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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2016	Feb. 21, 2017	Jun. 30, 2016
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	FY
Trading Symbol	XPO
Entity Registrant Name	XPO Logistics, Inc.
Entity Central Index Key	0001166003
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		111,456,669
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 2,850,700,780

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 373.4	$ 289.8
Accounts receivable, net of allowances of $26.3 and $16.9, respectively	2,313.3	2,266.4
Other current assets	386.9	401.0
Total current assets	3,073.6	2,957.2
Property and equipment, net of $589.9 and $209.3 in accumulated depreciation, respectively	2,537.4	2,852.2
Goodwill	4,325.8	4,610.6
Identifiable intangible assets, net of $377.1 and $210.2 in accumulated amortization, respectively	1,534.7	1,876.5
Deferred tax asset	2.7	113.6
Other long-term assets	224.2	233.1
Total long-term assets	8,624.8	9,686.0
Total assets	11,698.4	12,643.2
Current liabilities:
Accounts payable	1,056.3	1,063.7
Accrued expenses	1,382.1	1,291.8
Current maturities of long-term debt	136.5	135.3
Other current liabilities	156.7	203.6
Total current liabilities	2,731.6	2,694.4
Long-term debt	4,731.5	5,272.6
Deferred tax liability	572.4	933.3
Employee benefit obligations	251.4	312.6
Other long-term liabilities	373.9	369.5
Total long-term liabilities	5,929.2	6,888.0
Stockholders’ equity:
Convertible perpetual preferred stock, $.001 par value; 10,000,000 shares authorized; 72,235 and 72,885 of Series A shares issued and outstanding at December 31, 2016 and December 31, 2015, respectively	41.6	42.0
Common stock, $.001 par value; 300,000,000 shares authorized; 111,087,027 and 109,523,493 shares issued and outstanding at December 31, 2016 and December 31, 2015, respectively	0.1	0.1
Additional paid-in capital	3,244.9	3,212.3
Accumulated deficit	(392.9)	(465.0)
Accumulated other comprehensive loss	(193.7)	(72.3)
Total stockholders’ equity before noncontrolling interests	2,700.0	2,717.1
Noncontrolling interests	337.6	343.7
Total equity	3,037.6	3,060.8
Total liabilities and equity	$ 11,698.4	$ 12,643.2

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Accounts receivable allowances	$ 26.3	$ 16.9
Property and equipment, accumulated depreciation	589.9	209.3
Identifiable intangible assets, accumulated amortization	$ 377.1	$ 210.2
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	72,235	72,885
Preferred stock, shares outstanding (in shares)	72,235	72,885
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	111,087,027	109,523,493
Common stock, shares outstanding (in shares)	111,087,027	109,523,493

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Statement [Abstract]
Revenue	$ 14,619.4	$ 7,623.2	$ 2,356.6
Operating expenses
Cost of transportation and services	7,886.0	4,171.4	1,701.8
Direct operating expense	4,594.1	2,367.0	273.2
Sales, general and administrative expense	1,651.2	1,113.4	422.5
Total operating expenses	14,131.3	7,651.8	2,397.5
Operating income (loss)	488.1	(28.6)	(40.9)
Other expense (income)	(9.2)	(7.6)	0.4
Foreign currency loss (gain)	(40.3)	44.8	0.4
Debt extinguishment loss	69.7	0.0	0.0
Interest expense	361.1	216.7	48.0
Income (loss) before income tax provision (benefit)	106.8	(282.5)	(89.7)
Income tax provision (benefit)	22.3	(90.9)	(26.1)
Net income (loss)	84.5	(191.6)	(63.6)
Net (income) loss attributable to noncontrolling interests	(15.5)	0.5	0.0
Net income (loss) attributable to XPO	69.0	(191.1)	(63.6)
Earnings per share data:
Net income (loss) attributable to common shareholders	$ 63.1	$ (245.9)	$ (107.4)
Basic earnings (loss) per share (in usd per share)	$ 0.57	$ (2.65)	$ (2.00)
Diluted earnings (loss) per share (in usd per share)	$ 0.53	$ (2.65)	$ (2.00)
Weighted-average common shares outstanding
Basic weighted-average common shares outstanding (in shares)	110.2	92.8	53.6
Diluted weighted-average common shares outstanding (in shares)	122.8	92.8	53.6

Consolidated Statements of Comprehensive Loss - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 84.5	$ (191.6)	$ (63.6)
Other comprehensive income (loss)
Foreign currency translation losses	(137.7)	(68.5)	0.0
Unrealized gains (losses) on financial assets/liabilities designated as hedging instruments, net of tax effect of $0.1, $2.2 and $0.0	(7.1)	6.9	0.0
Change in defined benefit plans liability, net of tax benefit of $3.7, $9.8 and $0.0	4.7	(17.0)	0.0
Other comprehensive loss	(140.1)	(78.6)	0.0
Comprehensive loss	(55.6)	(270.2)	(63.6)
Less: Comprehensive loss attributable to noncontrolling interests	3.2	6.8	0.0
Comprehensive loss attributable to XPO	$ (52.4)	$ (263.4)	$ (63.6)

Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
Unrealized gains (losses) on cash flow and net investment hedges, tax effect	$ 0.1	$ 2.2	$ 0.0
Change in defined benefit plans liability, tax effect	$ 3.7	$ 9.8	$ 0.0

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating activities
Net income (loss)	$ 84.5	$ (191.6)	$ (63.6)
Adjustments to reconcile net income (loss) to net cash from operating activities
Depreciation and amortization	643.4	364.9	98.3
Stock compensation expense	54.5	27.9	7.5
Accretion of debt	17.0	6.4	7.3
Deferred tax benefit	(20.9)	(91.9)	(30.0)
Debt extinguishment loss	69.7	0.0	0.0
Unrealized (gain) loss on foreign currency option and forward contracts	(39.7)	1.0	0.0
Other	7.4	9.4	11.2
Changes in assets and liabilities:
Accounts receivable	(153.7)	7.8	(143.9)
Other assets	17.2	(35.3)	9.2
Accounts payable	1.7	(51.3)	53.9
Accrued expenses and other liabilities	(55.7)	43.5	28.8
Cash flows provided (used) by operating activities	625.4	90.8	(21.3)
Investing activities
Acquisition of businesses, net of cash acquired	0.0	(3,887.0)	(814.0)
Proceeds from sale of business, net of $10.5 cash divested	547.7	0.0	0.0
Loss on forward contract related to acquisition	0.0	(9.7)	0.0
Payment for purchases of property and equipment	(483.4)	(249.0)	(44.6)
Proceeds from sale of assets	68.9	60.3	0.0
Other	8.8	0.0	0.3
Cash flows provided (used) by investing activities	142.0	(4,085.4)	(858.3)
Financing activities
Proceeds from preferred stock and common stock offerings	0.0	1,260.0	1,131.3
Payment for equity issuance costs	0.0	(31.9)	(33.9)
Proceeds from issuance of long-term debt	1,377.8	4,151.8	500.0
Payment of debt issuance costs	(25.8)	(42.9)	(10.4)
Repurchase of debt	(1,889.2)	0.0	0.0
Repayment of long-term debt and capital leases	(151.4)	(1,215.6)	0.0
Proceeds from borrowings on revolving credit facility	360.0	0.0	130.0
Repayment of borrowings on revolving credit facility	(330.0)	0.0	(205.0)
Bank overdrafts	(16.5)	(12.3)	0.0
Purchase of noncontrolling interests	(1.4)	(459.7)	0.0
Dividends paid	(5.4)	(2.8)	(2.9)
Other	1.1	(1.7)	(6.9)
Cash flows provided (used) by financing activities	(680.8)	3,644.9	1,502.2
Effect of exchange rates on cash	(3.0)	(4.6)	0.0
Net increase (decrease) in cash	83.6	(354.3)	622.6
Cash and cash equivalents, beginning of year	289.8	644.1	21.5
Cash and cash equivalents, end of year	373.4	289.8	644.1
Supplemental disclosure of cash flow information:
Cash paid for interest	363.1	168.2	19.0
Cash paid for income taxes	$ 40.7	$ 14.5	$ 2.3

Consolidated Statements of Cash Flows Consolidated Statements of Cash Flows (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Cash Flows [Abstract]
Cash divested	$ 10,500,000	$ 0	$ 0

Consolidated Statements of Changes in Equity - USD ($) shares in Thousands, $ in Millions	Total	Common Stock	Treasury Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Total Stockholders' Equity	Non-controlling Interests	Series A Preferred Stock	Series A Preferred Stock Preferred Stock	Series A Preferred Stock Common Stock	Series A Preferred Stock Additional Paid-In Capital	Series B Preferred Stock	Series B Preferred Stock Preferred Stock	Series B Preferred Stock Common Stock	Series B Preferred Stock Additional Paid-In Capital	Series C Preferred Stock	Series C Preferred Stock Preferred Stock	Series C Preferred Stock Common Stock	Series C Preferred Stock Additional Paid-In Capital
Balance (in shares) at Dec. 31, 2013		30,583	45							74				0
Beginning of Period at Dec. 31, 2013	$ 455.9	$ 0.0	$ (0.1)	$ 525.0	$ (111.7)	$ 0.0	$ 455.9	$ 0.0		$ 42.7				$ 0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(63.6)				(63.6)		(63.6)
Other comprehensive income (loss)	0.0
Exercise of warrants and stock options and other (in shares)		293
Exercise and vesting of stock compensation awards	(4.5)			(4.5)			(4.5)
Conversion of preferred stock to common stock (in shares)										1	120			400	12,128
Conversion of preferred stock to common stock									$ 0.0	$ (0.5)		$ 0.5	$ 0.0	$ (363.6)		$ 363.6
Proceeds from issuance of preferred stock, net of issuance costs (in shares)														400
Proceeds from issuance of preferred stock, net of issuance costs	363.6						363.6							$ 363.6
Deemed distribution for recognition of beneficial conversion feature on preferred stock	0.0			40.9	(40.9)
Proceeds from common stock offering, net of issuance costs (in shares)		27,953
Proceeds from common stock offering, net of issuance costs	733.8	$ 0.1		733.7			733.8
Issuance of common stock for acquisitions (in shares)		4,704	45
Issuance of common stock for acquisitions	138.2		$ 0.1	138.1			138.2
Issuance of common stock upon conversion of convertible senior notes, net of tax (in shares)		1,641
Issuance of common stock upon conversion of senior notes, net of tax	27.1			27.1			27.1
Dividend paid	(2.9)				(2.9)		(2.9)
Stock compensation expense	7.5			7.5			7.5
Balance (in shares) at Dec. 31, 2014		77,422	0							73				0				0
End of Period at Dec. 31, 2014	1,655.1	$ 0.1	$ 0.0	1,831.9	(219.1)	0.0	1,655.1	0.0		$ 42.2				$ 0.0				$ 0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(191.6)				(191.1)		(191.1)	(0.5)
Other comprehensive income (loss)	(78.6)					(72.3)	(72.3)	(6.3)
Transfer to noncontrolling interest from redeemable noncontrolling interest	324.6			4.2			4.2	320.4
Acquisition of noncontrolling interest	30.1							30.1
Exercise of warrants and stock options and other (in shares)		683
Exercise and vesting of stock compensation awards	2.9			2.9			2.9
Conversion of preferred stock to common stock (in shares)											64							563	12,501
Conversion of preferred stock to common stock									$ 0.0	$ (0.2)		$ 0.2					$ 0.0	$ (548.5)		$ 548.5
Proceeds from issuance of preferred stock, net of issuance costs (in shares)																		563
Proceeds from issuance of preferred stock, net of issuance costs	548.5						548.5											$ 548.5
Deemed distribution for recognition of beneficial conversion feature on preferred stock	0.0			52.0	(52.0)
Proceeds from common stock offering, net of issuance costs (in shares)		15,499
Proceeds from common stock offering, net of issuance costs	679.6			679.6			679.6
Issuance of common stock for acquisitions (in shares)		38
Issuance of common stock for acquisitions	1.5			1.5			1.5
Awards assumed in acquisition	17.6			17.6			17.6
Issuance of common stock upon conversion of convertible senior notes, net of tax (in shares)		3,316
Issuance of common stock upon conversion of senior notes, net of tax	55.6			55.6			55.6
Dividend paid	(2.8)				(2.8)		(2.8)
Stock compensation expense	18.3			18.3			18.3
Balance (in shares) at Dec. 31, 2015		109,523								73								0
End of Period at Dec. 31, 2015	3,060.8	$ 0.1		3,212.3	(465.0)	(72.3)	2,717.1	343.7		$ 42.0								$ 0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	84.5				69.0		69.0	15.5
Other comprehensive income (loss)	(140.1)					(121.4)	(121.4)	(18.7)
Acquisition of noncontrolling interest	2.6			2.6			2.6
Exercise of warrants and stock options and other (in shares)		1,298
Exercise and vesting of stock compensation awards	(1.5)			(1.5)			(1.5)
Conversion of preferred stock to common stock (in shares)		93								1
Conversion of preferred stock to common stock	0.0			0.4						$ (0.4)
Issuance of common stock upon conversion of convertible senior notes, net of tax (in shares)		173
Issuance of common stock upon conversion of senior notes, net of tax	2.8			2.8			2.8
Dividend paid	(6.1)				(3.2)		(3.2)	(2.9)
Stock compensation expense	27.0			27.0			27.0
Adoption of stock compensation standard	7.6			1.3	6.3		7.6
Balance (in shares) at Dec. 31, 2016		111,087								72								0
End of Period at Dec. 31, 2016	$ 3,037.6	$ 0.1		$ 3,244.9	$ (392.9)	$ (193.7)	$ 2,700.0	$ 337.6		$ 41.6								$ 0.0

Organization	12 Months Ended
Organization	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Nature of Operations XPO Logistics, Inc. and its subsidiaries (“XPO” or the “Company”) use an integrated network of people, technology and physical assets to help customers manage their goods more efficiently throughout their supply chains. The Company’s customers are multinational, national, mid-size and small enterprises, and include many of the most prominent companies in the world. XPO runs its business on a global basis, with two reportable segments: Transportation and Logistics. In the Transportation segment, the Company provides multiple services to facilitate the movement of raw materials, parts and finished goods. The Company accomplishes this by using its proprietary transportation technology, third-party carriers and Company-owned trucks. XPO’s transportation services include: freight brokerage, last mile, less-than-truckload (“LTL”), full truckload, and global forwarding services. Freight brokerage, last mile, and global forwarding are all non-asset or asset-light businesses. LTL and full truckload are asset-based. In the Logistics segment, referred to as supply chain, the Company provides a range of contract logistics services, including highly engineered and customized solutions, value-added warehousing and distribution, cold chain solutions and other inventory management solutions. The Company performs e-commerce fulfillment, order personalization, warehousing, reverse logistics, storage, factory support, aftermarket support, manufacturing, distribution, packaging and labeling, as well as supply chain optimization services such as production flow management.

Basis of Presentation and Significant Accounting Policies

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Basis of Presentation and Significant Accounting Policies

Basis of Presentation

The preparation of the consolidated financial statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingencies at the date of the financial statements as well as the reported amounts of revenue and expense during the reporting period. Estimates have been prepared on the basis of the most current and best available information, but actual results could differ materially from those estimates. Intercompany transactions have been eliminated in the consolidated financial statements. The results of operations of acquired companies are included in the Company’s results from the closing date of the acquisition and forward. Income or loss attributable to noncontrolling interests is deducted from net income/loss to determine net income/loss attributable to XPO.

Consolidation

The Company's financial statements consolidate all of its affiliates in which it has either a majority voting interest or a controlling financial interest, most often because the Company has the power to direct the activities that significantly affect the variable interest entity’s (“VIE”) economic performance, including having operational control over each VIE and operating the VIEs under the XPO brand or policies.

Rights held by others to remove the party with power over the VIE are not considered unless one party can exercise those rights unilaterally. When changes occur to the design of an entity, the Company reconsiders whether it is subject to the VIE model. The Company continuously evaluates whether it has a controlling financial interest in a VIE.

The Company holds a controlling financial interest in other entities where it currently holds, directly or indirectly, more than 50% of the voting rights or where it exercises control through substantive participating rights or as a general partner. Where the Company is a general partner, it considers substantive removal rights held by other partners in determining if it holds a controlling financial interest. The Company reevaluates whether it has a controlling financial interest in these entities when its voting or substantive participating rights change.

Associated companies are unconsolidated VIE's and other entities in which the Company does not have a controlling financial interest, but over which it has significant influence, most often because the Company holds a voting interest of 20% to 50%. Associated companies are accounted for as equity method investments. Results of operations of associated companies are presented on a one-line basis, net of tax, in other income/expense. Investments in, and advances to, associated companies are presented on a one-line basis in the other long-term assets line item in the consolidated balance sheet, net of allowance for losses, which represents the Company's best estimate of probable losses inherent in such assets.

Reclassifications

Certain reclassifications have been made to the prior years’ consolidated financial statements to conform to the current year’s presentation. For the years ended December 31, 2015 and 2014, gains and losses on foreign currency option and forward contracts were reclassified from other expense/income to foreign currency loss/gain to conform to the 2016 presentation. The amount reclassified from other expense to foreign currency loss for the year ended December 31, 2015 was $10.7 million. There was no impact on net income (loss) as a result of these reclassifications.

Significant Accounting Policies

Revenue Recognition

In the Company’s Transportation segment, with the exception of the LTL business, revenue is recognized at the point in time when delivery is complete and the shipping terms of the contract have been satisfied. Related costs of delivery and service are accrued and expensed in the same period the associated revenue is recognized. For the Company’s LTL business, revenue is recognized based on relative transit time and expenses are recognized as incurred.

In the Company’s Logistics segment, revenue is recognized based on specific, objective criteria which, as discussed below, are identified within the provisions of each contract. Related costs of delivery and service are accrued and expensed in the same period the associated revenue is recognized. Under certain supply chain contracts, billings in excess of revenue recognized are recorded as unearned revenue. Unearned revenue is recognized over the remaining contract period as services are provided. In addition, the Company has deferred certain recoverable direct and incremental costs related to the setup of logistics operations under long-term contracts. These deferred setup costs are recognized as expense over the contract term.

The Company’s Logistics segment recognizes a significant portion of its revenue based on objective criteria that do not require significant estimates or uncertainties. Revenue on cost-reimbursable contracts is recognized by applying a factor to costs as incurred, such factor being determined by the contract provisions. Revenue on unit-price contracts is recognized at the contractual selling prices or as work is completed. Revenue on time and material contracts is recognized at the contractual rates as the labor hours and direct expenses are incurred. Revenue from fixed-price contracts is recognized as services are provided, unless revenue is earned and obligations fulfilled in a different pattern. Certain contracts provide for labor handling charges to be billed for both incoming and outgoing handling of goods at the time the goods are received in a warehouse. For these contracts, revenue is recognized upon receipt for the amounts representing handling of incoming goods and deferred revenue is recorded for the performance of services related to the handling of outgoing goods, which is recognized once the related goods leave the warehouse. Storage revenue is recognized as it is earned based on the length of time the related product is stored in the warehouse. Generally, the contracts contain provisions for adjustments to future pricing based upon changes in volumes, services and other market conditions, such as inflation. Revenue relating to such incentive or contingency payments is recorded when the contingency is satisfied and the Company concludes the amounts are earned.

For all lines of business (other than the Company’s managed expedited freight business and the Company’s Logistics segment with respect to those transactions where its contract logistics business is serving as the customer’s agent in arranging purchased transportation), the Company reports revenue on a gross basis because XPO is the principal in the transaction. For those lines of business where the Company acts as an agent, revenue is recognized on a net basis.

The Company’s global forwarding operations collects certain taxes and duties on behalf of their customers as part of the services offered and arranged for international shipments. The Company presents these collections on a net basis.

Cash and Cash Equivalents

The Company considers all highly liquid investments with an original maturity of three months or less as of the date of purchase to be cash equivalents unless the investments are legally or contractually restricted for more than three months.

Accounts Receivable and Allowance for Doubtful Accounts

Accounts receivable are recorded at the contractual amount. The Company records its allowance for doubtful accounts based upon its assessment of various factors. The Company considers historical collection experience, the age of the accounts receivable balances, credit quality of the Company’s customers, any specific customer collection issues that have been identified, current economic conditions, and other factors that may affect the customers’ ability to pay. The Company writes off accounts receivable balances that have aged significantly once all collection efforts have been exhausted and the receivables are no longer deemed collectible from the customer.

The rollforward of the allowance for doubtful accounts is as follows:



	Year Ended December 31,
(In millions)	2016			2015			2014
Beginning balance	$	16.9		$	9.8		$	3.5
Provision, charged to expense	15.1			12.9			6.9
Write-offs, less recoveries, and other adjustments	(5.7		)	(5.8		)	(0.6		)
Ending balance	$	26.3		$	16.9		$	9.8

Other Current Assets

Other current assets is comprised of the following:



	December 31,
(In millions)	2016		2015
Prepaid expenses	$	110.5	$	142.3
Value-added tax and income tax receivables	91.2		115.8
Materials and supplies	40.1		48.9
Foreign currency option and forward contracts	18.8		—
Other current assets	126.3		94.0
Total Other Current Assets	$	386.9	$	401.0

Property and Equipment

Property and equipment are generally recorded at cost, or in the case of acquired property and equipment, at fair value at the date of acquisition. Maintenance and repair expenditures are charged to expense as incurred. When assets are sold, the applicable costs and accumulated depreciation are removed from the accounts, and any gain or loss is included in income. For internally-developed software, all costs incurred in the planning and evaluation stage of internally-developed computer software are expensed as incurred. Costs incurred during the application development stage are capitalized and included in property and equipment. Capitalized internally-developed software also includes the fair value of acquired internally-developed technology.

Depreciation is computed on a straight-line basis over the estimated useful lives of the assets as follows:



Classification	Estimated Useful Life
Buildings and leasehold improvements	Term of lease to 40 years
Vehicles, tractors, trailers and tankers	3 to 14 years
Rail cars, container and chassis	15 to 30 years
Machinery and equipment	5 to 10 years
Office and warehouse equipment	3 to 10 years
Computer software and equipment	3 to 5 years

Asset Retirement Obligations

A liability for an asset retirement obligation (“ARO”) is recorded in the period in which it is incurred. When an ARO liability is initially recorded, the Company capitalizes the cost by increasing the carrying amount of the related long-lived asset. For each subsequent period, the liability is increased for accretion expense and the capitalized cost is depreciated over the useful life of the related asset.

Goodwill

Goodwill consists of the excess of cost over the fair value of net assets acquired in business combinations. The Company performs an annual impairment test for goodwill as of August 31 unless events or circumstances indicate impairment of goodwill may have occurred before that time. The Company may first choose to perform a qualitative evaluation of the likelihood of goodwill impairment. If the Company determines a quantitative evaluation is necessary, the goodwill at the reporting unit is subject to a two-step impairment test. The first step compares the book value of a reporting unit, including goodwill, with its fair value. If the book value of a reporting unit exceeds its fair value, the Company completes the second step in order to determine the amount of goodwill impairment loss that should be recorded. The Company determines fair values for each of the reporting units using an income approach. For purposes of the income approach, fair value is determined based on the present value of estimated future cash flows, discounted at an appropriate risk-adjusted rate. The Company uses its internal forecasts to estimate future cash flows and includes an estimate of long-term future growth rates based on its most recent views of the long-term outlook for the business. For the periods presented, the Company did not recognize any goodwill impairment as the estimated fair value of its reporting units with goodwill exceeded the book value of these reporting units. The Company completed its goodwill impairment test for the identified reporting units as of August 31, 2016.

Intangible Assets

The Company’s intangible assets subject to amortization consist of customer relationships, trade names, and non-compete agreements. The Company reviews long-lived assets to be held-and-used for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. If the sum of the undiscounted expected future cash flows over the remaining useful life of a long-lived asset group is less than its carrying amount, the asset is considered to be impaired. Impairment losses are measured as the amount by which the carrying amount of the asset group exceeds the fair value of the asset. The Company estimates fair value using the expected future cash flows discounted at a rate commensurate with the risks associated with the recovery of the asset. For the periods presented, the Company did not recognize any impairment of the identified intangible assets. Intangible assets are amortized on a straight-line basis or on a basis consistent with the pattern in which the economic benefits are realized. The range of estimated useful lives and the weighted-average useful lives of the respective intangible assets by type are as follows:



Classification	Estimated Useful Life	Weighted-Average Amortization Period
Customer relationships	1.5 to 16 years	13.4 years
Trade names	1.2 to 3.5 years	2.9 years
Non-compete agreements	Term of agreement	4.6 years

Accrued Expenses

Accrued expenses is comprised of the following:



	December 31,
(In millions)	2016		2015
Accrued salaries and wages	$	570.9	$	558.6
Accrued value-added tax and other taxes	145.5		153.3
Accrued transportation and facility charges	266.9		156.1
Accrued insurance claims	83.9		95.3
Accrued litigation liabilities	74.6		66.1
Accrued purchased services	30.6		61.7
Accrued interest	36.4		56.8
Other accrued expenses	173.3		143.9
Total Accrued Expenses	$	1,382.1	$	1,291.8

Other Current Liabilities

Other current liabilities is comprised of the following:



	December 31,
(In millions)	2016		2015
Deferred revenue	$	47.3	$	62.4
Employee benefits	37.3		38.7
Book and bank overdrafts	11.0		29.5
Acquisition earn-out liability	—		21.8
Income tax payable	27.4		—
Other current liabilities	33.7		51.2
Total Other Current Liabilities	$	156.7	$	203.6

Self-Insurance

The Company uses a combination of self-insurance programs and purchased insurance to provide for the costs of medical, casualty, liability, vehicular, cargo and workers' compensation claims. The long-term portion of self-insurance accruals relates primarily to workers' compensation and vehicular claims that are expected to be payable over several years. The Company periodically evaluates the level of insurance coverage and adjusts insurance levels based on risk tolerance and premium expense.

The measurement and classification of self-insured costs requires the consideration of historical cost experience, demographic and severity factors, and judgments about the current and expected levels of cost per claim and retention levels. These methods provide estimates of the undiscounted liability associated with claims incurred as of the balance sheet date, including estimates of claims incurred but not reported. Changes in these assumptions and factors can materially affect actual costs paid to settle the claims and those amounts may be different than estimates.

Advertising Costs

Advertising costs are expensed as incurred.

Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss (“AOCL”), net of tax at December 31, 2016 and 2015, are as follows:



(In millions)	Foreign Currency Translation Adjustments			Cash Flow and Net Investment Hedges			Defined Benefit Plans Liability			Less: AOCL Attributable to Noncontrolling Interests		AOCL Attributable to the Company
As of December 31, 2014	$	—		$	—		$	—		$	—	$	—
Other comprehensive income (loss)	(68.5		)	6.9			(17.0		)	6.3		(72.3		)
As of December 31, 2015	(68.5		)	6.9			(17.0		)	6.3		(72.3		)
Other comprehensive income (loss)	(137.7		)	(7.1		)	5.3			18.7		(120.8		)
Amounts reclassified from AOCL	—			—			(0.6		)	—		(0.6		)
Net current period other comprehensive income (loss)	(137.7		)	(7.1		)	4.7			18.7		(121.4		)
As of December 31, 2016	$	(206.2	)	$	(0.2	)	$	(12.3	)	$	25.0	$	(193.7	)

Income Taxes

Taxes on income are provided for in accordance with ASC Topic 740, “Income Taxes.” Deferred income tax assets and liabilities are recognized for the expected future tax consequences of events that have been reflected in the consolidated financial statements. Deferred tax assets and liabilities are determined based on the differences between the book value and the tax basis of particular assets and liabilities, and the tax effects of net operating loss and capital loss carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in the tax rate is recognized as income or expense in the period that included the enactment date. A valuation allowance is provided to offset net deferred tax assets if, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Management periodically assesses the likelihood that the Company will utilize its existing deferred tax assets and records a valuation allowance for deferred tax assets when it is more likely than not that such deferred tax assets will not be realized.

Accounting for uncertainty in income taxes is determined based on ASC Topic 740, which clarifies the accounting for uncertainty in income taxes recognized in a company’s financial statements and provides guidance on the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, and disclosures.

Foreign Currency Translation and Transactions

The assets and liabilities of foreign subsidiaries that use the local currency as their functional currency are translated to U.S. dollars (“USD”) using the exchange rate prevailing at each balance sheet date, with balance sheet currency translation adjustments recorded in accumulated other comprehensive income in the consolidated balance sheets. The assets and liabilities of foreign subsidiaries whose local currency is not their functional currency are remeasured from their local currency to their functional currency and then translated to USD. The results of operations of the Company's foreign subsidiaries are translated to USD using average exchange rates prevailing for each period presented. Foreign currency transactions recognized in the consolidated statements of operations are converted to USD by applying the exchange rate prevailing on the date of the transaction. Gains and losses arising from foreign currency transactions and the effects of remeasuring monetary assets and liabilities are recorded in foreign currency loss in the consolidated statements of operations.

