FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS |
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| Schedule components of cash and cash equivalents, short term investments, and restricted funds |
| | | | | | | | | | June 30 | | December 31 | | | | 2026 | | 2025 | | | | | (in thousands) | | Cash and cash equivalents | | | | | | | | Cash deposits(1) | | $ | 62,232 | | $ | 72,280 | | Money market funds(2) | | | 83,619 | | | 29,750 | | Total cash and cash equivalents | | $ | 145,851 | | $ | 102,030 | | | | | | | | | | Short-term investments | | | | | | | | Certificates of deposit(3) | | $ | 22,580 | | $ | 22,204 | |
| (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. |
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| Schedule of fair value and carrying value disclosures of financial instruments |
| | | | | | | | | | | | | | | | June 30 | | December 31 | | | | 2026 | | 2025 | | | | | (in thousands) | | | | | Carrying | | | Fair | | | Carrying | | | Fair | | | | | Value | | | Value | | | Value | | | Value | | Notes payable(1) | | $ | 215,549 | | $ | 216,321 | | $ | 223,856 | | $ | 225,797 | | New England Pension Fund withdrawal liability(2) | | | 17,511 | | | 15,796 | | | 17,906 | | | 16,258 | | | | $ | 233,060 | | $ | 232,117 | | $ | 241,762 | | $ | 242,055 | |
| (1) | 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). |
| (2) | See Note C to the consolidated financial statements in the Company’s 2025 Annual Report on Form 10-K for additional information regarding ABF Freight’s multiemployer pension plan obligation with the New England Teamsters and Trucking Industry Pension Fund. The fair values of the outstanding withdrawal liability at June 30, 2026 and December 31, 2025 were determined using the 20‑year U.S. Treasury rate plus a spread (Level 2 of the fair value hierarchy). |
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| Schedule of financial assets and liabilities measured at fair value on a recurring basis |
| | | | | | | | | | | | | | | | June 30, 2026 | | | | | | | 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) | | $ | 83,619 | | $ | 83,619 | | $ | — | | $ | — | | Equity, bond, and money market mutual funds held in trust related to the Voluntary Savings Plan(2) | | | 4,647 | | | 4,647 | | | — | | | — | | | | $ | 88,266 | | $ | 88,266 | | $ | — | | $ | — | |
| | | | | | | | | | | | | | | | December 31, 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) | | $ | 29,750 | | $ | 29,750 | | $ | — | | $ | — | | Equity, bond, and money market mutual funds held in trust related to the Voluntary Savings Plan(2) | | | 5,166 | | | 5,166 | | | — | | | — | | | | $ | 34,916 | | $ | 34,916 | | $ | — | | $ | — | |
| (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. |
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| Schedule of financial assets of level 3 fair value hierarchy significant unobservable input |
| | | | | | | | | | | | | | | | Impairment | | | | | | | Carrying Value | | | Charges | | | Fair Value | | | | (in thousands) | Other current assets(1) | | $ | 3,284 | | $ | (3,284) | | $ | — | Service, office and other equipment(1) | | | 48,402 | | | (45,722) | | | 2,680 | Software(1) | | | 666 | | | (666) | | | — | Operating right-of-use assets(2) | | | 14,371 | | | (8,363) | | | 6,008 | Intangible assets – indefinite-lived(3) | | | 25,660 | | | (25,660) | | | — | Intangible assets – finite-lived(1) | | | 1,091 | | | (1,091) | | | — | Leasehold improvements(2) | | | 824 | | | (480) | | | 344 | | | $ | 94,298 | | $ | (85,266) | | $ | 9,032 |
| (1) | Represents an impairment charge totaling $50.8 million to write off certain equipment and other assets associated with the Vaux Freight Movement System, as discussed in Note A. |
| (2) | Represents impairment charges of $8.8 million associated with the probable sublease of a portion of leased office space. The fair value of these assets was estimated at June 30, 2026, using a discounted cash flow method utilizing a 9.0% discount rate and certain unobservable inputs, including estimated cash flows based on projected sublease income and the anticipated future sublease term, as determined using third-party real estate broker quotes. These fair value measurements were classified within Level 3 of the fair value hierarchy due to the use of significant unobservable inputs. See Note E for additional discussion related to this impairment. |
| (3) | Represents the $25.7 million in impairment charges related to the write-off of the indefinite-lived Panther trade name carrying value following the Company’s brand consolidation decision, as discussed further in Note C. |
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