OPERATING SEGMENT DATA (Tables)

6 Months Ended

Jun. 30, 2022

OPERATING SEGMENT DATA

Schedule of reportable operating segment information

	Three Months Ended				Six Months Ended
	June 30				June 30
	2022		2021		2022		2021
	(in thousands)
REVENUES
Asset-Based	$	802,622	$	652,832	$	1,507,933	$	1,209,124
ArcBest(1)		549,655		270,748		1,144,939		523,084
FleetNet		82,132		59,547		160,510		118,710
Other and eliminations		(41,480)		(34,154)		(85,379)		(72,732)
Total consolidated revenues	$	1,392,929	$	948,973	$	2,728,003	$	1,778,186
OPERATING EXPENSES
Asset-Based
Salaries, wages, and benefits	$	328,068	$	302,370	$	641,565	$	588,064
Fuel, supplies, and expenses		99,296		64,689		184,127		125,530
Operating taxes and licenses		12,823		12,303		25,316		24,551
Insurance		12,197		9,454		22,628		18,393
Communications and utilities		4,648		4,663		9,335		9,633
Depreciation and amortization		24,463		23,308		48,768		46,792
Rents and purchased transportation		121,550		95,082		224,535		170,670
Shared services		75,584		69,372		142,734		125,238
Gain on sale of property and equipment(2)		(1,370)		71		(4,065)		(8,624)
Innovative technology costs(3)		7,954		7,532		14,914		14,400
Other		753		77		1,386		511
Total Asset-Based		685,966		588,921		1,311,243		1,115,158
ArcBest(1)
Purchased transportation		448,160		226,603		956,540		437,598
Supplies and expenses		4,263		2,476		7,529		5,044
Depreciation and amortization(4)		5,468		2,366		10,648		4,752
Shared services		57,986		29,078		108,183		55,150
Gain on sale of subsidiary(5)		(402)		(6,923)		(402)		(6,923)
Other		6,701		2,021		13,846		4,071
Total ArcBest		522,176		255,621		1,096,344		499,692
FleetNet		80,540		58,409		157,201		116,549
Other and eliminations		(33,099)		(28,277)		(69,059)		(59,703)
Total consolidated operating expenses	$	1,255,583	$	874,674	$	2,495,729	$	1,671,696

(1) The 2022 periods include the operations of MoLo, which was acquired on November 1, 2021.

(2) The six months ended June 30, 2021 include an $8.6 million gain on the sale of an unutilized service center property. The 2022 amounts primarily consist of gains on sale of replaced equipment.

(3) Represents costs associated with the freight handling pilot test program at ABF Freight.

(4) Depreciation and amortization includes amortization of intangibles associated with acquired businesses.

(5) Gain recognized relates to the sale of the labor services portion of the ArcBest segment’s moving business in May 2021, including the contingent amount recognized in second quarter 2022 when the funds were released from escrow.

	Three Months Ended				Six Months Ended
	June 30				June 30
	2022		2021		2022		2021
	(in thousands)
OPERATING INCOME
Asset-Based	$	116,656	$	63,911	$	196,690	$	93,966
ArcBest(1)		27,479		15,127		48,595		23,392
FleetNet		1,592		1,138		3,309		2,161
Other and eliminations		(8,381)		(5,877)		(16,320)		(13,029)
Total consolidated operating income	$	137,346	$	74,299	$	232,274	$	106,490
OTHER INCOME (COSTS)
Interest and dividend income	$	361	$	322	$	467	$	714
Interest and other related financing costs		(1,863)		(2,274)		(3,802)		(4,702)
Other, net(2)		(2,807)		1,111		(3,633)		2,303
Total other costs		(4,309)		(841)		(6,968)		(1,685)
INCOME BEFORE INCOME TAXES	$	133,037	$	73,458	$	225,306	$	104,805

(1) The 2022 periods include the operations of MoLo which was acquired on November 1, 2021.

(2) Includes the components of net periodic benefit cost other than service cost related to the Company’s SBP and postretirement plans (see Note H) and proceeds and changes in cash surrender value of life insurance policies.

Schedule of revenues from customers and intersegment revenues

	Three Months Ended				Six Months Ended
	June 30				June 30
	2022		2021		2022		2021
	(in thousands)
Revenues from customers
Asset-Based	$	788,973	$	630,145	$	1,464,491	$	1,159,869
ArcBest(1)		538,780		268,038		1,130,502		518,279
FleetNet		68,204		49,951		135,187		98,385
Other		(3,028)		839		(2,177)		1,653
Total consolidated revenues(1)	$	1,392,929	$	948,973	$	2,728,003	$	1,778,186
Intersegment revenues
Asset-Based	$	13,649	$	22,687	$	43,442	$	49,255
ArcBest		10,875		2,710		14,437		4,805
FleetNet		13,928		9,596		25,323		20,325
Other and eliminations		(38,452)		(34,993)		(83,202)		(74,385)
Total intersegment revenues	$	—	$	—	$	—	$	—
Total segment revenues
Asset-Based	$	802,622	$	652,832	$	1,507,933	$	1,209,124
ArcBest(1)		549,655		270,748		1,144,939		523,084
FleetNet		82,132		59,547		160,510		118,710
Other and eliminations		(41,480)		(34,154)		(85,379)		(72,732)
Total consolidated revenues(1)	$	1,392,929	$	948,973	$	2,728,003	$	1,778,186

(1) The 2022 periods include the operations of MoLo, which was acquired on November 1, 2021.

Schedule of consolidated operating expenses by component

	Three Months Ended				Six Months Ended
	June 30				June 30
	2022(1)		2021		2022(1)		2021
	(in thousands)
OPERATING EXPENSES
Salaries, wages, and benefits	$	449,404	$	389,146	$	870,047	$	748,541
Rents, purchased transportation, and other costs of services		610,877		347,760		1,257,756		657,098
Fuel, supplies, and expenses		119,378		80,020		218,925		153,169
Depreciation and amortization(2)		35,330		30,282		70,153		60,636
Other(3)		40,594		27,466		78,848		52,252
	$	1,255,583	$	874,674	$	2,495,729	$	1,671,696

(1) The 2022 period includes the operations of MoLo, which was acquired on November 1, 2021.

(2) Includes amortization of intangible assets.

(3) The three and six months ended June 30, 2021 include a $6.9 million gain related to the sale of a subsidiary within the ArcBest segment. The  six months ended June 30, 2021 also includes an $8.6 million gain on the sale of an unutilized service center property within the Asset-Based segment, compared to $4.1 million of gains on the sale of replaced equipment within the Asset-Based segment for the same period of 2022.