The following table provides a breakdown of foreign currency (gain)/loss included in the consolidated statements of operations:



	Years ended December 31,
(In millions)	2016			2015		2014
Unrealized foreign currency option and forward contracts (gains)/losses	$	(39.7	)	$	1.0	$	—
Realized foreign currency option and forward contracts (gains)/losses	(3.8		)	—		—
Foreign currency transaction and remeasurement (gains)/losses	3.2			2.4		0.4
Remeasurement loss on cash held to purchase ND	—			31.7		—
Loss on forward contract related to ND acquisition	—			9.7		—
Total foreign currency (gain)/loss	$	(40.3	)	$	44.8	$	0.4

Fair Value Measurements

FASB ASC Topic 820, “Fair Value Measurements and Disclosures,” defines fair value 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 and classifies the inputs used to measure fair value into the following hierarchy:


•	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.

The aggregate net fair value estimates are based upon certain market assumptions and pertinent information available to management. The respective carrying value of certain financial instruments approximated their fair values as of December 31, 2016 and 2015, respectively. These financial instruments include cash, accounts receivable, accounts payable, accrued expenses, and current maturities of long-term debt. Fair values approximate carrying values for these financial instruments since they are short-term in nature and are receivable or payable on demand. The Level 1 cash equivalents include money market funds valued using quoted prices in active markets. The Level 2 cash equivalents include short-term investments valued using published interest rates for instruments with similar terms and maturities. For information regarding the fair value hierarchy of the Company's financial liabilities and derivative instruments, refer to Note 9—Debt and Note 14—Derivative Instruments, respectively.

The following table summarizes the fair value hierarchy of cash equivalents:



	December 31, 2016
(In millions)	Carrying Value		Fair Value		Level 1		Level 2
Cash equivalents	$	103.5	$	103.5	$	26.4	$	77.1

	December 31, 2015
(In millions)	Carrying Value		Fair Value		Level 1		Level 2
Cash equivalents	$	83.2	$	83.2	$	9.1	$	74.1

Derivative Instruments

The Company records all derivative instruments in the consolidated balance sheets as assets or liabilities at fair value. The Company’s accounting treatment for changes in the fair value of derivative instruments depends on whether the instruments have been designated and qualify as part of a hedging relationship and, further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, the Company must designate the derivative based upon the exposure being hedged. The effective portions of cash flow hedges are recorded in accumulated other comprehensive income in the consolidated balance sheets until the hedged item is recognized in earnings. The effective portions of net investment hedges are recorded in accumulated other comprehensive income in the consolidated balance sheets as a part of the cumulative translation adjustment. The ineffective portions of cash flow hedges and net investment hedges are recorded in interest expense in the consolidated statements of operations. Derivatives that are not designated as hedging instruments are adjusted to fair value through earnings and are recorded in foreign currency gain/loss in the consolidated statements of operations, depending on the objective of the derivative. Cash receipts and payments are classified according to the derivative’s nature. However, cash flows from derivative instruments that are accounted for as cash flow hedges are classified in the same category as the cash flows from the items being hedged.

Defined Benefit Pension Plans

Defined benefit pension plan obligations are calculated using various actuarial assumptions and methodologies. Assumptions include discount rates, inflation rates, expected long-term rate of return on plan assets, mortality rates, and other factors. The assumptions used in recording the projected benefit obligation and fair value of plan assets represent the Company's best estimates based on information available regarding historical experience and factors that may cause future expectations to differ from past experiences. Differences in actual experience or changes in assumptions could materially impact the Company's obligation and future expense amounts.

The impact of plan amendments, actuarial gains and losses and prior-service costs are recorded in accumulated other comprehensive income, and are generally amortized as a component of net periodic benefit cost over the remaining service period of the active employees covered by the defined benefit pension plans. Unamortized gains and losses are amortized only to the extent they exceed 10% of the higher of the fair value of plan assets or the projected benefit obligation of the respective plan.

Stock-Based Compensation

The Company accounts for stock-based compensation based on the equity instrument’s grant date fair value. For grants of restricted stock units (“RSUs”) subject to service- or performance-based vesting conditions only, the fair value is established based on the market price on the date of the grant. For grants of RSUs subject to market-based vesting conditions, the fair value is established using the Monte Carlo simulation lattice model. For grants of options and stock appreciation rights (“SARs”), the Company uses the Black-Scholes option pricing model to estimate the fair value of stock-based payment awards. The determination of the fair value of stock-based awards is affected by the Company’s stock price and a number of assumptions, including expected volatility, expected life, risk-free interest rate and expected dividends. The Company has elected to account for forfeitures as they occur with the adoption of ASU 2016-09.

The weighted-average fair value of each stock option recorded in expense is amortized over the requisite service period of the option. For options with graded vesting, it is the Company’s policy to recognize compensation cost on a straight-line basis over the requisite service period for the entire award; however, the amount of compensation cost recognized at any date will at least equal the portion of the grant date value of the award that is vested at that date. For the Company’s performance-based restricted stock units (“PRSUs”), the Company recognizes expense over the awards’ requisite service period based on the number of awards expected to vest with consideration to the actual and expected financial results. If achievement of the performance targets for a PRSU award is not considered to be probable, then no expense is recognized until achievement of such targets becomes probable.

New Accounting Standards

In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue (Topic 606): “Revenue from Contracts with Customers.” This new standard includes the required steps to achieve the core principle that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard will be effective for our annual and interim periods beginning January 1, 2018, and permits the use of either the retrospective or cumulative effect transition method. The Company does not plan to adopt the standard early and has not yet determined which transition method will be used. We are currently evaluating the effects of this standard. We have completed an initial “gap assessment,” whereby we have compared our current revenue recognition practices to those required by the new standard. The main areas under consideration include (i) the recognition of revenue using proportionate delivery within our Transportation segment, (ii) the application of principal vs. agent, and (iii) the identification and capitalization of contract inception costs. We do not currently expect that the adoption of the standard will have a material effect on our consolidated financial statements.

In May 2015, the FASB issued ASU No. 2015-07, “Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value Per Share (or Its Equivalent) (a consensus of the Emerging Issues Task Force).” This ASU eliminates the existing requirement to categorize investments measured using the net asset value (“NAV”) practical expedient in the fair value hierarchy table. It requires entities to disclose the fair value of investments measured using the NAV practical expedient so that financial statement users can reconcile amounts reported in the fair value hierarchy table to amounts reported on the balance sheet. The adoption of this standard resulted in changes to the presentation of the fair value of investments tables for the Company’s defined benefit pension plans, but it did not affect the Company’s financial condition, results of operations, or cash flows. For additional information, refer to Note 10—Employee Benefit Plans.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The core principle of Topic 842 is that a lessee should recognize the assets and liabilities that arise from leases, including operating leases. Under the new requirements, a lessee will recognize in the statement of financial position a liability to make lease payments (the lease liability) and the right-of-use asset representing the right to the underlying asset for the lease term. For leases with a term of 12 months or less, the lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently evaluating the effects ASU 2016-02 will have on its consolidated financial statements and related disclosures. The Company currently discloses approximately $2,144.3 million in operating lease obligations in the lease commitments footnote (Note 5) and will evaluate those contracts as well as other existing arrangements to determine if they qualify for lease accounting under the new standard. The Company does not plan to adopt the standard early.

In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): “Improvements to Employee Share-based Payment Accounting.” This ASU involves several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Under the new standard, income tax benefits and deficiencies are to be recognized as income tax expense or benefit in the income statement and the tax effects of exercised or vested awards should be treated as discrete items in the reporting period in which they occur. An entity should also recognize excess tax benefits regardless of whether the benefit reduces taxes payable in the current period. Excess tax benefits should be classified along with other income tax cash flows as an operating activity. In regards to forfeitures, the entity may make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. The Company adopted this standard in the fourth quarter of 2016, effective January 1, 2016. As a result of adoption, a deferred tax asset of $7.6 million was recorded, with an offset to retained earnings, and a discrete tax benefit of $5.4 million is included in income tax expense for the year ended December 31, 2016. The Company has elected to account for forfeitures as they occur, resulting in a retained earnings adjustment of $1.3 million.

In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): “Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force).” This ASU addresses eight specific cash flow classification issues with the objective of reducing the existing diversity in practice. Under the new standard, cash payments for debt prepayments or debt extinguishment costs should be classified as outflows for financing activities. Additional cash flow issues covered under the standard include: settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies, distributions received from equity method investees, beneficial interests in securitization transactions, and separately identifiable cash flows and application of the predominance principle. This ASU is effective for public entities for fiscal years beginning after December 15, 2017, including interim periods within that reporting period; however, early adoption is permitted. The Company is currently evaluating the standard and the impacts, if any, on the consolidated financial statements and related disclosures.

Acquisitions and Divestitures

12 Months Ended

Dec. 31, 2016

Business Combinations [Abstract]

Acquisitions and Divestitures

2015 Acquisitions

Con-way Inc.

On September 9, 2015, XPO entered into a definitive Agreement and Plan of Merger (the “Merger Agreement”) with Con-way Inc., a Delaware corporation (“Con-way”). Headquartered in Ann Arbor, Michigan, Con-way was a Fortune 500 company with a transportation and logistics network of 582 locations and approximately 30,000 employees serving over 36,000 customers.

XPO completed its acquisition of Con-way on October 30, 2015. The fair value of the total consideration paid by XPO was $2,317.8 million, net of cash acquired of $437.3 million, consisting of $2,706.6 million of cash paid at the time of closing for the purchase of all of Con-way’s outstanding shares of common stock, par value $0.625 (the “Con-way Shares”), $17.6 million representing the portion of replacement equity awards attributable to pre-acquisition service, and a $30.9 million liability for the settlement of certain Con-way stock-based compensation awards.



(In millions)
Cash consideration	$	2,706.6
Liability for equity award settlement	30.9
Portion of replacement equity awards attributable to pre-acquisition service	17.6
Cash acquired	(437.3		)
Total consideration	$	2,317.8

The Con-way transaction was accounted for as a business combination in accordance with ASC Topic 805 “Business Combinations.” Assets acquired and liabilities assumed were recorded in the accompanying consolidated balance sheet at their estimated fair values as of October 30, 2015, with the remaining unallocated purchase price recorded as goodwill. Goodwill includes the expected synergies and cost rationalization from the merger of operations as well as intangible assets that do not qualify for separate recognition such as an assembled workforce.

The following table outlines the consideration transferred and purchase price allocation at the respective estimated fair values as of October 30, 2015:



(In millions)
Consideration	$	2,317.8
Accounts receivable	676.5
Other current assets	141.0
Property and equipment	1,932.4
Trade name	5.6
Customer relationships	658.5
Other long-term assets	53.5
Accounts payable	(363.4		)
Accrued expenses	(402.3		)
Other current liabilities	(69.3		)
Long-term debt	(637.8		)
Deferred tax liabilities	(578.1		)
Employee benefit obligations	(155.5		)
Other long-term liabilities	(257.6		)
Goodwill	$	1,314.3

The Con-way purchase price allocation is final. Approximately $1,057.9 million of the goodwill relates to the Transportation segment and $256.4 million of the goodwill relates to the Logistics segment. The goodwill as a result of the acquisition is not deductible for income tax purposes.

Norbert Dentressangle SA

On April 28, 2015, XPO entered into (1) a Share Purchase Agreement (the “Share Purchase Agreement”) relating to Norbert Dentressangle SA (“ND”), a French société anonyme and (2) a Tender Offer Agreement (the “Tender Offer Agreement” and, together with the Share Purchase Agreement, the “ND Transaction Agreements”) between XPO and ND. The ND Transaction Agreements provided for the acquisition of a majority stake in ND by XPO, followed by an all-cash simplified tender offer by XPO to acquire the remaining outstanding ND shares.

On June 8, 2015, pursuant to the terms of the Share Purchase Agreement, XPO purchased approximately 67% of the share capital of ND and all of the outstanding share subscription warrants granted by ND to employees, directors or other officers of ND and its affiliates (together, the “Share Purchase”). Total cash consideration paid by XPO for the Share Purchase was €1,437.0 million, or $1,603.9 million, excluding acquired debt. This cash consideration reflected only that portion of the fair value of the warrants attributable to service performed by employees, officers, or directors of ND and its affiliates prior to the acquisition date. The remaining balance of the fair value of the warrants was recorded as compensation expense in the post-combination period. The Company also agreed to settle certain ND performance stock awards. Similar to the warrants, the consideration paid by XPO for these stock awards of €11.8 million, or $13.2 million, included only that portion of the fair value attributable to service performed prior to the acquisition date with the balance recorded as compensation expense in the post-combination period. The performance shares were scheduled to be settled in cash with 50% of the awards paid 18 months from the acquisition date and the remaining 50% paid 36 months from the acquisition date. Further, as a result of the acquisition, the Company repaid certain ND indebtedness and related interest rate swap liabilities totaling €628.5 million, or $705.0 million.

On June 25, 2015, XPO launched a mandatory simplified cash offer (the “Tender Offer”) to purchase all of the outstanding ordinary shares of ND (other than the shares already owned by XPO). During the Tender Offer period, the minority shareholders had the right to sell their shares of ND to the Company and the Company had the obligation to purchase those shares at the Tender Offer price. Once the Tender Offer closed on July 17, 2015, the noncontrolling interest is classified as noncontrolling interest in equity in the consolidated balance sheet. The Company purchased 1,921,553 shares under the Tender Offer and acquired a total of approximately 86.25% of the share capital of ND. The total fair value of the consideration paid by XPO in connection with the Tender Offer was €702.5 million, or $784.2 million, which is based on the quoted market price of ND shares on the acquisition date. The total consideration paid by XPO for ND is summarized in the table below in Euros (“EUR”) and USD:



(In millions)	In EUR			In USD
Cash consideration	€	1,437.0		$	1,603.9
Liability for performance share settlement	11.8			13.2
Repayment of indebtedness	628.5			705.0
Noncontrolling interests	702.5			784.2
Cash acquired	(134.6		)	(151.0		)
Total consideration	€	2,645.2		$	2,955.3

The Share Purchase was accounted for as a business combination in accordance with ASC Topic 805 “Business Combinations.” Assets acquired and liabilities assumed were recorded in the accompanying consolidated balance sheet at their estimated fair values as of June 8, 2015, with the remaining unallocated purchase price recorded as goodwill. Goodwill includes the expected synergies and cost rationalization from the merger of operations as well as intangible assets that do not qualify for separate recognition such as an assembled workforce.

The following table outlines the consideration transferred and purchase price allocation at the respective estimated fair values as of June 8, 2015:



(Dollars in millions)
Consideration	$	2,955.3
Accounts receivable	1,058.5
Other current assets	353.6
Deferred tax assets	44.6
Property and equipment	706.1
Trade name covenants	40.0
Non-compete agreements	5.6
Customer relationships	827.0
Other long-term assets	57.1
Accounts payable	(806.0		)
Accrued expenses	(428.2		)
Other current liabilities	(131.8		)
Long-term debt	(643.4		)
Deferred tax liabilities	(237.7		)
Employee benefit obligations	(142.3		)
Other long-term liabilities	(177.2		)
Noncontrolling interests	(37.2		)
Goodwill	$	2,466.6

The ND purchase price allocation is final. Approximately $962.4 million of the goodwill relates to the Transportation segment and $1,504.2 million of the goodwill relates to the Logistics segment. The goodwill resulting from the ND acquisition is not deductible for local country income tax purposes.

Bridge Terminal Transport Services, Inc.

On May 4, 2015, the Company entered into a Stock Purchase Agreement with BTTS Holding Corporation to acquire all of the outstanding capital stock of Bridge Terminal Transport Services, Inc. (“BTT”), a leading asset-light drayage provider in the United States. The closing of the transaction was effective on June 1, 2015. The fair value of the total consideration paid by XPO under the BTT Stock Purchase Agreement was $103.8 million and consisted of $103.1 million of cash paid at the time of closing, including an estimate of the working capital adjustment, and $0.7 million of equity.

The BTT acquisition was accounted for as a business combination in accordance with ASC Topic 805 “Business Combinations.” Assets acquired and liabilities assumed were recorded in the accompanying consolidated balance sheet at their estimated fair values as of June 1, 2015 with the remaining unallocated purchase price recorded as goodwill. As a result of the acquisition, the Company recorded goodwill of $56.5 million and definite-lived intangible assets of $30.0 million. All goodwill relates to the Transportation segment and is not deductible for income tax purposes. The BTT purchase price allocation is final.

UX Specialized Logistics

On February 9, 2015, pursuant to an Asset Purchase Agreement of the same date between the Company and Earlybird Delivery Systems, LLC, the Company acquired certain assets of UX Specialized Logistics, LLC (“UX”). The fair value of the total consideration paid under the UX Asset Purchase Agreement was $58.9 million and consisted of $58.1 million of cash paid at the time of closing, including an estimate of the working capital adjustment, and $0.8 million of equity. UX provided last mile logistics and same day delivery services for major retail chains and e-commerce companies.

The UX acquisition was accounted for as a business combination in accordance with ASC Topic 805 “Business Combinations.” Assets acquired and liabilities assumed were recorded in the accompanying consolidated balance sheet at their estimated fair values as of February 9, 2015 with the remaining unallocated purchase price recorded as goodwill. As a result of the UX acquisition, the Company recorded goodwill of $38.1 million and definite-lived intangible assets of $18.8 million. All goodwill relates to the Transportation segment and is fully deductible for income tax purposes. The UX purchase price allocation is final.

Pro Forma Financial Information (Unaudited)

The following unaudited pro forma consolidated results of operations for the year ended December 31, 2015 present consolidated information of the Company as if the acquisitions of Con-way and ND had occurred as of January 1, 2015:



	Pro Forma Year Ended December 31,
(Dollars in millions, except per share data)	2015
Revenue	$	14,833.5
Operating income	$	233.3
Net loss	$	(174.5	)
Basic loss per share	$	(2.11	)
Diluted loss per share	$	(2.11	)

The unaudited pro forma consolidated results for the year ended December 31, 2015 was prepared using the acquisition method of accounting and is based on the historical financial information of Con-way, ND, and the Company. The unaudited pro forma consolidated results incorporate historical financial information for all significant acquisitions pursuant to U.S. Securities and Exchange Commission (“SEC”) regulations since January 1, 2015, without effect to the sale of the North American Truckload operations noted below. The historical financial information has been adjusted to give effect to pro forma adjustments that are: (i) directly attributable to the acquisition, (ii) factually supportable and (iii) expected to have a continuing impact on the combined results. The unaudited pro forma consolidated results are not necessarily indicative of what the Company’s consolidated results of operations actually would have been had it completed these acquisitions on January 1, 2015.

Divestitures

North American Truckload Operations

On October 27, 2016, pursuant to a Stock Purchase Agreement of the same date between the Company and a subsidiary of TransForce Inc. (“TransForce”), the Company divested its North American Truckload operations (formerly known as Con-way Truckload) for approximately $558.0 million cash consideration, subject to certain adjustments. The Company also agreed to provide certain specified transition services to TransForce following the transaction. For the period from January 1, 2016 through October 26, 2016, these North American Truckload operations generated revenue of $393.2 million and operating income of $31.9 million. These North American Truckload operations are included in the Company’s Transportation segment through the date of sale.

On November 3, 2016, the Company used the proceeds from sale of the North American Truckload operations to repurchase $555.0 million of Term Loan debt at par. The repurchase of debt resulted in a non-cash debt extinguishment charge of $16.5 million in the fourth quarter of 2016.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1497-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1490-128463

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1392-128463

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+ Details

Restructuring Charges

12 Months Ended

Dec. 31, 2016

Restructuring and Related Activities [Abstract]

Restructuring Charges

In conjunction with various acquisitions, the Company has initiated facility rationalization and severance programs to close facilities and reduce employment in order to improve the Company’s efficiency and profitability or adjust for the loss of certain business.

The amount of restructuring charges incurred during the years ended December 31, 2016 and 2015 and included in the Company’s consolidated statements of operations as sales, general and administrative expense, direct operating expense, and cost of transportation and services, are summarized below. The 2015 table includes charges recorded on ND’s opening balance sheet which were incurred prior to the acquisition date. Only ND restructuring initiatives in existence at the acquisition date were included in the purchase price allocation.



			Year ended December 31, 2016
(In millions)	Reserve Balance at December 31, 2015		Charges Incurred		Payments			Reserve Balance at December 31, 2016
Transportation
Contract termination	$	0.1	$	1.8	$	(1.9	)	$	—
Facilities	0.6		1.7		(0.9		)	1.4
Severance	26.7		5.0		(25.9		)	5.8
Total	27.4		8.5		(28.7		)	7.2
Logistics
Contract termination	0.8		2.2		(2.3		)	0.7
Facilities	—		0.7		(0.2		)	0.5
Severance	25.5		14.1		(23.5		)	16.1
Total	26.3		17.0		(26.0		)	17.3
Corporate
Contract termination	4.0		—		(3.7		)	0.3
Facilities	—		0.1		(0.1		)	—
Severance	3.5		1.2		(4.3		)	0.4
Total	7.5		1.3		(8.1		)	0.7
Total	$	61.2	$	26.8	$	(62.8	)	$	25.2



			Year ended December 31, 2015
(In millions)	Reserve Balance at December 31, 2014		From ND Acquisition		Charges Incurred		Payments			Reserve Balance at December 31, 2015
Transportation
Contract termination	$	—	$	0.1	$	—	$	—		$	0.1
Facilities	—		—		0.8		(0.2		)	0.6
Severance	—		4.8		27.3		(5.4		)	26.7
Total	—		4.9		28.1		(5.6		)	27.4
Logistics
Contract termination	—		0.1		0.9		(0.2		)	0.8
Severance	—		9.3		21.3		(5.1		)	25.5
Total	—		9.4		22.2		(5.3		)	26.3
Corporate
Contract termination	3.8		—		3.3		(3.1		)	4.0
Severance	1.3		—		3.3		(1.1		)	3.5
Total	5.1		—		6.6		(4.2		)	7.5
Total	$	5.1	$	14.3	$	56.9	$	(15.1	)	$	61.2

Commitments and Contingencies

12 Months Ended

Dec. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Lease Commitments

Under operating leases, the Company is required to make payments for various real estate, double-stack railcars, containers, chassis, tractors, data processing equipment, transportation and office equipment leases that have an initial or remaining non-cancelable lease term. Certain leases also contain provisions that allow the Company to extend the leases for various renewal periods.

Under certain capital lease agreements, the Company guarantees the residual value of tractors at the end of the lease term. The stated amounts of the residual-value guarantees have been included in the minimum lease payments below.

Future minimum lease payments with initial or remaining non-cancelable lease terms in excess of one year, at December 31, 2016, were as follows:



(In millions)	Capital Leases			Operating Leases
Year ending December 31:
2017	$	18.3		$	542.1
2018	24.1			422.6
2019	10.4			314.7
2020	9.3			222.0
2021	8.9			163.6
Thereafter	30.9			479.3
Total minimum lease payments	$	101.9		$	2,144.3
Amount representing interest	(4.5		)
Present value of minimum lease payments	$	97.4

Rent expense was approximately $677.2 million, $412.1 million and $82.3 million for the years ended December 31, 2016, 2015 and 2014, respectively.

Litigation

The Company is involved, and will continue to be involved, in numerous proceedings arising out of the conduct of its business. These proceedings may include, among other matters, claims for property damage or personal injury incurred in connection with the transportation of freight, claims regarding anti-competitive practices, and employment-related claims, including claims involving asserted breaches of employee restrictive covenants and tortious interference with contract. These proceedings also include numerous purported class action lawsuits, multi-plaintiff and individual lawsuits and state tax and other administrative proceedings that claim either that the Company’s owner operators or contract carriers should be treated as employees, rather than independent contractors, or that certain of the Company's drivers were not paid for all compensable time or were not provided with required meal or rest breaks. These lawsuits and proceedings may seek substantial monetary damages (including claims for unpaid wages, overtime, failure to provide meal and rest periods, unreimbursed business expenses and other items), injunctive relief, or both.

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. Accruals for loss contingencies are reviewed quarterly and adjusted as additional information becomes available. In connection with certain acquisitions of privately-held businesses, the Company has retained purchase price holdbacks or escrows to provide security for a negotiated duration with respect to damages incurred in connection with pre-acquisition claims and litigation matters. If a loss is not both probable and reasonably estimable, or if an exposure to loss exists in excess of the amount accrued therefor or the applicable purchase price holdback or escrow, 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 states that such an estimate cannot be made. The evaluation as to whether a loss is reasonably possible or probable is based on the Company’s assessment, in conjunction with legal counsel, regarding the ultimate outcome of the matter.

The Company believes that it has adequately accrued for, or has adequate purchase price holdbacks or escrows with respect to, the potential impact of loss contingencies that are probable and reasonably estimable. 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 incurred related to these matters are expensed as incurred.

The Company carries liability and excess umbrella insurance policies that it deems sufficient to cover potential legal claims arising in the normal course of conducting its operations as a transportation and logistics company. The liability and excess umbrella insurance policies generally do not cover the misclassification claims described in this Note. In the event the Company is required to satisfy a legal claim outside the scope of the coverage provided by insurance, the Company’s financial condition, results of operations or cash flows could be negatively impacted.

Intermodal Drayage Classification Claims

Certain of the Company’s intermodal drayage subsidiaries received notices from the California Labor Commissioner, Division of Labor Standards Enforcement (the “DLSE”), that a total of approximately 150 owner operators contracted with these subsidiaries filed claims in 2012 with the DLSE in which they assert that they should be classified as employees, rather than independent contractors. These claims seek reimbursement for the owner operators’ business expenses, including fuel, tractor maintenance and tractor lease payments. After a decision was rendered by a DLSE hearing officer in seven of these claims, in 2014, the Company appealed the decision to California Superior Court, San Diego, where a de novo trial was held on the merits of those claims. On July 17, 2015, the court issued a final statement of decision finding that the seven claimants were employees rather than independent contractors, and awarding an aggregate of $2.9 million plus post-judgment interest and attorneys’ fees to the claimants. The Company appealed this judgment, but cannot provide assurance that such appeal will be successful. Separate decisions were rendered in June 2015 by a DLSE hearing officer in claims involving five additional plaintiffs, resulting in an award for the plaintiffs in an aggregate amount of approximately $0.9 million, following which the Company has appealed the decisions in the U.S. District Court for the Central District of California. These proceedings are currently in the discovery phase. The remaining DLSE claims (the “Pending DLSE Claims”) have been transferred to California Superior Court in three separate actions involving approximately 200 claimants, including the approximately 150 claimants mentioned above. These matters are in the discovery stage. The Company believes that it has adequately accrued for the potential impact of loss contingencies that are probable and reasonably estimable relating to the claims referenced above. The Company is unable at this time to estimate the amount of the possible loss or range of loss, if any, in excess of its accrued liability that it may incur as a result of these claims given, among other reasons, that the number and identities of plaintiffs in these lawsuits are uncertain and the range of potential loss could be impacted substantially by future rulings by the courts involved, including on the merits of the claims.

One of the Company's intermodal drayage subsidiaries also is a party to a class action lawsuit (Manuela Ruelas Mendoza v. Pacer Cartage, Inc.) brought by Edwin Molina on August 19, 2013 and currently pending in the U.S. District Court, Southern District of California. Mr. Molina asserts that he should be classified as an employee, rather than an independent contractor, and seeks damages for alleged violation of various California wage and hour laws on behalf of himself and all owner-operators contracted with this subsidiary at any time from August 19, 2009 to April 29, 2016. Certain of these potential claimants also may have Pending DLSE Claims. The Company has reached an agreement to settle this litigation with the claimant. The Court has approved the settlement agreement, and it has been accepted by 520 members of the putative class. The Company has accrued the full amount of the proposed settlement. The full amount of the settlement has been paid in 2016 and the matter will be dismissed by the U.S. District Court, Southern District of California.

There are other putative class action litigation matters pending against the Company’s intermodal drayage subsidiaries in which the plaintiffs claim they should have been classified as employees, rather than independent contractors, and seek damages for alleged violations of various California wage and hour laws. The particular claims asserted vary from case to case, but the claims generally allege unpaid wages, unpaid overtime, or failure to provide meal and rest periods, and seek reimbursement of the contract carriers’ business expenses. However, these claims are all subject to arbitration provisions in the claimants’ independent contractor agreements, and class action certification is therefore unlikely. These cases include the following matters filed in the Superior Court for the State of California, Los Angeles District: C. Arevalo v. XPO Port Services, Inc. filed in August 2015; M. Cortez v. Pacer filed in June 2016; and the following case filed in U.S. District Court for the Central District of California: I. Hernandez v. Pacer filed in May 2016. One of these cases, Cortez, has filed a California Private Attorneys General Act (“PAGA”) claim, which is not subject to arbitration and therefore is subject to PAGA class action procedures. However, this matter is in the initial pleading stage and the court has not yet determined whether to certify the PAGA claim to proceed. The Company believes that it has adequately accrued for the potential impact of loss contingencies that are probable and reasonably estimable relating to these claims. The Company is unable at this time to estimate the amount of the possible loss or range of loss, if any, in excess of its accrued liability that it may incur as a result of these claims given, among other reasons, that the number and identities of plaintiffs in these lawsuits are uncertain and the range of potential loss could be impacted substantially by future rulings by the courts involved, including on the merits of the claims.

