 

301,295

​

 

75,797

​

 

435,685

​

Adjusted weighted-average shares and assumed conversions

​

 

23,008,707

​

 

23,919,613

​

 

23,146,609

​

 

24,025,499

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Diluted earnings per common share

​

​

​

​

​

​

​

​

​

​

​

​

​

Continuing operations

​

$

1.12

​

$

1.96

​

$

1.25

​

$

1.83

​

Discontinued operations

​

 

—

​

 

—

​

​

—

​

 

0.02

​

Total diluted earnings per common share(1)

​

$

1.12

​

$

1.96

​

$

1.25

​

$

1.86

​

​

(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.
v3.25.2
OPERATING SEGMENT DATA
 6 Months Ended
Jun. 30, 2025
OPERATING SEGMENT DATA  
OPERATING SEGMENT DATA

NOTE I – 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. Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company's Chief Executive Officer and Chairman of the Board is the CODM who makes decisions about resources to be acquired, allocated, and utilized in each operating segment. The CODM uses segment revenues, operating expense categories, operating ratios, operating income (loss), and key operating statistics to evaluate performance and allocate resources to the Company’s operations.

​

The Company’s reportable operating segments are impacted by seasonal fluctuations which affect tonnage, 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.

​

Historically, the second and third calendar quarters of each year usually have the highest tonnage and shipment levels. In contrast, the first quarter generally has the lowest tonnage and shipment levels, although other factors, including the state of the U.S. and global economies; available capacity in the market; yield initiatives; and external events or conditions, such as the modification or implementation of new tariffs or trade policy, 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.

​

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 managed transportation solutions and other services.

​

●The Asset-Light segment includes the results of operations of the Company’s service offerings in truckload, managed transportation, ground expedite, intermodal, household goods moving, 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 reporting segments. The Company eliminates intercompany transactions in consolidation. However, the information used by the CODM with respect to its reportable operating segments is before intersegment eliminations of revenues and expenses.

​

Shared services represent costs incurred to support all segments, including sales, pricing, customer service, marketing, capacity sourcing functions, human resources, financial services, information technology, and other company-wide services. Certain overhead costs are not attributable to any segment and remain unallocated in “Other and eliminations.” Included in unallocated costs are expenses related to investor relations, legal, the Company’s Board of Directors, and certain technology investments. Shared services costs attributable to the reportable operating segments are predominantly allocated based upon estimated and planned resource utilization-related metrics, such as estimated shipment levels or number of personnel supported. The bases for such charges are modified and adjusted by management when necessary or appropriate to reflect fairly and equitably the actual incidence of cost incurred by the reportable operating segments. Management believes the methods used to allocate expenses are reasonable.

​

Further classifications of operations or revenues by geographic location are impracticable and, therefore, are not provided. The Company’s foreign operations are not significant.

​

The following tables reflect the Company’s reportable operating segment information from continuing operations:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended 

​

Six Months Ended 

 

​

​

June 30

​

June 30

 

​

    

2025

    

2024

    

2025

    

2024

 

​

​

(in thousands)

 

REVENUES

​

​

​

​

​

​

​

​

​

​

​

​

​

Asset-Based

​

$

713,312

​

$

712,725

 

$

1,359,606

 

$

1,384,192

​

Asset-Light

​

 

341,922

​

 

395,817

​

 

697,934

​

 

792,180

​

Other and eliminations

​

 

(32,978)

​

 

(30,711)

​

 

(68,207)

​

 

(62,122)

​

Total consolidated revenues

 

$

1,022,256

 

$

1,077,831

 

$

1,989,333

 

$

2,114,250

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

OPERATING EXPENSES

​

​

​

​

​

​

​

​

​

​

​

​

​

Asset-Based

​

​

​

​

​

​

​

​

​

​

​

​

​

Salaries, wages, and benefits

​

$

365,929

​

$

352,678

 

$

710,070

 

$

697,677

​

Fuel, supplies, and expenses

​

 

79,834

​

 

82,938

​

 

157,476

​

 

163,982

​

Operating taxes and licenses

​

 

13,845

​

 

13,557

​

 

26,957

​

 

27,086

​

Insurance

​

 

17,653

​

 

16,964

​

 

35,616

​

 

31,446

​

Communications and utilities

​

 

5,150

​

 

4,412

​

 

10,960

​

 

9,211

​

Depreciation and amortization

​

 

31,664

​

 

26,646

​

 

62,254

​

 

53,653

​

Rents and purchased transportation

​

 

76,198

​

 

70,315

​

 

143,359

​

 

135,986

​

Shared services

​

​

69,868

​

​

72,245

​

​

132,311

​

​

137,159

​

(Gain) loss on sale of property and equipment

​

 

(159)

​

 

(91)

​

 

(136)

​

 

58

​

Other

​

 

2,301

​

 

269

​

 

3,293

​

 

1,686

​

Total Asset-Based

​

 

662,283

​

 

639,933

​

 

1,282,160

​

 

1,257,944

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Asset-Light

​

​

​

​

​

​

​

​

​

​

​

​

​

Purchased transportation

​

 

288,580

​

 

339,247

​

 

593,194

​

 

683,369

​

Salaries, wages, and benefits

​

​

25,629

​

 

31,036

​

​

51,178

​

 

61,340

​

Supplies and expenses

​

 

1,739

​

 

2,768

​

 

3,478

​

 

5,577

​

Depreciation and amortization(1)

​

 

4,605

​

 

5,039

​

 

9,223

​

 

10,117

​

Shared services

​

​

18,594

​

​

17,297

​

​

36,575

​

​

33,571

​

Contingent consideration(2)

​

​

(2,650)

​

​

3,850

​

​

(2,650)

​

​

11,170

​

Other

​

​

4,834

​

 

6,078

​

​

10,725

​

 

11,792

​

Total Asset-Light

​

 

341,331

​

 

405,315

​

 

701,723

​

 

816,936

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other and eliminations

​

 

(18,667)

​

 

(16,262)

 

 

(38,489)

​

 

(31,910)

​

Total consolidated operating expenses

​

$

984,947

​

$

1,028,986

​

$

1,945,394

​

$

2,042,970

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

OPERATING INCOME FROM CONTINUING OPERATIONS

​

​

​

​

​

​

​

​

​

​

​

​

​

Asset-Based

​

$

51,029

​

$

72,792

​

$

77,446

​

$

126,248

​

Asset-Light

​

 

591

​

 

(9,498)

​

 

(3,789)

​

 

(24,756)

​

Other and eliminations

​

 

(14,311)

​

 

(14,449)

​

 

(29,718)

​

 

(30,212)

​

Total consolidated operating income

​

$

37,309

​

$

48,845

​

$

43,939

​

$

71,280

​

OTHER INCOME (COSTS) FROM CONTINUING OPERATIONS

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest and dividend income

​

$

1,037

​

$

3,241

​

$

2,187

​

$

6,556

​

Interest and other related financing costs

​

 

(2,956)

​

 

(2,078)

​

 

(5,711)

​

 

(4,306)

​

Other, net(3)

​

 

578

​

 

(781)

​

 

(273)

​

 

(28,980)

​

Total other income (costs)

​

 

(1,341)

​

 

382

​

 

(3,797)

​

 

(26,730)

​

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

​

$

35,968

​

$

49,227

​

$

40,142

​

$

44,550

​

(1)Depreciation and amortization includes amortization of intangibles associated with acquired businesses.
(2)Represents the change in fair value of the contingent earnout consideration related to the MoLo acquisition (see Note B).
(3)The six months ended June 30, 2024 includes a noncash impairment charge to write off the Company’s equity investment in Phantom Auto, as previously discussed (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

