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Variable Interest Entities | 6 Months Ended
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Jun. 30, 2016
Variable Interest Entities [Abstract] |
Variable Interest Entities | Variable Interest Entities The Company applies the guidance under ASC 810-10 for the determination of its Variable Interest Entities (“VIE”) and the accounting determination for consolidation. The determination to consolidate these entities is based on a 4-step analysis to first identify those entities in which the Company holds a variable interest. Upon the determination that the Company holds a variable interest in the entity, the Company evaluated the criteria to determine if the entity met the definition of a VIE. These criteria include evaluating whether the equity investment at risk is insufficient to finance the activities of the entity, the holders of the equity interest lack decision making rights, the equity investment at risk was established with non-substantive voting rights, the holders of the equity investment at risk lack the obligation to absorb losses, and the holders of the equity investment at risk lack the right to receive residual returns. Upon the determination that an entity meets the criteria of a VIE, an evaluation is made over controlling interest and the determination of the primary beneficiary. Based on the analysis completed, the Company determined it had variable interests in certain VIEs and consolidates these entities because it has the power to direct the activities that significantly affect the VIEs' economic performance, including having operational control over each VIE and operating the VIEs under the XPO brand or policies. The VIEs provide logistics services for their customers. Investors in these entities only have recourse to the assets owned by the entity and not to the Company’s general credit. The Company does not have implicit support arrangements with any VIE. Assets and liabilities of consolidated VIEs are outlined in the table below.
(In millions) | June 30, 2016 |  | December 31, 2015
Assets |  |  |
Cash and cash equivalents | $ | 16.2 |  |  | $ | 14.3 |
Accounts receivable, net of allowance | 63.8 |  |  | 54.7 |
Other current assets | 5.3 |  |  | 3.8 |
Property and equipment, net of accumulated depreciation | 3.9 |  |  | 4.8 |
Other long-term assets | 2.7 |  |  | 3.0 |
Total | $ | 91.9 |  |  | $ | 80.6 |
Liabilities |  |  |
Accounts payable | $ | 46.2 |  |  | $ | 44.9 |
Accrued expenses, other | 12.4 |  |  | 8.1 |
Other current liabilities | 9.5 |  |  | 8.9 |
Other long-term liabilities | 9.1 |  |  | 5.2 |
Total | $ | 77.2 |  |  | $ | 67.1 |
The following table summarizes total revenue and expenses in connection with the Company's consolidated VIEs. The Company did not have any VIEs prior to its June 2015 acquisition of ND.
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In millions) | 2016 |  | 2015 |  | 2016 |  | 2015
Revenue | $ | 82.4 |  |  | $ | 30.3 |  |  | $ | 156.5 |  |  | $ | 30.3 |
Operating expenses | $ | 79.1 |  |  | $ | 29.5 |  |  | $ | 151.1 |  |  | $ | 29.5 |

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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=52262685&loc=SL6759159-111685 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=52262685&loc=d3e5728-111685 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=52262685&loc=d3e5710-111685 + Details
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- Definition Variable Interest Entities [Abstract] + References No definition available. + Details
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