Last Mile Logistics Classification Claims

Certain of the Company’s last mile logistics subsidiaries are party to several putative class action litigations brought by independent contract carriers who contracted with these subsidiaries in which the contract carriers assert that they should be classified as employees, rather than independent contractors. The particular claims asserted vary from case to case, but the claims generally allege unpaid wages, unpaid overtime, or failure to provide meal and rest periods, and seek reimbursement of the contract carriers’ business expenses. Putative class actions against the Company’s subsidiaries are pending in California (Fernando Ruiz v. Affinity Logistics Corp., filed in May 2005, currently in the Federal District Court, Southern District of California; Ron Carter, Juan Estrada, Jerry Green, Burl Malmgren, Bill McDonald and Joel Morales v. XPO Logistics, Inc., filed in March 2016 in the Federal District Court, Northern District of California; Ramon Garcia v. Macy’s and XPO Logistics Inc., filed in July 2016 in Superior Court of the State of California, Alameda County; and Kevin Kramer v. XPO Logistics Inc., filed in September 2016 in Superior Court of the State of California, Alameda County); New Jersey (Leonardo Alegre v. Atlantic Central Logistics, Simply Logistics, Inc., filed in March 2015 in the Federal District Court, New Jersey); Pennsylvania (Victor Reyes v. XPO Logistics, Inc., filed in May 2015 in the U.S. District Court, Pennsylvania); and Connecticut (Carlos Taveras v. XPO Last Mile, Inc., filed in November 2015 in the Federal District Court, Connecticut). The Company believes that it has adequately accrued for the potential impact of loss contingencies relating to the foregoing claims that are probable and reasonably estimable. The Company is unable at this time to estimate the amount of the possible loss or range of loss, if any, in excess of its accrued liability that it may incur as a result of these claims given, among other reasons, that the number and identities of plaintiffs in these lawsuits are uncertain and the range of potential loss could be impacted substantially by future rulings by the courts involved, including on the merits of the claims.

Last Mile TCPA Claims

The Company is a party to a putative class action litigation (Leung v. XPO Logistics, Inc., filed in May 2015 in the U.S. District Court, Illinois) alleging violations of the Telephone Consumer Protection Act (“TCPA”) related to an automated customer call system used by a last mile logistics business that the Company acquired. This matter is in the initial pleading stage and the court has not yet determined whether to certify the matter as a class action. The Company believes that it has adequately accrued for the potential impact of loss contingencies that are probable and reasonably estimable relating to this matter. The Company is unable at this time to estimate the amount of the possible loss or range of loss, if any, in excess of its accrued liability that it may incur as a result of this matter given, among other reasons, that the Company is vigorously defending the matter and believes that it has a number of meritorious legal defenses and that it remains uncertain what evidence of their claims and damages, if any, plaintiffs will be able to present.

Less-Than-Truckload Meal Break Claims

The Company’s LTL subsidiary is a party to several class action litigations alleging violations of the state of California's wage and hour laws. Plaintiffs allege failure to provide drivers with required meal breaks and rest breaks. Plaintiffs seek to recover unspecified monetary damages, penalties, interest and attorneys’ fees. The primary case is Jose Alberto Fonseca Pina, et al. v. Con-way Freight Inc., et al. (the “Pina case”). The Pina case was initially filed in November 2009 in Monterey County Superior Court and was removed to the U.S. District Court of California, Northern District. The Company has reached an agreement to settle the Pina case, which has been tentatively approved by the court, and no interested parties have timely filed objections to the proposed settlement. The Company has accrued the full amount of the proposed settlement.

XPO Logistics Worldwide Government Services Investigation

On June 11, 2014, XPO Logistics Worldwide Government Services, LLC, formerly known as Menlo Worldwide Government Services, LLC (“Government Services”), a subsidiary of the contract logistics business that the Company acquired through the Con-way transaction, received a subpoena duces tecum from the U.S. Department of Defense Inspector General requesting records relating to an investigation into compliance with the terms and conditions of its contractual arrangements with the United States Transportation Command (the “DTCI Contract”) for work performed prior to the acquisition of Government Services by the Company. Government Services received a follow-on Civil Investigative Demand from the U.S. Department of Justice dated September 30, 2015, related to the same or related matters. On April 23, 2016, the Company entered into a settlement agreement with the United States Department of Justice regarding the foregoing investigation. The settlement fully resolves disputed charges under the DTCI Contract, and all related claims have been dismissed with prejudice, waived and released. The Company denied that any wrongdoing occurred.

Property and Equipment

12 Months Ended

Dec. 31, 2016

Property, Plant and Equipment [Abstract]

Property and Equipment

The following table outlines the Company’s property and equipment:



	December 31,
(In millions)	2016			2015
Property and Equipment
Land	$	442.0		$	359.5
Buildings and leasehold improvements	503.8			476.8
Vehicles, tractors, trailers and tankers	1,194.2			1,440.5
Machinery and equipment	370.9			325.9
Office and warehouse equipment	113.3			79.5
Computer software and equipment	503.1			379.3
	3,127.3			3,061.5
Less: Accumulated depreciation and amortization	(589.9		)	(209.3		)
Total Property and Equipment, net	$	2,537.4		$	2,852.2

Depreciation of property and equipment and amortization of computer software was $466.0 million, $203.0 million and $35.8 million for the years ended December 31, 2016, 2015 and 2014, respectively. Assets represented by capital leases, net of accumulated depreciation, were $100.1 million and $57.7 million at December 31, 2016 and 2015, respectively. The net book value of capitalized internally-developed software totaled $132.1 million and $122.8 million as of December 31, 2016 and 2015, respectively.

Intangible Assets

12 Months Ended

Dec. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

The following table outlines the Company’s identifiable intangible assets:



	December 31, 2016				December 31, 2015
(In millions)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Definite-lived intangibles
Customer relationships	$	1,848.3	326.3		$	2,017.0	$	174.3
Trade name	47.5		39.9		51.0		29.1
Non-compete agreements	16.0		10.9		18.7		6.8
	$	1,911.8	$	377.1	$	2,086.7	$	210.2

Estimated future amortization expense for amortizable intangible assets for the next five years is as follows:



(In millions)	2017		2018		2019		2020		2021
Estimated amortization expense	$	161.0	$	153.5	$	147.4	$	141.4	$	134.1

Actual amounts of amortization expense may differ from estimated amounts due to changes in foreign currency exchange rates, additional intangible asset acquisitions, impairment of intangible assets, accelerated amortization of intangible assets and other events.

Intangible asset amortization expense recorded in sales, general and administrative expense was $174.4 million, $160.8 million and $62.5 million for the years ended December 31, 2016, 2015 and 2014, respectively.

Goodwill

12 Months Ended

Dec. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The following table shows changes in the gross carrying amounts of goodwill. The 2016 adjustments are the result of 2015 acquisitions for which the measurement period remained open, as well as the impact of foreign exchange translation.



(In millions)	Transportation			Logistics			Total
Goodwill at December 31, 2014	$	577.0		$	352.3		$	929.3
Acquisitions	1,942.6			1,792.9			3,735.5
Impact of foreign exchange translation	(23.7		)	(37.1		)	(60.8		)
Litigation liability adjustments, net of tax	10.5			—			10.5
Other adjustments	(1.7		)	(2.2		)	(3.9		)
Goodwill at December 31, 2015	2,504.7			2,105.9			4,610.6
Divestiture	(290.6		)	—			(290.6		)
Property and equipment and intangible asset fair value adjustments	95.8			40.0			135.8
Other fair value adjustments	140.5			(54.6		)	85.9
Deferred tax and other tax adjustments	(53.1		)	(29.6		)	(82.7		)
Impact of foreign exchange translation	(46.8		)	(86.4		)	(133.2		)
Goodwill at December 31, 2016	$	2,350.5		$	1,975.3		$	4,325.8

Debt

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Debt

The following table summarizes the primary terms for components of debt, along with the valuation of financial liabilities within the fair value hierarchy:



	December 31, 2016								December 31, 2015
					Fair Value								Fair Value
(In millions)	Principal Balance		Carrying Value		Level 1		Level 2		Principal Balance		Carrying Value		Level 1		Level 2
ABL Facility	$	30.0	$	30.0	$	—	$	30.0	$	—	$	—	$	—	$	—
Senior Notes due 2023	535.0		527.1		560.4		—		—		—		—		—
Senior Notes due 2022	1,600.0		1,579.9		1,689.4		—		1,600.0		1,577.0		1,479.8		—
Senior Notes due 2021	527.1		520.7		546.0		—		544.4		536.6		—		507.5
Senior Notes due 2019	—		—		—		—		900.0		900.4		920.3		—
Senior Notes due 2018	265.8		267.1		274.0		—		265.8		268.2		—		271.0
Term loan facility	1,481.9		1,439.2		—		1,507.1		1,600.0		1,540.3		—		1,590.0
Senior Debentures due 2034	300.0		200.8		241.6		—		300.0		199.0		—		201.0
Convertible senior notes	49.4		47.1		129.8		—		52.3		46.8		89.1		—
Euro private placement notes due 2020	12.6		13.7		—		14.0		13.1		14.5		—		13.9
Asset financing	145.0		145.0		145.0		—		266.0		266.0		266.0		—
Capital leases for equipment	97.4		97.4		—		97.4		59.1		59.1		—		59.1
Total debt	$	5,044.2	$	4,868.0					$	5,600.7	$	5,407.9
Current maturities of long-term debt	138.9		136.5						133.9		135.3
Long-term debt	$	4,905.3	$	4,731.5					$	5,466.8	$	5,272.6

The Level 1 debt was valued using quoted prices in active markets. The Level 2 debt was valued using bid evaluation pricing models or quoted prices of securities with similar characteristics. The fair value of the asset financing arrangements approximates carrying value since the debt is primarily issued at a floating rate, may be prepaid any time at par without penalty and the remaining life is short-term in nature.

The following table outlines the Company’s principal payment obligations on debt (excluding capital leases) for the next five years:



(In millions)	2017		2018		2019		2020		2021
Principal payments on debt	$	121.7	$	312.8	$	20.4	$	46.1	$	2,009.5

Senior Notes

On September 12, 2016 (the “Redemption Date”), XPO redeemed all of its outstanding 7.875% Senior Notes due 2019 issued under the Indenture, dated as of August 25, 2014, between XPO Logistics, Inc. and The Bank of New York Mellon Trust Company, N.A., as Trustee. The redemption price for the Senior Notes due 2019 was 103.938% of the principal amount of the Senior Notes due 2019, plus accrued and unpaid interest to, but excluding, the Redemption Date. Debt extinguishment costs were $35.2 million.

On August 25, 2016, the Company completed a private placement of $535.0 million aggregate principal amount of 6.125% senior notes due September 1, 2023 (“Senior Notes due 2023”). On June 4, 2015, the Company completed a private placement of $1,600.0 million aggregate principal amount of 6.50% Senior Notes due 2022 and €500.0 million Euro-denominated aggregate principal amount of 5.75% Senior Notes due 2021. In conjunction with the Company’s 2015 acquisition of Con-way, the Company assumed Con-way’s 7.25% Senior Notes due 2018.

The Senior Notes due 2023 bear interest at a rate of 6.125% per annum payable semiannually, in cash in arrears, on March 1 and September 1 of each year, commencing March 1, 2017 and maturing on September 1, 2023. The Senior Notes due 2022 bear interest at a rate of 6.50% per annum payable semiannually, in cash in arrears, on June 15 and December 15 of each year, commencing December 15, 2015 and maturing on June 15, 2022. The Senior Notes due 2021 bear interest at a rate of 5.75% per annum payable semiannually, in cash in arrears, on June 15 and December 15 of each year, commencing December 15, 2015 and maturing on June 15, 2021. The Senior Notes due 2018 bear interest at a rate of 7.25% per annum payable semiannually, in cash in arrears, on January 15 and July 15 of each year, maturing on January 15, 2018.

The Senior Notes, except for the Senior Notes due 2018, are guaranteed by each of the Company’s direct and indirect wholly-owned restricted subsidiaries (other than certain excluded subsidiaries) that are obligors under, or guarantee obligations under, the Company’s ABL Facility (or certain replacements thereof) or guarantee certain capital markets indebtedness of the Company or any guarantor of the Senior Notes. The Senior Notes and the guarantees thereof are unsecured, unsubordinated indebtedness of the Company and the guarantors. Among other things, the covenants of the Senior Notes limit the Company’s ability to, with certain exceptions: incur indebtedness or issue disqualified stock; grant liens; pay dividends or make distributions in respect of capital stock; make certain investments or other restricted payments; prepay or repurchase subordinated debt; sell or transfer assets; engage in certain mergers, consolidations, acquisitions and dispositions; and enter into certain transactions with affiliates.

Senior Debentures

In conjunction with the Company’s acquisition of Con-way, the Company assumed Con-way’s 6.70% Senior Debentures due 2034 (the “Senior Debentures”) with an aggregate principal amount of $300.0 million. The Senior Debentures bear interest at a rate of 6.70% per annum payable semiannually, in cash in arrears, on May 1 and November 1 of each year, maturing on May 1, 2034. In accordance with ASC 805 “Business Combinations,” the Senior Debentures were recorded at fair value on the Con-way acquisition date, resulting in a fair value discount of $101.3 million on October 30, 2015. Including amortization of the fair value adjustment, interest expense on the Senior Debentures is recognized at an annual effective interest rate of 10.96%.

Euro Private Placement Notes

The Euro Private Placement Notes due 2020 have €12.0 million Euro-denominated aggregate principal amount outstanding as of December 31, 2016. The Euro Private Placement Notes due 2020 bear interest at a rate of 4.00% per annum payable annually, in cash in arrears, on December 20 of each year, maturing on December 20, 2020.

The Euro Private Placement Notes are subject to leverage ratio and indebtedness ratio financial covenants, as defined in the agreements. ND is required to maintain a leverage ratio of less than or equal to 3.50 and an indebtedness ratio of less than or equal to 2.00 as of each semi-annual testing date. As of December 31, 2016, the latest semi-annual testing date, ND is in compliance with the financial covenants.

Asset Financing

The asset financing arrangements are unsecured and are used to purchase Company-owned trucks in Europe. The financing arrangements are denominated in USD, EUR, British Pounds Sterling and Romanian New Lei, with primarily floating interest rates. As of December 31, 2016, interest rates on asset financing range from 0.281% to 5.5%, with a weighted average interest rate of 1.38%, and initial terms range from five years to ten years.

ABL Facility

On October 30, 2015, the Company entered into the Second Amended and Restated Revolving Loan Credit Agreement (the “ABL Facility”) among XPO and certain of XPO’s U.S. and Canadian wholly owned subsidiaries (which include the U.S. subsidiaries of the former Con-way), as borrowers, the other credit parties from time to time party thereto, the lenders party thereto and Morgan Stanley Senior Funding, Inc. (“MSSF”), as agent for such lenders. The ABL Facility replaced XPO’s then existing Amended Credit Agreement, and, among other things, (i) increased the commitments under the ABL Facility to $1.0 billion, (ii) permitted the acquisition of Con-way, and the transactions relating thereto, (iii) reduced the margin on loans under the ABL Facility by 0.25% from that contained in the then existing Amended Credit Agreement and (iv) matures on October 30, 2020. Up to $350 million of the ABL Facility is available for issuance of letters of credit, and up to $50 million of the ABL Facility is available for swing line loans. Total unamortized debt issuance costs related to the ABL Facility classified in other long-term assets at December 31, 2016 were $8.1 million.

Availability on the ABL Facility is equal to the borrowing base less advances and outstanding letters of credit. The borrowing base includes a fixed percentage of (i) eligible U.S. and Canadian accounts receivable plus (ii) any eligible U.S. and Canadian rolling stock and equipment. At December 31, 2016, the Company had a borrowing base of $986.5 million and availability under the ABL Facility of $717.4 million at December 31, 2016 after considering outstanding advances of $30.0 million and outstanding letters of credit on the ABL Facility of $239.1 million. XPO may from time to time increase base availability under the ABL Facility up to $1.0 billion less any then outstanding letters of credit by including into the borrowing additional rolling stock and equipment. A maximum of 20% of the borrowing base can be attributable to the equipment and rolling stock in the aggregate. As of December 31, 2016, the Company was in compliance with the ABL Facility’s financial covenants.

The ABL Facility is secured on a first lien basis by the assets of the credit parties which constitute ABL Facility priority collateral and on a second lien basis by certain other assets. ABL Facility priority collateral consists primarily of U.S. and Canadian accounts receivable as well as any U.S. and Canadian rolling stock and equipment included by XPO in the borrowing base. The Company’s borrowings under the ABL Facility will bear interest at a rate equal to LIBOR or a Base Rate, as defined in the agreement, plus an applicable margin of 1.50% to 2.00%, in the case of LIBOR loans, and 0.50% to 1.00%, in the case of Base Rate loans. The interest rate on outstanding borrowings at December 31, 2016 was 2.26%. The ABL Facility contains representations and warranties, affirmative and negative covenants and events of default customary for agreements of this nature.

Among other things, the covenants in the ABL Facility limit the Company’s ability to, with certain exceptions: incur indebtedness; grant liens; engage in certain mergers, consolidations, acquisitions and dispositions; make certain investments and restricted payments; and enter into certain transactions with affiliates. In certain circumstances, such as if availability is below certain thresholds, the ABL Facility also requires the Company to maintain a Fixed Charge Coverage Ratio (as defined in the ABL Facility) of not less than 1.00 to 1.00. As of December 31, 2016, the Company is in compliance with this financial covenant. If an event of default under the ABL Facility shall occur and be continuing, the commitments thereunder may be terminated and the principal amount outstanding thereunder, together with all accrued unpaid interest and other amounts owed thereunder, may be declared immediately due and payable. Certain subsidiaries acquired by the Company in the future may be excluded from the restrictions contained in certain of the foregoing covenants.

Convertible Senior Notes

The Convertible Senior Notes bear interest at a rate of 4.50% per annum payable semi-annually, in cash in arrears, on April 1 and October 1 of each year, maturing on October 1, 2017. The Convertible Senior Notes are included in current maturities of long-term debt at December 31, 2016.

During the year ended December 31, 2016, the Company issued an aggregate of 173,158 shares of the Company’s common stock to certain holders of the Convertible Senior Notes in connection with the conversion of $2.8 million aggregate principal amount of the Convertible Senior Notes. The conversions were allocated to long-term debt and equity in the amounts of $2.6 million and $2.8 million, respectively. A loss on conversion of $0.2 million was recorded as part of the transactions. Certain of these transactions represented induced conversions pursuant to which the Company paid the holder a market-based premium in cash. The negotiated market-based premiums, in addition to the difference between the current fair value and the book value of the Convertible Senior Notes, were reflected in interest expense. The number of shares of common stock issued in the foregoing transactions equals the number of shares of common stock presently issuable to holders of the Convertible Senior Notes upon conversion under the original terms of the Convertible Senior Notes.

Under certain circumstances at the election of the holder, the Convertible Senior Notes may be converted until the close of business on the business day immediately preceding April 1, 2017, into cash, shares of the Company’s common stock, or a combination of cash and shares of common stock, at the Company’s election, at the initial conversion rate of approximately 60.8467 shares of common stock per $1,000 in principal amount, which is equivalent to an initial conversion price of approximately $16.43 per share. In addition, following certain corporate events that occur prior to the maturity date, the Company will increase the conversion rate for a holder who elects to convert its Convertible Senior Notes in connection with such corporate event in certain circumstances. On or after April 1, 2017, until the close of business on the business day immediately preceding the maturity date of October 1, 2017, holders may convert their Convertible Senior Notes at any time.

Term Loan Facility

On October 30, 2015, XPO entered into a Senior Secured Term Loan Credit Agreement (the “Term Loan Credit Agreement”) that provided for a single borrowing of $1.6 billion on the date thereof. The Term Loan Credit Agreement was issued at an original issue discount of $32.0 million.

On August 25, 2016, the Company entered into an Incremental and Refinancing Amendment (Amendment No. 1 to Credit Agreement) (the “Amendment”), by and among XPO, its subsidiaries signatory thereto, as guarantors, the lenders party thereto and MSSF, in its capacity as administrative agent (the “Administrative Agent”), amending the Term Loan Credit Agreement, by and among XPO, the other subsidiaries from time to time party thereto, as guarantors, the lenders from time to time party thereto and the Administrative Agent.

Pursuant to the Amendment, the outstanding $1,592.0 million principal amount of term loans under the Term Loan Credit Agreement (the “Existing Term Loans”) were replaced with a like aggregate principal amount of new term loans (the “New Term Loans”) having substantially similar terms as the Existing Term Loans, other than with respect to the applicable interest rate and prepayment premiums in respect of certain voluntary prepayments. Of the $1,592.0 million of term loans which were refinanced, $1,197.2 million were exchanged and represent a non-cash financing activity. The interest rate margin applicable to the New Term Loans was reduced from 3.50% to 2.25%, in the case of base rate loans, and from 4.50% to 3.25%, in the case of LIBOR loans. The interest rate at December 31, 2016 was 4.25%. Debt extinguishment costs related to various lenders exiting the syndicate were $18.0 million.

In addition, pursuant to the Amendment, the Company borrowed an additional $400.0 million of Incremental Term B-1 Loans (the “Incremental Term B-1 Loans”) and an additional $50.0 million of Incremental Term B-2 Loans (the “Incremental Term B-2 Loans”). The New Term Loans, Incremental Term B-1 Loans and Incremental Term B-2 Loans have identical terms, other than with respect to original issue discount, and will mature on October 30, 2021.

On the last business day of each fiscal quarter, commencing with the fiscal quarter ending March 31, 2016, a portion of the principal amount in an amount equal to 0.25% of the loan amount is to be repaid. The repurchase of debt in November 2016 satisfied the principal payments required per this provision of the agreement. In addition, commencing with the fiscal year ending December 31, 2016, the Company must prepay an aggregate principal amount of the Term Loan Facility equal to (a) 50% of Excess Cash Flow, as defined in the agreement, if any, for the most recent fiscal year ended minus (b) the sum of (i) all voluntary prepayments of loans during such fiscal year and (ii) all voluntary prepayments of loans under the ABL Facility or any other revolving credit facilities during such fiscal year to the extent accompanied by a corresponding permanent reduction in the commitments under the credit agreement or any other revolving credit facilities in the case of each of the immediately preceding clauses (i) and (ii), to the extent such prepayments are funded with internally generated cash flow, as defined in the agreement; provided, further, that (x) the Excess Cash Flow percentage shall be 25% if the Consolidated Secured Net Leverage Ratio of Borrower, as defined in the agreement, for the fiscal year was less than or equal to 3.00:1.00 and greater than 2.50:1.00 and (y) the Excess Cash Flow percentage shall be 0% if the Consolidated Secured Net Leverage Ratio of Borrower for the fiscal year was less than or equal to 2.50:1.00. The remaining principal is due at maturity. As of December 31, 2016, the Company’s Consolidated Secured Net Leverage Ratio was less than 2.50:1.00; therefore, no excess cash payment is required.

Employee Benefit Plans

12 Months Ended

Dec. 31, 2016

Compensation and Retirement Disclosure [Abstract]

Employee Benefit Plans

Defined Benefit Pension Plans

The Company maintained two separate defined benefit pension plans for certain employees in the United Kingdom. These plans consisted of the Christian Salvesen Pension Scheme (“CSPS”) and TDG Pension Scheme (“TDGPS” and together with the CSPS, the “UK Plans”). On November 1, 2016, the UK Plans were merged into one plan (the “UK Plan”) in order to reduce overhead and administrative costs, resulting in a $41.7 million prior service credit recognized in accumulated other comprehensive income. The amount currently recognized in accumulated other comprehensive income is expected to be recognized as a component of net periodic benefit expense (income) over a period of approximately 26 years. In conjunction with the plan merger, a one-time settlement offer was made to certain UK Plan participants. On November 30, 2016, the settlement was completed, resulting in a payment of plan benefits of approximately $22.3 million and a reduction of the pension benefit obligation. The Company also maintains defined benefit pension plans for certain of its foreign subsidiaries. These international defined benefit pension plans are excluded from the disclosures below due to their immateriality.

The Company also maintains defined benefit pension plans for certain employees in the United States. These pension plans include qualified plans that are eligible for certain beneficial treatment under the Internal Revenue Code of 1986, as amended (“IRC”), as well as non-qualified plans that do not meet the IRC criteria. The Company’s qualified defined benefit pension plans consist of a primary qualified defined benefit pension plan and another qualified defined benefit pension plan (the “U.S. Qualified Plans”). The Company’s non-qualified defined benefit pension plans (collectively, the “U.S. Non-Qualified Pension Plans” and together with the U.S. Qualified Plans, the “U.S. Plans”) consist mostly of a primary non-qualified supplemental defined benefit pension plan and provides additional benefits for certain employees who are affected by IRC limitations on compensation eligible for benefits available under the qualified plans. As a result of the Company’s acquisition of Con-way, the Company maintains defined benefit pension plans sponsored by certain of Con-way’s foreign subsidiaries. These international defined benefit pension plans are excluded from the disclosures below due to their immateriality. Both the U.S. Plans and UK Plan do not allow for new plan participants or additional benefit accruals.

Defined benefit pension plan obligations are measured based on the present value of projected future benefit payments for all participants for services rendered to date. The projected benefit obligation is a measure of benefits attributed to service to date assuming that the plan continues in effect and that estimated future events (including turnover and mortality) occur. The net periodic benefit costs are determined using assumptions regarding the projected benefit obligation and the fair value of plan assets as of the beginning of the year. Net periodic benefit costs are recorded in sales, general and administrative expense. The funded status of the defined benefit pension plans, which represents the difference between the projected benefit obligation and the fair value of plan assets, is calculated on a plan-by-plan basis. The Company did not have defined benefit pension plans prior to June 2015.

Funded Status of Defined Benefit Pension Plans

The following tables provide a reconciliation of the changes in the plans’ projected benefit obligations as of December 31:



	U.S. Qualified Plans						U.S Non-Qualified Plans						UK Plan
(In millions)	2016			2015			2016			2015			2016			2015
Projected benefit obligation at beginning of year	$	1,665.8		$	—		$	73.0		$	—		$	1,287.7		$	—
From acquisitions	—			1,685.8			—			74.1			—			1,393.4
Interest cost	76.1			12.7			3.3			0.5			40.5			28.6
Plan amendment	—			—			—			—			(41.7		)	—
Actuarial loss (gain)	63.7			(23.0		)	3.0			(0.7		)	262.4			(65.3		)
Foreign currency exchange rate changes	—			—			—			—			(238.7		)	(37.5		)
Benefits paid	(60.6		)	(9.7		)	(5.4		)	(0.9		)	(52.7		)	(31.5		)
Settlement	—			—			—			—			(22.3		)	—
Projected benefit obligation at end of year	$	1,745.0		$	1,665.8		$	73.9		$	73.0		$	1,235.2		$	1,287.7

The following tables provide a reconciliation of the changes in the plans' fair value of plan assets as of December 31:



	U.S. Qualified Plans						U.S Non-Qualified Plans						UK Plan
(In millions)	2016			2015			2016			2015			2016			2015
Fair value of plan assets at beginning of year	$	1,619.9		$	—		$	—		$	—		$	1,203.8		$	—
From acquisitions	—			1,659.4			—			—			—			1,290.5
Actual return (loss) on plan assets	140.8			(29.8		)	—			—			291.4			(30.3		)
Employer contributions	—			—			5.4			0.9			14.2			10.3
Benefits paid	(60.6		)	(9.7		)	(5.4		)	(0.9		)	(52.7		)	(31.5		)
Settlement	—			—			—			—			(22.3		)	—
Foreign currency exchange rate changes	—			—			—			—			(227.6		)	(35.2		)
Fair value of plan assets at end of year	$	1,700.1		$	1,619.9		$	—		$	—		$	1,206.8		$	1,203.8

The following table provides the funded status of the plans as of December 31:



	U.S. Qualified Plans						U.S Non-Qualified Plans						UK Plan
(In millions)	2016			2015			2016			2015			2016			2015
Funded Status:
Fair value of plan assets	$	1,700.1		$	1,619.9		$	—		$	—		$	1,206.8		$	1,203.8
Projected benefit obligation	1,745.0			1,665.8			73.9			73.0			1,235.2			1,287.7
Funded status at end of year	$	(44.9	)	$	(45.9	)	$	(73.9	)	$	(73.0	)	$	(28.4	)	$	(83.9	)
Funded Status Recognized in Balance Sheet:
Long-term assets	$	18.1		$	17.3		$	—		$	—		$	—		$	—
Current liabilities	—			—			(5.4		)	(5.2		)	—			—
Long-term liabilities	(63.0		)	(63.2		)	(68.5		)	(67.8		)	(28.4		)	(83.9		)
Total liability at end of year	$	(44.9	)	$	(45.9	)	$	(73.9	)	$	(73.0	)	$	(28.4	)	$	(83.9	)
Plans with projected and accumulated benefit obligation in excess of plan assets:
Projected and accumulated benefit obligation	$	1,725.5		$	1,645.7		$	73.9		$	73.0		$	1,235.2		$	1,287.7
Fair value of plan assets	1,662.6			1,582.5			—			—			1,206.8			1,203.8
Weighted-average assumptions as of December 31:
Discount rate	4.35		%	4.65		%	4.35		%	4.65		%	2.70		%	3.75		%

The following table provides amounts included in accumulated other comprehensive loss that have not yet been recognized in net periodic benefit expense as of December 31, 2016:



(In millions)	U.S. Qualified Plans			U.S Non-Qualified Plans			UK Plan
Actuarial gain (loss)	$	(33.5	)	$	(2.3	)	$	(28.9	)
Prior-service credit	—			—			41.1
Accumulated other comprehensive income (loss)	(33.5		)	(2.3		)	12.2

The following table sets forth the amount of net periodic benefit cost and amounts recognized in other comprehensive income or loss for the year ended December 31:



	U.S. Qualified Plans						U.S Non-Qualified Plans					UK Plan
(In millions)	2016			2015			2016		2015			2016			2015
Net periodic benefit expense (income):
Interest cost	$	76.1		$	12.7		$	3.3	$	0.5		$	40.5		$	28.6
Expected return on plan assets	(88.4		)	(15.4		)	—		—			(58.4		)	(34.6		)
Amortization of prior-service cost (credit)	—			—			—		—			(0.5		)	—
Recognized AOCI gain (loss) due to settlements	—			—			—		—			(0.1		)	—
Net periodic benefit expense (income)	$	(12.3	)	$	(2.7	)	$	3.3	$	0.5		$	(18.5	)	$	(6.0	)
Amounts recognized in other comprehensive income or loss:
Actuarial loss (gain)	$	11.3		$	22.2		$	3.0	$	(0.7	)	$	29.4		$	(0.5	)
Prior-service cost	—			—			—		—			(41.7		)	—
Recognized AOCI gain (loss) due to settlements	—			—			—		—			0.1			—
Reclassification of prior-service cost to net periodic benefit expense (income)	—			—			—		—			0.5			—
Loss (gain) recognized in other comprehensive income or loss	$	11.3		$	22.2		$	3.0	$	(0.7	)	$	(11.7	)	$	(0.5	)

Approximately $1.5 million of the amount currently recognized in other comprehensive income (loss) is expected to be recognized as a component of net periodic benefit expense (income) for the year ended December 31, 2017.

