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DIVESTITURES | 3 Months Ended
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Mar. 31, 2025
Discontinued Operations and Disposal Groups [Abstract] |
DIVESTITURES | DIVESTITURES Europe Surface Transportation Divestiture: In 2024, we entered into an agreement with sennder Technologies GmbH to sell our Europe Surface Transportation business, which is included in our All Other and Corporate segment. The divestiture is part of our enterprise strategy to drive focus on profitable growth in our four core modes—North American truckload and LTL and global ocean and air—as engines to ignite growth and create the most value for our stakeholders. We have determined this divestiture does not represent a strategic shift that will have a major effect on our consolidated results of operations, and therefore the results of our Europe Surface Transportation business are not reported as discontinued operations. The sale included all of the assets and liabilities of the business other than our proprietary technology platform. Upon entering into the agreement to sell the business in 2024, the assets and liabilities of our Europe Surface Transportation disposal group were classified as held for sale resulting in a $32.8 million pre-tax loss on the disposal group classified as held for sale in 2024. Including the direct costs incurred to sell the business and the loss on the disposal group, the total pre-tax loss recognized was $44.5 million in 2024. The sale closed effective February 1, 2025 with $27.7 million of consideration received at closing with additional consideration due in fixed equal installments on the 12-month and 18-month anniversary of the closing date subject to post closing working capital adjustments. The remaining consideration due is collateralized by all current and future accounts receivable of the Europe Surface Transportation business. Including the direct costs incurred to sell the business, an additional pre-tax loss of $2.4 million was recognized in the first quarter of 2025. There are no remaining assets and liabilities held for sale as of March 31, 2025. A summary of exit and disposal costs related to our Europe Surface Transportation divestiture included in our All Other and Corporate segment is presented below (in thousands):
| Three Months Ended March 31, |  |  |
| 2025 |  |  |
Personnel expenses(1) | $ | 1,187 |  |  |  |
Other selling, general, and administrative expenses(2) | 1,167 |  |  |  |
Income tax benefits(3) | (1,026) |  |  |  |
Total | $ | 1,328 |  |  |  |
________________________________ (1) Amounts are included within personnel expenses in our consolidated statements of operations and comprehensive income. (2) Amounts are included within other selling, general, and administrative expenses in our condensed consolidated statements of operations and comprehensive income. (3) Amounts are included within provision for income taxes in our condensed consolidated statements of operations and comprehensive income. A summary of assets and liabilities associated with the Europe Surface Transportation disposal group that are held for sale is presented below (in thousands):
| As of December 31, 2024
Assets held for sale: |
Cash and cash equivalents | $ | 10,307 |
Receivables | 114,721 |
Goodwill and other intangible assets | 31,297 |
Right-of-use lease assets | 10,737 |
Other assets | 3,366 |
Valuation allowance | (32,794) |
Total assets held for sale(1) | $ | 137,634 |
Liabilities held for sale: |
Accounts payable | $ | 51,388 |
Lease liabilities | 10,540 |
Other liabilities | 5,485 |
Total liabilities held for sale(1) | $ | 67,413 |
Cumulative translation loss of foreign entities to be sold(2) | $ | 2,238 |
________________________________ (1) Assets and liabilities held for sale are separately presented on the condensed consolidated balance sheets. (2) Cumulative translation loss of foreign entities to be sold is included within accumulated other comprehensive losses on the condensed consolidated balance sheets.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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