 

​

    

2025

    

2024

    

2025

    

2024

 

​

​

(in thousands)

 

Revenues from customers

​

​

​

​

​

​

​

​

​

​

​

​

​

Asset-Based

​

$

680,936

​

$

682,558

 

$

1,292,271

 

$

1,323,134

​

Asset-Light

​

 

340,098

​

 

394,377

​

 

694,666

​

 

789,202

​

Other

​

 

1,222

​

 

896

​

 

2,396

​

 

1,914

​

Total consolidated revenues

 

$

1,022,256

 

$

1,077,831

 

$

1,989,333

 

$

2,114,250

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Intersegment revenues

​

​

​

​

​

​

​

​

​

​

​

​

​

Asset-Based

​

$

32,376

​

$

30,167

​

$

67,335

​

$

61,058

​

Asset-Light

​

​

1,824

​

​

1,440

​

​

3,268

​

​

2,978

​

Other and eliminations

​

​

(34,200)

​

​

(31,607)

​

​

(70,603)

​

​

(64,036)

​

Total intersegment revenues

​

$

—

 

$

—

 

$

—

 

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total segment revenues

​

​

​

​

​

​

​

​

​

​

​

​

​

Asset-Based

​

$

713,312

​

$

712,725

​

$

1,359,606

​

$

1,384,192

​

Asset-Light

​

​

341,922

​

​

395,817

​

​

697,934

​

​

792,180

​

Other and eliminations

​

​

(32,978)

​

​

(30,711)

​

​

(68,207)

​

​

(62,122)

​

Total consolidated revenues

​

$

1,022,256

​

$

1,077,831

​

$

1,989,333

​

$

2,114,250

​

​

The following table presents operating expenses by category on a consolidated basis:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Three Months Ended 

​

Six Months Ended 

 

​

​

June 30

​

June 30

​

​

    

2025

    

2024

    

2025

    

2024

 

​

 

(in thousands)

​

OPERATING EXPENSES

​

​

​

​

​

​

​

​

​

​

​

​

​

Salaries, wages, and benefits

​

$

458,115

​

$

453,283

​

$

890,003

​

$

892,806

​

Rents, purchased transportation, and other costs of services

​

 

328,571

​

 

376,137

​

 

662,341

​

 

751,456

​

Fuel, supplies, and expenses

​

 

110,530

​

 

112,137

​

 

216,476

​

 

221,659

​

Depreciation and amortization(1)

​

 

40,926

​

 

36,276

​

 

80,890

​

 

73,109

​

Contingent consideration(2)

​

​

(2,650)

​

​

3,850

​

​

(2,650)

​

​

11,170

​

Other

​

 

49,455

​

 

47,303

​

 

98,334

​

 

92,770

​

​

​

$

984,947

​

$

1,028,986

​

$

1,945,394

​

$

2,042,970

​

(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).
v3.25.2
LEGAL MATTERS AND OTHER EVENTS
 6 Months Ended
Jun. 30, 2025
LEGAL MATTERS AND OTHER EVENTS  
LEGAL MATTERS AND OTHER EVENTS

NOTE J – LEGAL 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 Matters

​

During fourth quarter 2024, the Company settled a claim for $9.8 million related to the classification of certain Asset‑Light employees under the Fair Labor Standards Act and a lawsuit related to an auto accident which involved a MoLo contract carrier. These claims were paid in January 2025, including through insurance policies responsible for settling the accident‑related claim, and reserves maintained within accrued expenses in the consolidated balance sheet as of December 31, 2024.

​

Other Events

​

The Company has received two Notices of Assessment from a state regarding ongoing sales and use tax audits alleging uncollected sales and use tax, including interest and penalties, for the periods December 1, 2018 to March 31, 2021 and September 1, 2016 to November 30, 2018. The Company does not agree with the basis of these assessments and filed appeals for the assessments in October 2023 and May 2021 on the same legal basis. The Company has estimated the range of loss to be from $0.2 million to $14.2 million. The Company has previously accrued $0.2 million 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.

​
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Pay vs Performance Disclosure        
Net Income (Loss) $ 25,809 $ 46,924 $ 28,940 $ 44,612
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
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
v3.25.2
ORGANIZATION AND DESCRIPTION OF THE BUSINESS AND FINANCIAL STATEMENT PRESENTATION (Policies)
 6 Months Ended
Jun. 30, 2025
ORGANIZATION AND DESCRIPTION OF THE BUSINESS AND FINANCIAL STATEMENT PRESENTATION  
Financial Statement Presentation

Financial Statement Presentation

​

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 2024 Annual Report on Form 10-K 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.

​

For the year ended December 31, 2024, certain reclassifications have been made between the accounts payable and accrued expenses lines on the Company’s consolidated balance sheet to conform to the current-year presentation.

​

On February 28, 2023, the Company sold FleetNet America, Inc. (“FleetNet”), a wholly owned subsidiary and reportable operating segment of the Company. 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. The six months ended June 30, 2024 includes the reversal of an employee-related contingent liability that expired one year after disposition, which resulted in a pre-tax gain on sale of $0.8 million included in the “Pre-tax gain on sale of discontinued operations” line of the consolidated statements of cash flows, or $0.6 million net of tax included in “Income from discontinued operations, net of tax” on the Company’s consolidated statements of operations.
Accounting Pronouncements Not Yet Adopted

Accounting Pronouncements Not Yet Adopted

​

ASC Topic 740, Income Taxes, was amended in December 2023 through the issuance of Accounting Standards Update (“ASU”) No. 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”), to improve income tax disclosures primarily related to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for fiscal years

beginning after December 15, 2024, while early adoption is permitted. This ASU is not expected to have a significant impact on the Company’s disclosures.

​

ASC Topic 220, Disaggregation of Income Statement Expenses, was amended in November 2024 through the issuance of ASU No. 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (“ASU 2024-03”), which requires additional disclosure of specified information about certain costs and expenses. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, while early adoption is permitted. The Company is currently assessing the amendment’s impact on the Company’s disclosures.

​
v3.25.2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS  
Schedule components of cash and cash equivalents, short term investments, and restricted funds

​

​

​

​

​

​

​

​

​

​

    

June 30

​

December 31

 

​

​

2025

​

2024

 

​

​

(in thousands)

​

Cash and cash equivalents

​

​

​

​

​

​

​

Cash deposits(1)

​

$

32,263

​

$

83,048

​

Money market funds(2)

​

 

82,611

​

 

44,396

​

Total cash and cash equivalents

​

$

114,874

​

$

127,444

​

​

​

​

​

​

​

​

​

Short-term investments

​

​

​

​

​

​

​

Certificates of deposit(3)

​

$

24,801

​

$

29,759

​

​

(1)Recorded at cost plus accrued interest, which approximates fair value.
(2)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).
(3)Recorded at cost plus accrued interest, which approximates fair value due to its short-term nature and is categorized in Level 2 of the fair value hierarchy.

