v3.25.4

Significant Accounting Policies (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2025
Accounting Policies [Abstract] |
Summary of Allowance for Doubtful Accounts Rollforward | The roll-forward of the allowance for credit losses was as follows:
|  | Years Ended December 31,
(In millions) |  | 2025 |  | 2024 |  | 2023
Beginning balance |  | $ | 50 |  |  | $ | 45 |  |  | $ | 43 |
Provision charged to expense |  | 26 |  |  | 21 |  |  | 33 |
Write-offs, less recoveries, and other adjustments |  | (37) |  |  | (16) |  |  | (31) |
Ending balance |  | $ | 40 |  |  | $ | 50 |  |  | $ | 45 |
Schedule of Accounts Receivable Securitization and Factoring Programs | Information related to the trade receivables sold was as follows:
|  | Years Ended December 31,
(In millions) |  | 2025 |  | 2024 |  | 2023
Securitization programs |  |  |  |  |  |
Receivables sold in period |  | $ | 1,881 |  |  | $ | 1,762 |  |  | $ | 1,815 |
Cash consideration |  | 1,881 |  |  | 1,762 |  |  | 1,815 |
Factoring programs |  |  |  |  |  |
Receivables sold in period |  | 70 |  |  | 79 |  |  | 103 |
Cash consideration |  | 67 |  |  | 78 |  |  | 103 |
Summary of Property and Equipment | We compute depreciation expense on a straight-line basis over the estimated useful lives of the assets as follows:
Classification |  | Estimated Useful Life
Buildings and leasehold improvements |  | Term of lease to 40 years
Vehicles, tractors and trailers |  | 3 to 14 years
Machinery and equipment |  | 3 to 10 years
Computer software and equipment |  | 1 to 5 years
|  | December 31,
(In millions) |  | 2025 |  | 2024
Property and equipment |  |  |  |
Land |  | $ | 920 |  |  | $ | 879 |
Buildings and leasehold improvements |  | 1,017 |  |  | 874 |
Vehicles, tractors and trailers |  | 3,033 |  |  | 2,746 |
Machinery and equipment |  | 330 |  |  | 291 |
Computer software and equipment |  | 724 |  |  | 633 |
|  | 6,024 |  |  | 5,422 |
Less: accumulated depreciation and amortization |  | (2,360) |  |  | (2,019) |
Total property and equipment, net |  | $ | 3,664 |  |  | $ | 3,402 |
Net book value of capitalized internally-developed software included in property and equipment, net |  | $ | 100 |  |  | $ | 112 |
Schedule of Accrued Expenses | The components of accrued expenses as of December 31, 2025 and 2024 are as follows:
|  | As of December 31,
(In millions) |  | 2025 |  | 2024
Accrued salaries and wages |  | $ | 244 |  |  | $ | 273 |
Accrued transportation and facility charges |  | 218 |  |  | 184 |
Accrued insurance claims |  | 109 |  |  | 88 |
Accrued taxes |  | 106 |  |  | 93 |
Other accrued expenses |  | 83 |  |  | 70 |
Total accrued expenses |  | $ | 760 |  |  | $ | 708 |
Schedule of Accumulated Other Comprehensive Income | The components of and changes in accumulated other comprehensive income (loss) (“AOCI”), net of tax, for the years ended December 31, 2025 and 2024, are as follows:
(In millions) |  | Foreign Currency Translation Adjustments |  | Derivative Hedges |  | Defined Benefit Plans Liability |  |  |  | AOCI Attributable to XPO
As of December 31, 2023 |  | $ | (91) |  |  | $ | (2) |  |  | $ | (124) |  |  |  |  | $ | (217) |
Other comprehensive income (loss) |  | (7) |  |  | 3 |  |  | (16) |  |  |  |  | (20) |
Amounts reclassified from AOCI |  | (9) |  |  | (1) |  |  | 1 |  |  |  |  | (9) |
Net current period other comprehensive income (loss) |  | (16) |  |  | 2 |  |  | (15) |  |  |  |  | (29) |
As of December 31, 2024 |  | (107) |  |  | — |  |  | (139) |  |  |  |  | (246) |
Other comprehensive income |  | 49 |  |  | 1 |  |  | 18 |  |  |  |  | 68 |
Amounts reclassified from AOCI |  | (10) |  |  | (2) |  |  | 3 |  |  |  |  | (9) |
Net current period other comprehensive income (loss) |  | 39 |  |  | (1) |  |  | 21 |  |  |  |  | 59 |
As of December 31, 2025 |  | $ | (68) |  |  | $ | (1) |  |  | $ | (118) |  |  |  |  | $ | (187) |
Summary of Fair Value Hierarchy of Cash Equivalents | The fair value hierarchy of cash equivalents was as follows:
(In millions) |  | Carrying Value |  | Fair Value |  | Level 1 |  |
December 31, 2025 |  | $ | 285 |  |  | $ | 285 |  |  | $ | 285 |  |  |
December 31, 2024 |  | 205 |  |  | 205 |  |  | 205 |  |  |
The fair value of our debt and classification in the fair value hierarchy was as follows:
(In millions) |  | Fair Value |  | Level 1 |  | Level 2
December 31, 2025 |  | $ | 3,499 |  |  | $ | 2,254 |  |  | $ | 1,246 |
December 31, 2024 |  | 3,541 |  |  | 2,223 |  |  | 1,318 |

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