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Segment Reporting | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Segment Reporting | Segment Reporting We are organized into two reportable segments: North American 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, warehousing 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 debt extinguishment loss, interest expense, income tax provision, 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 September 30, |  | Nine Months Ended September 30,
(in millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Revenue |  |  |  |  |  |  |  |
North American LTL |  | $ | 1,251 |  |  | $ | 1,228 |  |  | $ | 3,743 |  |  | $ | 3,484 |
European Transportation |  | 803 |  |  | 752 |  |  | 2,407 |  |  | 2,320 |
Total |  | $ | 2,053 |  |  | $ | 1,980 |  |  | $ | 6,150 |  |  | $ | 5,804 |
Adjusted EBITDA |  |  |  |  |  |  |  |
North American LTL |  | $ | 284 |  |  | $ | 241 |  |  | $ | 836 |  |  | $ | 631 |
European Transportation |  | 44 |  |  | 44 |  |  | 131 |  |  | 127 |
Corporate |  | 5 |  |  | (7) |  |  | (3) |  |  | (26) |
Total Adjusted EBITDA |  | 333 |  |  | 278 |  |  | 964 |  |  | 732 |
Less: |  |  |  |  |  |  |  |
Debt extinguishment loss |  | — |  |  | — |  |  | — |  |  | 23 |
Interest expense |  | 56 |  |  | 41 |  |  | 170 |  |  | 126 |
Income tax provision |  | 40 |  |  | 31 |  |  | 60 |  |  | 48 |
Depreciation and amortization expense |  | 126 |  |  | 110 |  |  | 365 |  |  | 318 |
Transaction and integration costs (1) |  | 13 |  |  | 8 |  |  | 39 |  |  | 47 |
Restructuring costs (2) |  | 3 |  |  | 1 |  |  | 17 |  |  | 35 |
Other |  | — |  |  | 1 |  |  | — |  |  | 1 |
Income from continuing operations |  | $ | 95 |  |  | $ | 86 |  |  | $ | 312 |  |  | $ | 134 |
Depreciation and amortization expense |  |  |  |  |  |  |  |
North American LTL |  | $ | 89 |  |  | 75 |  |  | $ | 257 |  |  | $ | 214 |
European Transportation |  | 36 |  |  | 35 |  |  | 106 |  |  | 100 |
Corporate |  | 1 |  |  | — |  |  | 3 |  |  | 4 |
Total |  | $ | 126 |  |  | $ | 110 |  |  | $ | 365 |  |  | $ | 318 |
(1) Transaction and integration costs for the periods ended September 30, 2024 and September 30, 2023 are primarily comprised of stock-based compensation for certain employees related to strategic initiatives. Transaction and integration costs for the three months ended September 30, 2024 and 2023 include $1 million and $1 million, respectively, related to our European Transportation segment, and $12 million and $7 million, respectively, related to Corporate. Transaction and integration costs for the nine months ended September 30, 2024 and 2023 include $1 million and $0 million, respectively, related to our North American LTL segment, $2 million and $2 million, respectively, related to our European Transportation segment, and $36 million and $45 million, respectively, related to Corporate. (2) Restructuring costs for the three months ended September 30, 2024 and 2023 include $2 million and $1 million, respectively, related to our European Transportation segment, and $1 million and $0 million, respectively, related to Corporate. Restructuring costs for the nine months ended September 30, 2024 and 2023 include $2 million and $10 million, respectively, related to our North American LTL segment, $13 million and $9 million, respectively, related to our European Transportation segment, and $2 million and $16 million, respectively, related to Corporate. See Note 4— Restructuring Charges for further information on our restructuring actions.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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