0001852244-24-000028 | 10-Q | XBRL Viewer

Revenue Recognition

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

2. Revenue Recognition

Revenue disaggregated by geographical area was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023
United Kingdom	$	1,289	$	893	$	2,202	$	1,737
United States	731		692		1,478		1,406
Netherlands	220		198		438		394
France	201		217		401		419
Spain	145		136		274		263
Italy	97		94		190		182
Other	163		164		319		316
Total	$	2,846	$	2,394	$	5,302	$	4,717

The Company’s revenue can also be disaggregated by various verticals, reflecting the customer’s principal industry. Revenue disaggregated by industry was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023
Omnichannel retail	$	1,316	$	1,026	$	2,338	$	1,990
Technology and consumer electronics	363		355		745		721
Food and beverage	326		335		642		642
Industrial and manufacturing	331		270		597		540
Consumer packaged goods	290		232		585		458
Other	220		176		395		366
Total	$	2,846	$	2,394	$	5,302	$	4,717

Contract Assets and Liabilities

The contract asset and contract liability balances from contracts with customers were as follows:


	June 30,		December 31,
(In millions)	2024		2023
Contract assets included in:
Other current assets	$	21	$	21
Other long-term assets	186		160
Total contract assets	$	207	$	181
Contract liabilities included in:
Other current liabilities	$	308	$	210
Other long-term liabilities	112		115
Total contract liabilities	$	420	$	325

Revenue recognized included the following:


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023
Amounts included in the beginning of year contract liability balance	$	48	$	16	$	153	$	98

Remaining Performance Obligations

The remaining performance obligations relate to firm customer contracts for which services have not been performed and future revenue recognition is expected. As permitted in determining the remaining performance obligation, the Company omits obligations that have original expected durations of one year or less or contain variable consideration.

As of June 30, 2024, the fixed consideration component of the Company’s remaining performance obligation was approximately $4.1 billion, and the Company expects to recognize approximately 76% of that amount over the next three years and the remainder thereafter. The Company estimates remaining performance obligations at a point in time, and actual amounts may differ from these estimates due to changes in foreign currency exchange rates and contract revisions or terminations.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Restructuring Costs and Other

6 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring Costs and Other

11. Restructuring Costs and Other

Restructuring costs primarily related to severance, including projects to optimize the Company’s finance, human resources and information technology functions, and closing certain corporate and administrative offices, which were not associated with customer attrition.

The following table summarizes changes in the restructuring liability, which is included in other current liabilities in the Condensed Consolidated Balance Sheets:


(In millions)
Balance as of December 31, 2023	$	7
Charges incurred	17
Payments	(12)

Balance as of June 30, 2024	$	12

The restructuring liability as of June 30, 2024 is expected to be substantially paid within the next 12 months.

Acquisition - Schedule of Fair Value of Assets Acquired and Liabilities Assumed at Acquisition Date (Details) € in Millions, $ in Millions	Apr. 29, 2024 USD ($)	Apr. 29, 2024 EUR (€)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Long-term liabilities
Goodwill recorded			$ 3,664	$ 2,891
Wincanton
Current assets
Cash and cash equivalents	$ 91
Accounts receivable	259
Other current assets	76
Total current assets	426
Long-term assets
Property and equipment	75
Operating lease assets	175
Intangible assets	437
Other long-term assets	149
Total long-term assets	836
Total assets	1,262
Current liabilities
Accounts payable	68
Accrued expenses	322
Current debt	7
Current operating lease liabilities	80
Other current liabilities	98
Total current liabilities	575
Long-term liabilities
Long-term debt	167
Long-term operating lease liabilities	166
Other long-term liabilities	194
Total long-term liabilities	527
Total liabilities	1,102
Net assets purchased	160
Purchase price paid	958	€ 762
Goodwill recorded	798
Realized foreign currency gains	$ 5

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue	$ 2,846	$ 2,394	$ 5,302	$ 4,717
Direct operating expense	2,389	1,957	4,445	3,863
Selling, general and administrative expense	270	245	519	503
Depreciation and amortization expense	99	84	191	167
Transaction and integration costs	15	6	34	19
Restructuring costs and other	1	3	17	24
Litigation expense	(3)	0	60	0
Operating income	75	99	36	141
Other income, net	1	1	7	1
Interest expense, net	(23)	(14)	(36)	(27)
Income before income taxes	53	86	7	115
Income tax expense	(14)	(20)	(4)	(23)
Net income	39	66	3	92
Net income attributable to Noncontrolling Interests (“NCI”)	(1)	(1)	(2)	(2)
Net income attributable to GXO	$ 38	$ 65	$ 1	$ 90
Earnings per share
Basic (in dollars per share)	$ 0.32	$ 0.55	$ 0.01	$ 0.76
Diluted (in dollars per share)	$ 0.32	$ 0.54	$ 0.01	$ 0.75
Weighted-average common shares outstanding
Basic (in shares)	119,427	118,927	119,350	118,854
Diluted (in shares)	119,683	119,415	119,680	119,323

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	13. Commitments and Contingencies The Company is involved, and will continue to be involved, in numerous legal proceedings arising from the conduct of its business. These proceedings may include personal injury claims arising from the transportation and handling of goods, contractual disputes and employment-related claims, including alleged violations of wage and hour laws. The Company establishes accruals for specific legal proceedings when it is considered probable that a loss has been incurred and the amount of the loss can be reasonably estimated. The Company reviews and adjusts accruals for loss contingencies quarterly and as additional information becomes available. If a loss is not both probable and reasonably estimable, or if an exposure to a loss exists in excess of the amount accrued, the Company assesses whether there is at least a reasonable possibility that a loss, or additional loss, may have been incurred. If there is a reasonable possibility that a loss, or additional loss, may have been incurred, the Company discloses the estimate of the possible loss or range of loss if it is material and an estimate can be made, or discloses that such an estimate cannot be made. The determination as to whether a loss can reasonably be considered to be possible or probable is based on management’s assessment, together with legal counsel, regarding the ultimate outcome of the matter. Management of the Company believes that it has adequately accrued for the potential impact of loss contingencies that are probable and reasonably estimable. Management of the Company does not believe that the ultimate resolution of any matters to which the Company is presently a party will have a material adverse effect on its results of operations, financial condition or cash flows. However, the results of these matters cannot be predicted with certainty, and an unfavorable resolution of one or more of these matters could have a material adverse effect on the Company’s financial condition, results of operations or cash flows. Legal costs related to these matters are expensed as they are incurred. The Company carries liability and excess umbrella insurance policies that are deemed sufficient to cover potential legal claims arising in the normal course of conducting its operations. In the event the Company is required to satisfy a legal claim outside the scope of the coverage provided by insurance, its financial condition, results of operations or cash flows could be negatively impacted. On June 14, 2024, the Company’s subsidiary GXO Warehouse Company, Inc. entered into a Confidential Settlement Agreement (the “Settlement Agreement”) to settle all claims in connection with a dispute between the Company and one of its customers related to the start-up of the customer’s warehouse that occurred in 2018 (the “Dispute”). A payment under the Settlement Agreement was made by the Company on July 5, 2024. As of July 10, 2024, the Dispute, which was litigated under the caption Lindt et al. v. GXO Warehouse Company, Inc., docket no. 4:22-cv-00384-BP, in Federal District Court for the Western District of Missouri, was dismissed with prejudice, each side to bear their own costs and fees, and the Court retains jurisdiction to enforce the terms of the Confidential Settlement Agreement. Among other things in the Settlement Agreement, the parties each denied the allegations and counterclaims asserted in the Dispute, and agreed to a mutual release of claims arising from, under or otherwise in connection with their prior business relationship and the Dispute, in exchange for a payment by the Company of $45 million. The Company intends to pursue reimbursement in connection with this Dispute under its existing insurance policies. The Company recognized $60 million expense for the six months ended June 30, 2024, for the settlement, associated legal fees, costs and other related expenses. On July 2, 2024, the Italian authorities launched an investigation into the deductibility of value-added tax payments by GXO to certain third-party cooperative labor providers for their services provided from 2017 through 2023. The alleged amount is €84 million ($90 million as of June 30, 2024). It is reasonably possible that a loss may be incurred; however, the possible range of losses is not reasonably estimable given the status of the on-going investigation. We are cooperating in this matter and believe that we have a number of credible defenses.

Leases

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

3. Leases

The Company has operating leases for real estate, warehouse equipment, trucks, trailers, containers and material handling equipment. In addition, the Company has finance leases for warehouse equipment.

The following amounts were recorded in the Condensed Consolidated Balance Sheets related to leases:


	June 30,		December 31,
(In millions)	2024		2023
Operating leases:
Operating lease assets	$	2,344	$	2,201

Current operating lease liabilities	$	672	$	597
Long-term operating lease liabilities	1,981		1,842
Total operating lease liabilities	$	2,653	$	2,439

Finance leases:
Property and equipment, net	$	207	$	107

Current debt	$	34	$	26
Long-term debt	181		90
Total finance lease liabilities	$	215	$	116

The components of lease expense recorded in the Condensed Consolidated Statements of Operations were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023
Operating leases:
Operating lease cost	$	193	$	183	$	377	$	398
Short-term lease cost	51		63		100		92
Variable lease cost	46		29		86		57
Total operating lease cost (1)	$	290	$	275	$	563	$	547
Finance leases:
Amortization of leased assets	$	7	$	6	$	14	$	13
Interest expense on lease liabilities	1		1		2		2
Total finance lease cost	$	8	$	7	$	16	$	15
Total operating and finance lease cost	$	298	$	282	$	579	$	562

(1) Operating lease cost is primarily included in Direct operating expense in the Condensed Consolidated Statements of Operations.