The following table outlines the weighted-average assumptions used to determine the net periodic benefit cost at December 31, 2016 and 2015:



	U.S. Qualified Plans				UK Plan
	2016		2015		2016		2015
Discount rate	4.65	%	4.55	%	3.75	%	3.60	%
Expected long-term rate of return on plan assets	5.58	%	5.57	%	5.40	%	5.00	%

No rate of compensation increase was assumed as the plans are frozen to additional participant benefit accruals. As of December 31, 2016, the impact of a 25 basis point decrease in the discount rate would increase the projected benefit obligation by approximately $61.9 million, $1.9 million and $54.4 million for the U.S. Qualified Plans, U.S. Non-Qualified Plans and UK Plan, respectively.

Expected benefit payments for the defined benefit pension plans are summarized below. These estimates are based on assumptions about future events. Actual benefit payments may vary from these estimates.



(In millions)	U.S. Qualified Plans		U.S Non-Qualified Plans		UK Plan
Year ending December 31:
2017	$	70.9	$	5.4	$	44.3
2018	75.1		5.4		45.6
2019	79.5		5.4		49.2
2020	84.2		5.4		50.5
2021	88.4		5.3		51.7
2022-2026	498.6		25.3		295.5

Plan Assets

U.S. Qualified Plans

The U.S. Qualified Plans’ assets are segregated from those of the Company and are managed pursuant to a long-term liability driven asset allocation strategy that seeks to mitigate the funded status volatility by increasing exposure to fixed income investments over time. This strategy was developed by analyzing a variety of diversified asset-class combinations in conjunction with the projected liabilities.

The current investment strategy is to achieve a mix of approximately 76% in fixed income securities and 24% of investments in equity securities. The target allocations for fixed income securities includes 7% in global opportunistic fixed income. The target allocations for equity securities include 14% in U.S. companies and 10% in international companies. Investments in equity and fixed income securities consist of individual securities held in managed separate accounts as well as commingled investment funds. The investment strategy does not include a meaningful long-term investment allocation to cash and cash equivalents; however, the cash allocation may rise periodically in response to timing considerations regarding contributions, investments, and the payment of benefits and eligible plan expenses. The Company evaluates its defined benefit plans' asset portfolios for the existence of significant concentrations of risk. Types of investment concentration risks that are evaluated include, but are not limited to, concentrations in a single entity, industry, foreign country and individual fund manager. As of December 31, 2016, there were no significant concentrations of risk in the Company's defined benefit plan assets.

The investment policy does not allow investment managers to use market-timing strategies or financial derivative instruments for speculative purposes. However, financial derivative instruments are used to manage risk and achieve stated investment objectives regarding duration, yield curve, credit and equity exposures. Generally, the investment managers are prohibited from short selling, trading on margin, and trading commodities, warrants or other options, except when acquired as a result of the purchase of another security, or in the case of options, when sold as part of a covered position.

The assumption of 5.58% for the overall expected long-term rate of return in 2016 was developed using asset allocation, return, risk (defined as standard deviation), and correlation expectations. The return expectations are created using long-term historical returns and current market expectations for inflation, interest rates and economic growth.

UK Plan

The UK Plan’s assets are segregated from those of the Company and invested by trustees, which include Company representatives, with the goal of meeting the UK Plan’s projected future pension liabilities. The trustees' investment objectives are to meet the performance target set in the deficit recovery plan of the UK Plan in a risk-controlled framework. The actual asset allocations of the UK Plan are in line with the target asset allocations. The implied target asset allocation of the UK Plan consists of 28% matching assets (UK gilts and cash) and 72% growth assets (consisting of government and credit - commingled funds, illiquid credit, hedge funds, dynamic asset allocation, and risk parity). The target asset allocations of the UK Plan includes acceptable ranges for each asset class, which are typically +/- 10% from the target.

The risk parity and dynamic asset allocation categories include investments in multi-asset funds. These funds are designed to provide a diversified exposure to markets with less volatility than equities. Collateral assets consist of UK gilts and cash, which are used to back derivative positions that hedge the sensitivity of the liability to changes in interest rates and inflation. Approximately 85% of the actuarial liability sensitivities were hedged as of December 31, 2016. The derivative positions are also used to gain a synthetic exposure to equity markets. The expected return over 2016 is 5.40%. The approach to determine the expected long-term rate of return on plan assets is consistent with the one used for the U.S. Plans.

The following table sets forth the fair values of investments held in the pension plans by major asset category as of December 31, as well as the percentage that each asset category comprises of total plan assets:



(Dollars in millions)	December 31, 2016
Asset Category (U.S. Qualified Plans)	Level 1			Level 2			Level 3		Not Subject to Leveling		Total			Percentage of Plan Assets
Cash and Cash Equivalents
Short-term investment fund	$	—		$	—		$	—	$	40.7	$	40.7		2.3	%
Equity
U.S. large companies
S&P 500 futures	(0.3		)	—			—		—		(0.3		)	—	%
Growth	75.0			—			—		—		75.0			4.4	%
Value	88.0			—			—		—		88.0			5.2	%
U.S. Small Companies
Value	31.9			—			—		—		31.9			1.9	%
International
Growth	60.7			—			—		—		60.7			3.6	%
Value fund [a]	—			—			—		65.8		65.8			3.9	%
Fixed Income Securities
Global long-term debt instruments [a]	148.2			893.4			—		296.7		1,338.3			78.7	%
Total U.S. Plan Assets	$	403.5		$	893.4		$	—	$	403.2	$	1,700.1		100.0	%

Asset Category (UK Plan)
Cash and Cash Equivalents	$	63.1		$	—		$	—	$	—	$	63.1		5.2	%
Fixed Income Securities
Government	—			248.1			—		—		248.1			20.6	%
Government and credit - commingled funds [a]	—			—			—		247.2		247.2			20.5	%
Illiquid credit [a] [b]	—			—			—		33.7		33.7			2.8	%
Derivatives
Equity [a]	—			13.3			—		21.3		34.6			2.9	%
Interest rate	—			78.3			—		—		78.3			6.5	%
Currencies	—			(1.0		)	—		—		(1.0		)	(0.1	)%
Hedge Funds [a] [c]	—			—			—		34.6		34.6			2.9	%
Diversified Multi-Asset Funds
Risk parity [a]	—			—			—		224.2		224.2			18.5	%
Dynamic asset allocation [a]	—			—			—		244.0		244.0			20.2	%
Total UK Plan Assets	$	63.1		$	338.7		$	—	$	805.0	$	1,206.8		100.0	%

[a] In accordance with ASU 2015-07, Fair Value Measurement (Topic 820), certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented for the total defined benefit pension plan assets.

[b] The underlying investments in the fund consist primarily of commercial mortgage-backed securities and real estate loans.

[c] The fair value of the fund is based on the fair value of the underlying assets, substantially all of which is invested in the York Credit Opportunities Master Fund, L.P., an exempted limited partnership formed under the laws of the Cayman Islands. The fund offers very limited liquidity with redemption only allowed on anniversary of investment with 60 days’ prior notice.



(Dollars in millions)	December 31, 2015
Asset Category (U.S. Qualified Plans)	Level 1		Level 2			Level 3		Not Subject to Leveling		Total			Percentage of Plan Assets
Cash and Cash Equivalents
Short-term investment fund	$	—	$	—		$	—	$	34.3	$	34.3		2.2	%
Equity
U.S. large companies
S&P 500 futures	0.7		—			—		—		0.7			—	%
Growth	91.4		—			—		—		91.4			5.6	%
Value	88.2		—			—		—		88.2			5.4	%
U.S. Small Companies
Value	27.1		—			—		—		27.1			1.7	%
International
Growth	66.1		—			—		—		66.1			4.1	%
Value fund [a]	—		—			—		65.9		65.9			4.1	%
Fixed Income Securities
Global long-term debt instruments [a]	158.1		796.0			—		292.1		1,246.2			76.9	%
Total U.S. Plan Assets	$	431.6	$	796.0		$	—	$	392.3	$	1,619.9		100.0	%

Asset Category (UK Plans)
Cash and Cash Equivalents	$	32.8	$	—		$	—	$	—	$	32.8		2.7	%
Fixed Income Securities
Government	—		260.3			—		—		260.3			21.6	%
Government and credit - commingled funds [a]	—		—			—		210.8		210.8			17.5	%
Illiquid credit [a] [b]	—		—			—		55.2		55.2			4.6	%
Derivatives
Equity [a]	—		—			—		20.8		20.8			1.7	%
Interest rate	—		13.1			—		—		13.1			1.1	%
Currencies	—		(1.6		)	—		—		(1.6		)	(0.1	)%
Hedge Funds [a] [c]	—		—			—		40.6		40.6			3.4	%
Diversified Multi-Asset Funds
Risk parity [a]	—		—			—		235.2		235.2			19.5	%
Dynamic asset allocation [a]	—		—			—		336.6		336.6			28.0	%
Total UK Plan Assets	$	32.8	$	271.8		$	—	$	899.2	$	1,203.8		100.0	%

[b] The underlying investments in the fund consist primarily of commercial mortgage-backed securities and real estate loans.

There was no XPO common stock held in plan assets as of December 31, 2016. The U.S. Non-Qualified Pension Plans are unfunded.

Funding

The Company’s funding practice is to evaluate its tax and cash position, as well as the funded status of its plans, in determining its planned contributions. The Company estimates that it will contribute $5.4 million to its U.S. Plans and $12.7 million to its UK Plan in 2017; however, this could change based on variations in interest rates, asset returns and other factors.

Defined Contribution Retirement Plans

The Company’s cost for defined contribution retirement plans was $59.1 million in 2016 and $13.0 million in 2015.

Postretirement Medical Plan

The Company sponsors a postretirement medical plan that provides health benefits to certain non-contractual employees at least 55 years of age with at least 10 years of service (the “Postretirement Plan”). The Postretirement Plan does not provide employer-subsidized retiree medical benefits for employees hired on or after January 1, 1993.

Funded Status of Postretirement Medical Plan

The following sets forth the changes in the benefit obligation and the determination of the amounts recognized in the consolidated balance sheets for the Postretirement Plan at December 31:



(In millions)	2016			2015
Projected benefit obligation at beginning of year	$	54.0		$	—
From Con-way acquisition	—			51.0
Service cost – benefits earned during the year	0.5			0.1
Interest cost on projected benefit obligation	2.2			0.3
Actuarial loss (gain)	(2.9		)	3.3
Participant contributions	1.9			0.3
Benefits paid	(5.1		)	(1.0		)
Projected and accumulated benefit obligation at end of year	$	50.6		$	54.0
Funded status of the plan	$	(50.6	)	$	(54.0	)
Amounts recognized in the balance sheet consist of :
Current liabilities	(3.9		)	(4.0		)
Long-term liabilities	(46.7		)	(50.0		)
Net amount recognized	$	(50.6	)	$	(54.0	)
Discount rate assumption as of December 31	3.90		%	4.20		%

The following table provides amounts included in accumulated other comprehensive loss that have not yet been recognized in net periodic benefit expense:



(In millions)	2016		2015
Actuarial loss	$	0.3	$	3.3
	$	0.3	$	3.3

Net Periodic Benefit Expense for Postretirement Medical Plan

Net periodic benefit expense and amounts recognized in other comprehensive income or loss for the years ended December 31 includes the following:



(In millions)	2016			2015
Net periodic benefit expense (income):
Service cost - benefits earned during the year	$	0.5		$	0.1
Interest cost on projected benefit obligation	2.2			0.3
Net periodic benefit expense (income)	$	2.7		$	0.4
Discount rate assumption used to calculate interest cost	4.20		%	4.10		%

Expected benefit payments, which reflect expected future service, as appropriate, are summarized below. These estimates are based on assumptions about future events. Actual benefit payments may vary from these estimates.



(In millions)	Benefit Payments
Year ending December 31:
2017	$	3.9
2018	3.9
2019	4.0
2020	4.2
2021	4.3
2022-2025	20.6

The assumed health care cost trend rates used to determine the benefit obligation are as follows:



	2016
Health care cost trend rate assumed for next year	6.49	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.50	%
Year that the rate reaches the ultimate trend rate	2038

Assumed health care cost trends affect the amounts recognized for the Company’s postretirement benefits. A one-percentage-point change in the assumed health care cost trend rate would not have a material effect on the service and interest cost components of net periodic benefit costs or on the accumulated postretirement benefit obligation.

Stockholder's Equity	12 Months Ended
Stockholder's Equity	Dec. 31, 2016
Equity [Abstract]
Stockholder's Equity	Stockholders’ Equity Series C Convertible Perpetual Preferred Stock and Common Stock On May 29, 2015, the Company issued and sold 15,499,445 shares (the “2015 Purchased Common Shares”) in the aggregate of the Company's common stock, par value $0.001 per share (the “Company Common Stock”), and 562,525 shares (the “2015 Purchased Preferred Stock” and, together with the 2015 Purchased Common Shares, the “2015 Purchased Securities”) in the aggregate of the Company’s Series C Convertible Perpetual Preferred Stock, par value $0.001 per share, in a private placement. The purchase price per 2015 Purchased Common Share was $45.00 (resulting in aggregate gross proceeds to the Company of approximately $697.5 million), and the purchase price per share of 2015 Purchased Preferred Stock was $1,000 (resulting in aggregate gross proceeds to the Company of approximately $562.5 million). The Company received net proceeds of $1,228.1 million after equity issuance costs which was initially allocated between common and preferred stock based on the relative fair values of each instrument. The 2015 Purchased Preferred Stock was mandatorily convertible into an aggregate of 12,500,546 additional shares of Company common stock subject to the approval of the Company's stockholders. On September 8, 2015, the 2015 Purchased Preferred Stock was automatically converted into 12,500,546 shares of Company common stock. The 2015 Purchased Preferred Stock was issued with an initial conversion price of $45.00 per share. As of May 29, 2015, the Company's common stock price was $49.16. As a result, the conversion feature was issued “in-the-money” and the Company allocated the beneficial conversion feature of $52.0 million to additional paid-in capital. The beneficial conversion feature was contingent upon receiving approval of the Company's stockholders and was therefore recognized in net loss attributable to common shareholders upon receiving stockholder approval on September 8, 2015. Series B Convertible Perpetual Preferred Stock and Common Stock On September 17, 2014, the Company issued and sold 10,702,934 shares (the “2014 Purchased Common Shares”) in the aggregate of Company Common Stock and 371,848 shares (the “2014 Purchased Preferred Stock” and, together with the 2014 Purchased Common Shares, the “2014 Purchased Securities”) in the aggregate of the Company’s Series B Convertible Perpetual Preferred Stock, par value $0.001 per share, in a private placement. The purchase price per 2014 Purchased Common Share was $30.66 (resulting in aggregate gross proceeds to the Company of approximately $328.0 million), and the purchase price per share of 2014 Purchased Preferred Stock was $1,000 (resulting in aggregate gross proceeds to the Company of approximately $372.0 million). The Company received net proceeds of $684.2 million after equity issuance costs which was initially allocated between common and preferred stock based on the relative fair values of each instrument. The 2014 Purchased Preferred Stock was mandatorily convertible into an aggregate of 12,128,115 additional shares of Company Common Stock subject to the approval of the Company’s stockholders. On December 23, 2014, the 2014 Purchased Preferred Stock was automatically converted into 12,128,115 shares of Company Common Stock. The 2014 Purchased Preferred Stock was issued with an initial conversion price of $30.66. As of September 11, 2014, the Company’s common stock price was $34.05. As a result, the conversion feature was issued “in-the-money” and the Company allocated the intrinsic value of the conversion feature of $40.9 million to additional paid-in capital. The beneficial conversion feature was contingent upon receiving the approval of the Company’s stockholders and was therefore recognized in net loss attributable to common stockholders upon receiving stockholder approval on December 23, 2014. February 2014 Common Stock Offering On February 5, 2014, the Company closed a registered underwritten public offering of 15,000,000 shares of common stock, and on February 11, 2014, the Company closed as part of the same public offering the sale of an additional 2,250,000 shares as a result of the full exercise of the underwriters’ overallotment option, in each case at a price of $25.00 per share (together, the “February 2014 Offering”). The Company received $413.2 million in net proceeds from the February 2014 Offering after underwriting discounts and expenses. Series A Convertible Perpetual Preferred Stock and Warrants Pursuant to the Company’s Certificate of Incorporation, the Board of Directors may establish one or more series of preferred stock. Other than the Series A Convertible Perpetual Preferred Stock, par value $0.001 per share (the “Series A Preferred Stock”), no shares of preferred stock are currently outstanding. On September 2, 2011, pursuant to the Investment Agreement, dated as of June 13, 2011 (the “Investment Agreement”), by and among Jacobs Private Equity, LLC (“JPE”), the other investors party thereto (collectively with JPE, the “Investors”) and the Company, the Company issued to the Investors, for $75.0 million in cash: (i) an aggregate of 75,000 shares of the Series A Preferred Stock with an initial liquidation preference of $1,000 per share, which are convertible into shares of Company common stock at a conversion price of $7.00 per common share (subject to customary anti-dilution adjustments), and (ii) warrants exercisable for shares of Company common stock at an initial exercise price of $7.00 per common share (subject to customary anti-dilution adjustments) (the “Warrants”). As of December 31, 2016, the outstanding Series A Preferred Stock is convertible into 10,319,286 shares of Company common stock and there are outstanding Warrants exercisable for an aggregate of 10,276,314 shares of Company common stock. The Series A Preferred Stock ranks, with respect to dividend rights and rights upon liquidation, winding-up or dissolution of the Company, senior to the Company’s common stock and to each other class or series of stock of the Company (including any series of preferred stock) the terms of which do not expressly provide that such class or series ranks senior to or pari passu with the Series A Preferred Stock. The Series A Preferred Stock pays quarterly cash dividends equal to the greater of (i) the “as-converted” dividends on the underlying Company common stock for the relevant quarter and (ii) 4% of the then-applicable liquidation preference per annum. The Series A Preferred Stock is not redeemable or subject to any required offer to purchase, and votes together with the Company’s common stock on an “as-converted” basis on all matters, except as otherwise required by law, and separately as a class with respect to certain matters implicating the rights of holders of shares of Series A Preferred Stock.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section S99
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Section S99
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

On December 20, 2016, the Company held a special meeting of stockholders, at which the Company’s stockholders approved the XPO Logistics, Inc. 2016 Omnibus Incentive Compensation Plan (the “2016 Plan”). The 2016 Plan replaces the XPO Logistics, Inc. Amended and Restated 2011 Omnibus Incentive Compensation Plan (the “2011 Plan”) and the Con-way Inc. 2012 Equity and Incentive Plan (the “Con-way Plan”), the latter of which was assumed by the Company in connection with the acquisition of Con-way. Any awards granted under the 2011 Plan and the Con-way Plan will remain in effect pursuant to their respective terms.

Under the terms of the 2016 Plan, the Company grants various types of stock-based compensation awards to directors, officers and key employees. The 2016 Plan provides for awards in the form of stock options, stock appreciation rights, restricted stock, restricted stock units, deferred share units, performance compensation awards, performance units, cash incentive awards and other equity-based or equity-related awards (collectively, “Awards”) that the Compensation Committee of the Board of Directors (the “Committee”) determines are consistent with the purpose of the 2016 Plan and interests of the Company.

The maximum aggregate number of shares of common stock that may be delivered pursuant to Awards under the 2016 Plan is 3,400,000 shares. Awards that are settled in cash would not reduce the number of shares available for delivery under the 2016 Plan. In the event of any extraordinary dividend or other extraordinary distribution, recapitalization, rights offering, stock split, reverse stock split, split-up or spin-off, the Committee shall equitably adjust any or all of the number of shares of the Company with respect to which Awards may be granted, including 2011 Plan share limits, the terms of any outstanding Award, the number of shares subject to outstanding Awards, and the exercise price of any Award, if applicable. Any shares delivered pursuant to an Award may consist, in whole or in part, of authorized and unissued shares or of treasury shares.

The 2016 Plan will continue in effect until December 20, 2026, unless terminated earlier by the Board of Directors. As of December 31, 2016, there were 3,319,710 shares available for issuance under the 2016 Plan.

The Company recognized the following stock-based compensation expense in direct operating expense and sales, general and administrative expense in the consolidated statements of operations:



	Years ended December 31,
(In millions)	2016		2015		2014
Stock options	$	1.2	$	1.9	$	1.7
Stock appreciation rights	0.6		0.4		—
Restricted stock units	13.0		9.0		5.8
Performance-based restricted stock units	12.8		17.0		—
Cash-settled performance-based restricted stock units	26.9		—		—
Warrants	—		8.5		—
Total stock-based compensation expense	$	54.5	$	36.8	$	7.5

The Company settled the outstanding warrants and certain performance stock awards of ND. The portion of the fair value of the warrants and performance shares not attributable to service performed prior to the acquisition date was recorded as stock-based compensation expense in 2015. The amount of stock-based compensation expense related to the settlement of ND stock awards included in the year ended December 31, 2015 was $18.5 million. The $8.5 million of stock-based compensation related to the warrants was settled in cash during the second quarter of 2015.

The Company settled all outstanding restricted stock awards as well as certain restricted stock units and performance-stock awards of Con-way. All remaining outstanding Con-way equity awards were assumed by the Company, as more fully discussed below. The portion of the fair value not attributable to service performed prior to the acquisition date was recorded as stock-based compensation expense in the post-combination period. The total value of the cash settlement of Con-way stock-based compensation awards in connection with the acquisition was $30.9 million, of which $17.8 million and $10.0 million was settled in cash during 2016 and 2015, respectively.

Stock Options

For employees and officers, stock options typically vest over three to five years after the grant date, have a ten year contractual term, and an exercise price equal to the Company’s stock price on the grant date. For grants to members of the Company’s Board of Directors, stock options vest one year after the grant date, have a ten year contractual term, and an exercise price equal to the Company’s stock price on the grant date.

In connection with the Con-way transaction, each outstanding Con-way stock option was converted into an equivalent intrinsic value of stock options with the same terms and conditions as were applicable prior to the acquisition, resulting in a total of 883,733 stock options assumed by the Company. All assumed stock options were fully vested as of the acquisition date.

The following is a summary of the weighted-average assumptions used to calculate the grant-date fair value using the Black-Scholes option pricing model for newly issued stock options:



	2016		2015		2014
Weighted-average risk-free interest rate	1.8	%	1.6	%	1.9	%
Weighted-average volatility	50.0	%	60.7	%	50.5	%
Weighted-average dividend yield	—		—		—
Weighted-average expected option term (in years)	6.44		6.61		6.44

For stock options with an exercise price equal to the Company’s stock price on the date of grant, the expected term of options granted has been derived based upon the Company’s history of actual exercise behavior and represents the period of time that options granted are expected to be outstanding. The expected volatility is based upon the Company’s historical market price at consistent points in a period equal to the expected life of the options. The risk-free interest rate is based on the U.S. Treasury yield curve with a term equal to the expected term of the option in effect at the time of grant.

A summary of stock option award activity for the year ended December 31, 2016 is presented below:



	Stock Options
	Number of Stock Options		Weighted-Average Exercise Price		Exercise Price Range	Weighted-Average Grant Date Fair Value		Weighted-Average Remaining Term


Outstanding at December 31, 2015	2,004,280		$	16.66	$2.68 - $31.88	$	6.06	4.57
Granted	5,000		22.58		$22.58 - $22.58	11.37
Exercised	(725,291	)	18.20		$2.68 - $27.75	6.59
Forfeited	(203,435	)	29.01		$6.08 - $31.88	2.08
Outstanding at December 31, 2016	1,080,554		$	13.32	$3.88 - 28.72	$	6.57	5.21
Options exercisable at December 31, 2016	977,179		$	12.10	$3.88 - 28.72	$	5.76	4.88

The intrinsic value of options outstanding and exercisable at December 31, 2016 was $32.2 million and $30.3 million, respectively. As of December 31, 2016, the Company had approximately $1.0 million of unrecognized compensation cost related to stock options which is expected to be recognized over a weighted-average period of 2.07 years.

The total intrinsic value of options exercised during 2016, 2015 and 2014 was $11.7 million, $4.1 million and $1.7 million, respectively. The total cash received from options exercised during 2016, 2015 and 2014 was $13.2 million, $5.2 million, and $0.5 million, respectively.

Restricted Stock Units and Performance-based Restricted Stock Units

The Company has granted RSUs and PRSUs to certain key employees, officers and directors of the Company with various vesting requirements as established by the Compensation Committee of the Board of Directors. The RSUs granted vest based on the passage of time. The vesting of certain RSU awards also is subject to the price of the Company’s common stock exceeding a specified per share price for a designated period of time and continued employment at the Company by the grantee as of the vesting date. The PRSUs granted will vest based on the achievement of certain targets with respect to the Company’s overall financial performance for specified periods. The vesting of certain PRSUs also is subject to the price of the Company’s common stock exceeding a specified per share price for a designated period of time and generally require continued employment at the Company by the grantee as of the vesting date.

In connection with the Con-way transaction, each outstanding RSU not previously settled was converted into an equivalent number of RSUs with the same terms and conditions as were applicable prior to the acquisition, resulting in a total of 661,988 RSUs assumed. Additionally, each outstanding PRSU not previously settled was converted into an equivalent number of PRSUs with the same time-vesting and settlement terms and conditions that existed prior to the acquisition, with the performance-based vesting conditions deemed satisfied at target, resulting in a total of 426,686 RSUs assumed.

The RSUs and PRSUs may vest in whole or in part before the applicable vesting date if the grantee’s employment is terminated by the Company without cause or by the grantee with good reason (as defined in the grant agreement), upon death or disability of the grantee or in the event of a change in control of the Company. Upon vesting, the RSUs and PRSUs result in the issuance of shares of XPO common stock after required minimum tax withholdings. The holders of the RSUs and PRSUs do not have the rights of a stockholder and do not have voting rights until certificates representing shares are issued and delivered in settlement of the awards. The fair value of all grants of RSUs and PRSUs subject to market-based vesting conditions was estimated using the Monte Carlo simulation lattice model.

A summary of RSU and PRSU award activity for the year ended December 31, 2016 is presented below:



	RSUs				PRSUs
	Number of RSUs		Weighted-Average Grant Date Fair Value		Number of PRSUs		Weighted-Average Grant Date Fair Value
Outstanding at December 31, 2015	1,558,441		$	23.01	1,987,060		$	21.47
Granted	382,819		30.08		849,018		27.39
Vested	(773,581	)	21.61		(228,155	)	30.91
Forfeited	(189,859	)	25.02		(341,367	)	18.62
Outstanding at December 31, 2016	977,820		$	26.60	2,266,556		$	20.88

The total fair value of RSUs vested during 2016, 2015 and 2014 was $26.8 million, $14.3 million and $9.9 million, respectively. Of the 977,820 outstanding RSUs, 931,535 vest subject to service conditions and 46,285 vest subject to service and market conditions.

The total fair value of PRSUs that vested during 2016 and 2015 was $7.2 million and $0.7 million. No PRSUs vested during 2014. Of the 2,266,556 outstanding PRSUs, 1,289,968 vest subject to service and a combination of market and performance conditions and 976,588 vest subject to service and performance conditions.

As of December 31, 2016, the Company had approximately $40.1 million of unrecognized compensation cost related to non-vested RSU and PRSU compensation that is anticipated to be recognized over a weighted-average period of approximately 2.77 years.

Cash-settled Performance-based Restricted Stock Units

In February 2016, the Company entered into employment agreements with its executive officers. Pursuant to these agreements, on February 9, 2016 the Company granted cash-settled PRSUs under the 2011 Plan to each of the executive officers. Twenty-five percent of the PRSUs vest and are settled in cash on each of the first four anniversaries of the grant, subject to the grantee's continued employment through the applicable anniversary and achievement of certain performance targets for each tranche. Cash-settled PRSU awards are measured at fair value initially based on the closing price of the Company’s common stock at the date of grant and are required to be re-measured to fair value at each reporting date until settlement. Compensation expense for cash-settled PRSUs is recognized over the applicable performance periods based on the probability of achieving the performance conditions and the closing price of the Company’s common stock at each balance sheet date. The Company records as a liability (until settlement) the cost of a cash-settled PRSU award for which achievement of the performance condition is deemed probable. At December 31, 2016, the Company had recognized accrued liabilities of $26.9 million using a fair value per PRSU of $43.16.

A summary of cash-settled PRSU award activity for the year ended December 31, 2016 is presented below:



	Number of Cash-settled PRSUs
Outstanding at December 31, 2015	—
Granted	2,508,727
Vested	—
Forfeited	(61,710	)
Outstanding at December 31, 2016	2,447,017

As of December 31, 2016, the Company had approximately $78.7 million of unrecognized compensation cost related to non-vested cash-settled PRSU compensation that is anticipated to be recognized over a weighted-average period of approximately 3.0 years and will vary based on changes in the Company's common stock price and the probability of achieving performance targets in future periods.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

Income Taxes

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Income Taxes

A summary of income (loss) before taxes related to U.S. and non U.S. operations are as follows:



	Year Ended December 31,
(In millions)	2016			2015			2014
Operations
U.S. domestic	$	(69.8	)	$	(305.7	)	$	(87.2	)
Foreign	176.6			23.2			(2.5		)
Total pre-tax income (loss)	$	106.8		$	(282.5	)	$	(89.7	)

The components of the income tax provision (benefit) consist of the following:



	Year Ended December 31,
(In millions)	2016			2015			2014
Current
Federal	$	(10.6	)	$	(34.2	)	$	—
State and local	6.3			8.8			3.4
Foreign	47.5			26.4			0.5
	43.2			1.0			3.9
Deferred
Federal	(32.6		)	(8.4		)	(22.7		)
Federal benefit of operating loss carryforwards	33.9			(49.7		)	(5.1		)
State and local	1.9			(9.3		)	(2.7		)
State and local benefit of operating loss carrryforward	(4.4		)	(8.9		)	—
Foreign	(6.6		)	(15.6		)	0.5
Foreign deferred taxes revalued for enacted rate change	(13.1		)	—			—
	(20.9		)	(91.9		)	(30.0		)
Total income tax provision (benefit)	$	22.3		$	(90.9	)	$	(26.1	)

The provision for income taxes is different from that which would be obtained by applying the statutory federal income tax rate to income before income taxes. The items causing this difference are as follows:



	Year Ended December 31,
(In percent)	2016		2015		2014
U.S. Federal statutory tax rate	35.0	%	35.0	%	35.0	%
State and local taxes, net	4.8		2.2		0.7
Transaction expense	0.9		(3.7	)	(1.7	)
Loss on convertible debt	—		(0.6	)	(2.1	)
Foreign tax credit	(10.7	)	—		—
Change in valuation allowance	10.7		(3.2	)	(1.4	)
Nontaxable purchase price adjustment	—		2.2		—
Fuel and employment tax credits	(4.1	)	2.0		—
Change in uncertain tax position provision	(4.5	)	0.5		0.4
U.S. taxation of foreign earnings	6.6		(2.4	)	—
Loss on remeasurement of foreign activities	—		2.6		—
Foreign tax rate differences	(4.2	)	—		(0.5	)
Impact of tax rate change on deferred taxes	(12.3	)	—		—
Excess tax benefits	(4.7	)	—		—
All other items	3.4		(2.4	)	(1.3	)
Net effective tax rate	20.9	%	32.2	%	29.1	%

The tax effects of temporary differences that give rise to significant portions of the noncurrent deferred tax asset and deferred tax liability are as follows:



	Year Ended December 31,
(In millions)	2016			2015
Deferred tax assets
Net operating loss and other tax attribute carryforwards	$	235.1		$	242.0
Accrued expenses	115.8			125.4
Pension and other retirement obligations	59.6			70.3
Other	71.9			65.2
Total deferred tax asset	482.4			502.9
Valuation allowance	(83.1		)	(67.6		)
Total deferred tax asset, net	399.3			435.3
Deferred tax liabilities
Intangible assets	(515.7		)	(655.0		)
Property & equipment	(392.7		)	(541.7		)
Other	(60.6		)	(58.3		)
Total deferred tax liability	(969.0		)	(1,255.0		)
Net deferred tax liability	$	(569.7	)	$	(819.7	)

At December 31, 2016 and 2015, the Company had federal net operating losses for all U.S. operations (including those of minority owned subsidiaries) of $284.4 million and $409.7 million, respectively, expiring at various times between 2031 and 2036. At December 31, 2016 and 2015, the tax effect (before federal benefit) of the Company’s state net operating losses was $38.2 million and $26.5 million, respectively, expiring at various times between 2017 and 2036.

At December 31, 2016 and 2015, the Company had federal tax credit carryforwards of $25.3 million and $7.4 million, respectively, expiring at various times starting in 2017 with certain credits having an unlimited carryforward period. At December 31, 2016, the Company had state tax credit carryforwards of $4.2 million expiring at various times between 2017 and 2028. At December 31, 2015, the Company had state tax credit carryforwards of $4.6 million expiring at various times between 2016 and 2028.

At December 31, 2016 and 2015, the Company’s foreign net operating losses that are available to offset future taxable income were $296.5 million and $267.0 million, respectively. These foreign loss carryforwards will expire at various times between 2017 and 2035 with some losses having an unlimited carryforward period.

On December 30, 2016, Law No. 2016-1917 was published in France enacting a rate reduction from 33.33% to 28% to be phased in over four years starting in 2017. As a result of this change, the company recognized a reduction of its deferred tax liabilities of approximately $13.1 million in its financial statements.

In determining valuation allowances, an assessment of positive and negative evidence was performed regarding realization of the net deferred tax assets in accordance with ASC 740-10. This assessment included the evaluation of scheduled reversals of deferred tax liabilities and the availability of carry forwards. Based on the assessment, as of December 31, 2016, total valuation allowances of $83.1 million were recorded against deferred tax assets. Although realization is not assured, the Company has concluded that it is more likely than not that the remaining deferred tax assets will be realized and as such no valuation allowance has been provided on these assets. The increase in the Company’s valuation allowance of $15.5 million is a result of the Company’s updated determination that certain federal, state and foreign deferred tax assets do not meet the “more likely than not” criteria during the period based on operating results.

As of December 31, 2016, our foreign subsidiaries have undistributed earnings which could be subject to taxation if repatriated. Deferred tax liabilities have not been recorded for such earnings because it is management’s intention to permanently reinvest such undistributed earnings in its non-U.S. subsidiaries. We estimate the amount of unremitted earnings and profits as of December 31, 2016 to be approximately $75.0 million. Due to the uncertainty caused by various methods in which such earnings could be repatriated, it is not practicable to estimate the actual amount of such deferred tax liabilities. The Company would consider and pursue appropriate alternatives to reduce any tax liability that could occur. If, in the future, undistributed earnings are repatriated to the U.S., or it is determined such earnings will be repatriated in the foreseeable future, deferred tax liabilities will be recorded accordingly.

A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties, is as follows:



	Year Ended December 31,
(In millions)	2016			2015
Uncertain tax positions, beginning of the year	$	11.5		$	6.2
Additions for tax positions of prior years	0.6			0.2
Additions for tax positions from acquisitions	10.3			6.1
Additions for tax positions taken during the current period	0.1			0.5
Reductions due to the statute of limitations	(7.9		)	(1.5		)
Uncertain tax positions, end of the year	$	14.6		$	11.5

The Company recognizes interest and penalties accrued related to uncertain tax positions in the provision for income taxes. For the years ended December 31, 2016 and 2015, $11.4 million and $8.1 million of the unrecognized tax benefits of $14.6 million and $11.5 million, respectively, if resolved favorably, would impact our effective tax rates. The release of the remaining approximately $3.0 million of unrecognized tax benefits would not affect the tax rate upon favorable resolution as the liability would be settled through a holdback provision of an acquisition agreement.

The Company and its wholly owned U.S. subsidiaries file a consolidated Federal income tax return. In addition, its minority owned U.S. subsidiaries file consolidated Federal income tax returns in accordance with U.S. filing requirements. The Company also files unitary or separate returns in various state, local and non-U.S. jurisdictions based on state, local and non-U.S. filing requirements. As a matter of course, various taxing authorities, including the Internal Revenue Service (“IRS”), regularly audit the Company. These audits may result in proposed assessments where the ultimate resolution may result in the Company owing additional taxes. Currently, the Company has no tax years under examination by the IRS. The Company has various non-U.S examinations in process, but at this time, the Company does not expect any of these routine examinations to yield a material assessment. While there are no other Federal, state or local examinations currently in progress, generally, the Federal returns after 2010, state and local returns after 2009 and non-U.S. returns after 2010 are open under relevant statute of limitations and therefore subject to potential adjustment. The Company believes that its tax positions comply with applicable tax law. The Con-way Federal return is closed through 2015.

Derivative Instruments

12 Months Ended

Dec. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

In the normal course of business, the Company is exposed to certain risks arising from business operations and economic factors, including fluctuations in interest rates and foreign currencies. To manage the volatility related to this exposure to fluctuations in interest rates and foreign currencies, the Company uses derivative instruments. The objective of these derivative instruments is to reduce fluctuations in the Company’s earnings and cash flows associated with changes in foreign currency rates and interest rates. These financial instruments are not used for trading or other speculative purposes. The Company has not historically incurred, and does not expect to incur in the future, any losses as a result of counterparty default.

The Company formally documents all relationships between hedging instruments and hedged items, as well as the risk management objective and strategy for undertaking various hedge transactions. This process includes linking cash flow hedges to specific forecasted transactions or variability of cash flow to be paid. The Company also formally assesses, both at the hedge's inception and on an ongoing basis, whether the designated derivative instruments that are used in hedging transactions are highly effective in offsetting changes in cash flow of hedged items. When a derivative instrument is determined not to be highly effective as a hedge or the underlying hedged transaction is no longer probable, hedge accounting is discontinued prospectively.

The following table presents the location on the consolidated balance sheets in which the Company’s derivative instruments have been recognized, the fair value hierarchy level applicable to each type of derivative instrument, and the related notional amounts and fair values:



	December 31, 2016
				Derivative Assets			Derivative Liabilities
(In millions)	Fair Value Hierarchy Level	Notional Amount		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedges:
Cross-currency swap agreements	Level 2	$	730.9	Other long-term assets	$	11.9	Other long-term liabilities	$	(6.9	)
Cross-currency swap agreements	Level 2	3.3		Other current assets	0.1		Other current liabilities	—
Interest rate swaps	Level 2	105.4		Other current assets	—		Other current liabilities	(2.3		)
Derivatives not designated as hedges:
Foreign currency option and forward contracts	Level 2	552.2		Other current assets	18.8		Other current liabilities	(1.0		)
Foreign currency option and forward contracts	Level 2	742.6		Other long-term assets	26.7		Other long-term liabilities	(5.8		)
Total					$	57.5		$	(16.0	)



	December 31, 2015
				Derivative Assets			Derivative Liabilities
(In millions)	Fair Value Hierarchy Level	Notional Amount		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedges:
Cross-currency swap agreements	Level 2	$	730.9	Other long-term assets	$	0.2	Other long-term liabilities	$	—
Interest rate swaps	Level 2	228.6		Other current assets	—		Other current liabilities	(7.3		)
Derivatives not designated as hedges:
Interest rate swaps	Level 2	43.5		Other current assets	—		Other current liabilities	(0.7		)
Foreign currency option contracts	Level 2	235.2		Other current assets	—		Other current liabilities	(1.0		)
Total					$	0.2		$	(9.0	)

The following table indicates the amount of gains/(losses) that have been recognized in accumulated other comprehensive loss in the consolidated balance sheets and gains/(losses) recognized in earnings in the consolidated statements of operations for the twelve months ended December 31, 2016, 2015, and 2014 for derivative and nonderivative instruments:



	Recognized in Accumulated Other Comprehensive Income (Loss)								Recognized in Net Income (Loss)
(In millions)	2016			2015			2014		2016		2015			2014
Derivatives designated as hedges:
Cross-currency swap agreements	$	15.3		$	4.9		$	—	$	—	$	—		$	—
Interest rate swaps	4.4			(1.4		)	—		—		—			—
Derivatives not designated as hedges:
Interest rate swaps	—			—			—		0.7		(1.0		)	—
Foreign currency option and forward contracts	—			—			—		43.5		(9.7		)	—
Nonderivatives designated as hedges:
Foreign currency denominated notes	(26.9		)	4.7			—		—		—			—
Total	$	(7.2	)	$	8.2		$	—	$	44.2	$	(10.7	)	$	—

Hedge of Net Investments in Foreign Operations

In connection with the issuance of the Senior Notes due 2022, the Company entered into certain cross-currency swap agreements to manage the related foreign currency exchange risk by effectively converting a portion of the fixed-rate USD-denominated Senior Notes due 2022, including the semi-annual interest payments, to fixed-rate, EUR-denominated debt. The risk management objective is to manage foreign currency risk relating to net investments in subsidiaries denominated in foreign currencies and reduce the variability in the functional currency equivalent cash flows of a portion of the Senior Notes due 2022. During the term of the swap contracts, the Company will receive semi-annual interest payments in June and December of each year from the counterparties based on USD fixed interest rates, and the Company will make semi-annual interest payments in June and December of each year to the counterparties based on EUR fixed interest rates. At maturity, the Company will repay the original principal amount in EUR and receive the principal amount in USD. The Company has designated the cross-currency swap agreements as qualifying hedging instruments and is accounting for these as net investment hedges. The gains and losses resulting from fair value adjustments to the cross-currency swap agreements are recorded in accumulated other comprehensive income to the extent that the cross-currency swaps are effective in hedging the designated risk. The Company did not record any ineffectiveness for the years ended December 31, 2016 and 2015. Cash flows related to the cross-currency swaps are included in operating activities on the consolidated statements of cash flows. The Company does not expect amounts that are currently deferred in accumulated other comprehensive income to be reclassified to income over the next 12 months.

In addition to the cross-currency swaps, the Company uses foreign currency denominated notes as nonderivative hedging instruments of its net investments in foreign operations. During the period that the Senior Notes due 2021 are designated as a net investment hedge, the gains and losses resulting from the exchange rate adjustments to the designated portion of the foreign currency denominated notes are recorded in accumulated other comprehensive income/loss to the extent that the foreign currency denominated notes are effective in hedging the designated risk. As of December 31, 2016, there is no amount of Senior Notes due 2021 included in long-term debt on the consolidated balance sheets that is designated as a net investment hedge of its investments in international subsidiaries that use the EUR as their functional currency. The most recent de-designation occurred in November 2016 and the amount recognized in accumulated other comprehensive income during the period that the Senior Notes due 2021 were designated as a net investment hedge remains in accumulated other comprehensive income as of December 31, 2016 and will remain in accumulated other comprehensive income until the subsidiary is sold, completely liquidated, or deconsolidated due to a change in control. From the de-designation date through December 31, 2016, the gains and losses resulting from exchange rate adjustments to the foreign currency denominated notes are recorded in the statement of operations in foreign currency gain/loss. The Company did not record any ineffectiveness for the years ended December 31, 2016 and 2015. The Company does not expect amounts that are currently deferred in accumulated other comprehensive income/loss to be reclassified to income over the next 12 months.

Interest Rate Hedging

In order to mitigate variability in forecasted interest payments on the Company’s EUR-denominated asset financings that are based on benchmark interest rates (e.g., Euribor), the Company has entered into interest rate swaps. The objective is for the cash flows of the interest rate swaps to offset any changes in cash flows of the forecasted interest payments attributable to changes in the benchmark interest rate. The interest rate swaps convert floating rate interest payments into fixed rate interest payments. The Company has designated the interest rate swaps as qualifying hedging instruments and is accounting for these as cash flow hedges of the forecasted obligations. The gains and losses resulting from fair value adjustments to the designated portion of the interest rate swaps are recorded in accumulated other comprehensive income/loss to the extent that the interest rate swaps are effective in hedging the designated risk. The gains and losses will be reclassified from accumulated other comprehensive income/loss to interest expense on the dates that interest payments accrue, or when the hedged item becomes probable not to occur. The Company is hedging its exposure to the variability in future cash flows for forecasted interest payments through December 2017. During the year ended December 31, 2016, certain interest rate swaps were not designated as hedges. The gains and losses related to the interest rate swaps not designated as hedges are included in interest expense on the consolidated statements of operations. As of December 31, 2016, there is no amount of the Company's interest rate swaps that is not designated as hedges. Cash flows related to the interest rate swaps are included in operating activities on the consolidated statements of cash flows. The Company expects an inconsequential amount that is currently deferred in accumulated other comprehensive income/loss to be reclassified to income over the next 12 months.

Foreign Currency Option and Forward Contracts

In order to mitigate against the risk of a reduction in the value of foreign currency from the Company’s international operations with the EUR and GBP as the functional currency, the Company uses foreign currency option and forward contracts. The foreign currency contracts were not designated as qualifying hedging instruments as of December 31, 2016. The contracts are not speculative and are used to manage the Company’s exposure to foreign currency exchange rate fluctuations and other identified risks. Gains or losses on the contracts are recorded in foreign currency gain/loss in the consolidated statements of operations. Cash flows related to the foreign currency contracts are included in operating activities on the condensed consolidated statements of cash flows. The risk of loss associated with the option contracts is limited to the premium amounts payable.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-Section 50
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
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Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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Reference 17: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Variable Interest Entities

12 Months Ended

Dec. 31, 2016

Variable Interest Entities [Abstract]

Variable Interest Entities

The Company applies the guidance under ASC 810-10 for the determination of its VIEs and the accounting determination for consolidation. The determination to consolidate these entities is based on a 4-step analysis to first identify those entities in which the Company holds a variable interest. Upon the determination that the Company holds a variable interest in the entity, the Company evaluates the relevant criteria to determine if the entity meets the definition of a VIE. These criteria include evaluating whether the equity investment at risk is insufficient to finance the activities of the entity, the holders of the equity interest lack decision making rights, the equity investment at risk was established with non-substantive voting rights, the holders of the equity investment at risk lack the obligation to absorb losses, and the holders of the equity investment at risk lack the right to receive residual returns. Upon the determination that an entity meets the criteria of a VIE, an evaluation is made over controlling interest and the determination of the primary beneficiary.

Based on the analysis completed, the Company determined it had variable interests in certain VIEs and consolidates these entities because it has the power to direct the activities that significantly affect the VIEs' economic performance, including having operational control over each VIE and operating the VIEs under the XPO brand or policies. The VIEs provide logistics services for their customers. Investors in these entities only have recourse to the assets owned by the entity and not to the Company’s general credit. The Company does not have implicit support arrangements with any VIE. The assets and liabilities of the consolidated VIEs are outlined in the table below.



(In millions)	December 31, 2016		December 31, 2015
Assets
Cash and cash equivalents	$	23.5	$	14.3
Accounts receivable, net of allowance	57.9		54.7
Other current assets	4.2		3.8
Property and equipment, net of accumulated depreciation	6.0		4.8
Other long-term assets	2.6		3.0
Total	$	94.2	$	80.6

Liabilities
Accounts payable	$	47.9	$	44.9
Accrued expenses	13.3		8.1
Other current liabilities	8.3		8.9
Other long-term liabilities	9.1		5.2
Total	$	78.6	$	67.1

The following table summarizes total revenue and expenses in connection with the Company’s consolidated VIEs. The Company did not have any VIEs prior to its June 2015 acquisition of ND.



	Years ended December 31,
(In millions)	2016		2015
Revenue	$	321.0	$	189.5
Operating expenses	309.8		185.5

Earnings (Loss) per Share

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Earnings (Loss) per Share

Basic and diluted earnings (loss) per share are computed using the two-class method, which is an earnings allocation method that determines earnings (loss) per share for common shares and participating securities. The participating securities consist of

the Company's Series A Convertible Perpetual Preferred Stock. The undistributed earnings are allocated between common

shares and participating securities as if all earnings had been distributed during the period. In periods of loss, no allocation is

made to the preferred shares. The dividend rights are defined in the Certificate of Designation of Series A Convertible Perpetual

Preferred Stock of XPO Logistics, Inc. filed with the SEC on Form 8-K on September 6, 2011.



	Year Ended December 31,
(In millions, except per share data)	2016			2015			2014
Basic earnings (loss) per common share
Net income (loss) attributable to XPO	$	69.0		$	(191.1	)	$	(63.6	)
Preferred stock beneficial conversion charge	—			(52.0		)	(40.9		)
Convertible preferred dividends	(2.9		)	(2.8		)	(2.9		)
Non-cash allocation of undistributed earnings	(3.0		)	—			—
Net income (loss) allocable to common shares, basic	$	63.1		$	(245.9	)	$	(107.4	)

Basic weighted-average common shares	110.2			92.8			53.6
Basic earnings (loss) per share	$	0.57		$	(2.65	)	$	(2.00	)

Diluted earnings (loss) per common share
Net income (loss) allocable to common shares, basic	$	63.1		$	(245.9	)	$	(107.4	)
Interest from Convertible Senior Notes	1.4			—			—
Net income allocable to common shares, diluted	$	64.5		$	(245.9	)	$	(107.4	)

Basic weighted-average common shares	110.2			92.8			53.6
Dilutive effect of non-participating stock-based awards and Convertible Senior Notes	12.6			—			—
Diluted weighted-average common shares	122.8			92.8			53.6

Diluted earnings (loss) per share	$	0.53		$	(2.65	)	$	(2.00	)

Potentially dilutive common shares excluded	11.8			25.7			27.4

Certain shares were not included in the computation of diluted earnings per share because the effect was either anti-dilutive or in the case of certain unvested PRSU awards, the contingent performance measure was not met as of December 31, 2016.

Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data (Unaudited)

The Company’s unaudited results of operations for each of the quarters in the years ended December 31, 2016 and 2015 are summarized below:



(In millions, except per share data)	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
2016
Revenue	$	3,545.7		$	3,683.3		$	3,713.8		$	3,676.6
Operating income (loss)	62.4			170.3			168.8			86.6
Net income (loss)	(19.3		)	50.4			21.3			32.1
Net income (loss) attributable to common shareholders	(23.2		)	42.6			13.8			27.3
Basic earnings (loss) per share⁽¹⁾	(0.21		)	0.39			0.13			0.25
Diluted earnings (loss) per share⁽¹⁾	(0.21		)	0.35			0.11			0.22
2015
Revenue	$	703.0		$	1,215.9		$	2,362.0		$	3,342.3
Operating income (loss)	(4.8		)	(30.1		)	44.3			(38.0		)
Net loss	(14.7		)	(78.8		)	(35.0		)	(63.1		)
Net loss attributable to common shareholders	(15.4		)	(75.1		)	(92.6		)	(62.8		)
Basic loss per share⁽¹⁾	(0.20		)	(0.89		)	(0.94		)	(0.58		)
Diluted loss per share⁽¹⁾	(0.20		)	(0.89		)	(0.94		)	(0.58		)

⁽¹⁾ The sum of the quarterly net income (loss) attributable to common shareholders and earnings per share may not equal annual amounts due to differences in the weighted-average number of shares outstanding during the respective periods and due to the impact of the two-class method.

Segment Reporting and Geographic Information

12 Months Ended

Dec. 31, 2016

Segment Reporting [Abstract]

Segment Reporting and Geographic Information

The Company is organized into two reportable segments: Transportation Services and Logistics Services. Corporate and Eliminations constitute the remaining portions of the Company’s operating results required to be presented in order to reconcile the Company’s operating results to the condensed consolidated financial statements. The Transportation segment provides freight brokerage, last mile, LTL, full truckload, and global forwarding services. The Logistics segment provides a range of contract logistics services, including highly engineered and customized solutions, value-added warehousing and distribution and other inventory solutions.

The Company's Chief Executive Officer, who is the chief operating decision maker (“CODM”), regularly reviews financial information at the reporting segment level in order to make decisions about resources to be allocated to the segments and to assess their performance. Segment results that are reported to the CODM include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Asset information by segment is not provided to the Company's CODM as the majority of our assets are managed at the corporate level.

The Company evaluates performance based on the various financial measures of the respective business segments. The following schedule identifies selected financial data for the years ended December 31, 2016, 2015 and 2014, respectively:



(In millions)	Transportation		Logistics		Corporate			Eliminations			Total
Year Ended December 31, 2016
Revenue	$	9,457.3	$	5,323.9	$	—		$	(161.8	)	$	14,619.4
Operating income (loss)	438.0		209.5		(159.4		)	—			488.1
Depreciation and amortization	449.1		192.3		2.0			—			643.4
Year Ended December 31, 2015
Revenue	$	4,924.4	$	2,768.4	$	—		$	(69.6	)	$	7,623.2
Operating income (loss)	51.6		81.6		(162.0		)	0.2			(28.6		)
Depreciation and amortization	226.5		136.9		1.5			—			364.9
Year Ended December 31, 2014
Revenue	$	2,140.0	$	216.6	$	—		$	—		$	2,356.6
Operating income (loss)	18.9		17.6		(77.4		)	—			(40.9		)
Depreciation and amortization	79.5		16.3		2.5			—			98.3

For segment reporting purposes by geographic region, revenues are attributed to the sales office location. The following table presents revenues generated by geographical area.



	Year Ended December 31,
(In millions)	2016		2015		2014
Revenue
United States	$	8,758.0	$	4,278.5	$	2,141.4
North America (excluding United States)	322.0		166.3		132.0
France	1,902.7		1,018.8		—
United Kingdom	1,700.9		1,063.5		1.8
Europe (excluding France and United Kingdom)	1,644.5		904.6		11.1
Asia	264.3		171.9		66.3
Other	27.0		19.6		4.0
Total	$	14,619.4	$	7,623.2	$	2,356.6

As of December 31, 2016, the Company held long-lived tangible and definite-lived intangible assets outside of the United States of $1,213.3 million.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599

+ Details

Basis of Presentation and Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Basis of Presentation

Consolidation

Reclassifications

Certain reclassifications have been made to the prior years’ consolidated financial statements to conform to the current year’s presentation.

Revenue Recognition

Cash and Cash Equivalents

Accounts Receivable

Accounts Receivable and Allowance for Doubtful Accounts

Allowance for Doubtful Accounts

The Company records its allowance for doubtful accounts based upon its assessment of various factors. The Company considers historical collection experience, the age of the accounts receivable balances, credit quality of the Company’s customers, any specific customer collection issues that have been identified, current economic conditions, and other factors that may affect the customers’ ability to pay. The Company writes off accounts receivable balances that have aged significantly once all collection efforts have been exhausted and the receivables are no longer deemed collectible from the customer.

Property and Equipment

Depreciation is computed on a straight-line basis over the estimated useful lives of the assets as follows:



Classification	Estimated Useful Life
Buildings and leasehold improvements	Term of lease to 40 years
Vehicles, tractors, trailers and tankers	3 to 14 years
Rail cars, container and chassis	15 to 30 years
Machinery and equipment	5 to 10 years
Office and warehouse equipment	3 to 10 years
Computer software and equipment	3 to 5 years

Asset Retirement Obligations

Goodwill

Intangible Assets



Classification	Estimated Useful Life	Weighted-Average Amortization Period
Customer relationships	1.5 to 16 years	13.4 years
Trade names	1.2 to 3.5 years	2.9 years
Non-compete agreements	Term of agreement	4.6 years

Self-Insurance

Advertising Costs

Advertising costs are expensed as incurred.