​
Schedule of fair value and carrying value disclosures of financial instruments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30

​

December 31

​

​

    

2025

    

2024

 

​

​

(in thousands)

​

​

​

​

Carrying

    

​

Fair

    

​

Carrying

    

​

Fair

​

​

​

​

Value

 

​

Value

 

​

Value

 

​

Value

​

Credit Facility(1)

​

$

25,000

​

$

25,000

​

$

—

​

$

—

​

Notes payable(2)

​

 

216,399

​

 

217,499

​

 

189,134

​

 

187,675

​

New England Pension Fund withdrawal liability(3)

​

​

18,293

​

​

16,566

​

​

18,671

​

​

16,783

​

​

​

$

259,692

​

$

259,065

​

$

207,805

​

$

204,458

​

​

(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 5.9% and 6.0% at June 30, 2025 and December 31, 2024, respectively, determined using the 20-year U.S. Treasury rate plus a spread (Level 2 of the fair value hierarchy). As of June 30, 2025, the outstanding withdrawal liability totaled $18.3 million, of which $0.8 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, 2025

​

​

​

​

​

​

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)

​

$

82,611

​

$

82,611

​

$

—

​

$

—

​

Equity, bond, and money market mutual funds held in trust related to the Voluntary Savings Plan(2)

​

 

5,749

​

 

5,749

​

 

—

​

 

—

​

​

​

$

88,360

​

$

88,360

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

​

​

​

​

​

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)

​

$

44,396

​

$

44,396

​

$

—

​

$

—

​

Equity, bond, and money market mutual funds held in trust related to the Voluntary Savings Plan(2)

​

 

5,570

​

 

5,570

​

 

—

​

 

—

​

​

​

$

49,966

​

$

49,966

​

$

—

​

$

—

​

Liabilities:

​

 

​

​

​

​

​

​

​

​

​

​

​

Contingent consideration(3)

​

$

2,650

​

$

—

​

$

—

​

$

2,650

​

​

(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)The estimated fair value of contingent consideration related to the acquisition of MoLo is determined by assessing Level 3 inputs. The Level 3 assessments utilize a Monte Carlo simulation with inputs including scenarios of estimated revenues and expenses to be achieved for the applicable performance period, volatility factors applied to the simulation, and the discount rate applied, which was 12.9% as of December 31, 2024. Fair value of the contingent consideration was qualitatively assessed as of June 30, 2025, which involved analyzing the likelihood of achieving adjusted earnings before interest, taxes, depreciation, and amortization (“adjusted EBITDA”) thresholds, as defined by the Agreement and Plan of Merger for the acquisition of MoLo. As a result, the Company reduced the contingent consideration for the MoLo acquisition to zero in second quarter 2025, reflecting the remote probability of an earnout payment based on projections of adjusted EBITDA for 2025.
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, 2024

​

$

2,650

​

Change in fair value included in operating expenses

​

​

(2,650)

​

Balance at June 30, 2025

​

$

—

​
v3.25.2
GOODWILL AND INTANGIBLE ASSETS (Tables)
 6 Months Ended
Jun. 30, 2025
GOODWILL AND INTANGIBLE ASSETS  
Schedule of intangible assets

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2025

​

December 31, 2024

 

​

​

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

​

$

63,994

​

$

35,585

​

$

99,579

​

$

59,782

​

$

39,797

​

Other

​

9

​

​

30,672

​

​

16,108

​

​

14,564

​

​

30,438

​

​

13,920

​

​

16,518

​

​

 

11

​

 

130,251

​

 

80,102

​

 

50,149

​

​

130,017

​

 

73,702

​

 

56,315

​

Indefinite-lived intangible asset

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Trade name

 

N/A

​

 

32,300

​

 

N/A

​

 

32,300

​

​

32,300

​

 

N/A

​

 

32,300

​

​

​

​

​

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total intangible assets

 

N/A

​

$

162,551

​

$

80,102

​

$

82,449

​

$

162,317

​

$

73,702

​

$

88,615

​

​
Schedule of future amortization for intangible assets

​

​

​

​

​

​

​

    

Amortization of

    

​

​

Intangible Assets

 

​

​

(in thousands)

​

Remainder of 2025

​

$

6,400

​

2026

​

 

8,693

​

2027

​

 

7,269

​

2028

​

 

7,269

​

2029

​

​

7,223

​

Thereafter

​

​

13,295

​

Total amortization

​

$

50,149

​

​
v3.25.2
LEASES (Tables)
 6 Months Ended
Jun. 30, 2025
LEASES  
Schedule of components of lease expense

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended 

​

Six Months Ended 

​

​

​

June 30

​

June 30

​

​

    

2025

    

2024

    

2025

    

2024

 

​

​

(in thousands)

​

Operating lease expense

​

$

11,630

​

$

10,742

​

$

22,767

​

$

21,018

​

Variable lease expense

​

​

2,658

​

​

1,938

​

​

4,707

​

​

3,619

​

Sublease income

​

​

(1,162)

​

​

(728)

​

​

(2,159)

​

​

(1,374)

​

Total operating lease expense

​

$

13,126

​

$

11,952

​

$

25,315

​

$

23,263

​
Schedule of operating cash flows from operating lease activity

​

​

​

​

​

​

​

​

​

​

​

Six Months Ended 

​

​

​

June 30

​

​

​

2025

​

2024

 

​

​

(in thousands)

​

Noncash change in operating right-of-use assets

​

$

16,326

​

$

16,971

​

Cash payments to obtain right-of-use assets

​

​

(11,500)

​

​

(7,752)

​

Change in operating lease liabilities

​

​

(16,247)

​

​

(16,481)

​

Changes in operating right-of-use assets and lease liabilities, net

​

$

(11,421)

​

$

(7,262)

​

​

​

​

​

​

​

​

​

Supplemental cash flow information

​

​

​

​

​

​

​

Cash paid for amounts included in the measurement of operating lease liabilities

​

$

22,734

​

$

20,518

​

Right-of-use assets obtained in exchange for operating lease liabilities

​

$

41,978

​

$

26,001

​
Schedule of maturities of operating lease liabilities

​

​

​

​

​

​

​

​

Operating

​

​

​

Lease

​

​

    

Liabilities(1)

    

​

 

(in thousands)

​

Remainder of 2025

​

$

22,972

​

2026

​

 

44,885

​

2027

​

 

40,301

​

2028

​

 

36,670

​

2029

​

 

31,594

​

Thereafter

​

 

131,342

​

Total lease payments

​

​

307,764

​

Less imputed interest

​

​

(57,691)

​

Total

​

$

250,073

​

(1)Excludes future minimum lease payments for leases which were executed but had not yet commenced as of June 30, 2025, totaling $0.4 million, which will be paid over approximately 2 years.
v3.25.2
LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
LONG-TERM DEBT AND FINANCING ARRANGEMENTS  
Schedule of long-term debt

​

​

​

​

​

​

​

​

​

​

​

June 30

​

December 31

​

​

    

2025

    

2024

 

​

​

(in thousands)

​

Credit Facility (interest rate of 5.5% at June 30, 2025)

​

$

25,000

​

$

—

​

Notes payable (weighted-average interest rate of 4.9% at June 30, 2025)

​

 

216,399

​

 

189,134

​

​

​

 

241,399

​

 

189,134

​

Less current portion

​

 

77,549

​

 

63,978

​

Long-term debt, less current portion

​

$

163,850

​

$

125,156

​

​

​

​
Scheduled maturities of long-term debt obligations

Scheduled payments of long-term debt obligations as of June 30, 2025, were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Credit

​

Notes

​

​

    

Total

    

Facility(1)

    

Payable

 

​

 

(in thousands) 

​

Due in one year or less

 

$

87,619

 

$

1,282

 

$

86,337

​

Due after one year through two years

​

 

76,451

​

 

1,104

​

 

75,347

​

Due after two years through three years

​

 

76,569

​

 

25,298

​

 

51,271

​

Due after three years through four years

​

 

17,085

​

 

—

​

 

17,085

​

Due after four years through five years

​

 

3,469

​

 

—

​

 

3,469

​

Total payments

​

 

261,193

​

 

27,684

​

 

