XML 36 R24.htm IDEA: XBRL DOCUMENT
v3.25.2

Segment Reporting (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2025
Segment Reporting [Abstract] |
Schedule of Selected Financial Data for Each Reportable Segment | The following tables present revenue and significant segment expenses that are included within adjusted EBITDA:
|  | Three Months Ended June 30, 2025
(In millions) |  | North American LTL |  | European Transportation |  | Corporate (1) |  | Total
Revenue |  | $ | 1,240 |  |  | $ | 841 |  |  | $ | — |  |  | $ | 2,080 |
Salaries, wages and employee benefits |  | 643 |  |  | 224 |  |  | 4 |  |  | 871 |
Purchased transportation |  | 32 |  |  | 394 |  |  | — |  |  | 426 |
Fuel, operating expenses and supplies |  | 222 |  |  | 163 |  |  | — |  |  | 384 |
Operating taxes and licenses |  | 17 |  |  | 4 |  |  | — |  |  | 21 |
Insurance and claims |  | 25 |  |  | 15 |  |  | — |  |  | 40 |
(Gains) losses on sales of property and equipment |  | 2 |  |  | (3) |  |  | — |  |  | (1) |
Pension (income) expense |  | (2) |  |  | — |  |  | — |  |  | (1) |
Adjusted EBITDA |  | $ | 300 |  |  | $ | 44 |  |  | $ | (4) |  |  | $ | 340 |
|  | Three Months Ended June 30, 2024
(In millions) |  | North American LTL |  | European Transportation |  | Corporate (1) |  | Total
Revenue |  | $ | 1,272 |  |  | $ | 808 |  |  | $ | — |  |  | $ | 2,079 |
Salaries, wages and employee benefits |  | 639 |  |  | 212 |  |  | 3 |  |  | 854 |
Purchased transportation |  | 68 |  |  | 368 |  |  | — |  |  | 436 |
Fuel, operating expenses and supplies |  | 236 |  |  | 165 |  |  | — |  |  | 402 |
Operating taxes and licenses |  | 16 |  |  | 4 |  |  | — |  |  | 21 |
Insurance and claims |  | 20 |  |  | 13 |  |  | — |  |  | 33 |
(Gains) losses on sales of property and equipment |  | 1 |  |  | (5) |  |  | — |  |  | (4) |
Pension (income) expense |  | (6) |  |  | — |  |  | — |  |  | (6) |
Adjusted EBITDA |  | $ | 297 |  |  | $ | 49 |  |  | $ | (3) |  |  | $ | 343 |
|  | Six Months Ended June 30, 2025
(In millions) |  | North American LTL |  | European Transportation |  | Corporate (1) |  | Total
Revenue |  | $ | 2,412 |  |  | $ | 1,622 |  |  | $ | — |  |  | $ | 4,034 |
Salaries, wages and employee benefits |  | 1,259 |  |  | 436 |  |  | 8 |  |  | 1,703 |
Purchased transportation |  | 69 |  |  | 757 |  |  | — |  |  | 826 |
Fuel, operating expenses and supplies |  | 454 |  |  | 324 |  |  | — |  |  | 777 |
Operating taxes and licenses |  | 33 |  |  | 7 |  |  | — |  |  | 40 |
Insurance and claims |  | 49 |  |  | 26 |  |  | — |  |  | 75 |
(Gains) losses on sales of property and equipment |  | 2 |  |  | (5) |  |  | — |  |  | (3) |
Pension (income) expense |  | (3) |  |  | — |  |  | — |  |  | (3) |
Adjusted EBITDA |  | $ | 550 |  |  | $ | 76 |  |  | $ | (8) |  |  | $ | 618 |
|  | Six Months Ended June 30, 2024
(In millions) |  | North American LTL |  | European Transportation |  | Corporate (1) |  | Total
Revenue |  | $ | 2,493 |  |  | $ | 1,605 |  |  | $ | — |  |  | $ | 4,097 |
Salaries, wages and employee benefits |  | 1,252 |  |  | 428 |  |  | 8 |  |  | 1,688 |
Purchased transportation |  | 146 |  |  | 728 |  |  | — |  |  | 874 |
Fuel, operating expenses and supplies |  | 479 |  |  | 335 |  |  | — |  |  | 814 |
Operating taxes and licenses |  | 32 |  |  | 8 |  |  | — |  |  | 40 |
Insurance and claims |  | 41 |  |  | 27 |  |  | 3 |  |  | 71 |
(Gains) losses on sales of property and equipment |  | 3 |  |  | (9) |  |  | — |  |  | (5) |
Pension (income) expense |  | (13) |  |  | — |  |  | — |  |  | (12) |
Other (income) expense |  | — |  |  | — |  |  | (3) |  |  | (3) |
Adjusted EBITDA |  | $ | 551 |  |  | $ | 87 |  |  | $ | (8) |  |  | $ | 631 |
(1) Primarily represents unallocated corporate costs, as well as investment income of approximately $3 million within Other (income) expense in the first quarter of 2024. The following table presents adjusted EBITDA by segment and provides a reconciliation to consolidated net income:
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |  |  |  |
(In millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |  |
Adjusted EBITDA |  |  |  |  |  |  |  |  |  |  |  |
North American LTL |  | $ | 300 |  |  | $ | 297 |  |  | $ | 550 |  |  | $ | 551 |  |  |  |  |
European Transportation |  | 44 |  |  | 49 |  |  | 76 |  |  | 87 |  |  |  |  |
Corporate |  | (4) |  |  | (3) |  |  | (8) |  |  | (8) |  |  |  |  |
Total Adjusted EBITDA |  | 340 |  |  | 343 |  |  | 618 |  |  | 631 |  |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Debt extinguishment loss |  | — |  |  | — |  |  | 5 |  |  | — |  |  |  |  |
Interest expense |  | 56 |  |  | 56 |  |  | 112 |  |  | 114 |  |  |  |  |
Income tax provision (benefit) |  | 37 |  |  | (3) |  |  | 59 |  |  | 20 |  |  |  |  |
Depreciation and amortization expense |  | 131 |  |  | 122 |  |  | 254 |  |  | 239 |  |  |  |  |
Legal matter (1) |  | (2) |  |  | — |  |  | (13) |  |  | — |  |  |  |  |
Transaction and integration costs |  | 3 |  |  | 12 |  |  | 6 |  |  | 26 |  |  |  |  |
Restructuring costs |  | 8 |  |  | 6 |  |  | 20 |  |  | 14 |  |  |  |  |
Net Income |  | $ | 106 |  |  | $ | 150 |  |  | $ | 175 |  |  | $ | 217 |  |  |  |  |
(1) Reflects the settlement of claims against certain truck manufacturers related to purchases by our European Transportation segment covering periods prior to our acquisition of Norbert Dentressangle SA in 2015. The following table presents depreciation and amortization expense by segment:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(In millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Depreciation and amortization expense |  |  |  |  |  |  |  |
North American LTL |  | $ | 96 |  |  | $ | 86 |  |  | $ | 185 |  |  | $ | 168 |
European Transportation |  | 34 |  |  | 35 |  |  | 67 |  |  | 70 |
Corporate |  | 1 |  |  | 1 |  |  | 2 |  |  | 2 |
Total |  | $ | 131 |  |  | $ | 122 |  |  | $ | 254 |  |  | $ | 239 |

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration