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Segment Reporting
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
We are organized into two reportable segments: North American Less-Than-Truckload (“LTL”), the largest component of our business, and European Transportation.
In our North American LTL segment, we provide shippers with geographic density and day-definite domestic and cross-border services to the U.S., as well as Mexico, Canada and the Caribbean. Our North American LTL segment also includes the results of our trailer manufacturing operations.
In our European Transportation segment, we serve an extensive base of customers within the consumer, trade and industrial markets. We offer dedicated truckload, LTL, truck brokerage, managed transportation, last mile, freight forwarding and multimodal solutions, such as road-rail and road-short sea combinations.
Corporate includes corporate headquarters costs for executive officers and certain legal and financial functions, and other costs and credits not attributed to our reportable segments.
Our chief operating decision maker (“CODM”) regularly reviews financial information at the operating segment level to allocate resources to the segments and to assess their performance. We include items directly attributable to a segment, and those that can be allocated on a reasonable basis, in segment results reported to the CODM. We do not provide asset information by segment to the CODM. Our CODM evaluates segment profit (loss) based on adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”), which we define as income from continuing operations before interest expense, income tax, depreciation and amortization expense, transaction and integration costs, restructuring costs and other adjustments. Segment Adjusted EBITDA includes an allocation of corporate costs.
Selected financial data for our segments is as follows:
Three Months Ended March 31,
(in millions)20242023
Revenue
North American LTL$1,221 $1,120 
European Transportation797 787 
Total$2,018 $1,907 
Adjusted EBITDA
North American LTL$255 $182 
European Transportation38 37 
Corporate(5)(9)
Total Adjusted EBITDA288 210 
Less:
Interest expense 58 42 
Income tax provision23 4 
Depreciation and amortization expense117 101 
Transaction and integration costs (1)
14 22 
Restructuring costs (2)
8 24 
Income from continuing operations$67 $17 
Depreciation and amortization expense
North American LTL$82 $68 
European Transportation34 32 
Corporate1 1 
Total$117 $101 
(1)    Transaction and integration costs for the first quarter of 2024 and 2023 are primarily comprised of stock-based compensation for certain employees related to strategic initiatives. Transaction and integration costs for the three months ended March 31, 2024 and 2023 include $1 million and $1 million, respectively, related to our European Transportation segment, and $13 million and $21 million, respectively, related to Corporate.
(2)    Restructuring costs for the three months ended March 31, 2024 and 2023 include $0 million and $6 million, respectively, related to our North American LTL segment, $8 million and $7 million, respectively, related to our European Transportation segment, and $0 million and $11 million, respectively, related to Corporate. See Note 4— Restructuring Charges for further information on our restructuring actions.