Supplemental cash flow information was as follows:


	Six Months Ended June 30,
(In millions)	2024		2023
Leased assets obtained in exchange for new lease obligations:
Operating leases, including $244 from an acquisition in 2024	$	560	$	239
Finance leases, including $36 from an acquisition in 2024	120		8

Leases

3. Leases

The following amounts were recorded in the Condensed Consolidated Balance Sheets related to leases:


	June 30,		December 31,
(In millions)	2024		2023
Operating leases:
Operating lease assets	$	2,344	$	2,201

Current operating lease liabilities	$	672	$	597
Long-term operating lease liabilities	1,981		1,842
Total operating lease liabilities	$	2,653	$	2,439

Finance leases:
Property and equipment, net	$	207	$	107

Current debt	$	34	$	26
Long-term debt	181		90
Total finance lease liabilities	$	215	$	116

The components of lease expense recorded in the Condensed Consolidated Statements of Operations were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023
Operating leases:
Operating lease cost	$	193	$	183	$	377	$	398
Short-term lease cost	51		63		100		92
Variable lease cost	46		29		86		57
Total operating lease cost (1)	$	290	$	275	$	563	$	547
Finance leases:
Amortization of leased assets	$	7	$	6	$	14	$	13
Interest expense on lease liabilities	1		1		2		2
Total finance lease cost	$	8	$	7	$	16	$	15
Total operating and finance lease cost	$	298	$	282	$	579	$	562

(1) Operating lease cost is primarily included in Direct operating expense in the Condensed Consolidated Statements of Operations.

Supplemental cash flow information was as follows:


	Six Months Ended June 30,
(In millions)	2024		2023
Leased assets obtained in exchange for new lease obligations:
Operating leases, including $244 from an acquisition in 2024	$	560	$	239
Finance leases, including $36 from an acquisition in 2024	120		8

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Revenue from External Customers by Geographic Areas

Revenue disaggregated by geographical area was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023
United Kingdom	$	1,289	$	893	$	2,202	$	1,737
United States	731		692		1,478		1,406
Netherlands	220		198		438		394
France	201		217		401		419
Spain	145		136		274		263
Italy	97		94		190		182
Other	163		164		319		316
Total	$	2,846	$	2,394	$	5,302	$	4,717

Schedule of Disaggregation of Revenue

The Company’s revenue can also be disaggregated by various verticals, reflecting the customer’s principal industry. Revenue disaggregated by industry was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023
Omnichannel retail	$	1,316	$	1,026	$	2,338	$	1,990
Technology and consumer electronics	363		355		745		721
Food and beverage	326		335		642		642
Industrial and manufacturing	331		270		597		540
Consumer packaged goods	290		232		585		458
Other	220		176		395		366
Total	$	2,846	$	2,394	$	5,302	$	4,717

Schedule of Contract with Customer, Contract Asset, Contract Liability, and Receivable

The contract asset and contract liability balances from contracts with customers were as follows:


	June 30,		December 31,
(In millions)	2024		2023
Contract assets included in:
Other current assets	$	21	$	21
Other long-term assets	186		160
Total contract assets	$	207	$	181
Contract liabilities included in:
Other current liabilities	$	308	$	210
Other long-term liabilities	112		115
Total contract liabilities	$	420	$	325

Revenue recognized included the following:


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023
Amounts included in the beginning of year contract liability balance	$	48	$	16	$	153	$	98

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Millions	Total	Equity Before NCI	Common Stock	APIC	Retained Earnings	AOCIL	NCI
Beginning balance (in shares) at Dec. 31, 2022			118,728,000
Beginning balance at Dec. 31, 2022	$ 2,678	$ 2,645	$ 1	$ 2,575	$ 323	$ (254)	$ 33
Increase (Decrease) in Stockholders' Equity
Net income	92	90			90		2
Other comprehensive income (loss)	32	31				31	1
Stock-based compensation	18	18		18
Vesting of stock compensation awards (in shares)			336,000
Tax withholding on vesting of stock-based compensation awards (in shares)			(132,000)
Tax withholding on vesting of stock-based compensation awards	(6)	(6)		(6)
Other	(3)						(3)
Ending balance (in shares) at Jun. 30, 2023			118,932,000
Ending balance at Jun. 30, 2023	2,811	2,778	$ 1	2,587	413	(223)	33
Beginning balance (in shares) at Mar. 31, 2023			118,889,000
Beginning balance at Mar. 31, 2023	2,719	2,685	$ 1	2,580	348	(244)	34
Increase (Decrease) in Stockholders' Equity
Net income	66	65			65		1
Other comprehensive income (loss)	22	21				21	1
Stock-based compensation	9	9		9
Vesting of stock compensation awards (in shares)			71,000
Tax withholding on vesting of stock-based compensation awards (in shares)			(28,000)
Tax withholding on vesting of stock-based compensation awards	(2)	(2)		(2)
Other	(3)						(3)
Ending balance (in shares) at Jun. 30, 2023			118,932,000
Ending balance at Jun. 30, 2023	$ 2,811	2,778	$ 1	2,587	413	(223)	33
Beginning balance (in shares) at Dec. 31, 2023	119,057,000		119,057,000
Beginning balance at Dec. 31, 2023	$ 2,946	2,912	$ 1	2,598	552	(239)	34
Increase (Decrease) in Stockholders' Equity
Net income	3	1			1		2
Other comprehensive income (loss)	(25)	(24)				(24)	(1)
Stock-based compensation	19	19		19
Vesting of stock compensation awards (in shares)			509,000
Tax withholding on vesting of stock-based compensation awards (in shares)			(129,000)
Tax withholding on vesting of stock-based compensation awards	(7)	(7)		(7)
Other	$ (3)						(3)
Ending balance (in shares) at Jun. 30, 2024	119,437,000		119,437,000
Ending balance at Jun. 30, 2024	$ 2,933	2,901	$ 1	2,610	553	(263)	32
Beginning balance (in shares) at Mar. 31, 2024			119,368,000
Beginning balance at Mar. 31, 2024	2,903	2,869	$ 1	2,602	515	(249)	34
Increase (Decrease) in Stockholders' Equity
Net income	39	38			38		1
Other comprehensive income (loss)	(14)	(14)				(14)
Stock-based compensation	11	11		11
Vesting of stock compensation awards (in shares)			115,000
Tax withholding on vesting of stock-based compensation awards (in shares)			(46,000)
Tax withholding on vesting of stock-based compensation awards	(3)	(3)		(3)
Other	$ (3)						(3)
Ending balance (in shares) at Jun. 30, 2024	119,437,000		119,437,000
Ending balance at Jun. 30, 2024	$ 2,933	$ 2,901	$ 1	$ 2,610	$ 553	$ (263)	$ 32

Employee Benefit Plans - Schedule of Defined Contribution Retirement Plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pension Plan
Defined Benefit Plan Disclosure
Defined contribution costs	$ 21	$ 15	$ 38	$ 32

Goodwill

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

5. Goodwill

The following table presents the changes in Goodwill for the six months ended June 30, 2024:


(In millions)
Balance as of December 31, 2023	$	2,891
Acquisition (1)	806
Impact of foreign exchange translation (2)	(33)
Balance as of June 30, 2024	$	3,664

(1) Includes $798 million and $8 million for the preliminary purchase price allocation for the Wincanton Acquisition and adjustments to the purchase price allocation for the PFS Acquisition, respectively.

(2) Changes to goodwill amounts resulting from foreign currency translation after the acquisition date are presented as the impact of foreign exchange translation.

As of June 30, 2024 and December 31, 2023, there were no accumulated goodwill impairment losses.

Fair Value Measurements and Financial Instruments - Derivative and Nonderivative Instruments Designated as Hedges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Cross-currency swap agreements \| Cross-currency swap agreements
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivative	$ 15	$ (18)	$ 47	$ (34)
Gain (Loss) Reclassified from AOCIL into Net Income	4	3	2	0
Gain (Loss) Recognized in Net Income on Derivative (Excluded from effectiveness testing)	0	0	1	1
Interest rate swaps
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivative	(1)	4	1	1
Gain (Loss) Reclassified from AOCIL into Net Income	0	0	0	0
Gain (Loss) Recognized in Net Income on Derivative (Excluded from effectiveness testing)	0	0	0	0
Foreign Exchange Contract \| Derivatives not designated as hedges:
Derivative Instruments, Gain (Loss)
Realized loss	(1)	(4)	(2)	(6)
Unrealized gain	1	3	4	4
Foreign currency gain (loss)	$ 0	$ (1)	$ 2	$ (2)

Fair Value Measurements and Financial Instruments

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements and Financial Instruments

7. Fair Value Measurements and Financial Instruments

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The levels of inputs used to measure fair value are:

•Level 1—Quoted prices for identical instruments in active markets;

•Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets; and

•Level 3—Valuations based on inputs that are unobservable, generally utilizing pricing models or other valuation techniques that reflect management’s judgment and estimates.

Assets and Liabilities

The Company bases its fair value estimates on market assumptions and available information. The carrying values of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and current maturities of long-term debt approximated their fair values as of June 30, 2024 and December 31, 2023, due to their short-term nature.

Debt

The fair value of debt was as follows:


		June 30, 2024				December 31, 2023
(In millions)	Level	Fair Value		Carrying Value		Fair Value		Carrying Value
Unsecured notes due 2026	2	$	369	$	398	$	362	$	398
Unsecured notes due 2029	2	611		592		—		—
Unsecured notes due 2031	2	323		397		326		397
Unsecured notes due 2034	2	507		490		—		—
Three-Year Term Loan due 2025	2	183		185		231		235
Five-Year Term Loan due 2027	2	396		399		493		499

Financial Instruments

The Company directly manages its exposure to risks arising from business operations and economic factors, including fluctuations in interest rates and foreign currencies. The Company uses derivative instruments to manage the volatility related to these exposures.

The notional amount and fair value of derivative instruments were as follows:


	June 30, 2024				December 31, 2023				Balance Sheet Location
(In millions)	Notional Amount		Fair Value		Notional Amount		Fair Value
Derivatives designated as net investment hedges:
Cross-currency swap agreements (1)	$	1,037	$	18	$	487	$	3	Other long-term assets
Cross-currency swap agreements	165		2		165		7		Other current liabilities
Cross-currency swap agreements (1)	633		22		883		49		Other long-term liabilities

Derivatives designated as cash flow hedge:
Interest rate swaps	$	—	$	—	$	125	$	2	Other current assets
Interest rate swaps (2)	250		6		125		3		Other long-term assets

Derivatives not designated as hedges:
Foreign currency option contracts	$	337	$	8	$	397	$	8	Other current assets
Foreign currency option contracts	106		3		—		—		Other current liabilities
Foreign currency forward contracts	107		1		1		—		Other current assets

(1) In April 2024, the Company amended four cross-currency swaps with an aggregate notional value of $315 million that will mature in 2027 and 2028, and entered into three cross-currency swaps with an aggregate notional value of $300 million that will mature in 2029.