Income Taxes

Foreign Currency Translation and Transactions

Fair Value Measurements


•	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.

Estimated Fair Value of Financial Instruments

Derivative Instruments

Defined Benefit Pension Plans

Stock-Based Compensation

New Accounting Standards

Litigation

Variable Interest Entities

Earnings (Loss) per Share

the Company's Series A Convertible Perpetual Preferred Stock. The undistributed earnings are allocated between common

shares and participating securities as if all earnings had been distributed during the period. In periods of loss, no allocation is

made to the preferred shares. The dividend rights are defined in the Certificate of Designation of Series A Convertible Perpetual

Preferred Stock of XPO Logistics, Inc. filed with the SEC on Form 8-K on September 6, 2011.

Segment Reporting

Basis of Presentation and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Allowance for Doubtful Accounts Rollforward

The rollforward of the allowance for doubtful accounts is as follows:



	Year Ended December 31,
(In millions)	2016			2015			2014
Beginning balance	$	16.9		$	9.8		$	3.5
Provision, charged to expense	15.1			12.9			6.9
Write-offs, less recoveries, and other adjustments	(5.7		)	(5.8		)	(0.6		)
Ending balance	$	26.3		$	16.9		$	9.8

Schedule of Other Current Assets

Other current assets is comprised of the following:



	December 31,
(In millions)	2016		2015
Prepaid expenses	$	110.5	$	142.3
Value-added tax and income tax receivables	91.2		115.8
Materials and supplies	40.1		48.9
Foreign currency option and forward contracts	18.8		—
Other current assets	126.3		94.0
Total Other Current Assets	$	386.9	$	401.0

Estimated Useful Lives of Assets

Depreciation is computed on a straight-line basis over the estimated useful lives of the assets as follows:



Classification	Estimated Useful Life
Buildings and leasehold improvements	Term of lease to 40 years
Vehicles, tractors, trailers and tankers	3 to 14 years
Rail cars, container and chassis	15 to 30 years
Machinery and equipment	5 to 10 years
Office and warehouse equipment	3 to 10 years
Computer software and equipment	3 to 5 years

Schedule of Estimated Useful Lives of Intangible Assets

The range of estimated useful lives and the weighted-average useful lives of the respective intangible assets by type are as follows:



Classification	Estimated Useful Life	Weighted-Average Amortization Period
Customer relationships	1.5 to 16 years	13.4 years
Trade names	1.2 to 3.5 years	2.9 years
Non-compete agreements	Term of agreement	4.6 years

Schedule of Accrued Expenses

Accrued expenses is comprised of the following:



	December 31,
(In millions)	2016		2015
Accrued salaries and wages	$	570.9	$	558.6
Accrued value-added tax and other taxes	145.5		153.3
Accrued transportation and facility charges	266.9		156.1
Accrued insurance claims	83.9		95.3
Accrued litigation liabilities	74.6		66.1
Accrued purchased services	30.6		61.7
Accrued interest	36.4		56.8
Other accrued expenses	173.3		143.9
Total Accrued Expenses	$	1,382.1	$	1,291.8

Other Current Liabilities

Other current liabilities is comprised of the following:



	December 31,
(In millions)	2016		2015
Deferred revenue	$	47.3	$	62.4
Employee benefits	37.3		38.7
Book and bank overdrafts	11.0		29.5
Acquisition earn-out liability	—		21.8
Income tax payable	27.4		—
Other current liabilities	33.7		51.2
Total Other Current Liabilities	$	156.7	$	203.6

Schedule of Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss (“AOCL”), net of tax at December 31, 2016 and 2015, are as follows:



(In millions)	Foreign Currency Translation Adjustments			Cash Flow and Net Investment Hedges			Defined Benefit Plans Liability			Less: AOCL Attributable to Noncontrolling Interests		AOCL Attributable to the Company
As of December 31, 2014	$	—		$	—		$	—		$	—	$	—
Other comprehensive income (loss)	(68.5		)	6.9			(17.0		)	6.3		(72.3		)
As of December 31, 2015	(68.5		)	6.9			(17.0		)	6.3		(72.3		)
Other comprehensive income (loss)	(137.7		)	(7.1		)	5.3			18.7		(120.8		)
Amounts reclassified from AOCL	—			—			(0.6		)	—		(0.6		)
Net current period other comprehensive income (loss)	(137.7		)	(7.1		)	4.7			18.7		(121.4		)
As of December 31, 2016	$	(206.2	)	$	(0.2	)	$	(12.3	)	$	25.0	$	(193.7	)

Schedule of Foreign Exchange Contracts, Statement of Operations

The following table provides a breakdown of foreign currency (gain)/loss included in the consolidated statements of operations:



	Years ended December 31,
(In millions)	2016			2015		2014
Unrealized foreign currency option and forward contracts (gains)/losses	$	(39.7	)	$	1.0	$	—
Realized foreign currency option and forward contracts (gains)/losses	(3.8		)	—		—
Foreign currency transaction and remeasurement (gains)/losses	3.2			2.4		0.4
Remeasurement loss on cash held to purchase ND	—			31.7		—
Loss on forward contract related to ND acquisition	—			9.7		—
Total foreign currency (gain)/loss	$	(40.3	)	$	44.8	$	0.4

Summary of Carrying value and valuation of financial instruments within the fair-value hierarchy

The following table summarizes the fair value hierarchy of cash equivalents:



	December 31, 2016
(In millions)	Carrying Value		Fair Value		Level 1		Level 2
Cash equivalents	$	103.5	$	103.5	$	26.4	$	77.1

	December 31, 2015
(In millions)	Carrying Value		Fair Value		Level 1		Level 2
Cash equivalents	$	83.2	$	83.2	$	9.1	$	74.1

Acquisitions and Divestitures (Tables)

12 Months Ended

Dec. 31, 2016

Business Combinations [Abstract]

Schedule of Consideration Transferred



(In millions)
Cash consideration	$	2,706.6
Liability for equity award settlement	30.9
Portion of replacement equity awards attributable to pre-acquisition service	17.6
Cash acquired	(437.3		)
Total consideration	$	2,317.8

The total consideration paid by XPO for ND is summarized in the table below in Euros (“EUR”) and USD:



(In millions)	In EUR			In USD
Cash consideration	€	1,437.0		$	1,603.9
Liability for performance share settlement	11.8			13.2
Repayment of indebtedness	628.5			705.0
Noncontrolling interests	702.5			784.2
Cash acquired	(134.6		)	(151.0		)
Total consideration	€	2,645.2		$	2,955.3

Recognized Identified Assets Acquired and Liabilities Assumed

The following table outlines the consideration transferred and purchase price allocation at the respective estimated fair values as of June 8, 2015:



(Dollars in millions)
Consideration	$	2,955.3
Accounts receivable	1,058.5
Other current assets	353.6
Deferred tax assets	44.6
Property and equipment	706.1
Trade name covenants	40.0
Non-compete agreements	5.6
Customer relationships	827.0
Other long-term assets	57.1
Accounts payable	(806.0		)
Accrued expenses	(428.2		)
Other current liabilities	(131.8		)
Long-term debt	(643.4		)
Deferred tax liabilities	(237.7		)
Employee benefit obligations	(142.3		)
Other long-term liabilities	(177.2		)
Noncontrolling interests	(37.2		)
Goodwill	$	2,466.6

The following table outlines the consideration transferred and purchase price allocation at the respective estimated fair values as of October 30, 2015:



(In millions)
Consideration	$	2,317.8
Accounts receivable	676.5
Other current assets	141.0
Property and equipment	1,932.4
Trade name	5.6
Customer relationships	658.5
Other long-term assets	53.5
Accounts payable	(363.4		)
Accrued expenses	(402.3		)
Other current liabilities	(69.3		)
Long-term debt	(637.8		)
Deferred tax liabilities	(578.1		)
Employee benefit obligations	(155.5		)
Other long-term liabilities	(257.6		)
Goodwill	$	1,314.3

Business Acquisition Pro Forma Information



	Pro Forma Year Ended December 31,
(Dollars in millions, except per share data)	2015
Revenue	$	14,833.5
Operating income	$	233.3
Net loss	$	(174.5	)
Basic loss per share	$	(2.11	)
Diluted loss per share	$	(2.11	)

Restructuring Charges (Tables)

12 Months Ended

Dec. 31, 2016

Restructuring and Related Activities [Abstract]

Summary of Restructuring Reserve



			Year ended December 31, 2016
(In millions)	Reserve Balance at December 31, 2015		Charges Incurred		Payments			Reserve Balance at December 31, 2016
Transportation
Contract termination	$	0.1	$	1.8	$	(1.9	)	$	—
Facilities	0.6		1.7		(0.9		)	1.4
Severance	26.7		5.0		(25.9		)	5.8
Total	27.4		8.5		(28.7		)	7.2
Logistics
Contract termination	0.8		2.2		(2.3		)	0.7
Facilities	—		0.7		(0.2		)	0.5
Severance	25.5		14.1		(23.5		)	16.1
Total	26.3		17.0		(26.0		)	17.3
Corporate
Contract termination	4.0		—		(3.7		)	0.3
Facilities	—		0.1		(0.1		)	—
Severance	3.5		1.2		(4.3		)	0.4
Total	7.5		1.3		(8.1		)	0.7
Total	$	61.2	$	26.8	$	(62.8	)	$	25.2



			Year ended December 31, 2015
(In millions)	Reserve Balance at December 31, 2014		From ND Acquisition		Charges Incurred		Payments			Reserve Balance at December 31, 2015
Transportation
Contract termination	$	—	$	0.1	$	—	$	—		$	0.1
Facilities	—		—		0.8		(0.2		)	0.6
Severance	—		4.8		27.3		(5.4		)	26.7
Total	—		4.9		28.1		(5.6		)	27.4
Logistics
Contract termination	—		0.1		0.9		(0.2		)	0.8
Severance	—		9.3		21.3		(5.1		)	25.5
Total	—		9.4		22.2		(5.3		)	26.3
Corporate
Contract termination	3.8		—		3.3		(3.1		)	4.0
Severance	1.3		—		3.3		(1.1		)	3.5
Total	5.1		—		6.6		(4.2		)	7.5
Total	$	5.1	$	14.3	$	56.9	$	(15.1	)	$	61.2

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Schedule of future minimum lease payments for capital leases

Future minimum lease payments with initial or remaining non-cancelable lease terms in excess of one year, at December 31, 2016, were as follows:



(In millions)	Capital Leases			Operating Leases
Year ending December 31:
2017	$	18.3		$	542.1
2018	24.1			422.6
2019	10.4			314.7
2020	9.3			222.0
2021	8.9			163.6
Thereafter	30.9			479.3
Total minimum lease payments	$	101.9		$	2,144.3
Amount representing interest	(4.5		)
Present value of minimum lease payments	$	97.4

Schedule of future minimum rental payments for operating leases

Future minimum lease payments with initial or remaining non-cancelable lease terms in excess of one year, at December 31, 2016, were as follows:



(In millions)	Capital Leases			Operating Leases
Year ending December 31:
2017	$	18.3		$	542.1
2018	24.1			422.6
2019	10.4			314.7
2020	9.3			222.0
2021	8.9			163.6
Thereafter	30.9			479.3
Total minimum lease payments	$	101.9		$	2,144.3
Amount representing interest	(4.5		)
Present value of minimum lease payments	$	97.4

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2016

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment

The following table outlines the Company’s property and equipment:



	December 31,
(In millions)	2016			2015
Property and Equipment
Land	$	442.0		$	359.5
Buildings and leasehold improvements	503.8			476.8
Vehicles, tractors, trailers and tankers	1,194.2			1,440.5
Machinery and equipment	370.9			325.9
Office and warehouse equipment	113.3			79.5
Computer software and equipment	503.1			379.3
	3,127.3			3,061.5
Less: Accumulated depreciation and amortization	(589.9		)	(209.3		)
Total Property and Equipment, net	$	2,537.4		$	2,852.2

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Identifiable Intangible Assets

The following table outlines the Company’s identifiable intangible assets:



	December 31, 2016				December 31, 2015
(In millions)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Definite-lived intangibles
Customer relationships	$	1,848.3	326.3		$	2,017.0	$	174.3
Trade name	47.5		39.9		51.0		29.1
Non-compete agreements	16.0		10.9		18.7		6.8
	$	1,911.8	$	377.1	$	2,086.7	$	210.2

Estimated Future Amortization Expense for Amortizable Intangible Assets

Estimated future amortization expense for amortizable intangible assets for the next five years is as follows:



(In millions)	2017		2018		2019		2020		2021
Estimated amortization expense	$	161.0	$	153.5	$	147.4	$	141.4	$	134.1

Goodwill (Tables)

12 Months Ended

Dec. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill



(In millions)	Transportation			Logistics			Total
Goodwill at December 31, 2014	$	577.0		$	352.3		$	929.3
Acquisitions	1,942.6			1,792.9			3,735.5
Impact of foreign exchange translation	(23.7		)	(37.1		)	(60.8		)
Litigation liability adjustments, net of tax	10.5			—			10.5
Other adjustments	(1.7		)	(2.2		)	(3.9		)
Goodwill at December 31, 2015	2,504.7			2,105.9			4,610.6
Divestiture	(290.6		)	—			(290.6		)
Property and equipment and intangible asset fair value adjustments	95.8			40.0			135.8
Other fair value adjustments	140.5			(54.6		)	85.9
Deferred tax and other tax adjustments	(53.1		)	(29.6		)	(82.7		)
Impact of foreign exchange translation	(46.8		)	(86.4		)	(133.2		)
Goodwill at December 31, 2016	$	2,350.5		$	1,975.3		$	4,325.8

Debt (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Schedule of Long-term Debt

The following table summarizes the primary terms for components of debt, along with the valuation of financial liabilities within the fair value hierarchy:



	December 31, 2016								December 31, 2015
					Fair Value								Fair Value
(In millions)	Principal Balance		Carrying Value		Level 1		Level 2		Principal Balance		Carrying Value		Level 1		Level 2
ABL Facility	$	30.0	$	30.0	$	—	$	30.0	$	—	$	—	$	—	$	—
Senior Notes due 2023	535.0		527.1		560.4		—		—		—		—		—
Senior Notes due 2022	1,600.0		1,579.9		1,689.4		—		1,600.0		1,577.0		1,479.8		—
Senior Notes due 2021	527.1		520.7		546.0		—		544.4		536.6		—		507.5
Senior Notes due 2019	—		—		—		—		900.0		900.4		920.3		—
Senior Notes due 2018	265.8		267.1		274.0		—		265.8		268.2		—		271.0
Term loan facility	1,481.9		1,439.2		—		1,507.1		1,600.0		1,540.3		—		1,590.0
Senior Debentures due 2034	300.0		200.8		241.6		—		300.0		199.0		—		201.0
Convertible senior notes	49.4		47.1		129.8		—		52.3		46.8		89.1		—
Euro private placement notes due 2020	12.6		13.7		—		14.0		13.1		14.5		—		13.9
Asset financing	145.0		145.0		145.0		—		266.0		266.0		266.0		—
Capital leases for equipment	97.4		97.4		—		97.4		59.1		59.1		—		59.1
Total debt	$	5,044.2	$	4,868.0					$	5,600.7	$	5,407.9
Current maturities of long-term debt	138.9		136.5						133.9		135.3
Long-term debt	$	4,905.3	$	4,731.5					$	5,466.8	$	5,272.6

Schedule of Maturities of Long-term Debt

The following table outlines the Company’s principal payment obligations on debt (excluding capital leases) for the next five years:



(In millions)	2017		2018		2019		2020		2021
Principal payments on debt	$	121.7	$	312.8	$	20.4	$	46.1	$	2,009.5

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

+ Details

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2016

Compensation and Retirement Disclosure [Abstract]

Schedule of reconciliation of the changes in the plans' projected benefit obligations

The following tables provide a reconciliation of the changes in the plans’ projected benefit obligations as of December 31:



	U.S. Qualified Plans						U.S Non-Qualified Plans						UK Plan
(In millions)	2016			2015			2016			2015			2016			2015
Projected benefit obligation at beginning of year	$	1,665.8		$	—		$	73.0		$	—		$	1,287.7		$	—
From acquisitions	—			1,685.8			—			74.1			—			1,393.4
Interest cost	76.1			12.7			3.3			0.5			40.5			28.6
Plan amendment	—			—			—			—			(41.7		)	—
Actuarial loss (gain)	63.7			(23.0		)	3.0			(0.7		)	262.4			(65.3		)
Foreign currency exchange rate changes	—			—			—			—			(238.7		)	(37.5		)
Benefits paid	(60.6		)	(9.7		)	(5.4		)	(0.9		)	(52.7		)	(31.5		)
Settlement	—			—			—			—			(22.3		)	—
Projected benefit obligation at end of year	$	1,745.0		$	1,665.8		$	73.9		$	73.0		$	1,235.2		$	1,287.7

The following sets forth the changes in the benefit obligation and the determination of the amounts recognized in the consolidated balance sheets for the Postretirement Plan at December 31:



(In millions)	2016			2015
Projected benefit obligation at beginning of year	$	54.0		$	—
From Con-way acquisition	—			51.0
Service cost – benefits earned during the year	0.5			0.1
Interest cost on projected benefit obligation	2.2			0.3
Actuarial loss (gain)	(2.9		)	3.3
Participant contributions	1.9			0.3
Benefits paid	(5.1		)	(1.0		)
Projected and accumulated benefit obligation at end of year	$	50.6		$	54.0
Funded status of the plan	$	(50.6	)	$	(54.0	)
Amounts recognized in the balance sheet consist of :
Current liabilities	(3.9		)	(4.0		)
Long-term liabilities	(46.7		)	(50.0		)
Net amount recognized	$	(50.6	)	$	(54.0	)
Discount rate assumption as of December 31	3.90		%	4.20		%

Schedule of reconciliation of the changes in the plans' fair value of plan assets

The following tables provide a reconciliation of the changes in the plans' fair value of plan assets as of December 31:



	U.S. Qualified Plans						U.S Non-Qualified Plans						UK Plan
(In millions)	2016			2015			2016			2015			2016			2015
Fair value of plan assets at beginning of year	$	1,619.9		$	—		$	—		$	—		$	1,203.8		$	—
From acquisitions	—			1,659.4			—			—			—			1,290.5
Actual return (loss) on plan assets	140.8			(29.8		)	—			—			291.4			(30.3		)
Employer contributions	—			—			5.4			0.9			14.2			10.3
Benefits paid	(60.6		)	(9.7		)	(5.4		)	(0.9		)	(52.7		)	(31.5		)
Settlement	—			—			—			—			(22.3		)	—
Foreign currency exchange rate changes	—			—			—			—			(227.6		)	(35.2		)
Fair value of plan assets at end of year	$	1,700.1		$	1,619.9		$	—		$	—		$	1,206.8		$	1,203.8

Schedule of the funded status of the plans

The following table provides the funded status of the plans as of December 31:



	U.S. Qualified Plans						U.S Non-Qualified Plans						UK Plan
(In millions)	2016			2015			2016			2015			2016			2015
Funded Status:
Fair value of plan assets	$	1,700.1		$	1,619.9		$	—		$	—		$	1,206.8		$	1,203.8
Projected benefit obligation	1,745.0			1,665.8			73.9			73.0			1,235.2			1,287.7
Funded status at end of year	$	(44.9	)	$	(45.9	)	$	(73.9	)	$	(73.0	)	$	(28.4	)	$	(83.9	)
Funded Status Recognized in Balance Sheet:
Long-term assets	$	18.1		$	17.3		$	—		$	—		$	—		$	—
Current liabilities	—			—			(5.4		)	(5.2		)	—			—
Long-term liabilities	(63.0		)	(63.2		)	(68.5		)	(67.8		)	(28.4		)	(83.9		)
Total liability at end of year	$	(44.9	)	$	(45.9	)	$	(73.9	)	$	(73.0	)	$	(28.4	)	$	(83.9	)
Plans with projected and accumulated benefit obligation in excess of plan assets:
Projected and accumulated benefit obligation	$	1,725.5		$	1,645.7		$	73.9		$	73.0		$	1,235.2		$	1,287.7
Fair value of plan assets	1,662.6			1,582.5			—			—			1,206.8			1,203.8
Weighted-average assumptions as of December 31:
Discount rate	4.35		%	4.65		%	4.35		%	4.65		%	2.70		%	3.75		%

Schedule of accumulated other comprehensive loss not yet recognized in net periodic benefit expense

The following table provides amounts included in accumulated other comprehensive loss that have not yet been recognized in net periodic benefit expense as of December 31, 2016:



(In millions)	U.S. Qualified Plans			U.S Non-Qualified Plans			UK Plan
Actuarial gain (loss)	$	(33.5	)	$	(2.3	)	$	(28.9	)
Prior-service credit	—			—			41.1
Accumulated other comprehensive income (loss)	(33.5		)	(2.3		)	12.2

The following table provides amounts included in accumulated other comprehensive loss that have not yet been recognized in net periodic benefit expense:



(In millions)	2016		2015
Actuarial loss	$	0.3	$	3.3
	$	0.3	$	3.3

Schedule of net periodic benefit costs

The following table sets forth the amount of net periodic benefit cost and amounts recognized in other comprehensive income or loss for the year ended December 31:



	U.S. Qualified Plans						U.S Non-Qualified Plans					UK Plan
(In millions)	2016			2015			2016		2015			2016			2015
Net periodic benefit expense (income):
Interest cost	$	76.1		$	12.7		$	3.3	$	0.5		$	40.5		$	28.6
Expected return on plan assets	(88.4		)	(15.4		)	—		—			(58.4		)	(34.6		)
Amortization of prior-service cost (credit)	—			—			—		—			(0.5		)	—
Recognized AOCI gain (loss) due to settlements	—			—			—		—			(0.1		)	—
Net periodic benefit expense (income)	$	(12.3	)	$	(2.7	)	$	3.3	$	0.5		$	(18.5	)	$	(6.0	)
Amounts recognized in other comprehensive income or loss:
Actuarial loss (gain)	$	11.3		$	22.2		$	3.0	$	(0.7	)	$	29.4		$	(0.5	)
Prior-service cost	—			—			—		—			(41.7		)	—
Recognized AOCI gain (loss) due to settlements	—			—			—		—			0.1			—
Reclassification of prior-service cost to net periodic benefit expense (income)	—			—			—		—			0.5			—
Loss (gain) recognized in other comprehensive income or loss	$	11.3		$	22.2		$	3.0	$	(0.7	)	$	(11.7	)	$	(0.5	)

Net periodic benefit expense and amounts recognized in other comprehensive income or loss for the years ended December 31 includes the following:



(In millions)	2016			2015
Net periodic benefit expense (income):
Service cost - benefits earned during the year	$	0.5		$	0.1
Interest cost on projected benefit obligation	2.2			0.3
Net periodic benefit expense (income)	$	2.7		$	0.4
Discount rate assumption used to calculate interest cost	4.20		%	4.10		%

Schedule of assumptions used to determine the projected benefit obligation and net periodic benefit cost

The following table outlines the weighted-average assumptions used to determine the net periodic benefit cost at December 31, 2016 and 2015:



	U.S. Qualified Plans				UK Plan
	2016		2015		2016		2015
Discount rate	4.65	%	4.55	%	3.75	%	3.60	%
Expected long-term rate of return on plan assets	5.58	%	5.57	%	5.40	%	5.00	%

Schedule of expected benefit payments



(In millions)	U.S. Qualified Plans		U.S Non-Qualified Plans		UK Plan
Year ending December 31:
2017	$	70.9	$	5.4	$	44.3
2018	75.1		5.4		45.6
2019	79.5		5.4		49.2
2020	84.2		5.4		50.5
2021	88.4		5.3		51.7
2022-2026	498.6		25.3		295.5



(In millions)	Benefit Payments
Year ending December 31:
2017	$	3.9
2018	3.9
2019	4.0
2020	4.2
2021	4.3
2022-2025	20.6

Schedule of fair values of investments held in pension plans by major asset category



(Dollars in millions)	December 31, 2016
Asset Category (U.S. Qualified Plans)	Level 1			Level 2			Level 3		Not Subject to Leveling		Total			Percentage of Plan Assets
Cash and Cash Equivalents
Short-term investment fund	$	—		$	—		$	—	$	40.7	$	40.7		2.3	%
Equity
U.S. large companies
S&P 500 futures	(0.3		)	—			—		—		(0.3		)	—	%
Growth	75.0			—			—		—		75.0			4.4	%
Value	88.0			—			—		—		88.0			5.2	%
U.S. Small Companies
Value	31.9			—			—		—		31.9			1.9	%
International
Growth	60.7			—			—		—		60.7			3.6	%
Value fund [a]	—			—			—		65.8		65.8			3.9	%
Fixed Income Securities
Global long-term debt instruments [a]	148.2			893.4			—		296.7		1,338.3			78.7	%
Total U.S. Plan Assets	$	403.5		$	893.4		$	—	$	403.2	$	1,700.1		100.0	%

Asset Category (UK Plan)
Cash and Cash Equivalents	$	63.1		$	—		$	—	$	—	$	63.1		5.2	%
Fixed Income Securities
Government	—			248.1			—		—		248.1			20.6	%
Government and credit - commingled funds [a]	—			—			—		247.2		247.2			20.5	%
Illiquid credit [a] [b]	—			—			—		33.7		33.7			2.8	%
Derivatives
Equity [a]	—			13.3			—		21.3		34.6			2.9	%
Interest rate	—			78.3			—		—		78.3			6.5	%
Currencies	—			(1.0		)	—		—		(1.0		)	(0.1	)%
Hedge Funds [a] [c]	—			—			—		34.6		34.6			2.9	%
Diversified Multi-Asset Funds
Risk parity [a]	—			—			—		224.2		224.2			18.5	%
Dynamic asset allocation [a]	—			—			—		244.0		244.0			20.2	%
Total UK Plan Assets	$	63.1		$	338.7		$	—	$	805.0	$	1,206.8		100.0	%

[b] The underlying investments in the fund consist primarily of commercial mortgage-backed securities and real estate loans.



(Dollars in millions)	December 31, 2015
Asset Category (U.S. Qualified Plans)	Level 1		Level 2			Level 3		Not Subject to Leveling		Total			Percentage of Plan Assets
Cash and Cash Equivalents
Short-term investment fund	$	—	$	—		$	—	$	34.3	$	34.3		2.2	%
Equity
U.S. large companies
S&P 500 futures	0.7		—			—		—		0.7			—	%
Growth	91.4		—			—		—		91.4			5.6	%
Value	88.2		—			—		—		88.2			5.4	%
U.S. Small Companies
Value	27.1		—			—		—		27.1			1.7	%
International
Growth	66.1		—			—		—		66.1			4.1	%
Value fund [a]	—		—			—		65.9		65.9			4.1	%
Fixed Income Securities
Global long-term debt instruments [a]	158.1		796.0			—		292.1		1,246.2			76.9	%
Total U.S. Plan Assets	$	431.6	$	796.0		$	—	$	392.3	$	1,619.9		100.0	%

Asset Category (UK Plans)
Cash and Cash Equivalents	$	32.8	$	—		$	—	$	—	$	32.8		2.7	%
Fixed Income Securities
Government	—		260.3			—		—		260.3			21.6	%
Government and credit - commingled funds [a]	—		—			—		210.8		210.8			17.5	%
Illiquid credit [a] [b]	—		—			—		55.2		55.2			4.6	%
Derivatives
Equity [a]	—		—			—		20.8		20.8			1.7	%
Interest rate	—		13.1			—		—		13.1			1.1	%
Currencies	—		(1.6		)	—		—		(1.6		)	(0.1	)%
Hedge Funds [a] [c]	—		—			—		40.6		40.6			3.4	%
Diversified Multi-Asset Funds
Risk parity [a]	—		—			—		235.2		235.2			19.5	%
Dynamic asset allocation [a]	—		—			—		336.6		336.6			28.0	%
Total UK Plan Assets	$	32.8	$	271.8		$	—	$	899.2	$	1,203.8		100.0	%

[b] The underlying investments in the fund consist primarily of commercial mortgage-backed securities and real estate loans.