233,509

​

Less amounts representing interest

​

 

19,794

​

 

2,684

​

 

17,110

​

Long-term debt

 

$

241,399

 

$

25,000

 

$

216,399

​

(1)The future interest payments included in the scheduled maturities due are calculated using variable interest rates based on SOFR, plus the anticipated applicable margin.
v3.25.2
STOCKHOLDERS' EQUITY (Tables)
 6 Months Ended
Jun. 30, 2025
STOCKHOLDERS' EQUITY  
Components of accumulated other comprehensive income

​

​

​

​

​

​

​

​

​

​

    

June 30

    

December 31

​

​

    

2025

    

2024

 

​

​

(in thousands)

​

Pre-tax amounts:

​

​

​

​

​

​

​

Unrecognized net periodic benefit credit

​

$

5,240

​

$

5,660

​

Foreign currency translation

​

 

(4,656)

​

 

(5,323)

​

​

​

​

​

​

​

​

​

Total

​

$

584

​

$

337

​

​

​

​

​

​

​

​

​

After-tax amounts:

​

​

​

​

​

​

​

Unrecognized net periodic benefit credit

​

$

3,891

​

$

4,203

​

Foreign currency translation

​

 

(3,439)

​

 

(3,931)

​

​

​

​

​

​

​

​

​

Total

​

$

452

​

$

272

​
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, 2024

​

$

272

​

$

4,203

​

$

—

​

$

(3,931)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other comprehensive income before reclassifications

​

​

492

​

​

—

​

​

—

​

​

492

​

Amounts reclassified from accumulated other comprehensive income

​

​

(312)

​

​

(312)

​

​

—

​

​

—

​

Net current-period other comprehensive income (loss)

​

​

180

​

​

(312)

​

​

—

​

​

492

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balances at June 30, 2025

​

$

452

​

$

3,891

​

$

—

​

$

(3,439)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balances at December 31, 2023

​

$

4,324

​

$

5,061

​

$

1,263

​

$

(2,000)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other comprehensive loss before reclassifications

​

 

(1,479)

​

 

—

​

​

(798)

​

 

(681)

​

Amounts reclassified from accumulated other comprehensive income

​

 

(372)

​

 

(372)

​

​

—

​

 

—

​

Net current-period other comprehensive loss

​

 

(1,851)

​

 

(372)

​

​

(798)

​

 

(681)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balances at June 30, 2024

​

$

2,473

​

$

4,689

​

$

465

​

$

(2,681)

​

​
Summary of the significant reclassifications out of accumulated other comprehensive income by component

​

​

​

​

​

​

​

​

​

​

​

Unrecognized Net Periodic

​

​

​

Benefit Credit

 

​

​

Six Months Ended June 30

​

​

    

2025

    

2024

 

​

​

(in thousands)

 

Amortization of net actuarial gain, pre-tax(1)

​

$

420

​

$

501

​

Tax expense

​

​

(108)

​

 

(129)

​

Total, net of tax

​

$

312

​

$

372

​

​

(1)Included in the computation of net periodic benefit credit of the Company’s supplemental benefit plan and postretirement health benefit plan.

​
Summary of dividends declared

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2025

​

2024

​

​

    

Per Share

    

Amount

    

Per Share

    

Amount

 

​

​

(in thousands, except per share data)

First quarter

​

$

0.12

​

$

2,785

​

$

0.12

​

$

2,828

​

Second quarter

​

$

0.12

​

$

2,758

​

$

0.12

​

$

2,819

​
v3.25.2
EARNINGS PER SHARE (Tables)
 6 Months Ended
Jun. 30, 2025
EARNINGS PER SHARE  
Schedule of computation of basic and diluted earnings (loss) per share

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended 

​

Six Months Ended 

​

​

​

June 30

​

June 30

​

​

    

2025

    

2024

    

2025

    

2024

 

​

​

(in thousands, except share and per share data)

​

Basic

​

​

​

​

​

​

​

​

​

​

​

​

​

Numerator:

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income from continuing operations

​

$

25,809

​

$

46,924

​

$

28,940

​

$

44,012

​

Net income from discontinued operations

​

 

—

​

 

—

​

 

—

​

​

600

​

Net income

​

$

25,809

​

$

46,924

​

$

28,940

​

$

44,612

​

Denominator:

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-average shares

​

 

22,944,228

​

 

23,618,318

​

 

23,070,812

​

 

23,589,814

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Basic earnings per common share

​

​

​

​

​

​

​

​

​

​

​

​

​

Continuing operations

​

$

1.12

​

$

1.99

​

$

1.25

​

$

1.87

​

Discontinued operations

​

 

—

​

 

—

​

​

—

​

 

0.03

​

Total basic earnings per common share(1)

​

$

1.12

​

$

1.99

​

$

1.25

​

$

1.89

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Diluted

​

​

​

​

​

​

​

​

​

​

​

​

​

Numerator:

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income from continuing operations

​

$

25,809

​

$

46,924

​

$

28,940

​

$

44,012

​

Net income from discontinued operations

​

 

—

​

 

—

​

 

—

​

 

600

​

Net income

​

$

25,809

​

$

46,924

​

$

28,940

​

$

44,612

​

Denominator:

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-average shares

​

 

22,944,228

​

 

23,618,318

​

 

23,070,812

​

 

23,589,814

​

Effect of dilutive securities

​

 

64,479

​

 

301,295

​

 

75,797

​

 

435,685

​

Adjusted weighted-average shares and assumed conversions

​

 

23,008,707

​

 

23,919,613

​

 

23,146,609

​

 

24,025,499

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Diluted earnings per common share

​

​

​

​

​

​

​

​

​

​

​

​

​

Continuing operations

​

$

1.12

​

$

1.96

​

$

1.25

​

$

1.83

​

Discontinued operations

​

 

—

​

 

—

​

​

—

​

 

0.02

​

Total diluted earnings per common share(1)

​

$

1.12

​

$

1.96

​

$

1.25

​

$

1.86

​

​

(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.
v3.25.2
OPERATING SEGMENT DATA (Tables)
 6 Months Ended
Jun. 30, 2025
OPERATING SEGMENT DATA  
Schedule of reportable operating segment information from continuing operations

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended 

​

Six Months Ended 

 

​

​

June 30

​

June 30

 

​

    

2025

    

2024

    

2025

    

2024

 

​

​

(in thousands)

 

REVENUES

​

​

​

​

​

​

​

​

​

​

​

​

​

Asset-Based

​

$

713,312

​

$

712,725

 

$

1,359,606

 

$

1,384,192

​

Asset-Light

​

 

341,922

​

 

395,817

​

 

697,934

​

 

792,180

​

Other and eliminations

​

 

(32,978)

​

 

(30,711)

​

 

(68,207)

​

 

(62,122)

​

Total consolidated revenues

 

$

1,022,256

 

$

1,077,831

 

$

1,989,333

 

$

2,114,250

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

OPERATING EXPENSES

​

​

​

​

​

​

​

​

​

​

​

​

​

Asset-Based

​

​

​

​

​

​

​

​

​

​

​

​

​

Salaries, wages, and benefits

​

$

365,929

​

$

352,678

 

$

710,070

 

$

697,677

​

Fuel, supplies, and expenses

​

 

79,834

​

 

82,938

​

 

157,476

​

 

163,982

​

Operating taxes and licenses

​

 

13,845

​

 

13,557

​

 

26,957

​

 

27,086

​

Insurance

​

 

17,653

​

 

16,964

​

 

35,616

​

 

31,446

​

Communications and utilities

​

 

5,150

​

 

4,412

​

 

10,960

​

 

9,211

​

Depreciation and amortization

​

 

31,664

​

 

26,646

​

 

62,254

​

 

53,653

​

Rents and purchased transportation

​

 

76,198

​

 

70,315

​

 

143,359

​

 

135,986

​

Shared services

​

​

69,868

​

​

72,245

​

​

132,311

​

​

137,159

​

(Gain) loss on sale of property and equipment

​

 

(159)

​

 

(91)

​

 

(136)

​

 

58

​

Other

​

 

2,301

​

 

269

​

 

3,293

​

 

1,686

​

Total Asset-Based

​

 

662,283

​

 

639,933

​

 

1,282,160

​

 

1,257,944

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Asset-Light

​

​

​

​

​

​

​

​

​

​

​

​

​

Purchased transportation

​

 

288,580

​

 

339,247

​

 

593,194

​

 

683,369

​

Salaries, wages, and benefits

​

​

25,629

​

 

31,036

​

​

51,178

​

 

61,340

​

Supplies and expenses

​

 

1,739

​

 

2,768

​

 

3,478

​

 

5,577

​

Depreciation and amortization(1)

​

 

4,605

​

 

5,039

​

 

9,223

​

 

10,117

​

Shared services

​

​

18,594

​

​

17,297

​

​

36,575

​

​

33,571

​

Contingent consideration(2)

​

​

(2,650)

​

​

3,850

​

​

(2,650)

​

​

11,170

​

Other

​

​

4,834

​

 

6,078

​

​

10,725

​

 

11,792

​

Total Asset-Light

​

 

341,331

​

 

405,315

​

 

701,723

​

 

816,936

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other and eliminations

​

 

(18,667)

​

 

(16,262)

 

 

(38,489)

​

 

(31,910)

​

Total consolidated operating expenses

​

$

984,947

​

$

1,028,986

​

$

1,945,394

​

$

2,042,970

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

OPERATING INCOME FROM CONTINUING OPERATIONS

​

​

​

​

​

​

​

​

​

​

​

​

​

Asset-Based

​

$

51,029

​

$

72,792

​

$

77,446

​

$

126,248

​

Asset-Light

​

 

591

​

 

(9,498)

​

 

(3,789)

​

 

(24,756)

​

Other and eliminations

​

 

(14,311)

​

 

(14,449)

​

 

(29,718)

​

 

(30,212)

​

Total consolidated operating income

​

$

37,309

​

$

48,845

​

$

43,939

​

$

71,280

​

OTHER INCOME (COSTS) FROM CONTINUING OPERATIONS

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest and dividend income

​

$

1,037

​

$

3,241

​

$

2,187

​

$

6,556

​

Interest and other related financing costs

​

 

(2,956)

​

 

(2,078)

​

 

(5,711)

​

 

(4,306)

​

Other, net(3)

​

 

578

​

 

(781)

​

 

(273)

​

 

(28,980)

​

Total other income (costs)

​

 

(1,341)

​

 

382

​

 

(3,797)

​

 

(26,730)

​

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

​

$

35,968

​

$

49,227

​

$

40,142

​

$

44,550

​

(1)Depreciation and amortization includes amortization of intangibles associated with acquired businesses.
(2)Represents the change in fair value of the contingent earnout consideration related to the MoLo acquisition (see Note B).
(3)The six months ended June 30, 2024 includes a noncash impairment charge to write off the Company’s equity investment in Phantom Auto, as previously discussed (see Note B).
Schedule of revenues from customers and intersegment revenues

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Three Months Ended 

​

Six Months Ended 

 

​

​

June 30

​

June 30

 

​

    

2025

    

2024

    

2025

    

2024

 

​

​

(in thousands)

 

Revenues from customers

​

​

​

​

​

​

​

​

​

​

​

​

​

Asset-Based

​

$

680,936

​

$

682,558

 

$

1,292,271

 

$

1,323,134

​

Asset-Light

​

 

340,098

​

 

394,377

​

 

694,666

​

 

789,202

​

Other

​

 

1,222

​

 

896

​

 

2,396

​

 

1,914

​

Total consolidated revenues

 

$

1,022,256

 

$

1,077,831

 

$

1,989,333

 

$

2,114,250

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Intersegment revenues

​

​

​

​

​

​

​

​

​

​

​

​

​

Asset-Based

​

$

32,376

​

$

30,167

​

$

67,335

​

$

61,058

​

Asset-Light

​

​

1,824

​

​

1,440

​

​

3,268

​

​

2,978

​

Other and eliminations

​

​

(34,200)

​

​

(31,607)

​

​

(70,603)

​

​

(64,036)

​

Total intersegment revenues

​

$

—

 

$

—

 

$

—

 

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total segment revenues

​

​

​

​

​

​

​

​

​

​

​

​

​

Asset-Based

​

$

713,312

​

$

712,725

​

$

1,359,606

​

$

1,384,192

​

Asset-Light

​

​

341,922

​

​

395,817

​

​

697,934

​

​

792,180

​

Other and eliminations

​

​

(32,978)

​

​

(30,711)

​

​

(68,207)

​

​

(62,122)

​

Total consolidated revenues

​

$

1,022,256

​

$

1,077,831

​

$

1,989,333

​

$

2,114,250

​
Schedule of consolidated operating expenses by component

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Three Months Ended 

​

Six Months Ended 

 

​

​

June 30

​

June 30

​

​

    

2025

    

2024

    

2025

    

2024

 

​

 

(in thousands)

​

OPERATING EXPENSES

​

​

​

​

​

​

​

​

​

​

​

​

​

Salaries, wages, and benefits

​

$

458,115

​

$

453,283

​

$

890,003

​

$

892,806

​

Rents, purchased transportation, and other costs of services

​

 

328,571

​

 

376,137

​

 

662,341

​

 

751,456

​

Fuel, supplies, and expenses

​

 

110,530

​

 

112,137

​

 

216,476

​

 

221,659

​

Depreciation and amortization(1)

​

 

40,926

​

 

36,276

​

 

80,890

​

 

73,109

​

Contingent consideration(2)

​

​

(2,650)

​

​

3,850

​

​

(2,650)

​

​

11,170

​

Other

​

 

49,455

​

 

47,303

​

 

98,334

​

 