(2) In January 2024, the Company entered into an interest rate swap schedule to mature in 2025, with a notional amount of $125 million.

As of June 30, 2024 and December 31, 2023, the derivatives were classified as Level 2 within the fair value hierarchy. The derivatives are valued using inputs other than quoted prices such as foreign exchange rates and yield curves.

The effect of hedges on AOCIL and in the Condensed Consolidated Statements of Operations was as follows:


	Three Months Ended June 30, 2024						Six Months Ended June 30, 2024
(In millions)	Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivative		Gain (Loss) Reclassified from AOCIL into Net Income (1)		Gain (Loss) Recognized in Net Income on Derivative (Excluded from effectiveness testing) (1)		Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivative		Gain (Loss) Reclassified from AOCIL into Net Income (1)		Gain (Loss) Recognized in Net Income on Derivative (Excluded from effectiveness testing) (1)
Derivatives designated as net investment hedges
Cross-currency swap agreements	$	15	$	4	$	—	$	47	$	2	$	1
Derivatives designated as cash flow hedges
Interest rate swaps	$	(1)	$	—	$	—	$	1	$	—	$	—

(1) Amounts reclassified to Net income are reported within Interest expense, net in the Condensed Consolidated Statements of Operations.


	Three Months Ended June 30, 2023						Six Months Ended June 30, 2023
(In millions)	Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivative		Gain (Loss) Reclassified from AOCIL into Net Income (1)		Gain (Loss) Recognized in Net Income on Derivative (Excluded from effectiveness testing) (1)		Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivative		Gain (Loss) Reclassified from AOCIL into Net Income (1)		Gain (Loss) Recognized in Net Income on Derivative (Excluded from effectiveness testing) (1)
Derivatives designated as net investment hedges
Cross-currency swap agreements	$	(18)	$	3	$	—	$	(34)	$	—	$	1
Derivatives designated as cash flow hedges
Interest rate swaps	$	4	$	—	$	—	$	1	$	—	$	—

(1) Amounts reclassified to Net income are reported within Interest expense, net in the Condensed Consolidated Statements of Operations.

Derivatives Not Designated as Hedges

Gains and losses recognized in Other income, net in the Condensed Consolidated Statements of Operations for foreign currency options and forward contracts were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,

(In millions)	2024		2023		2024		2023
Realized loss	$	(1)	$	(4)	$	(2)	$	(6)
Unrealized gain	1		3		4		4
Foreign currency gain (loss)	$	—	$	(1)	$	2	$	(2)

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Aug. 02, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-40470
Entity Registrant Name	GXO Logistics, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	86-2098312
Entity Address, Address Line One	Two American Lane
Entity Address, City or Town	Greenwich
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06831
City Area Code	203
Local Phone Number	489-1287
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	GXO
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		119,466,455
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001852244
Current Fiscal Year End Date	--12-31

Debt and Financing Arrangements - Schedule of Trade Receivables Sold (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Disclosure [Abstract]
Receivables sold in period	$ 364	$ 269	$ 655	$ 532
Cash consideration	360	268	649	529
Net cash provided by operating cash flows	$ 15	$ 0	$ 18	$ 0

Employee Benefit Plans - Narrative (Details) - Apr. 29, 2024 £ in Millions, $ in Millions	USD ($)	GBP (£)
Wincanton \| Pension Plan
Defined Benefit Plan Disclosure
Defined benefit plan, plan assets, amount	$ 137	£ 109

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit loss	$ 15	$ 11
Property and equipment, accumulated depreciation	1,637	1,545
Intangible assets, accumulated amortization	$ 563	$ 528
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	119,437,000	119,057,000
Common stock, shares outstanding (in shares)	119,437,000	119,057,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0

Debt and Financing Arrangements (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt

The following table summarizes the carrying value of the Company’s debt:


			June 30,		December 31,
(In millions)	Rate (1)		2024		2023
Unsecured notes due 2026 (2)	1.65	%	$	398	$	398
Unsecured notes due 2029 (3)	6.25	%	592		—
Unsecured notes due 2031 (4)	2.65	%	397		397
Unsecured notes due 2034 (5)	6.50	%	490		—
Three-Year Term Loan due 2025 (6)	6.57	%	185		235
Five-Year Term Loan due 2027 (7)(8)	6.69	%	399		499
Finance leases and other debt	Various		309		118
Total debt			2,770		1,647
Less: Current debt			219		27
Total Long-term debt			$	2,551	$	1,620

(1) Interest rate as of June 30, 2024.

(2) Net of unamortized debt issuance costs of $2 million as of June 30, 2024 and December 31, 2023.

(3) Net of unamortized debt issuance costs of $8 million as of June 30, 2024.

(4) Net of unamortized debt issuance costs of $3 million as of June 30, 2024 and December 31, 2023.

(5) Net of unamortized debt issuance costs of $10 million as of June 30, 2024.

(6) On June 27, 2024, the Company repaid $50 million of the Three-Year Term Loan due 2025.

(7) Net of unamortized debt issuance costs of $1 million as of June 30, 2024 and December 31, 2023.

(8) On May 6, 2024, the Company repaid $100 million of the Five-Year Term Loan due 2027.

Schedule of Trade Receivables Sold

Information related to the trade receivables sold was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023
Receivables sold in period	$	364	$	269	$	655	$	532
Cash consideration	360		268		649		529
Net cash provided by operating cash flows	15		—		18		—

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes Income tax expense for the three months ended June 30, 2024 and 2023, was $14 million and $20 million, respectively, and the Company’s effective tax rate for the three months ended June 30, 2024 and 2023, was 25.4% and 23.0%, respectively. The increase in the Company’s effective tax rate for the three months ended June 30, 2024 compared with 2023 was driven by non-deductible items partially offset by a return-to-provision benefit in 2024. Income tax expense for the six months ended June 30, 2024 and 2023, was $4 million and $23 million, respectively, and the Company’s effective tax rate for the six months ended June 30, 2024 and 2023, was 52.3% and 19.9%, respectively. The increase in the Company’s effective tax rate for the six months ended June 30, 2024, was primarily driven by a decrease in pre-tax income partially offset by non-deductible items. The Organization for Economic Co-operation and Development (“OECD”) issued administrative guidance for the Pillar Two Global Anti-Base Erosion rules (“Pillar Two”), which imposes a 15% global minimum tax on multinational companies. Many Pillar Two rules are effective for fiscal years beginning on January 1, 2024, with other aspects to be effective from 2025. The Company does not expect the Pillar Two rules to materially impact its tax liability in 2024.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Employee Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Schedule of Projected Benefit Obligations

Components of the net periodic benefit income recognized under the U.K. Retirement Plans were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023
Interest cost	$	(17)	$	(9)	$	(26)	$	(19)
Expected return on plan assets	23		12		36		24
Amortization of net loss	(1)		(1)		(2)		(1)
Net periodic pension income (1)	$	5	$	2	$	8	$	4

(1) Net periodic pension income is recorded in Other income, net in the Condensed Consolidated Statements of Operations.

Schedule of Defined Contribution Retirement Plans

The Company has defined contribution retirement plans for its U.S. employees and employees of certain foreign subsidiaries. Defined contribution costs were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023
Defined contribution costs (1)	$	21	$	15	$	38	$	32

(1) Defined contribution costs were primarily recorded in Direct operating expense in the Condensed Consolidated Statements of Operations.

Fair Value Measurements and Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Debt Fair Values

The fair value of debt was as follows:


		June 30, 2024				December 31, 2023
(In millions)	Level	Fair Value		Carrying Value		Fair Value		Carrying Value
Unsecured notes due 2026	2	$	369	$	398	$	362	$	398
Unsecured notes due 2029	2	611		592		—		—
Unsecured notes due 2031	2	323		397		326		397
Unsecured notes due 2034	2	507		490		—		—
Three-Year Term Loan due 2025	2	183		185		231		235
Five-Year Term Loan due 2027	2	396		399		493		499

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The notional amount and fair value of derivative instruments were as follows:


	June 30, 2024				December 31, 2023				Balance Sheet Location
(In millions)	Notional Amount		Fair Value		Notional Amount		Fair Value
Derivatives designated as net investment hedges:
Cross-currency swap agreements (1)	$	1,037	$	18	$	487	$	3	Other long-term assets
Cross-currency swap agreements	165		2		165		7		Other current liabilities
Cross-currency swap agreements (1)	633		22		883		49		Other long-term liabilities

Derivatives designated as cash flow hedge:
Interest rate swaps	$	—	$	—	$	125	$	2	Other current assets
Interest rate swaps (2)	250		6		125		3		Other long-term assets

Derivatives not designated as hedges:
Foreign currency option contracts	$	337	$	8	$	397	$	8	Other current assets
Foreign currency option contracts	106		3		—		—		Other current liabilities
Foreign currency forward contracts	107		1		1		—		Other current assets

(2) In January 2024, the Company entered into an interest rate swap schedule to mature in 2025, with a notional amount of $125 million.

Schedule of Derivative Instruments, Gain (Loss)

The effect of hedges on AOCIL and in the Condensed Consolidated Statements of Operations was as follows:


	Three Months Ended June 30, 2024						Six Months Ended June 30, 2024
(In millions)	Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivative		Gain (Loss) Reclassified from AOCIL into Net Income (1)		Gain (Loss) Recognized in Net Income on Derivative (Excluded from effectiveness testing) (1)		Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivative		Gain (Loss) Reclassified from AOCIL into Net Income (1)		Gain (Loss) Recognized in Net Income on Derivative (Excluded from effectiveness testing) (1)
Derivatives designated as net investment hedges
Cross-currency swap agreements	$	15	$	4	$	—	$	47	$	2	$	1
Derivatives designated as cash flow hedges
Interest rate swaps	$	(1)	$	—	$	—	$	1	$	—	$	—

(1) Amounts reclassified to Net income are reported within Interest expense, net in the Condensed Consolidated Statements of Operations.


	Three Months Ended June 30, 2023						Six Months Ended June 30, 2023
(In millions)	Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivative		Gain (Loss) Reclassified from AOCIL into Net Income (1)		Gain (Loss) Recognized in Net Income on Derivative (Excluded from effectiveness testing) (1)		Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivative		Gain (Loss) Reclassified from AOCIL into Net Income (1)		Gain (Loss) Recognized in Net Income on Derivative (Excluded from effectiveness testing) (1)
Derivatives designated as net investment hedges
Cross-currency swap agreements	$	(18)	$	3	$	—	$	(34)	$	—	$	1
Derivatives designated as cash flow hedges
Interest rate swaps	$	4	$	—	$	—	$	1	$	—	$	—

(1) Amounts reclassified to Net income are reported within Interest expense, net in the Condensed Consolidated Statements of Operations.

