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Segment Reporting
 6 Months Ended
Jun. 30, 2025
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 operation.
In our European Transportation segment, we serve an extensive base of customers within the consumer, trade and industrial markets. We offer dedicated truckload, LTL, full truckload brokerage, warehousing, 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”) is our chief executive officer. Our 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, including corporate costs, 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 before debt extinguishment loss, interest expense, income tax provision (benefit), depreciation and amortization expense, legal matters, transaction and integration costs, restructuring costs and other adjustments.
Our CODM uses adjusted EBITDA to allocate resources, including property and equipment and financial or capital resources, to the segments and to assess their performance by monitoring budget-to-actual and year-over-year variances.
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 LTLEuropean Transportation
Corporate (1)
Total
Revenue$1,240 $841 $— $2,080 
Salaries, wages and employee benefits643 224 4 871 
Purchased transportation32 394 — 426 
Fuel, operating expenses and supplies222 163 — 384 
Operating taxes and licenses17 4 — 21 
Insurance and claims25 15 — 40 
(Gains) losses on sales of property and equipment2 (3)— (1)
Pension (income) expense(2)— — (1)
Adjusted EBITDA$300 $44 $(4)$340 
Three Months Ended June 30, 2024
(In millions)North American LTLEuropean Transportation
Corporate (1)
Total
Revenue$1,272 $808 $— $2,079 
Salaries, wages and employee benefits639 212 3 854 
Purchased transportation68 368 — 436 
Fuel, operating expenses and supplies236 165 — 402 
Operating taxes and licenses16 4 — 21 
Insurance and claims20 13 — 33 
(Gains) losses on sales of property and equipment1 (5)— (4)
Pension (income) expense(6)— — (6)
Adjusted EBITDA$297 $49 $(3)$343 
Six Months Ended June 30, 2025
(In millions)North American LTLEuropean Transportation
Corporate (1)
Total
Revenue$2,412 $1,622 $— $4,034 
Salaries, wages and employee benefits1,259 436 8 1,703 
Purchased transportation69 757 — 826 
Fuel, operating expenses and supplies454 324 — 777 
Operating taxes and licenses33 7 — 40 
Insurance and claims49 26 — 75 
(Gains) losses on sales of property and equipment2 (5)— (3)
Pension (income) expense(3)— — (3)
Adjusted EBITDA$550 $76 $(8)$618 
Six Months Ended June 30, 2024
(In millions)North American LTLEuropean Transportation
Corporate (1)
Total
Revenue$2,493 $1,605 $— $4,097 
Salaries, wages and employee benefits1,252 428 8 1,688 
Purchased transportation146 728 — 874 
Fuel, operating expenses and supplies479 335 — 814 
Operating taxes and licenses32 8 — 40 
Insurance and claims41 27 3 71 
(Gains) losses on sales of property and equipment3 (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)2025202420252024
Adjusted EBITDA
North American LTL$300 $297 $550 $551 
European Transportation44 49 76 87 
Corporate(4)(3)(8)(8)
Total Adjusted EBITDA340 343 618 631 
Less:
Debt extinguishment loss— — 5 — 
Interest expense56 56 112 114 
Income tax provision (benefit)37 (3)59 20 
Depreciation and amortization expense131 122 254 239 
Legal matter (1)
(2)— (13)— 
Transaction and integration costs3 12 6 26 
Restructuring costs8 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)2025202420252024
Depreciation and amortization expense
North American LTL$96 $86 $185 $168 
European Transportation34 35 67 70 
Corporate1 1 2 2 
Total$131 $122 $254 $239 
As of June 30, 2025 and December 31, 2024, we held long-lived tangible assets outside of the U.S., including right of use assets, of $789 million and $715 million, respectively.