92,770

​

​

​

$

984,947

​

$

1,028,986

​

$

1,945,394

​

$

2,042,970

​

(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).
v3.25.2
ORGANIZATION AND DESCRIPTION OF THE BUSINESS AND FINANCIAL STATEMENT PRESENTATION - Organization and Description of Business (Details)
 6 Months Ended
Jun. 30, 2025
segment
Organization and description of business  
Number of reportable operating segments 2
Asset-Based  
Organization and description of business  
Percentage of the Company's revenues, before other revenues and intercompany eliminations, represented by the Asset-Based segment 66.00%
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 81.00%
v3.25.2
ORGANIZATION AND DESCRIPTION OF THE BUSINESS AND FINANCIAL STATEMENT PRESENTATION - Financial Statement Presentation (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
USD ($)
Discontinued Operations  
Gain on sale of discontinued operations, pre-tax $ 806
FleetNet | Discontinued Operations, Disposed of by Sale  
Discontinued Operations  
Gain on sale of discontinued operations, pre-tax 800
Gain on sale of business, net of tax $ 600
Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income INCOME FROM DISCONTINUED OPERATIONS, net of tax
v3.25.2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Cash and Cash Equivalents and Short-term Investments (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Fair value disclosure    
Cash and cash equivalents $ 114,874 $ 127,444
Short-term investments 24,801 29,759
Concentrations of Credit Risk of Financial Instruments    
Cash deposits and short-term investments which were not FDIC insured 19,600 51,700
Cash deposits    
Fair value disclosure    
Cash and cash equivalents 32,263 83,048
Money market funds    
Fair value disclosure    
Cash and cash equivalents 82,611 44,396
Certificates of deposit    
Fair value disclosure    
Short-term investments $ 24,801 $ 29,759
v3.25.2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Financial instruments (Details)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Fair value disclosure    
Outstanding withdrawal liability $ 18,300  
Accrued expenses    
Fair value disclosure    
Outstanding withdrawal liability 800  
Carrying Value    
Fair value disclosure    
Financial instruments 259,692 $ 207,805
Fair Value | Level 2    
Fair value disclosure    
Financial instruments 259,065 204,458
Credit Facility | Carrying Value    
Fair value disclosure    
Financial instruments 25,000  
Credit Facility | Fair Value | Level 2    
Fair value disclosure    
Financial instruments 25,000  
Notes payable | Carrying Value    
Fair value disclosure    
Financial instruments 216,399 189,134
Notes payable | Fair Value | Level 2    
Fair value disclosure    
Financial instruments 217,499 187,675
New England Pension Fund withdrawal liability | Carrying Value    
Fair value disclosure    
Financial instruments 18,293 18,671
New England Pension Fund withdrawal liability | Fair Value | Level 2    
Fair value disclosure    
Financial instruments $ 16,566 $ 16,783
Measurement input 0.059 0.06
Financial Instrument, Measurement Input us-gaap:MeasurementInputDiscountRateMember us-gaap:MeasurementInputDiscountRateMember
v3.25.2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Assets and Liabilities (Details) - Recurring basis
$ in Thousands
Jun. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Assets:    
Assets $ 88,360 $ 49,966
Liabilities:    
Contingent consideration, noncurrent   2,650
Cash and cash equivalents    
Assets:    
Money market funds 82,611 44,396
Other long-term assets    
Assets:    
Equity, bond, and money market mutual funds held in trust related to the Voluntary Savings Plan 5,749 5,570
Level 1    
Assets:    
Assets 88,360 49,966
Level 1 | Cash and cash equivalents    
Assets:    
Money market funds 82,611 44,396
Level 1 | Other long-term assets    
Assets:    
Equity, bond, and money market mutual funds held in trust related to the Voluntary Savings Plan $ 5,749 5,570
Level 3    
Liabilities:    
Contingent consideration, noncurrent   $ 2,650
Level 3 | Contingent consideration    
Liabilities:    
Measurement input   0.129
v3.25.2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Changes in Fair Value of Liabilities (Details) - Contingent Consideration
$ in Thousands
 6 Months Ended
Jun. 30, 2025
USD ($)
Changes in fair value  
Balance at beginning of period $ 2,650
Change in fair value included in operating expenses $ (2,650)
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income Operating Income (Loss)
v3.25.2
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
Mar. 31, 2024
Jun. 30, 2024
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS    
Change in fair value of equity investment $ 28,700 $ 28,739
v3.25.2
GOODWILL AND INTANGIBLE ASSETS - Goodwill (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Goodwill by reportable operating segment    
Goodwill $ 304,753 $ 304,753
v3.25.2
GOODWILL AND INTANGIBLE ASSETS - Impairment (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Finite-lived intangible assets    
Weighted Average Amortization Period 11 years  
Cost $ 130,251 $ 130,017
Accumulated Amortization 80,102 73,702
Net Value 50,149 56,315
Total intangible assets    
Cost 162,551 162,317
Net Value 82,449 88,615
Trade name    
Indefinite-lived intangible asset    
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 63,994 59,782
Net Value $ 35,585 39,797
Other intangible assets    
Finite-lived intangible assets    
Weighted Average Amortization Period 9 years  
Cost $ 30,672 30,438
Accumulated Amortization 16,108 13,920
Net Value $ 14,564 $ 16,518
v3.25.2
GOODWILL AND INTANGIBLE ASSETS - Amortization (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Future amortization for intangible assets    
Remainder of 2025 $ 6,400  
2026 8,693  
2027 7,269  
2028 7,269  
2029 7,223  
Thereafter 13,295  
Net Value $ 50,149 $ 56,315
v3.25.2
INCOME TAXES - Tax Rate (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
INCOME TAXES        
Effective tax rate, including discontinued operations (as a percent) 28.20% 4.70% 27.90% 1.60%
Average state tax rate (as a percent) 6.00% 6.00% 6.00% 6.00%
v3.25.2
INCOME TAXES - Taxes Paid (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Income taxes    
Effective tax rate, discontinued operations (as a percent)   25.50%
Income tax expense, discontinued operations   $ 0.2
Federal, state and foreign    
Income taxes    
Income taxes paid, net of refunds $ 2.4 $ 20.7
v3.25.2
LEASES - Components of Lease Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
LEASES        
Operating lease expense $ 11,630 $ 10,742 $ 22,767 $ 21,018
Variable lease expense 2,658 1,938 4,707 3,619
Sublease income (1,162) (728) (2,159) (1,374)
Total operating lease expense $ 13,126 $ 11,952 $ 25,315 $ 23,263
v3.25.2
LEASES - Cash Flows (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating leases    
Noncash change in operating right-of-use assets $ 16,326 $ 16,971
Cash payments to obtain right-of-use assets (11,500) (7,752)
Change in operating lease liabilities (16,247) (16,481)
Changes in operating right-of-use assets and lease liabilities, net (11,421) (7,262)
Supplemental cash flow information    
Cash paid for amounts included in the measurement of operating lease liabilities 22,734 20,518
Right-of-use assets obtained in exchange for operating lease liabilities $ 41,978 $ 26,001
v3.25.2
LEASES - Maturities of Operating Lease Liabilities (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Maturities of operating lease liabilities  
Remainder of 2025 $ 22,972
2026 44,885
2027 40,301
2028 36,670
2029 31,594
Thereafter 131,342
Total lease payments 307,764
Less imputed interest (57,691)
Total operating lease liabilities $ 250,073