Derivatives Not Designated as Hedges

Gains and losses recognized in Other income, net in the Condensed Consolidated Statements of Operations for foreign currency options and forward contracts were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,

(In millions)	2024		2023		2024		2023
Realized loss	$	(1)	$	(4)	$	(2)	$	(6)
Unrealized gain	1		3		4		4
Foreign currency gain (loss)	$	—	$	(1)	$	2	$	(2)

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Operating leases:
Operating lease assets	$ 2,344	$ 2,201
Current operating lease liabilities	672	597
Long-term operating lease liabilities	1,981	1,842
Total operating lease liabilities	2,653	2,439
Finance leases:
Property and equipment, net	$ 207	$ 107
Finance lease, right-of-use asset, statement of financial position	Property and equipment, net of accumulated depreciation of $1,637 and $1,545	Property and equipment, net of accumulated depreciation of $1,637 and $1,545
Current debt	$ 34	$ 26
Finance lease, liability, current, statement of financial position	Current debt	Current debt
Long-term debt	$ 181	$ 90
Finance lease, liability, noncurrent, statement of financial position	Long-term debt	Long-term debt
Total finance lease liabilities	$ 215	$ 116

Leases - Supplemental Cash Flows (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Lessee, Lease, Description [Line Items]
Operating leases	$ 560	$ 239
Finance leases	120	$ 8
Wincanton
Lessee, Lease, Description [Line Items]
Operating leases	244
Finance leases	$ 36

Basis of Presentation and Significant Accounting Policies (Details)	6 Months Ended
	Jun. 30, 2024 segment
Accounting Policies [Abstract]
Number of reportable segments	1

Stockholders' Equity

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Stockholders' Equity

9. Stockholders’ Equity

The following tables summarize the changes in AOCIL by component:


	Foreign Currency Adjustment
(In millions)	Foreign Currency Translation Adjustments		Net Investment Hedges		Cash Flow Hedges		Defined Benefit Plans		Less: AOCIL attributable to NCI		AOCIL attributable to GXO
As of March 31, 2024	$	(124)	$	(20)	$	6	$	(111)	$	—	$	(249)
Other comprehensive income (loss) before reclassifications	(22)		14		—		(1)		—		(9)
Amounts reclassified to net income (loss)	—		(4)		—		1		—		(3)
Tax amounts	1		(3)		—		—		—		(2)
Other comprehensive income (loss), net of tax	(21)		7		—		—		—		(14)
As of June 30, 2024	$	(145)	$	(13)	$	6	$	(111)	$	—	$	(263)


	Foreign Currency Adjustment
(In millions)	Foreign Currency Translation Adjustments		Net Investment Hedges		Cash Flow Hedges		Defined Benefit Plans		Less: AOCIL attributable to NCI		AOCIL attributable to GXO
As of December 31, 2023	$	(83)	$	(47)	$	5	$	(113)	$	(1)	$	(239)
Other comprehensive income (loss) before reclassifications	(63)		47		1		—		1		(14)
Amounts reclassified to net income (loss)	—		(3)		—		2		—		(1)
Tax amounts	1		(10)		—		—		—		(9)
Other comprehensive income (loss), net of tax	(62)		34		1		2		1		(24)
As of June 30, 2024	$	(145)	$	(13)	$	6	$	(111)	$	—	$	(263)


	Foreign Currency Adjustment
(In millions)	Foreign Currency Translation Adjustments		Net Investment Hedges		Cash Flow Hedges		Defined Benefit Plans		Less: AOCIL attributable to NCI		AOCIL attributable to GXO
As of March 31, 2023	$	(132)	$	(4)	$	4	$	(112)	$	—	$	(244)
Other comprehensive income (loss) before reclassifications	32		(18)		5		—		(1)		18
Amounts reclassified to net income (loss)	—		(3)		—		1		—		(2)
Tax amounts	1		5		(1)		—		—		5
Other comprehensive income (loss), net of tax	33		(16)		4		1		(1)		21
As of June 30, 2023	$	(99)	$	(20)	$	8	$	(111)	$	(1)	$	(223)


	Foreign Currency Adjustment
(In millions)	Foreign Currency Translation Adjustments		Net Investment Hedges		Cash Flow Hedges		Defined Benefit Plans		Less: AOCIL attributable to NCI		AOCIL attributable to GXO
As of December 31, 2022	$	(156)	$	7	$	7	$	(112)	$	—	$	(254)
Other comprehensive income (loss) before reclassifications	56		(34)		1		—		(1)		22
Amounts reclassified to net income (loss)	—		(1)		—		1		—		—
Tax amounts	1		8		—		—		—		9
Other comprehensive income (loss), net of tax	57		(27)		1		1		(1)		31
As of June 30, 2023	$	(99)	$	(20)	$	8	$	(111)	$	(1)	$	(223)

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Restructuring Costs and Other (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Reserve
Charges incurred	$ 1	$ 3	$ 17	$ 24
Restructuring Actions
Restructuring Reserve
Beginning balance			7
Charges incurred			17
Payments			(12)
Ending balance	$ 12		$ 12

Leases (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Schedule of Supplemental Balance Sheet Information

The following amounts were recorded in the Condensed Consolidated Balance Sheets related to leases:


	June 30,		December 31,
(In millions)	2024		2023
Operating leases:
Operating lease assets	$	2,344	$	2,201

Current operating lease liabilities	$	672	$	597
Long-term operating lease liabilities	1,981		1,842
Total operating lease liabilities	$	2,653	$	2,439

Finance leases:
Property and equipment, net	$	207	$	107

Current debt	$	34	$	26
Long-term debt	181		90
Total finance lease liabilities	$	215	$	116

Schedule of Lease Expenses and Supplemental Cash Flows

The components of lease expense recorded in the Condensed Consolidated Statements of Operations were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023
Operating leases:
Operating lease cost	$	193	$	183	$	377	$	398
Short-term lease cost	51		63		100		92
Variable lease cost	46		29		86		57
Total operating lease cost (1)	$	290	$	275	$	563	$	547
Finance leases:
Amortization of leased assets	$	7	$	6	$	14	$	13
Interest expense on lease liabilities	1		1		2		2
Total finance lease cost	$	8	$	7	$	16	$	15
Total operating and finance lease cost	$	298	$	282	$	579	$	562

(1) Operating lease cost is primarily included in Direct operating expense in the Condensed Consolidated Statements of Operations.

Supplemental cash flow information was as follows:


	Six Months Ended June 30,
(In millions)	2024		2023
Leased assets obtained in exchange for new lease obligations:
Operating leases, including $244 from an acquisition in 2024	$	560	$	239
Finance leases, including $36 from an acquisition in 2024	120		8

Debt and Financing Arrangements - Schedule of Debt (Details) - USD ($) $ in Millions			6 Months Ended
	Jun. 27, 2024	May 06, 2024	Jun. 30, 2024	Jun. 30, 2023	Apr. 25, 2024	Dec. 31, 2023
Debt Instrument
Total debt			$ 2,770			$ 1,647
Less: Current debt			219			27
Total Long-term debt			2,551			1,620
Amount repaid			$ 196	$ 138
Unsecured notes due 2029
Debt Instrument
Interest rate (as a percent)					6.25%
Unsecured notes due 2034
Debt Instrument
Interest rate (as a percent)					6.50%
Unsecured Debt \| Unsecured notes due 2026
Debt Instrument
Interest rate (as a percent)			1.65%
Unamortized discount (premium) and debt issuance costs, net			$ 2			2
Unsecured Debt \| Unsecured notes due 2026 \| Fair Value, Inputs, Level 2 \| Carrying Value
Debt Instrument
Fair value of debt			$ 398			398
Unsecured Debt \| Unsecured notes due 2029
Debt Instrument
Interest rate (as a percent)			6.25%
Unamortized discount (premium) and debt issuance costs, net			$ 8
Unsecured Debt \| Unsecured notes due 2029 \| Fair Value, Inputs, Level 2 \| Carrying Value
Debt Instrument
Fair value of debt			$ 592			0
Unsecured Debt \| Unsecured notes due 2031
Debt Instrument
Interest rate (as a percent)			2.65%
Unamortized discount (premium) and debt issuance costs, net			$ 3			3
Unsecured Debt \| Unsecured notes due 2031 \| Fair Value, Inputs, Level 2 \| Carrying Value
Debt Instrument
Fair value of debt			$ 397			397
Unsecured Debt \| Unsecured notes due 2034
Debt Instrument
Interest rate (as a percent)			6.50%
Unamortized discount (premium) and debt issuance costs, net			$ 10
Unsecured Debt \| Unsecured notes due 2034 \| Fair Value, Inputs, Level 2 \| Carrying Value
Debt Instrument
Fair value of debt			$ 490			0
Unsecured Debt \| Three-Year Term Loan due 2025
Debt Instrument
Interest rate (as a percent)			6.57%
Debt term (in years)			3 years
Amount repaid	$ 50
Unsecured Debt \| Three-Year Term Loan due 2025 \| Fair Value, Inputs, Level 2 \| Carrying Value
Debt Instrument
Fair value of debt			$ 185			235
Unsecured Debt \| Five-Year Term Loan due 2027
Debt Instrument
Interest rate (as a percent)			6.69%
Debt term (in years)			5 years
Unamortized discount (premium) and debt issuance costs, net			$ 1			1
Amount repaid		$ 100
Unsecured Debt \| Five-Year Term Loan due 2027 \| Fair Value, Inputs, Level 2 \| Carrying Value
Debt Instrument
Fair value of debt			399			499
Unsecured Debt \| Finance leases and other debt
Debt Instrument
Total debt			$ 309			$ 118

Acquisition (Tables)

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Fair Value of Assets Acquired and Liabilities Assumed at Acquisition Date

The following table summarizes the fair values of assets acquired and liabilities assumed at the acquisition date:


(In millions)
ASSETS
Current assets
Cash and cash equivalents	$	91
Accounts receivable	259
Other current assets	76
Total current assets	426
Long-term assets
Property and equipment	75
Operating lease assets	175
Intangible assets	437
Other long-term assets	149
Total long-term assets	836
Total assets	$	1,262
LIABILITIES
Current liabilities
Accounts payable	$	68
Accrued expenses	322
Current debt	7
Current operating lease liabilities	80
Other current liabilities	98
Total current liabilities	575
Long-term liabilities
Long-term debt	167
Long-term operating lease liabilities	166
Other long-term liabilities	194
Total long-term liabilities	527
Total liabilities	$	1,102
Net assets purchased	$	160
Purchase price (1)	$	958
Goodwill recorded (2)	$	798

(1) The Company recorded a realized foreign currency gain of $5 million which represents the change in foreign currency rates from the acquisition date through the settlement date. The gain is included as a component of “Transaction and Integration expense” on the Condensed Consolidated Statements of Operations.