Schedule of assumed health-care cost trend rates

The assumed health care cost trend rates used to determine the benefit obligation are as follows:



	2016
Health care cost trend rate assumed for next year	6.49	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.50	%
Year that the rate reaches the ultimate trend rate	2038

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Allocated Share-based Compensation Expense

The Company recognized the following stock-based compensation expense in direct operating expense and sales, general and administrative expense in the consolidated statements of operations:



	Years ended December 31,
(In millions)	2016		2015		2014
Stock options	$	1.2	$	1.9	$	1.7
Stock appreciation rights	0.6		0.4		—
Restricted stock units	13.0		9.0		5.8
Performance-based restricted stock units	12.8		17.0		—
Cash-settled performance-based restricted stock units	26.9		—		—
Warrants	—		8.5		—
Total stock-based compensation expense	$	54.5	$	36.8	$	7.5

Schedule of Valuation Assumptions

The following is a summary of the weighted-average assumptions used to calculate the grant-date fair value using the Black-Scholes option pricing model for newly issued stock options:



	2016		2015		2014
Weighted-average risk-free interest rate	1.8	%	1.6	%	1.9	%
Weighted-average volatility	50.0	%	60.7	%	50.5	%
Weighted-average dividend yield	—		—		—
Weighted-average expected option term (in years)	6.44		6.61		6.44

Equity Awards Outstanding and Exercisable

A summary of cash-settled PRSU award activity for the year ended December 31, 2016 is presented below:



	Number of Cash-settled PRSUs
Outstanding at December 31, 2015	—
Granted	2,508,727
Vested	—
Forfeited	(61,710	)
Outstanding at December 31, 2016	2,447,017

A summary of stock option award activity for the year ended December 31, 2016 is presented below:



	Stock Options
	Number of Stock Options		Weighted-Average Exercise Price		Exercise Price Range	Weighted-Average Grant Date Fair Value		Weighted-Average Remaining Term


Outstanding at December 31, 2015	2,004,280		$	16.66	$2.68 - $31.88	$	6.06	4.57
Granted	5,000		22.58		$22.58 - $22.58	11.37
Exercised	(725,291	)	18.20		$2.68 - $27.75	6.59
Forfeited	(203,435	)	29.01		$6.08 - $31.88	2.08
Outstanding at December 31, 2016	1,080,554		$	13.32	$3.88 - 28.72	$	6.57	5.21
Options exercisable at December 31, 2016	977,179		$	12.10	$3.88 - 28.72	$	5.76	4.88

A summary of RSU and PRSU award activity for the year ended December 31, 2016 is presented below:



	RSUs				PRSUs
	Number of RSUs		Weighted-Average Grant Date Fair Value		Number of PRSUs		Weighted-Average Grant Date Fair Value
Outstanding at December 31, 2015	1,558,441		$	23.01	1,987,060		$	21.47
Granted	382,819		30.08		849,018		27.39
Vested	(773,581	)	21.61		(228,155	)	30.91
Forfeited	(189,859	)	25.02		(341,367	)	18.62
Outstanding at December 31, 2016	977,820		$	26.60	2,266,556		$	20.88

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Related to Domestic and Foreign

A summary of income (loss) before taxes related to U.S. and non U.S. operations are as follows:



	Year Ended December 31,
(In millions)	2016			2015			2014
Operations
U.S. domestic	$	(69.8	)	$	(305.7	)	$	(87.2	)
Foreign	176.6			23.2			(2.5		)
Total pre-tax income (loss)	$	106.8		$	(282.5	)	$	(89.7	)

Schedule of Components of Income Tax Expense (Benefit)

The components of the income tax provision (benefit) consist of the following:



	Year Ended December 31,
(In millions)	2016			2015			2014
Current
Federal	$	(10.6	)	$	(34.2	)	$	—
State and local	6.3			8.8			3.4
Foreign	47.5			26.4			0.5
	43.2			1.0			3.9
Deferred
Federal	(32.6		)	(8.4		)	(22.7		)
Federal benefit of operating loss carryforwards	33.9			(49.7		)	(5.1		)
State and local	1.9			(9.3		)	(2.7		)
State and local benefit of operating loss carrryforward	(4.4		)	(8.9		)	—
Foreign	(6.6		)	(15.6		)	0.5
Foreign deferred taxes revalued for enacted rate change	(13.1		)	—			—
	(20.9		)	(91.9		)	(30.0		)
Total income tax provision (benefit)	$	22.3		$	(90.9	)	$	(26.1	)

Schedule of Effective Income Tax Rate Reconciliation



	Year Ended December 31,
(In percent)	2016		2015		2014
U.S. Federal statutory tax rate	35.0	%	35.0	%	35.0	%
State and local taxes, net	4.8		2.2		0.7
Transaction expense	0.9		(3.7	)	(1.7	)
Loss on convertible debt	—		(0.6	)	(2.1	)
Foreign tax credit	(10.7	)	—		—
Change in valuation allowance	10.7		(3.2	)	(1.4	)
Nontaxable purchase price adjustment	—		2.2		—
Fuel and employment tax credits	(4.1	)	2.0		—
Change in uncertain tax position provision	(4.5	)	0.5		0.4
U.S. taxation of foreign earnings	6.6		(2.4	)	—
Loss on remeasurement of foreign activities	—		2.6		—
Foreign tax rate differences	(4.2	)	—		(0.5	)
Impact of tax rate change on deferred taxes	(12.3	)	—		—
Excess tax benefits	(4.7	)	—		—
All other items	3.4		(2.4	)	(1.3	)
Net effective tax rate	20.9	%	32.2	%	29.1	%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the noncurrent deferred tax asset and deferred tax liability are as follows:



	Year Ended December 31,
(In millions)	2016			2015
Deferred tax assets
Net operating loss and other tax attribute carryforwards	$	235.1		$	242.0
Accrued expenses	115.8			125.4
Pension and other retirement obligations	59.6			70.3
Other	71.9			65.2
Total deferred tax asset	482.4			502.9
Valuation allowance	(83.1		)	(67.6		)
Total deferred tax asset, net	399.3			435.3
Deferred tax liabilities
Intangible assets	(515.7		)	(655.0		)
Property & equipment	(392.7		)	(541.7		)
Other	(60.6		)	(58.3		)
Total deferred tax liability	(969.0		)	(1,255.0		)
Net deferred tax liability	$	(569.7	)	$	(819.7	)

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties, is as follows:



	Year Ended December 31,
(In millions)	2016			2015
Uncertain tax positions, beginning of the year	$	11.5		$	6.2
Additions for tax positions of prior years	0.6			0.2
Additions for tax positions from acquisitions	10.3			6.1
Additions for tax positions taken during the current period	0.1			0.5
Reductions due to the statute of limitations	(7.9		)	(1.5		)
Uncertain tax positions, end of the year	$	14.6		$	11.5

Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments Measured at Fair Value in Statement of Financial Position



	December 31, 2016
				Derivative Assets			Derivative Liabilities
(In millions)	Fair Value Hierarchy Level	Notional Amount		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedges:
Cross-currency swap agreements	Level 2	$	730.9	Other long-term assets	$	11.9	Other long-term liabilities	$	(6.9	)
Cross-currency swap agreements	Level 2	3.3		Other current assets	0.1		Other current liabilities	—
Interest rate swaps	Level 2	105.4		Other current assets	—		Other current liabilities	(2.3		)
Derivatives not designated as hedges:
Foreign currency option and forward contracts	Level 2	552.2		Other current assets	18.8		Other current liabilities	(1.0		)
Foreign currency option and forward contracts	Level 2	742.6		Other long-term assets	26.7		Other long-term liabilities	(5.8		)
Total					$	57.5		$	(16.0	)



	December 31, 2015
				Derivative Assets			Derivative Liabilities
(In millions)	Fair Value Hierarchy Level	Notional Amount		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedges:
Cross-currency swap agreements	Level 2	$	730.9	Other long-term assets	$	0.2	Other long-term liabilities	$	—
Interest rate swaps	Level 2	228.6		Other current assets	—		Other current liabilities	(7.3		)
Derivatives not designated as hedges:
Interest rate swaps	Level 2	43.5		Other current assets	—		Other current liabilities	(0.7		)
Foreign currency option contracts	Level 2	235.2		Other current assets	—		Other current liabilities	(1.0		)
Total					$	0.2		$	(9.0	)

Schedule of Gains and Losses Recognized on the Balance Sheet for Derivative Instruments



	Recognized in Accumulated Other Comprehensive Income (Loss)								Recognized in Net Income (Loss)
(In millions)	2016			2015			2014		2016		2015			2014
Derivatives designated as hedges:
Cross-currency swap agreements	$	15.3		$	4.9		$	—	$	—	$	—		$	—
Interest rate swaps	4.4			(1.4		)	—		—		—			—
Derivatives not designated as hedges:
Interest rate swaps	—			—			—		0.7		(1.0		)	—
Foreign currency option and forward contracts	—			—			—		43.5		(9.7		)	—
Nonderivatives designated as hedges:
Foreign currency denominated notes	(26.9		)	4.7			—		—		—			—
Total	$	(7.2	)	$	8.2		$	—	$	44.2	$	(10.7	)	$	—

Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2016

Variable Interest Entities [Abstract]

Assets and Liabilities of Consolidated VIEs

The assets and liabilities of the consolidated VIEs are outlined in the table below.



(In millions)	December 31, 2016		December 31, 2015
Assets
Cash and cash equivalents	$	23.5	$	14.3
Accounts receivable, net of allowance	57.9		54.7
Other current assets	4.2		3.8
Property and equipment, net of accumulated depreciation	6.0		4.8
Other long-term assets	2.6		3.0
Total	$	94.2	$	80.6

Liabilities
Accounts payable	$	47.9	$	44.9
Accrued expenses	13.3		8.1
Other current liabilities	8.3		8.9
Other long-term liabilities	9.1		5.2
Total	$	78.6	$	67.1

The following table summarizes total revenue and expenses in connection with the Company’s consolidated VIEs. The Company did not have any VIEs prior to its June 2015 acquisition of ND.



	Years ended December 31,
(In millions)	2016		2015
Revenue	$	321.0	$	189.5
Operating expenses	309.8		185.5

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Earnings (Loss) per Share (Tables)

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Schedule of Earnings per Share, Basic and Diluted



	Year Ended December 31,
(In millions, except per share data)	2016			2015			2014
Basic earnings (loss) per common share
Net income (loss) attributable to XPO	$	69.0		$	(191.1	)	$	(63.6	)
Preferred stock beneficial conversion charge	—			(52.0		)	(40.9		)
Convertible preferred dividends	(2.9		)	(2.8		)	(2.9		)
Non-cash allocation of undistributed earnings	(3.0		)	—			—
Net income (loss) allocable to common shares, basic	$	63.1		$	(245.9	)	$	(107.4	)

Basic weighted-average common shares	110.2			92.8			53.6
Basic earnings (loss) per share	$	0.57		$	(2.65	)	$	(2.00	)

Diluted earnings (loss) per common share
Net income (loss) allocable to common shares, basic	$	63.1		$	(245.9	)	$	(107.4	)
Interest from Convertible Senior Notes	1.4			—			—
Net income allocable to common shares, diluted	$	64.5		$	(245.9	)	$	(107.4	)

Basic weighted-average common shares	110.2			92.8			53.6
Dilutive effect of non-participating stock-based awards and Convertible Senior Notes	12.6			—			—
Diluted weighted-average common shares	122.8			92.8			53.6

Diluted earnings (loss) per share	$	0.53		$	(2.65	)	$	(2.00	)

Potentially dilutive common shares excluded	11.8			25.7			27.4

Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

The Company’s unaudited results of operations for each of the quarters in the years ended December 31, 2016 and 2015 are summarized below:



(In millions, except per share data)	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
2016
Revenue	$	3,545.7		$	3,683.3		$	3,713.8		$	3,676.6
Operating income (loss)	62.4			170.3			168.8			86.6
Net income (loss)	(19.3		)	50.4			21.3			32.1
Net income (loss) attributable to common shareholders	(23.2		)	42.6			13.8			27.3
Basic earnings (loss) per share⁽¹⁾	(0.21		)	0.39			0.13			0.25
Diluted earnings (loss) per share⁽¹⁾	(0.21		)	0.35			0.11			0.22
2015
Revenue	$	703.0		$	1,215.9		$	2,362.0		$	3,342.3
Operating income (loss)	(4.8		)	(30.1		)	44.3			(38.0		)
Net loss	(14.7		)	(78.8		)	(35.0		)	(63.1		)
Net loss attributable to common shareholders	(15.4		)	(75.1		)	(92.6		)	(62.8		)
Basic loss per share⁽¹⁾	(0.20		)	(0.89		)	(0.94		)	(0.58		)
Diluted loss per share⁽¹⁾	(0.20		)	(0.89		)	(0.94		)	(0.58		)

Segment Reporting and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2016

Segment Reporting [Abstract]

Selected Financial Data for Each of Operating Segments

The following schedule identifies selected financial data for the years ended December 31, 2016, 2015 and 2014, respectively:



(In millions)	Transportation		Logistics		Corporate			Eliminations			Total
Year Ended December 31, 2016
Revenue	$	9,457.3	$	5,323.9	$	—		$	(161.8	)	$	14,619.4
Operating income (loss)	438.0		209.5		(159.4		)	—			488.1
Depreciation and amortization	449.1		192.3		2.0			—			643.4
Year Ended December 31, 2015
Revenue	$	4,924.4	$	2,768.4	$	—		$	(69.6	)	$	7,623.2
Operating income (loss)	51.6		81.6		(162.0		)	0.2			(28.6		)
Depreciation and amortization	226.5		136.9		1.5			—			364.9
Year Ended December 31, 2014
Revenue	$	2,140.0	$	216.6	$	—		$	—		$	2,356.6
Operating income (loss)	18.9		17.6		(77.4		)	—			(40.9		)
Depreciation and amortization	79.5		16.3		2.5			—			98.3

Schedule of Revenues Generated by Geographical Area

The following table presents revenues generated by geographical area.



	Year Ended December 31,
(In millions)	2016		2015		2014
Revenue
United States	$	8,758.0	$	4,278.5	$	2,141.4
North America (excluding United States)	322.0		166.3		132.0
France	1,902.7		1,018.8		—
United Kingdom	1,700.9		1,063.5		1.8
Europe (excluding France and United Kingdom)	1,644.5		904.6		11.1
Asia	264.3		171.9		66.3
Other	27.0		19.6		4.0
Total	$	14,619.4	$	7,623.2	$	2,356.6

Organization - Additional Information (Details)	12 Months Ended
Organization - Additional Information (Details)	Dec. 31, 2016 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	2

Basis of Presentation and Significant Accounting Policies - Reclassifications (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Foreign Currency Transaction Gain (Loss), before Tax	$ 40.3	$ (44.8)	$ (0.4)
Unrealized (Gains) And Losses On Derivatives
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Foreign Currency Transaction Gain (Loss), before Tax	39.7	(1.0)	0.0
Realized (Gains) And Losses On Derivative Contracts
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Foreign Currency Transaction Gain (Loss), before Tax	$ 3.8	0.0	$ 0.0
Reclassification \| Unrealized (Gains) And Losses On Derivatives
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Foreign Currency Transaction Gain (Loss), before Tax		$ 10.7

Basis of Presentation and Significant Accounting Policies - Accounts Receivable and Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Allowance for Doubtful Accounts Receivable [Roll Forward]
Beginning balance	$ 16.9	$ 9.8	$ 3.5
Provision, charged to expense	15.1	12.9	6.9
Write-offs, less recoveries, and other adjustments	(5.7)	(5.8)	(0.6)
Ending balance	$ 26.3	$ 16.9	$ 9.8

Basis of Presentation and Significant Accounting Policies - Other Current Assets (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Prepaid expenses	$ 110.5	$ 142.3
Value-added tax and income tax receivables	91.2	115.8
Materials and supplies	40.1	48.9
Foreign currency option and forward contracts	18.8	0.0
Other current assets	126.3	94.0
Total Other Current Assets	$ 386.9	$ 401.0

Basis of Presentation and Significant Accounting Policies - Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2016
Buildings and leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	40 years
Vehicles, tractors, trailers and tankers \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Vehicles, tractors, trailers and tankers \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	14 years
Rail cars, containers and chassis \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	15 years
Rail cars, containers and chassis \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	30 years
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years
Office and warehouse equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Office and warehouse equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years
Computer software and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Computer software and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years

Basis of Presentation and Significant Accounting Policies - Goodwill (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Goodwill impairment	$ 0	$ 0	$ 0

Basis of Presentation and Significant Accounting Policies - Intangible Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Finite Lived Intangible Asset Useful Life [Line Items]
Impairment of identified intangible assets	$ 0	$ 0	$ 0
Minimum \| Customer relationships
Finite Lived Intangible Asset Useful Life [Line Items]
Estimated Useful Life	1 year 6 months
Minimum \| Trade names
Finite Lived Intangible Asset Useful Life [Line Items]
Estimated Useful Life	1 year 2 months 12 days
Maximum \| Customer relationships
Finite Lived Intangible Asset Useful Life [Line Items]
Estimated Useful Life	16 years
Maximum \| Trade names
Finite Lived Intangible Asset Useful Life [Line Items]
Estimated Useful Life	3 years 6 months
Weighted Average \| Customer relationships
Finite Lived Intangible Asset Useful Life [Line Items]
Weighted-Average Amortization Period	13 years 5 months
Weighted Average \| Trade names
Finite Lived Intangible Asset Useful Life [Line Items]
Weighted-Average Amortization Period	2 years 10 months 10 days
Weighted Average \| Non-compete agreements
Finite Lived Intangible Asset Useful Life [Line Items]
Weighted-Average Amortization Period	4 years 7 months

Basis of Presentation and Significant Accounting Policies - Accrued Expenses (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Accrued salaries and wages	$ 570.9	$ 558.6
Accrued value-added tax and other taxes	145.5	153.3
Accrued transportation and facility charges	266.9	156.1
Accrued insurance claims	83.9	95.3
Accrued litigation liabilities	74.6	66.1
Accrued purchased services	30.6	61.7
Accrued interest	36.4	56.8
Other accrued expenses	173.3	143.9
Total Accrued Expenses	$ 1,382.1	$ 1,291.8

Basis of Presentation and Significant Accounting Policies - Other Current Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Deferred revenue	$ 47.3	$ 62.4
Employee benefits	37.3	38.7
Book and bank overdrafts	11.0	29.5
Acquisition earn-out liability	0.0	21.8
Income tax payable	27.4	0.0
Other current liabilities	33.7	51.2
Total Other Current Liabilities	$ 156.7	$ 203.6

- Definition

The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income.

+ References + Details

Basis of Presentation and Significant Accounting Policies - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning of Period	$ 3,037.6	$ 3,060.8	$ 1,655.1	$ 455.9
Other comprehensive loss	(140.1)	(78.6)	0.0
End of Period	3,037.6	3,060.8	1,655.1
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning of Period	(206.2)	(68.5)	0.0
Other comprehensive income (loss)	(137.7)	(68.5)
Amounts reclassified from AOCL	0.0
Other comprehensive loss	(137.7)
End of Period	(206.2)	(68.5)	0.0
Cash Flow and Net Investment Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning of Period	(0.2)	6.9	0.0
Other comprehensive income (loss)	(7.1)	6.9
Amounts reclassified from AOCL	0.0
Other comprehensive loss	(7.1)
End of Period	(0.2)	6.9	0.0
Defined Benefit Plans Liability
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning of Period	(12.3)	(17.0)	0.0
Other comprehensive income (loss)	5.3	(17.0)
Amounts reclassified from AOCL	(0.6)
Other comprehensive loss	4.7
End of Period	(12.3)	(17.0)	0.0
Less: AOCL Attributable to Noncontrolling Interests
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning of Period	25.0	6.3	0.0
Other comprehensive income (loss)	18.7	6.3
Amounts reclassified from AOCL	0.0
Other comprehensive loss	18.7
End of Period	25.0	6.3	0.0
AOCL Attributable to the Company
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning of Period	(193.7)	(72.3)	0.0	$ 0.0
Other comprehensive income (loss)	(120.8)	(72.3)
Amounts reclassified from AOCL	(0.6)
Other comprehensive loss	(121.4)	(72.3)
End of Period	$ (193.7)	$ (72.3)	$ 0.0

Basis of Presentation and Significant Accounting Policies - Foreign Currency Translation and Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Foreign currency loss (gain)	$ (40.3)	$ 44.8	$ 0.4
Norbert Dentressangle SA
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Foreign currency loss (gain)	0.0	31.7	0.0
Unrealized (Gains) And Losses On Derivatives
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Foreign currency loss (gain)	(39.7)	1.0	0.0
Realized (Gains) And Losses On Derivative Contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Foreign currency loss (gain)	(3.8)	0.0	0.0
Realized (Gains) And Losses On Derivative Contracts \| Norbert Dentressangle SA
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Foreign currency loss (gain)	0.0	9.7	0.0
Foreign Currency Transaction And Remeasurement (Gains) And Losses
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Foreign currency loss (gain)	$ 3.2	$ 2.4	$ 0.4

Basis of Presentation and Significant Accounting Policies - Fair Value Measurements (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 103.5	$ 83.2
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	103.5	83.2
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	26.4	9.1
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 77.1	$ 74.1

Basis of Presentation and Significant Accounting Policies - New Accounting Standards (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total minimum lease payments	$ 2,144.3
Share-based compensation, excess tax benefit	5.4
Accounting Standards Update 2016-09, Excess Tax Benefit Component \| New Accounting Pronouncement, Early Adoption, Effect
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred tax assets	7.6
Accounting Standards Update 2016-09, Excess Tax Benefit Component \| New Accounting Pronouncement, Early Adoption, Effect \| Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of new accounting principle	(7.6)
Accounting Standards Update 2016-09, Forfeiture Rate Component \| New Accounting Pronouncement, Early Adoption, Effect \| Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of new accounting principle	$ 1.3

Acquisitions and Divestitures - Con-way Inc. - Additional Information (Details) $ / shares in Units, employee in Thousands, customer in Thousands, $ in Millions	Oct. 30, 2015 USD ($) $ / shares	Sep. 09, 2015 employee Location customer	Dec. 31, 2016 USD ($) $ / shares	Dec. 31, 2015 USD ($) $ / shares	Dec. 31, 2014 USD ($)
Business Acquisition [Line Items]
Common stock, par value (in usd per share) \| $ / shares			$ 0.001	$ 0.001
Goodwill			$ 4,325.8	$ 4,610.6	$ 929.3
Transportation
Business Acquisition [Line Items]
Goodwill			2,350.5	2,504.7	577.0
Logistics
Business Acquisition [Line Items]
Goodwill			$ 1,975.3	$ 2,105.9	$ 352.3
Con-Way, Inc.
Business Acquisition [Line Items]
Number of locations \| Location		582
Entity number of employees \| employee		30
Number of customers \| customer		36
Consideration	$ 2,317.8
Cash acquired	(437.3)
Cash consideration	$ 2,706.6
Common stock, par value (in usd per share) \| $ / shares	$ 0.625
Repayment of indebtedness	$ 17.6
Liability for equity award settlement	30.9
Goodwill	1,314.3
Con-Way, Inc. \| Transportation
Business Acquisition [Line Items]
Goodwill	1,057.9
Con-Way, Inc. \| Logistics
Business Acquisition [Line Items]
Goodwill	$ 256.4

Acquisitions and Divestitures - Consideration (Details) € in Millions, $ in Millions				1 Months Ended
	Oct. 30, 2015 USD ($)	Jun. 08, 2015 USD ($)	Jun. 08, 2015 EUR (€)	Jul. 17, 2015 USD ($)	Jul. 17, 2015 EUR (€)
Con-Way, Inc.
Business Acquisition [Line Items]
Cash consideration	$ 2,706.6
Liability for equity award settlement	30.9
Repayment of indebtedness	17.6
Cash acquired	(437.3)
Total consideration	$ 2,317.8
Norbert Dentressangle SA
Business Acquisition [Line Items]
Cash consideration		$ 1,603.9	€ 1,437.0
Liability for equity award settlement		13.2	11.8
Repayment of indebtedness		705.0	628.5
Noncontrolling interests		784.2	702.5	$ 784.2	€ 702.5
Cash acquired		(151.0)	(134.6)
Total consideration		$ 2,955.3	€ 2,645.2

Acquisitions and Divestitures - Recognized Identified Assets Acquired and Liabilities Assumed (Detail) € in Millions, $ in Millions	Oct. 30, 2015 USD ($)	Jun. 08, 2015 USD ($)	Jun. 08, 2015 EUR (€)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Business Acquisition [Line Items]
Goodwill				$ 4,325.8	$ 4,610.6	$ 929.3
Con-Way, Inc.
Business Acquisition [Line Items]
Consideration	$ 2,317.8
Accounts receivable	676.5
Other current assets	141.0
Property and equipment	1,932.4
Other long-term assets	53.5
Accounts payable	(363.4)
Accrued expenses	(402.3)
Other current liabilities	(69.3)
Long-term debt	(637.8)
Deferred tax liabilities, long-term	(578.1)
Employee benefit obligations	(155.5)
Other long-term liabilities	(257.6)
Goodwill	1,314.3
Con-Way, Inc. \| Trade names
Business Acquisition [Line Items]
Intangible assets acquired	5.6
Con-Way, Inc. \| Customer relationships
Business Acquisition [Line Items]
Intangible assets acquired	$ 658.5
Norbert Dentressangle SA
Business Acquisition [Line Items]
Consideration		$ 2,955.3	€ 2,645.2
Accounts receivable		1,058.5
Other current assets		353.6
Deferred tax assets, long-term		44.6
Property and equipment		706.1
Other long-term assets		57.1
Accounts payable		(806.0)
Accrued expenses		(428.2)
Other current liabilities		(131.8)
Long-term debt		(643.4)
Deferred tax liabilities, long-term		(237.7)
Employee benefit obligations		(142.3)
Other long-term liabilities		(177.2)
Noncontrolling interests		(37.2)
Goodwill		2,466.6
Norbert Dentressangle SA \| Trade name covenants
Business Acquisition [Line Items]
Intangible assets acquired		40.0
Norbert Dentressangle SA \| Non-compete agreements
Business Acquisition [Line Items]
Intangible assets acquired		5.6
Norbert Dentressangle SA \| Contractual customer relationships
Business Acquisition [Line Items]
Intangible assets acquired		$ 827.0

Acquisitions and Divestitures - Norbert Dentressangle SA - Additional Information (Details) € in Millions, $ in Millions			1 Months Ended
	Jun. 08, 2015 USD ($)	Jun. 08, 2015 EUR (€)	Jul. 17, 2015 USD ($) shares	Jul. 17, 2015 EUR (€) shares	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Business Acquisition [Line Items]
Goodwill					$ 4,325.8	$ 4,610.6	$ 929.3
Transportation
Business Acquisition [Line Items]
Goodwill					2,350.5	2,504.7	577.0
Logistics
Business Acquisition [Line Items]
Goodwill					$ 1,975.3	$ 2,105.9	$ 352.3
Norbert Dentressangle SA
Business Acquisition [Line Items]
Percentage of common stock acquired	67.00%		86.25%	86.25%
Cash consideration	$ 1,603.9	€ 1,437.0
Liability for equity award settlement	13.2	11.8
Repayment of indebtedness	705.0	628.5
Number of shares purchased under the Tender Offer (in shares) \| shares			1,921,553	1,921,553
Noncontrolling interests	784.2	€ 702.5	$ 784.2	€ 702.5
Goodwill	2,466.6
Norbert Dentressangle SA \| Transportation
Business Acquisition [Line Items]
Goodwill	962.4
Norbert Dentressangle SA \| Logistics
Business Acquisition [Line Items]
Goodwill	$ 1,504.2
Norbert Dentressangle SA \| Performance Based Award \| Share-based Compensation Award, Tranche One
Business Acquisition [Line Items]
Percentage of awards paid	50.00%
Period before payment	18 months	18 months
Norbert Dentressangle SA \| Performance Based Award \| Share-based Compensation Award, Tranche Two
Business Acquisition [Line Items]
Percentage of awards paid	50.00%
Period before payment	36 months	36 months

Acquisitions and Divestitures - Bridge Terminal Transport - Additional Information (Details) - USD ($) $ in Millions		12 Months Ended
	May 04, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Acquisition of businesses, net of cash acquired		$ 0.0	$ 3,887.0	$ 814.0
Goodwill		$ 4,325.8	$ 4,610.6	$ 929.3
Bridge Terminal Transport, Inc.
Business Acquisition [Line Items]
Consideration	$ 103.8
Acquisition of businesses, net of cash acquired	103.1
Business combination, consideration transferred, shares of stock	0.7
Goodwill	56.5
Intangible assets acquired	$ 30.0

Acquisitions and Divestitures - UX Specialized Logistics - Additional Information (Details) - USD ($) $ in Millions		12 Months Ended
	Feb. 09, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Acquisition of businesses, net of cash acquired		$ 0.0	$ 3,887.0	$ 814.0
Goodwill		$ 4,325.8	$ 4,610.6	$ 929.3
UX Specialized Logistics
Business Acquisition [Line Items]
Consideration	$ 58.9
Acquisition of businesses, net of cash acquired	58.1
Business combination, consideration transferred, shares of stock	0.8
Goodwill	38.1
Intangible assets acquired	$ 18.8

Acquisitions and Divestitures - Business Acquisition Pro Forma Information (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2015 USD ($) $ / shares
Business Combinations [Abstract]
Revenue	$ 14,833.5
Operating income	233.3
Net loss	$ (174.5)
Basic loss per share (in usd per share) \| $ / shares	$ (2.11)
Diluted loss per share (in usd per share) \| $ / shares	$ (2.11)