Operating Lease, Liability, Statement of Financial Position Operating Lease, Liability, Current, Operating Lease, Liability, Noncurrent
v3.25.2
LEASES - Not yet commenced (Details) - Land And Structures
$ in Millions
Jun. 30, 2025
USD ($)
Unrecorded Unconditional Purchase Obligation  
Lease term for lease commitments that have not yet commenced 2 years
Operating Lease, Lease Not yet Commenced  
Unrecorded Unconditional Purchase Obligation  
Future minimum lease payments $ 0.4
v3.25.2
LONG-TERM DEBT AND FINANCING ARRANGEMENTS - Summary (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Long-term debt obligations    
Long-term debt $ 241,399 $ 189,134
Less current portion 77,549 63,978
Long-term debt, less current portion 163,850 125,156
Credit Facility    
Long-term debt obligations    
Long-term debt $ 25,000  
Weighted-average interest rate (as a percent) 5.50%  
Notes payable    
Long-term debt obligations    
Long-term debt $ 216,399 $ 189,134
Weighted-average interest rate (as a percent) 4.90%  
v3.25.2
LONG-TERM DEBT AND FINANCING ARRANGEMENTS - Maturities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Maturities of long-term debt obligations    
Due in one year or less $ 87,619  
Due after one year through two years 76,451  
Due after two years through three years 76,569  
Due after three years through four years 17,085  
Due after four years through five years 3,469  
Total payments 261,193  
Less amounts representing interest 19,794  
Long-term debt 241,399 $ 189,134
Credit Facility    
Maturities of long-term debt obligations    
Due in one year or less 1,282  
Due after one year through two years 1,104  
Due after two years through three years 25,298  
Total payments 27,684  
Less amounts representing interest 2,684  
Long-term debt 25,000  
Notes payable    
Maturities of long-term debt obligations    
Due in one year or less 86,337  
Due after one year through two years 75,347  
Due after two years through three years 51,271  
Due after three years through four years 17,085  
Due after four years through five years 3,469  
Total payments 233,509  
Less amounts representing interest 17,110  
Long-term debt $ 216,399 $ 189,134
v3.25.2
LONG-TERM DEBT AND FINANCING ARRANGEMENTS - Assets Securing Notes (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
LONG-TERM DEBT AND FINANCING ARRANGEMENTS    
Assets securing notes payable $ 395.0 $ 333.5
v3.25.2
LONG-TERM DEBT AND FINANCING ARRANGEMENTS - Credit Facility (Details)
$ in Millions
Jun. 30, 2025
USD ($)
Credit Facility  
Financing Arrangements  
Maximum borrowing capacity $ 250.0
Additional borrowing capacity that may be requested 125.0
Remaining borrowing capacity 225.0
Swing Line Facility  
Financing Arrangements  
Maximum borrowing capacity 40.0
Letters of Credit, Sub-Facility  
Financing Arrangements  
Maximum borrowing capacity $ 20.0
v3.25.2
LONG-TERM DEBT AND FINANCING ARRANGEMENTS - Securitization Program (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Financing Arrangements    
Long-term debt $ 241,399 $ 189,134
Accounts receivable securitization program    
Financing Arrangements    
Maximum borrowing capacity 50,000  
Additional borrowing capacity that may be requested 100,000  
Outstanding letters of credit 23,700  
Remaining borrowing capacity 26,300  
Long-term debt $ 0 $ 0
v3.25.2
LONG-TERM DEBT AND FINANCING ARRANGEMENTS - Surety Bonds (Details)
$ in Millions
Jun. 30, 2025
USD ($)
Surety bonds  
Financing Arrangements  
Outstanding surety bonds under uncollateralized bond programs $ 68.8
v3.25.2
LONG-TERM DEBT AND FINANCING ARRANGEMENTS - Notes Payable (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended
Jul. 31, 2025
Jun. 30, 2025
Jun. 30, 2025
Jun. 30, 2024
Financing Arrangements        
Revenue equipment financed through notes payable   $ 45,400 $ 62,791 $ 10,354
Subsequent Event        
Financing Arrangements        
Revenue equipment financed through notes payable $ 9,300      
v3.25.2
STOCKHOLDERS' EQUITY - AOCI Components (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Accumulated Other Comprehensive Income            
Total after-tax amount $ 1,300,426 $ 1,294,744 $ 1,314,362 $ 1,231,538 $ 1,222,733 $ 1,242,363
Accumulated Other Comprehensive Income            
Accumulated Other Comprehensive Income            
Total pre-tax amount 584   337      
Total after-tax amount 452 $ (71) 272 2,473 $ 3,345 4,324
Unrecognized Net Periodic Benefit Credit            
Accumulated Other Comprehensive Income            
Total pre-tax amount 5,240   5,660      
Total after-tax amount 3,891   4,203 4,689   5,061
Foreign Currency Translation            
Accumulated Other Comprehensive Income            
Total pre-tax amount (4,656)   (5,323)      
Total after-tax amount $ (3,439)   $ (3,931) $ (2,681)   $ (2,000)
v3.25.2
STOCKHOLDERS' EQUITY - AOCI Changes (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Changes in accumulated other comprehensive income, net of tax, by component        
Balances $ 1,294,744 $ 1,222,733 $ 1,314,362 $ 1,242,363
OTHER COMPREHENSIVE INCOME (LOSS), net of tax 523 (872) 180 (1,851)
Balances 1,300,426 1,231,538 1,300,426 1,231,538
Accumulated Other Comprehensive Income        
Changes in accumulated other comprehensive income, net of tax, by component        
Balances (71) 3,345 272 4,324
Other comprehensive income (loss) before reclassifications     492 (1,479)
Amounts reclassified from accumulated other comprehensive income     (312) (372)
OTHER COMPREHENSIVE INCOME (LOSS), net of tax 523 (872) 180 (1,851)
Balances 452 2,473 452 2,473
Unrecognized Net Periodic Benefit Credit        
Changes in accumulated other comprehensive income, net of tax, by component        
Balances     4,203 5,061
Amounts reclassified from accumulated other comprehensive income     (312) (372)
OTHER COMPREHENSIVE INCOME (LOSS), net of tax     (312) (372)
Balances 3,891 4,689 3,891 4,689
Interest Rate Swap        
Changes in accumulated other comprehensive income, net of tax, by component        
Balances       1,263
Other comprehensive income (loss) before reclassifications       (798)
OTHER COMPREHENSIVE INCOME (LOSS), net of tax       (798)
Balances   465   465
Foreign Currency Translation        
Changes in accumulated other comprehensive income, net of tax, by component        
Balances     (3,931) (2,000)
Other comprehensive income (loss) before reclassifications     492 (681)
OTHER COMPREHENSIVE INCOME (LOSS), net of tax     492 (681)
Balances $ (3,439) $ (2,681) $ (3,439) $ (2,681)
v3.25.2
STOCKHOLDERS' EQUITY - Reclass (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Unrecognized Net Periodic Benefit Credit    
Significant reclassifications out of accumulated other comprehensive income by component    
Tax expense $ (108) $ (129)
Total, net of tax 312 372
Amortization of net actuarial gain    
Significant reclassifications out of accumulated other comprehensive income by component    
Total, pre-tax $ 420 $ 501
v3.25.2
STOCKHOLDERS' EQUITY - Dividends (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended
Jul. 25, 2025
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Dividends on Common Stock              
Dividends declared (in dollars per share)   $ 0.12 $ 0.12 $ 0.12 $ 0.12    
Dividend amount (in dollars)   $ 2,758 $ 2,785 $ 2,819 $ 2,828 $ 5,543 $ 5,647
Subsequent Event | 2025 Quarter 3 Dividends              
Dividends on Common Stock              
Dividends declared (in dollars per share) $ 0.12            
Date dividends declared Jul. 25, 2025            
Dividends date of record Aug. 08, 2025            
v3.25.2
STOCKHOLDERS' EQUITY - Treasury Stock (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended
Jul. 31, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Treasury Stock            