(2) Goodwill represents the excess of the purchase price over the fair value of identifiable assets acquired and liabilities assumed at the acquisition date. Goodwill acquired was recorded in the U.K. and Ireland reporting unit and was primarily attributed to anticipated synergies. The Company does not expect the goodwill recognized in connection with the Wincanton Acquisition to be deductible for income tax purposes.

Schedule of Pro Forma Information

The unaudited pro forma information is not necessarily indicative of what the results of operations of the combined company would have been had the acquisition been completed as of January 1, 2023.


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In millions)	2024		2023		2024		2023
Revenue	$	2,983	$	2,825	$	5,876	$	5,568
Income (loss) before income taxes (1)	38		74		(81)		78

(1) Included in the Income (loss) before income taxes on a pro forma basis for the six months ended June 30, 2024 were long-lived asset impairment charges of $90 million recorded by Wincanton.

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ (14)	$ (20)	$ (4)	$ (23)
Effective tax rate	25.40%	23.00%	52.30%	19.90%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Leases - Lease Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Leases - Lease Costs (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease cost	$ 193	$ 183	$ 377	$ 398
Short-term lease cost	51	63	100	92
Variable lease cost	46	29	86	57
Total operating lease cost	290	275	563	547
Amortization of leased assets	7	6	14	13
Interest expense on lease liabilities	1	1	2	2
Total finance lease cost	8	7	16	15
Total operating and finance lease cost	$ 298	$ 282	$ 579	$ 562

Debt and Financing Arrangements

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt and Financing Arrangements

6. Debt and Financing Arrangements

The following table summarizes the carrying value of the Company’s debt:


			June 30,		December 31,
(In millions)	Rate (1)		2024		2023
Unsecured notes due 2026 (2)	1.65	%	$	398	$	398
Unsecured notes due 2029 (3)	6.25	%	592		—
Unsecured notes due 2031 (4)	2.65	%	397		397
Unsecured notes due 2034 (5)	6.50	%	490		—
Three-Year Term Loan due 2025 (6)	6.57	%	185		235
Five-Year Term Loan due 2027 (7)(8)	6.69	%	399		499
Finance leases and other debt	Various		309		118
Total debt			2,770		1,647
Less: Current debt			219		27
Total Long-term debt			$	2,551	$	1,620

(1) Interest rate as of June 30, 2024.

(2) Net of unamortized debt issuance costs of $2 million as of June 30, 2024 and December 31, 2023.

(3) Net of unamortized debt issuance costs of $8 million as of June 30, 2024.

(4) Net of unamortized debt issuance costs of $3 million as of June 30, 2024 and December 31, 2023.

(5) Net of unamortized debt issuance costs of $10 million as of June 30, 2024.

(6) On June 27, 2024, the Company repaid $50 million of the Three-Year Term Loan due 2025.

(7) Net of unamortized debt issuance costs of $1 million as of June 30, 2024 and December 31, 2023.

(8) On May 6, 2024, the Company repaid $100 million of the Five-Year Term Loan due 2027.

Unsecured Notes

On April 25, 2024, the Company entered into an underwriting agreement to issue and sell $1.1 billion of Unsecured Notes, consisting of $600 million in aggregate principal amount of its 6.25% senior notes due 2029 (the “2029 Notes”) and $500 million in aggregate principal amount of its 6.50% senior notes due 2034 (the “2034 Notes”) in a registered public offering to fund the Wincanton Acquisition. The closing of the sale of the Unsecured Notes occurred on May 6, 2024.

The 2029 Notes bear interest at a rate of 6.25% per annum payable semiannually on May 6 and November 6 of each year, beginning on November 6, 2024, and maturing on May 6, 2029. The 2034 Notes bear interest at a rate of 6.50% per annum payable semiannually on May 6 and November 6 of each year, beginning on November 6, 2024, and maturing on May 6, 2034.

Three-Year Term Loan due 2027

On March 29, 2024, the Company entered into a three-year term loan credit agreement with the lenders and other parties from time to time party thereto and Bank of America N.A., as an administrative agent, that provided a three-year multicurrency £250 million unsecured term facility to fund the Wincanton Acquisition. Concurrently with the closing of the Unsecured Notes, the Company terminated the commitments under the Three-Year Term Loan due 2027. No amounts were drawn under the Three-Year Term Loan due 2027.

Bridge Term Loan

On February 29, 2024, the Company entered into a 364-day bridge term loan credit agreement that provided a £763 million unsecured Bridge Term Loan facility to fund the Wincanton Acquisition.

Concurrently with the closing of the Unsecured Notes, the Company terminated the commitments under the Bridge Term Loan. No amounts were drawn under the Bridge Term Loan.

Revolving Credit Facilities

On March 29, 2024, the Company terminated its previous revolving credit agreement expiring in 2026 and entered into a new revolving credit agreement with Bank of America N.A., as administrative agent and an issuing lender (the “Revolving Credit Agreement”). The Revolving Credit Agreement is a five-year unsecured, multicurrency revolving facility expiring in 2029. The aggregate commitment of all lenders under the Revolving Credit Agreement will be equal to $800 million, of which $100 million is available for the issuance of letters of credit.

Loans under the Revolving Credit Agreement will bear interest at a fluctuating rate per annum equal to (a) with respect to borrowings in U.S. Dollars, at the Company’s option the alternate base rate or term Secured Overnight Financing Rate (“SOFR”), (b) with respect to borrowings in Canadian Dollars, term Canadian Overnight Repo Rate Average (“CORRA”), (c) with respect to borrowings in Pounds Sterling, daily simple Sterling Overnight Index Average Rate (“SONIA”) and (d) with respect to borrowings in Euros, Euro Interbank Offered Rate (“EURIBOR”), in each case, plus an applicable margin calculated based on the Company’s credit ratings. No amounts were outstanding under the previous or new revolving credit agreements as of June 30, 2024 or December 31, 2023.

In connection with the Wincanton Acquisition, the Company assumed a revolving credit facility agreement (the “Wincanton Revolving Credit Agreement”) under which it may borrow up to approximately £175 million ($221 million as of June 30, 2024) in aggregate at any time, expiring in March 2027. Loans under the Wincanton Revolving Credit Agreement will bear interest at daily simple SONIA plus a fixed margin. As of June 30, 2024, the Company had £74 million ($94 million) of borrowings outstanding under this agreement.

Amounts drawn and repaid in 90 days or less under the revolving credit facilities are presented net in the Condensed Consolidated Statements of Cash Flows.

Factoring Programs

The Company sells certain of its trade receivables on a non-recourse basis to third-party financial institutions under various factoring agreements.

Information related to the trade receivables sold was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023
Receivables sold in period	$	364	$	269	$	655	$	532
Cash consideration	360		268		649		529
Net cash provided by operating cash flows	15		—		18		—

Covenants and Compliance

The covenants for the Company’s debt securities, which are customary for financings of this type, limit the Company’s ability to incur indebtedness and grant liens, among other restrictions. In addition, the facilities require the Company to maintain a consolidated leverage ratio below a specified maximum.

As of June 30, 2024, the Company complied with the covenants contained in its debt and financing arrangements.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
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+ Details

Revenue Recognition - Narrative (Details) $ in Billions	Jun. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Remaining performance obligation	$ 4.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Remaining performance obligation (as a percent)	76.00%
Performance obligations expected to be satisfied, expected timing (in years)	3 years

Revenue Recognition - Contract Liability (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Contract assets included in:
Other current assets	$ 21		$ 21		$ 21
Other long-term assets	186		186		160
Total contract assets	207		207		181
Contract liabilities included in:
Other current liabilities	308		308		210
Other long-term liabilities	112		112		115
Total contract liabilities	420		420		$ 325
Amounts included in the beginning of year contract liability balance	$ 48	$ 16	$ 153	$ 98

Fair Value Measurements and Financial Instruments - Fair Value of Debt (Details) - Unsecured Debt - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Three-Year Term Loan due 2025
Fair Value Measurement Inputs and Valuation Techniques
Debt term (in years)	3 years
Five-Year Term Loan due 2027
Fair Value Measurement Inputs and Valuation Techniques
Debt term (in years)	5 years
Fair Value \| Unsecured notes due 2026 \| Level 2
Fair Value Measurement Inputs and Valuation Techniques
Fair value of debt	$ 369	$ 362
Fair Value \| Unsecured notes due 2029 \| Level 2
Fair Value Measurement Inputs and Valuation Techniques
Fair value of debt	611	0
Fair Value \| Unsecured notes due 2031 \| Level 2
Fair Value Measurement Inputs and Valuation Techniques
Fair value of debt	323	326
Fair Value \| Unsecured notes due 2034 \| Level 2
Fair Value Measurement Inputs and Valuation Techniques
Fair value of debt	507	0
Fair Value \| Three-Year Term Loan due 2025 \| Level 2
Fair Value Measurement Inputs and Valuation Techniques
Fair value of debt	183	231
Fair Value \| Five-Year Term Loan due 2027 \| Level 2
Fair Value Measurement Inputs and Valuation Techniques
Fair value of debt	396	493
Carrying Value \| Unsecured notes due 2026 \| Level 2
Fair Value Measurement Inputs and Valuation Techniques
Fair value of debt	398	398
Carrying Value \| Unsecured notes due 2029 \| Level 2
Fair Value Measurement Inputs and Valuation Techniques
Fair value of debt	592	0
Carrying Value \| Unsecured notes due 2031 \| Level 2
Fair Value Measurement Inputs and Valuation Techniques
Fair value of debt	397	397
Carrying Value \| Unsecured notes due 2034 \| Level 2
Fair Value Measurement Inputs and Valuation Techniques
Fair value of debt	490	0
Carrying Value \| Three-Year Term Loan due 2025 \| Level 2
Fair Value Measurement Inputs and Valuation Techniques
Fair value of debt	185	235
Carrying Value \| Five-Year Term Loan due 2027 \| Level 2
Fair Value Measurement Inputs and Valuation Techniques
Fair value of debt	$ 399	$ 499

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 39	$ 66	$ 3	$ 92
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	(14)	17	(28)	30
Cash flow hedges	0	4	1	1
Pension plans	0	1	2	1
Other comprehensive income (loss), net of tax	(14)	22	(25)	32
Comprehensive income (loss), net of tax	25	88	(22)	124
Less: Comprehensive income attributable to NCI	1	2	1	3
Comprehensive income (loss) attributable to GXO	$ 24	$ 86	$ (23)	$ 121

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 39	$ 66	$ 3	$ 92
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization expense	99	84	191	167
Stock-based compensation expense			19	18
Deferred tax benefit			(16)	(17)
Other			10	10
Changes in operating assets and liabilities
Accounts receivable			56	(29)
Other assets			(8)	18
Accounts payable			(82)	(107)
Accrued expenses and other liabilities			(8)	(52)
Net cash provided by operating activities			165	100
Cash flows from investing activities:
Capital expenditures			(161)	(150)
Proceeds from sale of property and equipment			10	10
Acquisition of businesses, net of cash acquired			(863)	0
Net cash used in investing activities			(1,014)	(140)
Cash flows from financing activities:
Proceeds from debt, net			1,085	0
Repayments of debt, net			(196)	(138)
Repayments of finance lease obligations			(19)	(16)
Taxes paid related to net share settlement of equity awards			(7)	(6)
Other			(6)	5
Net cash provided by (used in) financing activities			857	(155)
Effect of exchange rates on cash and cash equivalents			(7)	5
Net increase (decrease) in cash, restricted cash and cash equivalents			1	(190)
Cash, restricted cash and cash equivalents, beginning of period			470	495
Cash, restricted cash and cash equivalents, end of period	471	305	471	305
Reconciliation of cash, restricted cash and cash equivalents
Cash and cash equivalents	469	305	469	305
Restricted Cash (included in Other long-term assets)	2	0	2	0
Total cash, restricted cash and cash equivalents	$ 471	$ 305	$ 471	$ 305

Acquisitions

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Acquisitions

4. Acquisitions

Wincanton Acquisition

On February 29, 2024, the Company and the board of directors of Wincanton plc, a logistics company based in Chippenham, United Kingdom (“Wincanton”), reached an agreement on the terms of a cash offer by the Company for the acquisition of the entire issued ordinary share capital of Wincanton (the “Wincanton Acquisition”). Under the terms of the agreement, Wincanton shareholders received 605 pence ($7.64 as of the acquisition date) in cash for each Wincanton share held.

On April 10, 2024, the Wincanton shareholders approved the Wincanton Acquisition and on April 29, 2024, the Company completed the Wincanton Acquisition for total consideration of approximately £762 million ($958 million). The Competition and Markets Authority (the “CMA”) in the U.K. is currently reviewing the Wincanton Acquisition. The Company estimates that the CMA’s review of the acquisition will be completed during the second half of 2024.

Wincanton is a logistics provider specializing in both warehousing and transportation solutions in the U.K. and Ireland. Wincanton services industries in grocery, retail and manufacturing, consumer goods, ecommerce, healthcare, defense, industrial, and energy.

The Company incurred transaction and financing costs related to the Wincanton Acquisition of $11 million and $26 million for the three and six months ended June 30, 2024, respectively, which are included in Transaction and integration costs in the Condensed Consolidated Statements of Operations.

In connection with the Wincanton Acquisition, (i) the Company entered into a bridge term loan credit agreement (the “Bridge Term Loan”), (ii) the Company entered into a three-year term loan credit agreement (“Three-Year Term

Loan due 2027”), and (iii) in April 2024, the Company issued $1.1 billion aggregate principal amount of senior notes (the “Unsecured Notes”). For additional information regarding the financing agreements entered in connection with the Wincanton Acquisition, see Note 6. Debt and Financing Arrangements.

Wincanton’s results of operations are included in the Condensed Consolidated Statements of Operations from the date of acquisition. The Company recorded $333 million and $3 million of revenue and income before income taxes for both the three and six months ended June 30, 2024, respectively.

The following table summarizes the fair values of assets acquired and liabilities assumed at the acquisition date:


(In millions)
ASSETS
Current assets
Cash and cash equivalents	$	91
Accounts receivable	259
Other current assets	76
Total current assets	426
Long-term assets
Property and equipment	75
Operating lease assets	175
Intangible assets	437
Other long-term assets	149
Total long-term assets	836
Total assets	$	1,262
LIABILITIES
Current liabilities
Accounts payable	$	68
Accrued expenses	322
Current debt	7
Current operating lease liabilities	80
Other current liabilities	98
Total current liabilities	575
Long-term liabilities
Long-term debt	167
Long-term operating lease liabilities	166
Other long-term liabilities	194
Total long-term liabilities	527
Total liabilities	$	1,102
Net assets purchased	$	160
Purchase price (1)	$	958
Goodwill recorded (2)	$	798

The fair values of the assets acquired and liabilities assumed are considered preliminary and subject to adjustment as additional information is obtained and reviewed. The final allocation of the purchase price may differ from the preliminary allocation based on completion of the valuation. The Company expects to finalize the purchase price allocation within the measurement period, which will not exceed one year from the acquisition date.

The following unaudited pro forma information presents the Company’s results of operations as if the acquisition of Wincanton occurred on January 1, 2023. The pro forma results reflect the impact of incremental interest expense to finance the acquisition and amortization expense on acquired intangible assets. Adjustments have also been made to remove transaction related costs. The unaudited pro forma information is not necessarily indicative of what the results of operations of the combined company would have been had the acquisition been completed as of January 1, 2023.


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In millions)	2024		2023		2024		2023
Revenue	$	2,983	$	2,825	$	5,876	$	5,568
Income (loss) before income taxes (1)	38		74		(81)		78

(1) Included in the Income (loss) before income taxes on a pro forma basis for the six months ended June 30, 2024 were long-lived asset impairment charges of $90 million recorded by Wincanton.

PFSweb Acquisition

On September 13, 2023, the Company entered into an Agreement and Plan of Merger to acquire PFSweb, Inc., a Delaware corporation headquartered in Irving, Texas (“PFS”), and on October 23, 2023, the Company completed its acquisition of PFS (the “PFS Acquisition”). The Company acquired the shares of PFS at a price per share of $7.50 in cash, totaling approximately $149 million, net of cash acquired. PFS is a global provider of omnichannel commerce solutions, including a broad range of technology, infrastructure and professional services, in the United States, Canada and Europe. PFS’s service offerings include order fulfillment, fulfillment-as-a-service, order management and customer care.

The Company recorded the preliminary fair value of assets acquired and liabilities assumed on the date of acquisition, including intangible assets comprising customer relationships, trademarks, trade names and developed technology of $55 million with a weighted-average amortization period of 13 years. Goodwill acquired in connection with the acquisition was $84 million, recorded in the Americas and Asia-Pacific reporting unit, and was attributed to anticipated synergies. The Company does not expect the goodwill recognized in connection with the PFS Acquisition to be deductible for U.S. income tax purposes. The Company expects to finalize the purchase price allocation within the measurement period, which will not exceed one year from the acquisition date.

Goodwill (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The following table presents the changes in Goodwill for the six months ended June 30, 2024:


(In millions)
Balance as of December 31, 2023	$	2,891
Acquisition (1)	806
Impact of foreign exchange translation (2)	(33)
Balance as of June 30, 2024	$	3,664

(2) Changes to goodwill amounts resulting from foreign currency translation after the acquisition date are presented as the impact of foreign exchange translation.

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Revenue Recognition - Revenue Disaggregated by Geographic Area (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue
Revenue	$ 2,846	$ 2,394	$ 5,302	$ 4,717
United Kingdom
Disaggregation of Revenue
Revenue	1,289	893	2,202	1,737
United States
Disaggregation of Revenue
Revenue	731	692	1,478	1,406
Netherlands
Disaggregation of Revenue
Revenue	220	198	438	394
France
Disaggregation of Revenue
Revenue	201	217	401	419
Spain
Disaggregation of Revenue
Revenue	145	136	274	263
Italy
Disaggregation of Revenue
Revenue	97	94	190	182
Other
Disaggregation of Revenue
Revenue	$ 163	$ 164	$ 319	$ 316

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Acquisition - Schedule of Pro Forma Information (Details) - Wincanton - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Business Acquisition
Revenue	$ 2,983	$ 2,825	$ 5,876	$ 5,568
Income (loss) before income taxes	$ 38	$ 74	(81)	$ 78
Impairment charges			$ 90

Earnings per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings per Share

8. Earnings per Share

The computations of basic and diluted earnings per share were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in millions, shares in thousands, except per share amounts)	2024		2023		2024		2023
Net income attributable to common shares	$	38	$	65	$	1	$	90

Basic weighted-average common shares	119,427		118,927		119,350		118,854
Diluted weighted-average common shares (1)	119,683		119,415		119,680		119,323

Basic earnings per share	$	0.32	$	0.55	$	0.01	$	0.76
Diluted earnings per share	$	0.32	$	0.54	$	0.01	$	0.75

Antidilutive shares excluded from diluted weighted-average common shares	1,087		1,604		1,074		1,711

Commitment and Contingencies (Details) € in Millions, $ in Millions		3 Months Ended		6 Months Ended
	Jun. 14, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jul. 02, 2024 EUR (€)
Commitments and Contingencies Disclosure [Abstract]
Damages awarded	$ 45
Litigation expense		$ (3)	$ 0	$ 60	$ 0
Loss Contingencies [Line Items]
Alleged amount of possible loss		$ 90		$ 90
Subsequent Event
Loss Contingencies [Line Items]
Alleged amount of possible loss \| €						€ 84