Cost of repurchased shares   $ 19,747 $ 15,975 $ 41,737 $ 31,627  
Stock Repurchase Program            
Treasury Stock            
Amount available for repurchase   $ 14,800   $ 14,800   $ 56,600
Number of shares repurchased during the period       565,562    
Cost of repurchased shares       $ 41,700    
Stock Repurchase Program | Subsequent Event            
Treasury Stock            
Number of shares repurchased during the period 76,932          
Cost of repurchased shares $ 6,300          
Stock Repurchase Program, 10b5-1 Plans            
Treasury Stock            
Number of shares repurchased during the period       327,013    
Cost of repurchased shares       $ 25,000    
v3.25.2
EARNINGS PER SHARE - Basic And Diluted (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Basic, numerator:        
Net income from continuing operations $ 25,809 $ 46,924 $ 28,940 $ 44,012
Net income from discontinued operations       600
Net income $ 25,809 $ 46,924 $ 28,940 $ 44,612
Basic, denominator:        
Weighted-average shares 22,944,228 23,618,318 23,070,812 23,589,814
Basic earnings per common share        
Continuing operations (in dollars per share) $ 1.12 $ 1.99 $ 1.25 $ 1.87
Discontinued operations (in dollars per share)       0.03
BASIC EARNINGS PER COMMON SHARE (in dollars per share) $ 1.12 $ 1.99 $ 1.25 $ 1.89
Diluted, numerator:        
Net income from continuing operations $ 25,809 $ 46,924 $ 28,940 $ 44,012
Net income from discontinued operations       600
Net income $ 25,809 $ 46,924 $ 28,940 $ 44,612
Diluted, denominator:        
Weighted-average shares 22,944,228 23,618,318 23,070,812 23,589,814
Effect of dilutive securities 64,479 301,295 75,797 435,685
Adjusted weighted-average shares and assumed conversions 23,008,707 23,919,613 23,146,609 24,025,499
Diluted earnings per common share        
Continuing operations (in dollars per share) $ 1.12 $ 1.96 $ 1.25 $ 1.83
Discontinued operations (in dollars per share)       0.02
DILUTED EARNINGS PER COMMON SHARE (in dollars per share) $ 1.12 $ 1.96 $ 1.25 $ 1.86
v3.25.2
OPERATING SEGMENT DATA - Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
REVENUES        
Revenues $ 1,022,256 $ 1,077,831 $ 1,989,333 $ 2,114,250
Asset-Based        
REVENUES        
Revenues 680,936 682,558 1,292,271 1,323,134
Asset-Light        
REVENUES        
Revenues 340,098 394,377 694,666 789,202
Operating Segments | Asset-Based        
REVENUES        
Revenues 713,312 712,725 1,359,606 1,384,192
Operating Segments | Asset-Light        
REVENUES        
Revenues 341,922 395,817 697,934 792,180
Other and eliminations        
REVENUES        
Revenues $ (32,978) $ (30,711) $ (68,207) $ (62,122)
v3.25.2
OPERATING SEGMENT DATA - Operating Expenses (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
OPERATING EXPENSES        
Salaries, wages, and benefits $ 458,115 $ 453,283 $ 890,003 $ 892,806
Fuel, supplies, and expenses 110,530 112,137 216,476 221,659
Depreciation and amortization 40,926 36,276 80,890 73,109
Contingent consideration (2,650) 3,850 (2,650) 11,170
(Gain) loss on sale of property and equipment     42 565
Other 49,455 47,303 98,334 92,770
Total consolidated operating expenses 984,947 1,028,986 1,945,394 2,042,970
Operating Segments | Asset-Based        
OPERATING EXPENSES        
Salaries, wages, and benefits 365,929 352,678 710,070 697,677
Fuel, supplies, and expenses 79,834 82,938 157,476 163,982
Operating taxes and licenses 13,845 13,557 26,957 27,086
Insurance 17,653 16,964 35,616 31,446
Communications and utilities 5,150 4,412 10,960 9,211
Depreciation and amortization 31,664 26,646 62,254 53,653
Rents and purchased transportation 76,198 70,315 143,359 135,986
Shared services 69,868 72,245 132,311 137,159
(Gain) loss on sale of property and equipment (159) (91) (136) 58
Other 2,301 269 3,293 1,686
Total consolidated operating expenses 662,283 639,933 1,282,160 1,257,944
Operating Segments | Asset-Light        
OPERATING EXPENSES        
Purchased transportation 288,580 339,247 593,194 683,369
Salaries, wages, and benefits 25,629 31,036 51,178 61,340
Supplies and expenses 1,739 2,768 3,478 5,577
Depreciation and amortization 4,605 5,039 9,223 10,117
Shared services 18,594 17,297 36,575 33,571
Contingent consideration (2,650) 3,850 (2,650) 11,170
Other 4,834 6,078 10,725 11,792
Total consolidated operating expenses 341,331 405,315 701,723 816,936
Other and eliminations        
OPERATING EXPENSES        
Total consolidated operating expenses $ (18,667) $ (16,262) $ (38,489) $ (31,910)
v3.25.2
OPERATING SEGMENT DATA - Operating Income (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
OPERATING INCOME FROM CONTINUING OPERATIONS        
Operating income (loss) $ 37,309 $ 48,845 $ 43,939 $ 71,280
OTHER INCOME (COSTS) FROM CONTINUING OPERATIONS        
Interest and dividend income 1,037 3,241 2,187 6,556
Interest and other related financing costs (2,956) (2,078) (5,711) (4,306)
Other, net 578 (781) (273) (28,980)
TOTAL OTHER INCOME (COSTS) (1,341) 382 (3,797) (26,730)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 35,968 49,227 40,142 44,550
Operating Segments | Asset-Based        
OPERATING INCOME FROM CONTINUING OPERATIONS        
Operating income (loss) 51,029 72,792 77,446 126,248
Operating Segments | Asset-Light        
OPERATING INCOME FROM CONTINUING OPERATIONS        
Operating income (loss) 591 (9,498) (3,789) (24,756)
Other and eliminations        
OPERATING INCOME FROM CONTINUING OPERATIONS        
Operating income (loss) $ (14,311) $ (14,449) $ (29,718) $ (30,212)
v3.25.2
OPERATING SEGMENT DATA - Revenue from Customers (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
REVENUES        
Revenues $ 1,022,256 $ 1,077,831 $ 1,989,333 $ 2,114,250
Asset-Based        
REVENUES        
Revenues 680,936 682,558 1,292,271 1,323,134
Asset-Light        
REVENUES        
Revenues 340,098 394,377 694,666 789,202
Corporate and other        
REVENUES        
Revenues 1,222 896 2,396 1,914
Operating Segments | Asset-Based        
REVENUES        
Revenues 713,312 712,725 1,359,606 1,384,192
Operating Segments | Asset-Light        
REVENUES        
Revenues 341,922 395,817 697,934 792,180
Intersegment revenues        
REVENUES        
Revenues (34,200) (31,607) (70,603) (64,036)
Intersegment revenues | Asset-Based        
REVENUES        
Revenues 32,376 30,167 67,335 61,058
Intersegment revenues | Asset-Light        
REVENUES        
Revenues 1,824 1,440 3,268 2,978
Other and eliminations        
REVENUES        
Revenues $ (32,978) $ (30,711) $ (68,207) $ (62,122)
v3.25.2
OPERATING SEGMENT DATA - Operating Expenses by Category (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
OPERATING EXPENSES        
Salaries, wages, and benefits $ 458,115 $ 453,283 $ 890,003 $ 892,806
Rents, purchased transportation, and other costs of services 328,571 376,137 662,341 751,456
Fuel, supplies, and expenses 110,530 112,137 216,476 221,659
Depreciation and amortization 40,926 36,276 80,890 73,109
Contingent consideration (2,650) 3,850 (2,650) 11,170
Other 49,455 47,303 98,334 92,770
Total consolidated operating expenses $ 984,947 $ 1,028,986 $ 1,945,394 $ 2,042,970
v3.25.2
LEGAL MATTERS AND OTHER EVENTS (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended
Jan. 31, 2025
Dec. 31, 2024
Jun. 30, 2025
Sales and use tax audits assessment      
Legal Matters and Other Events      
Amount accrued     $ 0.2
Minimum | Sales and use tax audits assessment      
Legal Matters and Other Events      
Estimated loss     0.2
Maximum | Sales and use tax audits assessment      
Legal Matters and Other Events      
Estimated loss     $ 14.2
Claim related to employee classification under Fair Labor Standards Act | Asset-Light      
Legal Matters and Other Events      
Legal settlement   $ 9.8  
Amount paid for settlement $ 9.8