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements of GXO Logistics, Inc. (“GXO” or the “Company”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and pursuant to the rules of the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation have been included. Operating results for the interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The Company’s Condensed Consolidated Financial Statements include the accounts of GXO and its majority-owned subsidiaries and variable interest entities of which the Company is the primary beneficiary. The Company has eliminated intercompany accounts and transactions. The accompanying Condensed Consolidated Financial Statements and Notes thereto should be read in conjunction with the Annual Report on Form 10-K for the year ended December 31, 2023.
Reclassifications	Certain amounts reported for prior periods have been reclassified to conform to the current period’s presentation.
Accounting Pronouncements Issued But Not Yet Adopted	Accounting Pronouncements Issued But Not Yet Adopted In March 2024, the SEC adopted final rules designed to enhance public company disclosures related to the risks and impacts of climate-related matters. The new rules include disclosures relating to climate-related risks and risk management, as well as the board and management’s governance of such risks. In addition, the rules include requirements to disclose the financial effects of severe weather events and other natural conditions in the audited financial statements. Larger registrants will also be required to disclose information about greenhouse gas emissions, which will be subject to a phased-in assurance requirement. The disclosures are required for annual periods ending December 31, 2025. In April 2024, the SEC issued an order staying the implementation of the new climate-related disclosure rules pending completion of judicial review of consolidated changes to the rules by the U.S. Court of Appeals for the Eighth Circuit. The Company continues to monitor developments and evaluate the potential impact of these rules on its Consolidated Financial Statements. In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which provides for expanded disclosures primarily related to income taxes paid and the rate reconciliation. The amendments are effective for annual periods beginning after December 15, 2024 and early adoption is permitted. The guidance can be applied prospectively or retrospectively. The Company is currently evaluating the impact of this ASU on its Consolidated Financial Statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of incremental segment information on an annual and interim basis. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on its Consolidated Financial Statements.

Stockholders' Equity (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Stockholders' Equity (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning balance	$ 2,903	$ 2,719	$ 2,946	$ 2,678
Other comprehensive income (loss), net of tax	(14)	22	(25)	32
Ending balance	2,933	2,811	2,933	2,811
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning balance	(124)	(132)	(83)	(156)
Other comprehensive income (loss) before reclassifications	(22)	32	(63)	56
Amounts reclassified to net income (loss)	0	0	0	0
Tax amounts	1	1	1	1
Other comprehensive income (loss), net of tax	(21)	33	(62)	57
Ending balance	(145)	(99)	(145)	(99)
Net Investment Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning balance	(20)	(4)	(47)	7
Other comprehensive income (loss) before reclassifications	14	(18)	47	(34)
Amounts reclassified to net income (loss)	(4)	(3)	(3)	(1)
Tax amounts	(3)	5	(10)	8
Other comprehensive income (loss), net of tax	7	(16)	34	(27)
Ending balance	(13)	(20)	(13)	(20)
Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning balance	6	4	5	7
Other comprehensive income (loss) before reclassifications	0	5	1	1
Amounts reclassified to net income (loss)	0	0	0	0
Tax amounts	0	(1)	0	0
Other comprehensive income (loss), net of tax	0	4	1	1
Ending balance	6	8	6	8
Defined Benefit Plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning balance	(111)	(112)	(113)	(112)
Other comprehensive income (loss) before reclassifications	(1)	0	0	0
Amounts reclassified to net income (loss)	1	1	2	1
Tax amounts	0	0	0	0
Other comprehensive income (loss), net of tax	0	1	2	1
Ending balance	(111)	(111)	(111)	(111)
Less: AOCIL attributable to NCI
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning balance	0	0	(1)	0
Other comprehensive income (loss) before reclassifications	0	(1)	1	(1)
Amounts reclassified to net income (loss)	0	0	0	0
Tax amounts	0	0	0	0
Other comprehensive income (loss), net of tax	0	(1)	1	(1)
Ending balance	0	(1)	0	(1)
AOCIL attributable to GXO
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning balance	(249)	(244)	(239)	(254)
Other comprehensive income (loss) before reclassifications	(9)	18	(14)	22
Amounts reclassified to net income (loss)	(3)	(2)	(1)	0
Tax amounts	(2)	5	(9)	9
Other comprehensive income (loss), net of tax	(14)	21	(24)	31
Ending balance	$ (263)	$ (223)	$ (263)	$ (223)

Restructuring Costs and Other (Tables)

6 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Related Costs

The following table summarizes changes in the restructuring liability, which is included in other current liabilities in the Condensed Consolidated Balance Sheets:


(In millions)
Balance as of December 31, 2023	$	7
Charges incurred	17
Payments	(12)

Balance as of June 30, 2024	$	12

Goodwill (Details) - USD ($) $ in Millions	6 Months Ended
Goodwill (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 2,891
Acquisition	806
Impact of foreign exchange translation	(33)
Goodwill, Ending Balance	3,664
Accumulated goodwill impairment loss	0	$ 0
Wincanton
Goodwill [Roll Forward]
Purchase price allocation	798
PFSweb, Inc
Goodwill [Roll Forward]
Purchase price allocation	$ 8

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
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-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Paragraph 100
-Subparagraph (d)
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
-Paragraph 10
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-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

The following tables summarize the changes in AOCIL by component:


	Foreign Currency Adjustment
(In millions)	Foreign Currency Translation Adjustments		Net Investment Hedges		Cash Flow Hedges		Defined Benefit Plans		Less: AOCIL attributable to NCI		AOCIL attributable to GXO
As of March 31, 2024	$	(124)	$	(20)	$	6	$	(111)	$	—	$	(249)
Other comprehensive income (loss) before reclassifications	(22)		14		—		(1)		—		(9)
Amounts reclassified to net income (loss)	—		(4)		—		1		—		(3)
Tax amounts	1		(3)		—		—		—		(2)
Other comprehensive income (loss), net of tax	(21)		7		—		—		—		(14)
As of June 30, 2024	$	(145)	$	(13)	$	6	$	(111)	$	—	$	(263)


	Foreign Currency Adjustment
(In millions)	Foreign Currency Translation Adjustments		Net Investment Hedges		Cash Flow Hedges		Defined Benefit Plans		Less: AOCIL attributable to NCI		AOCIL attributable to GXO
As of December 31, 2023	$	(83)	$	(47)	$	5	$	(113)	$	(1)	$	(239)
Other comprehensive income (loss) before reclassifications	(63)		47		1		—		1		(14)
Amounts reclassified to net income (loss)	—		(3)		—		2		—		(1)
Tax amounts	1		(10)		—		—		—		(9)
Other comprehensive income (loss), net of tax	(62)		34		1		2		1		(24)
As of June 30, 2024	$	(145)	$	(13)	$	6	$	(111)	$	—	$	(263)


	Foreign Currency Adjustment
(In millions)	Foreign Currency Translation Adjustments		Net Investment Hedges		Cash Flow Hedges		Defined Benefit Plans		Less: AOCIL attributable to NCI		AOCIL attributable to GXO
As of March 31, 2023	$	(132)	$	(4)	$	4	$	(112)	$	—	$	(244)
Other comprehensive income (loss) before reclassifications	32		(18)		5		—		(1)		18
Amounts reclassified to net income (loss)	—		(3)		—		1		—		(2)
Tax amounts	1		5		(1)		—		—		5
Other comprehensive income (loss), net of tax	33		(16)		4		1		(1)		21
As of June 30, 2023	$	(99)	$	(20)	$	8	$	(111)	$	(1)	$	(223)


	Foreign Currency Adjustment
(In millions)	Foreign Currency Translation Adjustments		Net Investment Hedges		Cash Flow Hedges		Defined Benefit Plans		Less: AOCIL attributable to NCI		AOCIL attributable to GXO
As of December 31, 2022	$	(156)	$	7	$	7	$	(112)	$	—	$	(254)
Other comprehensive income (loss) before reclassifications	56		(34)		1		—		(1)		22
Amounts reclassified to net income (loss)	—		(1)		—		1		—		—
Tax amounts	1		8		—		—		—		9
Other comprehensive income (loss), net of tax	57		(27)		1		1		(1)		31
As of June 30, 2023	$	(99)	$	(20)	$	8	$	(111)	$	(1)	$	(223)

Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	1. Basis of Presentation and Significant Accounting Policies Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements of GXO Logistics, Inc. (“GXO” or the “Company”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and pursuant to the rules of the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation have been included. Operating results for the interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The Company’s Condensed Consolidated Financial Statements include the accounts of GXO and its majority-owned subsidiaries and variable interest entities of which the Company is the primary beneficiary. The Company has eliminated intercompany accounts and transactions. The accompanying Condensed Consolidated Financial Statements and Notes thereto should be read in conjunction with the Annual Report on Form 10-K for the year ended December 31, 2023. Certain amounts reported for prior periods have been reclassified to conform to the current period’s presentation. The Company presents its operations as one reportable segment. Accounting Pronouncements Issued But Not Yet Adopted In March 2024, the SEC adopted final rules designed to enhance public company disclosures related to the risks and impacts of climate-related matters. The new rules include disclosures relating to climate-related risks and risk management, as well as the board and management’s governance of such risks. In addition, the rules include requirements to disclose the financial effects of severe weather events and other natural conditions in the audited financial statements. Larger registrants will also be required to disclose information about greenhouse gas emissions, which will be subject to a phased-in assurance requirement. The disclosures are required for annual periods ending December 31, 2025. In April 2024, the SEC issued an order staying the implementation of the new climate-related disclosure rules pending completion of judicial review of consolidated changes to the rules by the U.S. Court of Appeals for the Eighth Circuit. The Company continues to monitor developments and evaluate the potential impact of these rules on its Consolidated Financial Statements. In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which provides for expanded disclosures primarily related to income taxes paid and the rate reconciliation. The amendments are effective for annual periods beginning after December 15, 2024 and early adoption is permitted. The guidance can be applied prospectively or retrospectively. The Company is currently evaluating the impact of this ASU on its Consolidated Financial Statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of incremental segment information on an annual and interim basis. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on its Consolidated Financial Statements.

Revenue Recognition - Revenue Disaggregated by Industry Sector (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue
Revenue	$ 2,846	$ 2,394	$ 5,302	$ 4,717
Omnichannel retail
Disaggregation of Revenue
Revenue	1,316	1,026	2,338	1,990
Technology and consumer electronics
Disaggregation of Revenue
Revenue	363	355	745	721
Food and beverage
Disaggregation of Revenue
Revenue	326	335	642	642
Industrial and manufacturing
Disaggregation of Revenue
Revenue	331	270	597	540
Consumer packaged goods
Disaggregation of Revenue
Revenue	290	232	585	458
Other
Disaggregation of Revenue
Revenue	$ 220	$ 176	$ 395	$ 366

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Employee Benefit Plans

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Employee Benefit Plans

10. Employee Benefit Plans

Defined Benefit Plans

The Company sponsors a defined benefit pension scheme in the U.K. (the “GXO U.K. Retirement Plan”). In connection with the Wincanton Acquisition, the Company assumed multiple pension schemes covering certain employees in the U.K. and Ireland (the “Wincanton Retirement Plan”). The Company recognized £109 million ($137 million) of assets on the acquisition date, reflecting the funded status of the Wincanton Retirement Plan which is recorded in Other long-term assets.

The GXO U.K. Retirement Plan and the Wincanton Retirement Plan (collectively the “U.K. Retirement Plans”) do not allow for new plan participants or additional benefit accruals.

The Company deems other international retirement plans to be immaterial to its Condensed Consolidated Financial Statements and are excluded from this disclosure.

Components of the net periodic benefit income recognized under the U.K. Retirement Plans were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023
Interest cost	$	(17)	$	(9)	$	(26)	$	(19)
Expected return on plan assets	23		12		36		24
Amortization of net loss	(1)		(1)		(2)		(1)
Net periodic pension income (1)	$	5	$	2	$	8	$	4

(1) Net periodic pension income is recorded in Other income, net in the Condensed Consolidated Statements of Operations.

Defined Contribution Plans

The Company has defined contribution retirement plans for its U.S. employees and employees of certain foreign subsidiaries. Defined contribution costs were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023
Defined contribution costs (1)	$	21	$	15	$	38	$	32

(1) Defined contribution costs were primarily recorded in Direct operating expense in the Condensed Consolidated Statements of Operations.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
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-Section 55
-Paragraph 17
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-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
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-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
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-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

Fair Value Measurements and Financial Instruments - Fair Value by Balance Sheet Location (Details) $ in Millions	Jun. 30, 2024 USD ($)	Apr. 30, 2024 USD ($) amended	Jan. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Cross Currency Swap Due 2027 And 2028
Derivatives, Fair Value
Derivative, notional amount		$ 315
Number of amended \| amended		4
Cross Currency Swap Due 2029
Derivatives, Fair Value
Derivative, notional amount		$ 300
Number of amended \| amended		3
Other long-term assets \| Derivatives designated as net investment hedges: \| Cross-currency swap agreements
Derivatives, Fair Value
Derivative, notional amount	$ 1,037			$ 487
Derivative asset, fair value	18			3
Other long-term assets \| Derivatives designated as net investment hedges: \| Interest rate swaps
Derivatives, Fair Value
Derivative, notional amount	250		$ 125	125
Derivative liability, fair value	6			3
Other current liabilities \| Derivatives designated as net investment hedges: \| Cross-currency swap agreements
Derivatives, Fair Value
Derivative, notional amount	165			165
Derivative asset, fair value	2			7
Other current liabilities \| Derivatives not designated as hedges: \| Foreign currency option contracts
Derivatives, Fair Value
Derivative, notional amount	106			0
Derivative asset, fair value	3			0
Other long-term liabilities \| Derivatives designated as net investment hedges: \| Cross-currency swap agreements
Derivatives, Fair Value
Derivative, notional amount	633			883
Derivative asset, fair value	22			49
Other current assets \| Derivatives designated as net investment hedges: \| Interest rate swaps
Derivatives, Fair Value
Derivative, notional amount	0			125
Derivative liability, fair value	0			2
Other current assets \| Derivatives not designated as hedges: \| Foreign currency option contracts
Derivatives, Fair Value
Derivative, notional amount	337			397
Derivative asset, fair value	8			8
Other current assets \| Derivatives not designated as hedges: \| Foreign currency forward contracts
Derivatives, Fair Value
Derivative, notional amount	107			1
Derivative asset, fair value	$ 1			$ 0

Acquisitions - Narrative (Details) $ / shares in Units, € in Millions, $ in Millions					3 Months Ended	6 Months Ended
	Apr. 29, 2024 USD ($)	Apr. 29, 2024 EUR (€)	Mar. 29, 2024	Oct. 23, 2023 USD ($) $ / shares	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Apr. 25, 2024 USD ($)	Feb. 29, 2024 $ / shares	Feb. 29, 2024 £ / shares	Dec. 31, 2023 USD ($)
Business Acquisition
Goodwill					$ 3,664	$ 3,664				$ 2,891
Unsecured Notes Due 2029 and 2034
Business Acquisition
Face amount							$ 1,100
Three-Year Term Loan Due 2027 \| Unsecured Debt \| Line of Credit
Business Acquisition
Debt term (in years)			3 years
Wincanton
Business Acquisition
Price (in dollar per share) \| (per share)								$ 7.64	£ 6.05
Purchase price paid	$ 958	€ 762
Transaction and financing costs					11	26
Goodwill	$ 798
Revenue recorded					333	333
Income before income taxes recorded					$ 3	$ 3
PFSweb, Inc
Business Acquisition
Price (in dollar per share) \| $ / shares				$ 7.50
Purchase price paid				$ 149
Operating and finance lease, liability				$ 55
Weighted-average amortization period (in years)				13 years
Goodwill				$ 84

Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The computations of basic and diluted earnings per share were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in millions, shares in thousands, except per share amounts)	2024		2023		2024		2023
Net income attributable to common shares	$	38	$	65	$	1	$	90

Basic weighted-average common shares	119,427		118,927		119,350		118,854
Diluted weighted-average common shares (1)	119,683		119,415		119,680		119,323

Basic earnings per share	$	0.32	$	0.55	$	0.01	$	0.76
Diluted earnings per share	$	0.32	$	0.54	$	0.01	$	0.75

Antidilutive shares excluded from diluted weighted-average common shares	1,087		1,604		1,074		1,711

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 469	$ 468
Accounts receivable, net of allowance of $15 and $11	1,909	1,753
Other current assets	419	347
Total current assets	2,797	2,568
Long-term assets
Property and equipment, net of accumulated depreciation of $1,637 and $1,545	1,093	953
Operating lease assets	2,344	2,201
Goodwill	3,664	2,891
Intangible assets, net of accumulated amortization of $563 and $528	942	567
Other long-term assets	520	327
Total long-term assets	8,563	6,939
Total assets	11,360	9,507
Current liabilities
Accounts payable	690	709
Accrued expenses	1,286	966
Current debt	219	27
Current operating lease liabilities	672	597
Other current liabilities	402	327
Total current liabilities	3,269	2,626
Long-term liabilities
Long-term debt	2,551	1,620
Long-term operating lease liabilities	1,981	1,842
Other long-term liabilities	626	473
Total long-term liabilities	5,158	3,935
Commitments and Contingencies (Note 13)
Stockholders’ Equity
Common Stock, $0.01 par value per share; 300,000 shares authorized, 119,437 and 119,057 issued and outstanding	1	1
Preferred Stock, $0.01 par value per share; 10,000 shares authorized, none issued and outstanding	0	0
Additional Paid-In Capital (“APIC”)	2,610	2,598
Retained earnings	553	552
Accumulated Other Comprehensive Income (Loss) (“AOCIL”)	(263)	(239)
Total stockholders’ equity before NCI	2,901	2,912
NCI	32	34
Total equity	2,933	2,946
Total liabilities and equity	$ 11,360	$ 9,507

Debt and Financing Arrangements - Narrative (Details)	Mar. 29, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 GBP (£)	Apr. 25, 2024 USD ($)	Mar. 29, 2024 EUR (€)	Feb. 29, 2024 EUR (€)	Dec. 31, 2023 USD ($)
Unsecured notes due 2029
Debt Instrument
Face amount				$ 600,000,000
Interest rate (as a percent)				6.25%
Unsecured notes due 2029 \| Unsecured Debt
Debt Instrument
Interest rate (as a percent)		6.25%	6.25%
Unsecured Notes Due 2031
Debt Instrument
Face amount				$ 500,000,000
Interest rate (as a percent)				6.50%
Unsecured Notes Due 2031 \| Unsecured Debt
Debt Instrument
Interest rate (as a percent)		6.50%	6.50%
Unsecured Debt \| Three-Year Term Loan Due 2027 \| Line of Credit
Debt Instrument
Debt term (in years)	3 years
Maximum borrowing capacity \| €					€ 250,000,000
Unsecured Debt \| Revolving Credit Facility \| Line of Credit
Debt Instrument
Debt term (in years)	5 years
Bridge Term Loan Credit Agreement
Debt Instrument
Maximum borrowing capacity \| €						€ 763,000,000
Revolving Credit Facility
Debt Instrument
Maximum borrowing capacity	$ 800,000,000
Long-term line of credit		$ 0					$ 0
Revolving Credit Facility \| Wincanton
Debt Instrument
Maximum borrowing capacity		221,000,000	£ 175,000,000
Long-term line of credit		$ 94,000,000	£ 74,000,000
Letter of Credit
Debt Instrument
Maximum borrowing capacity	$ 100,000,000

Employee Benefit Plans - Schedule of Projected Benefit Obligations (Details) - Pension Plan - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Defined Benefit Plan Disclosure
Interest cost	$ (17)	$ (9)	$ (26)	$ (19)
Expected return on plan assets	23	12	36	24
Amortization of net loss	(1)	(1)	(2)	(1)
Net periodic pension income	$ 5	$ 2	$ 8	$ 4

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net income attributable to common shares, basic	$ 38	$ 65	$ 1	$ 90
Net income attributable to common shares, diluted	$ 38	$ 65	$ 1	$ 90
Basic weighted-average common shares outstanding (in shares)	119,427	118,927	119,350	118,854
Diluted effect of stock-based awards (in shares)	119,683	119,415	119,680	119,323
Basic earnings per share (in dollars per share)	$ 0.32	$ 0.55	$ 0.01	$ 0.76
Diluted earnings per share (in dollars per share)	$ 0.32	$ 0.54	$ 0.01	$ 0.75
Antidilutive shares excluded from diluted weighted-average common shares (in shares)	1,087	1,604	1,074	1,711

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

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