Acquisitions and Divestitures - Divestitures (Details) - USD ($) $ in Millions	3 Months Ended	10 Months Ended	12 Months Ended
	Dec. 31, 2016	Oct. 26, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Nov. 03, 2016	Oct. 27, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Debt repurchase amount						$ 555.0
Loss on extinguishment of debt	$ 16.5		$ 69.7	$ 0.0	$ 0.0
North American Truckload Operations \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration for disposal							$ 558.0
Disposal group, revenue		$ 393.2
Disposal group, operating income		$ 31.9

Restructuring Charges - Summary of Restructuring Reserve (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Restructuring Reserve [Roll Forward]
Reserve, beginning balance	$ 61.2	$ 5.1
Charges Incurred	26.8	56.9
Payments	(62.8)	(15.1)
From ND Acquisition		14.3
Reserve, ending balance	25.2	61.2
Operating Segments \| Transportation
Restructuring Reserve [Roll Forward]
Reserve, beginning balance	27.4	0.0
Charges Incurred	8.5	28.1
Payments	(28.7)	(5.6)
From ND Acquisition		4.9
Reserve, ending balance	7.2	27.4
Operating Segments \| Transportation \| Contract termination
Restructuring Reserve [Roll Forward]
Reserve, beginning balance	0.1	0.0
Charges Incurred	1.8	0.0
Payments	(1.9)	0.0
From ND Acquisition		0.1
Reserve, ending balance	0.0	0.1
Operating Segments \| Transportation \| Facilities
Restructuring Reserve [Roll Forward]
Reserve, beginning balance	0.6	0.0
Charges Incurred	1.7	0.8
Payments	(0.9)	(0.2)
From ND Acquisition		0.0
Reserve, ending balance	1.4	0.6
Operating Segments \| Transportation \| Severance
Restructuring Reserve [Roll Forward]
Reserve, beginning balance	26.7	0.0
Charges Incurred	5.0	27.3
Payments	(25.9)	(5.4)
From ND Acquisition		4.8
Reserve, ending balance	5.8	26.7
Operating Segments \| Logistics
Restructuring Reserve [Roll Forward]
Reserve, beginning balance	26.3	0.0
Charges Incurred	17.0	22.2
Payments	(26.0)	(5.3)
From ND Acquisition		9.4
Reserve, ending balance	17.3	26.3
Operating Segments \| Logistics \| Contract termination
Restructuring Reserve [Roll Forward]
Reserve, beginning balance	0.8	0.0
Charges Incurred	2.2	0.9
Payments	(2.3)	(0.2)
From ND Acquisition		0.1
Reserve, ending balance	0.7	0.8
Operating Segments \| Logistics \| Facilities
Restructuring Reserve [Roll Forward]
Reserve, beginning balance	0.0
Charges Incurred	0.7
Payments	(0.2)
Reserve, ending balance	0.5	0.0
Operating Segments \| Logistics \| Severance
Restructuring Reserve [Roll Forward]
Reserve, beginning balance	25.5	0.0
Charges Incurred	14.1	21.3
Payments	(23.5)	(5.1)
From ND Acquisition		9.3
Reserve, ending balance	16.1	25.5
Corporate
Restructuring Reserve [Roll Forward]
Reserve, beginning balance	7.5	5.1
Charges Incurred	1.3	6.6
Payments	(8.1)	(4.2)
From ND Acquisition		0.0
Reserve, ending balance	0.7	7.5
Corporate \| Contract termination
Restructuring Reserve [Roll Forward]
Reserve, beginning balance	4.0	3.8
Charges Incurred	0.0	3.3
Payments	(3.7)	(3.1)
From ND Acquisition		0.0
Reserve, ending balance	0.3	4.0
Corporate \| Facilities
Restructuring Reserve [Roll Forward]
Reserve, beginning balance	0.0
Charges Incurred	0.1
Payments	(0.1)
Reserve, ending balance	0.0	0.0
Corporate \| Severance
Restructuring Reserve [Roll Forward]
Reserve, beginning balance	3.5	1.3
Charges Incurred	1.2	3.3
Payments	(4.3)	(1.1)
From ND Acquisition		0.0
Reserve, ending balance	$ 0.4	$ 3.5

Commitments and Contingencies - Future Minimum Lease Payments (Details) $ in Millions	Dec. 31, 2016 USD ($)
Capital Leases
2017	$ 18.3
2018	24.1
2019	10.4
2020	9.3
2021	8.9
Thereafter	30.9
Total minimum lease payments	101.9
Amount representing interest	(4.5)
Present value of minimum lease payments	97.4
Operating Leases
2017	542.1
2018	422.6
2019	314.7
2020	222.0
2021	163.6
Thereafter	479.3
Total minimum lease payments	$ 2,144.3

Commitments and Contingencies - Additional Information (Details) $ in Millions				1 Months Ended	12 Months Ended
	Apr. 29, 2016 claimant	Jul. 17, 2015 USD ($) claimant	Mar. 06, 2015 class_action claimant	Jun. 30, 2015 USD ($) claimant	Dec. 31, 2016 USD ($) operator	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($) claimant	Dec. 31, 2012 operator
Loss Contingencies [Line Items]
Rental Expense \| $					$ 677.2	$ 412.1	$ 82.3
Pacer International
Loss Contingencies [Line Items]
Number of owner operators \| operator					150			150
Number of claims heard by court \| claimant		7	200	5			7
Amount claimed \| $		$ 2.9		$ 0.9
Number of class actions related to remaining claimants \| class_action			3
Pacer International \| Maximum
Loss Contingencies [Line Items]
Number of claims heard by court \| claimant	520

Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Property and Equipment	$ 3,127.3	$ 3,061.5
Less: Accumulated depreciation and amortization	(589.9)	(209.3)
Total Property and Equipment, net	2,537.4	2,852.2
Land
Property, Plant and Equipment [Line Items]
Property and Equipment	442.0	359.5
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Property and Equipment	503.8	476.8
Vehicles, tractors, trailers and tankers
Property, Plant and Equipment [Line Items]
Property and Equipment	1,194.2	1,440.5
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and Equipment	370.9	325.9
Office and warehouse equipment
Property, Plant and Equipment [Line Items]
Property and Equipment	113.3	79.5
Computer software and equipment
Property, Plant and Equipment [Line Items]
Property and Equipment	$ 503.1	$ 379.3

Property and Equipment - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Depreciation	$ 466.0	$ 203.0	$ 35.8
Capital leases, net	100.1	57.7
Property, plant and equipment, net book value	2,537.4	2,852.2
Software Development
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net book value	$ 132.1	$ 122.8

Intangible Assets - Schedule of Identifiable Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Definite-lived intangibles
Gross Carrying Amount	$ 1,911.8	$ 2,086.7
Accumulated Amortization	377.1	210.2
Customer relationships
Definite-lived intangibles
Gross Carrying Amount	1,848.3	2,017.0
Accumulated Amortization	326.3	174.3
Trade names
Definite-lived intangibles
Gross Carrying Amount	47.5	51.0
Accumulated Amortization	39.9	29.1
Non-compete agreements
Definite-lived intangibles
Gross Carrying Amount	16.0	18.7
Accumulated Amortization	$ 10.9	$ 6.8

Intangible Assets - Estimated Future Amortization Expense for Amortizable Intangible Assets (Details) $ in Millions	Dec. 31, 2016 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2017	$ 161.0
2018	153.5
2019	147.4
2020	141.4
2021	$ 134.1

Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of Intangible Assets	$ 174.4	$ 160.8	$ 62.5

Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Goodwill [Roll Forward]
Goodwill at beginning of period	$ 4,610.6	$ 929.3
Acquisitions		3,735.5
Impact of foreign exchange translation	(133.2)	(60.8)
Litigation liability adjustments, net of tax		10.5
Other adjustments	85.9	(3.9)
Divestiture	(290.6)
Property and equipment and intangible asset fair value adjustments	135.8
Deferred tax and other tax adjustments	(82.7)
Goodwill at end of period	4,325.8	4,610.6
Transportation
Goodwill [Roll Forward]
Goodwill at beginning of period	2,504.7	577.0
Acquisitions		1,942.6
Impact of foreign exchange translation	(46.8)	(23.7)
Litigation liability adjustments, net of tax		10.5
Other adjustments	140.5	(1.7)
Divestiture	(290.6)
Property and equipment and intangible asset fair value adjustments	95.8
Deferred tax and other tax adjustments	(53.1)
Goodwill at end of period	2,350.5	2,504.7
Logistics
Goodwill [Roll Forward]
Goodwill at beginning of period	2,105.9	352.3
Acquisitions		1,792.9
Impact of foreign exchange translation	(86.4)	(37.1)
Litigation liability adjustments, net of tax		0.0
Other adjustments	(54.6)	(2.2)
Divestiture	0.0
Property and equipment and intangible asset fair value adjustments	40.0
Deferred tax and other tax adjustments	(29.6)
Goodwill at end of period	$ 1,975.3	$ 2,105.9

Debt - Schedule of Debt (Details) € in Millions, $ in Millions	Dec. 31, 2016 USD ($)	Dec. 31, 2016 EUR (€)	Dec. 31, 2015 USD ($)	Oct. 30, 2015 USD ($)	Jun. 04, 2015 USD ($)	Jun. 04, 2015 EUR (€)
Debt Instrument [Line Items]
Long-term Debt	$ 5,044.2		$ 5,600.7
Current maturities of long-term debt, Principal Balance	138.9		133.9
Long-term debt, Principal Balance	4,905.3		5,466.8
Current maturities of long-term debt, Carrying Value	136.5		135.3
Long-term debt, Carrying Value	4,731.5		5,272.6
Convertible senior notes
Debt Instrument [Line Items]
Long-term Debt	49.4		52.3
Capital leases for equipment
Debt Instrument [Line Items]
Long-term Debt	97.4		59.1
Senior Notes due 2023
Debt Instrument [Line Items]
Long-term Debt	535.0		0.0
Senior Notes due 2022
Debt Instrument [Line Items]
Long-term Debt	1,600.0		1,600.0		$ 1,600.0
Senior Notes due 2021
Debt Instrument [Line Items]
Long-term Debt	527.1		544.4			€ 500.0
Senior Notes due 2019
Debt Instrument [Line Items]
Long-term Debt	0.0		900.0
Senior Notes due 2018
Debt Instrument [Line Items]
Long-term Debt	265.8		265.8
Term loan facility
Debt Instrument [Line Items]
Long-term Debt	1,481.9		1,600.0	$ 1,592.0
Senior Debentures due 2034
Debt Instrument [Line Items]
Long-term Debt	300.0		300.0
Euro private placement notes due 2020
Debt Instrument [Line Items]
Long-term Debt	12.6	€ 12.0	13.1
Asset financing
Debt Instrument [Line Items]
Long-term Debt	145.0		266.0
ABL Facility
Debt Instrument [Line Items]
Long-term Debt	30.0		0.0
Level 1 \| Convertible senior notes
Debt Instrument [Line Items]
Total debt, Fair Value	129.8		89.1
Level 1 \| Capital leases for equipment
Debt Instrument [Line Items]
Total debt, Fair Value	0.0		0.0
Level 1 \| Senior Notes due 2023
Debt Instrument [Line Items]
Total debt, Fair Value	560.4		0.0
Level 1 \| Senior Notes due 2022
Debt Instrument [Line Items]
Total debt, Fair Value	1,689.4		1,479.8
Level 1 \| Senior Notes due 2021
Debt Instrument [Line Items]
Total debt, Fair Value	546.0		0.0
Level 1 \| Senior Notes due 2019
Debt Instrument [Line Items]
Total debt, Fair Value	0.0		920.3
Level 1 \| Senior Notes due 2018
Debt Instrument [Line Items]
Total debt, Fair Value	274.0		0.0
Level 1 \| Term loan facility
Debt Instrument [Line Items]
Total debt, Fair Value	0.0		0.0
Level 1 \| Senior Debentures due 2034
Debt Instrument [Line Items]
Total debt, Fair Value	241.6		0.0
Level 1 \| Euro private placement notes due 2020
Debt Instrument [Line Items]
Total debt, Fair Value	0.0		0.0
Level 1 \| Asset financing
Debt Instrument [Line Items]
Total debt, Fair Value	145.0		266.0
Level 1 \| ABL Facility
Debt Instrument [Line Items]
Total debt, Fair Value	0.0		0.0
Level 2 \| Convertible senior notes
Debt Instrument [Line Items]
Total debt, Fair Value	0.0		0.0
Level 2 \| Capital leases for equipment
Debt Instrument [Line Items]
Total debt, Fair Value	97.4		59.1
Level 2 \| Senior Notes due 2023
Debt Instrument [Line Items]
Total debt, Fair Value	0.0		0.0
Level 2 \| Senior Notes due 2022
Debt Instrument [Line Items]
Total debt, Fair Value	0.0		0.0
Level 2 \| Senior Notes due 2021
Debt Instrument [Line Items]
Total debt, Fair Value	0.0		507.5
Level 2 \| Senior Notes due 2019
Debt Instrument [Line Items]
Total debt, Fair Value	0.0		0.0
Level 2 \| Senior Notes due 2018
Debt Instrument [Line Items]
Total debt, Fair Value	0.0		271.0
Level 2 \| Term loan facility
Debt Instrument [Line Items]
Total debt, Fair Value	1,507.1		1,590.0
Level 2 \| Senior Debentures due 2034
Debt Instrument [Line Items]
Total debt, Fair Value	0.0		201.0
Level 2 \| Euro private placement notes due 2020
Debt Instrument [Line Items]
Total debt, Fair Value	14.0		13.9
Level 2 \| Asset financing
Debt Instrument [Line Items]
Total debt, Fair Value	0.0		0.0
Level 2 \| ABL Facility
Debt Instrument [Line Items]
Total debt, Fair Value	30.0		0.0
Carrying Value
Debt Instrument [Line Items]
Total debt, Fair Value	4,868.0		5,407.9
Current maturities of long-term debt, Carrying Value	136.5		135.3
Long-term debt, Carrying Value	4,731.5		5,272.6
Carrying Value \| Convertible senior notes
Debt Instrument [Line Items]
Total debt, Fair Value	47.1		46.8
Carrying Value \| Capital leases for equipment
Debt Instrument [Line Items]
Total debt, Fair Value	97.4		59.1
Carrying Value \| Senior Notes due 2023
Debt Instrument [Line Items]
Total debt, Fair Value	527.1		0.0
Carrying Value \| Senior Notes due 2022
Debt Instrument [Line Items]
Total debt, Fair Value	1,579.9		1,577.0
Carrying Value \| Senior Notes due 2021
Debt Instrument [Line Items]
Total debt, Fair Value	520.7		536.6
Carrying Value \| Senior Notes due 2019
Debt Instrument [Line Items]
Total debt, Fair Value	0.0		900.4
Carrying Value \| Senior Notes due 2018
Debt Instrument [Line Items]
Total debt, Fair Value	267.1		268.2
Carrying Value \| Term loan facility
Debt Instrument [Line Items]
Total debt, Fair Value	1,439.2		1,540.3
Carrying Value \| Senior Debentures due 2034
Debt Instrument [Line Items]
Total debt, Fair Value	200.8		199.0
Carrying Value \| Euro private placement notes due 2020
Debt Instrument [Line Items]
Total debt, Fair Value	13.7		14.5
Carrying Value \| Asset financing
Debt Instrument [Line Items]
Total debt, Fair Value	145.0		266.0
Carrying Value \| ABL Facility
Debt Instrument [Line Items]
Total debt, Fair Value	$ 30.0		$ 0.0

Debt - Schedule of Debt Maturity (Details) $ in Millions	Dec. 31, 2016 USD ($)
Debt Disclosure [Abstract]
2017	$ 121.7
2018	312.8
2019	20.4
2020	46.1
2021	$ 2,009.5

Debt - Additional Information (Details) $ / shares in Units, € in Millions				3 Months Ended	12 Months Ended
	Sep. 12, 2016 USD ($)	Aug. 25, 2016 USD ($)	Oct. 30, 2015 USD ($)	Dec. 31, 2016 USD ($) $ / shares	Dec. 31, 2016 USD ($) $ / shares shares	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2016 EUR (€)	Nov. 03, 2016 USD ($)	Sep. 09, 2015 USD ($)	Jun. 04, 2015 USD ($)	Jun. 04, 2015 EUR (€)	Aug. 25, 2014
Debt Instrument [Line Items]
Debt extinguishment loss				$ 16,500,000	$ 69,700,000	$ 0	$ 0
Long-term debt				$ 5,044,200,000	$ 5,044,200,000	5,600,700,000
Shares of common stock issued (in shares) \| shares					173,158
Conversion of aggregate principal amount					$ 2,800,000
Loss on conversion					$ 200,000
Convertible debt, conversion rate, shares per $1000 in principal amount					60.8467
Convertible debt, conversion rate, principal amount increment					$ 1,000
Debt instrument, convertible, conversion price (in usd per share) \| $ / shares				$ 16.43	$ 16.43
Long-term Debt
Debt Instrument [Line Items]
Conversion of aggregate principal amount					$ 2,600,000
Equity
Debt Instrument [Line Items]
Conversion of aggregate principal amount					2,800,000
LIBOR
Debt Instrument [Line Items]
Percent added to reference rate in effect from time to time to set the interest rate		3.25%	4.50%
Base Rate
Debt Instrument [Line Items]
Percent added to reference rate in effect from time to time to set the interest rate		2.25%	3.50%
ABL Facility
Debt Instrument [Line Items]
Long-term debt				$ 30,000,000	30,000,000	0
Secured revolving loan credit agreement amount			$ 1,000,000,000
Letter of credit available for issuance (up to)			350,000,000
Swing line loans available for issuance (up to)			$ 50,000,000
Total unamortized debt issuance costs				8,100,000	8,100,000
Line of credit facility, borrowing base				986,500,000	986,500,000
Remaining borrowing availability				717,400,000	717,400,000
Line of credit facility, amount drawn				$ 239,100,000	$ 239,100,000
Percentage of maximum portion of borrowing base attributable to equipment and rolling stock			20.00%
Interest rate on outstanding borrowings					2.26%
Multi Currency Revolving Credit Facility
Debt Instrument [Line Items]
Decrease in basis spread on variable rate			0.25%
Term loan facility
Debt Instrument [Line Items]
Secured revolving loan credit agreement amount			$ 1,600,000,000.0
Percentage of repayment of principal amount			0.25%
Prepayment as percentage of excess cash flow			50.00%
Term Loan Facility, Scenario 1
Debt Instrument [Line Items]
Prepayment as percentage of excess cash flow			25.00%
Term Loan Facility, Scenario 2
Debt Instrument [Line Items]
Prepayment as percentage of excess cash flow			0.00%
Minimum \| ABL Facility \| LIBOR
Debt Instrument [Line Items]
Percent added to reference rate in effect from time to time to set the interest rate			1.50%
Minimum \| ABL Facility \| Base Rate
Debt Instrument [Line Items]
Percent added to reference rate in effect from time to time to set the interest rate			0.50%
Minimum \| Term Loan Facility, Scenario 1
Debt Instrument [Line Items]
Required leverage ratio (less than or equal to)			2.50
Maximum
Debt Instrument [Line Items]
Fixed charge coverage ratio (not less than)				1.00	1.00			1.00
Maximum \| ABL Facility \| LIBOR
Debt Instrument [Line Items]
Percent added to reference rate in effect from time to time to set the interest rate			2.00%
Maximum \| ABL Facility \| Base Rate
Debt Instrument [Line Items]
Percent added to reference rate in effect from time to time to set the interest rate			1.00%
Maximum \| Term Loan Facility, Scenario 1
Debt Instrument [Line Items]
Required leverage ratio (less than or equal to)			3.00
Maximum \| Term Loan Facility, Scenario 2
Debt Instrument [Line Items]
Required leverage ratio (less than or equal to)			2.50
Convertible senior notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage				4.50%	4.50%			4.50%
Long-term debt				$ 49,400,000	$ 49,400,000	52,300,000
Senior Notes due 2019
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage													7.875%
Redemption price	103.938%
Debt extinguishment loss	$ 35,200,000
Long-term debt				0	0	900,000,000
Senior Notes due 2023
Debt Instrument [Line Items]
Long-term debt				535,000,000	535,000,000	0
Senior Notes due 2023 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage		6.125%
Face amount		$ 535,000,000.0
Senior Notes due 2022
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage											6.50%	6.50%
Long-term debt				1,600,000,000	1,600,000,000	1,600,000,000					$ 1,600,000,000
Senior Notes due 2021
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage											5.75%	5.75%
Long-term debt				527,100,000	527,100,000	$ 544,400,000						€ 500.0
Senior Notes due 2018
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage						7.25%
Long-term debt				265,800,000	265,800,000	$ 265,800,000
Senior Debentures due 2034
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage										6.70%
Long-term debt				$ 300,000,000	$ 300,000,000	300,000,000
Debt assumed in acquisition										$ 300,000,000
Fair value discount			$ 101,300,000
Annual effective interest rate			10.96%
Euro private placement notes due 2020
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage				4.00%	4.00%			4.00%
Long-term debt				$ 12,600,000	$ 12,600,000	13,100,000		€ 12.0
Euro Private Placement Notes due 2019
Debt Instrument [Line Items]
Required leverage ratio (less than or equal to)				3.50	3.50			3.50
Ratio of indebtedness to net capital (less than or equal to)				2.00	2.00			2.00
Asset financing
Debt Instrument [Line Items]
Long-term debt				$ 145,000,000	$ 145,000,000	266,000,000
Asset financing \| Unsecured Debt
Debt Instrument [Line Items]
Weighted average interest rate				1.38%	1.38%			1.38%
Asset financing \| Unsecured Debt \| Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage				0.281%	0.281%			0.281%
Term of debt instrument					5 years
Asset financing \| Unsecured Debt \| Maximum
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage				5.50%	5.50%			5.50%
Term of debt instrument					10 years
Term loan facility
Debt Instrument [Line Items]
Debt extinguishment loss		18,000,000
Long-term debt			$ 1,592,000,000	$ 1,481,900,000	$ 1,481,900,000	$ 1,600,000,000
Debt Exchange, Amount					$ 1,197,200,000
Required leverage ratio (less than or equal to)				2.50	2.50			2.50
Interest rate on outstanding borrowings					4.25%
Original issue discount			$ 32,000,000
Repurchase of debt at par									$ 555,000,000
Incremental Term B1 Loans
Debt Instrument [Line Items]
Face amount		400,000,000.0
Incremental Term B2 Loans
Debt Instrument [Line Items]
Face amount		$ 50,000,000.0

Employee Benefit Plans - Additional Information (Details) $ in Millions			12 Months Ended
	Nov. 30, 2016 USD ($)	Nov. 01, 2016 USD ($)	Dec. 31, 2016 USD ($) year plan	Dec. 31, 2015 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Number of defined benefit plans available for certain employees \| plan			2
Net periodic benefit expense (income)			$ 1.5
Cost for defined contribution retirement plans			59.1	$ 13.0
UK Plan
Defined Benefit Plan Disclosure [Line Items]
Prior service credit recognized in accumulated other comprehensive income		$ 41.7	$ 41.7	0.0
Recognition period for prior service credit			26 years
Payment for plan benefits	$ 22.3		$ 52.7	$ 31.5
Increase in projected benefit obligation			$ 54.4
Expected long-term rate of return on plan assets			5.40%	5.00%
Range for asset class			10.00%
Percentage of actuarial liability sensitivities			85.00%
Employer contributions			$ 12.7
U.S. Qualified Plans
Defined Benefit Plan Disclosure [Line Items]
Prior service credit recognized in accumulated other comprehensive income			0.0	$ 0.0
Payment for plan benefits			60.6	$ 9.7
Increase in projected benefit obligation			$ 61.9
Expected long-term rate of return on plan assets			5.58%	5.57%
U.S. Qualified Plans \| Fixed-income
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation percentage			76.00%
U.S. Qualified Plans \| Equity
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation percentage			24.00%
U.S. Qualified Plans \| Equity \| U.S. large companies
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation percentage			14.00%
U.S. Qualified Plans \| Equity \| International
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation percentage			10.00%
U.S. Qualified Plans \| Global long-term debt instruments
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation percentage			7.00%
U.S Non-Qualified Plans
Defined Benefit Plan Disclosure [Line Items]
Prior service credit recognized in accumulated other comprehensive income			$ 0.0	$ 0.0
Payment for plan benefits			5.4	0.9
Increase in projected benefit obligation			$ 1.9
Christian Salvesen Pension Scheme \| Matching Assets
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation percentage			28.00%
Christian Salvesen Pension Scheme \| Growth Assets
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation percentage			72.00%
U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Employer contributions			$ 5.4
Postretirement Medical Plan
Defined Benefit Plan Disclosure [Line Items]
Payment for plan benefits			$ 5.1	$ 1.0
Requisite employees age \| year			55
Requisite period of service			10 years

Employee Benefit Plans - Change in Benefit Obligations and Fair Value of Plan Assets (Details) - USD ($) $ in Millions		12 Months Ended
	Nov. 30, 2016	Dec. 31, 2016	Dec. 31, 2015
U.S. Qualified Plans
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Projected benefit obligation at beginning of year		$ 1,665.8	$ 0.0
From acquisitions		0.0	1,685.8
Interest cost		76.1	12.7
Plan amendment		0.0	0.0
Actuarial loss (gain)		63.7	(23.0)
Foreign currency exchange rate changes		0.0	0.0
Benefits paid		(60.6)	(9.7)
Settlement		0.0	0.0
Projected benefit obligation at end of year		1,745.0	1,665.8
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year		1,619.9	0.0
From acquisitions		0.0	1,659.4
Actual return (loss) on plan assets		140.8	(29.8)
Employer contributions		0.0	0.0
Benefits paid		(60.6)	(9.7)
Settlement		0.0	0.0
Foreign currency exchange rate changes		0.0	0.0
Fair value of plan assets at end of year		1,700.1	1,619.9
U.S Non-Qualified Plans
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Projected benefit obligation at beginning of year		73.0	0.0
From acquisitions		0.0	74.1
Interest cost		3.3	0.5
Plan amendment		0.0	0.0
Actuarial loss (gain)		3.0	(0.7)
Foreign currency exchange rate changes		0.0	0.0
Benefits paid		(5.4)	(0.9)
Settlement		0.0	0.0
Projected benefit obligation at end of year		73.9	73.0
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year		0.0	0.0
From acquisitions		0.0	0.0
Actual return (loss) on plan assets		0.0	0.0
Employer contributions		5.4	0.9
Benefits paid		(5.4)	(0.9)
Settlement		0.0	0.0
Foreign currency exchange rate changes		0.0	0.0
Fair value of plan assets at end of year		0.0	0.0
UK Plan
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Projected benefit obligation at beginning of year		1,287.7	0.0
From acquisitions		0.0	1,393.4
Interest cost		40.5	28.6
Plan amendment		(41.7)	0.0
Actuarial loss (gain)		262.4	(65.3)
Foreign currency exchange rate changes		(238.7)	(37.5)
Benefits paid	$ (22.3)	(52.7)	(31.5)
Settlement		(22.3)	0.0
Projected benefit obligation at end of year		1,235.2	1,287.7
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year		1,203.8	0.0
From acquisitions		0.0	1,290.5
Actual return (loss) on plan assets		291.4	(30.3)
Employer contributions		14.2	10.3
Benefits paid	$ (22.3)	(52.7)	(31.5)
Settlement		(22.3)	0.0
Foreign currency exchange rate changes		(227.6)	(35.2)
Fair value of plan assets at end of year		$ 1,206.8	$ 1,203.8

Employee Benefit Plans - Funded Status of Plan (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
U.S. Qualified Plans
Funded Status:
Fair value of plan assets	$ 1,700.1	$ 1,619.9	$ 0.0
Projected benefit obligation	1,745.0	1,665.8	0.0
Funded status at end of year	(44.9)	(45.9)
Funded Status Recognized in Balance Sheet:
Long-term assets	18.1	17.3
Current liabilities	0.0	0.0
Long-term liabilities	(63.0)	(63.2)
Total liability at end of year	(44.9)	(45.9)
Plans with projected and accumulated benefit obligation in excess of plan assets:
Projected and accumulated benefit obligation	1,725.5	1,645.7
Fair value of plan assets	$ 1,662.6	$ 1,582.5
Weighted-average assumptions as of December 31:
Discount rate	4.35%	4.65%
U.S Non-Qualified Plans
Funded Status:
Fair value of plan assets	$ 0.0	$ 0.0	0.0
Projected benefit obligation	73.9	73.0	0.0
Funded status at end of year	(73.9)	(73.0)
Funded Status Recognized in Balance Sheet:
Long-term assets	0.0	0.0
Current liabilities	(5.4)	(5.2)
Long-term liabilities	(68.5)	(67.8)
Total liability at end of year	(73.9)	(73.0)
Plans with projected and accumulated benefit obligation in excess of plan assets:
Projected and accumulated benefit obligation	73.9	73.0
Fair value of plan assets	$ 0.0	$ 0.0
Weighted-average assumptions as of December 31:
Discount rate	4.35%	4.65%
UK Plan
Funded Status:
Fair value of plan assets	$ 1,206.8	$ 1,203.8	0.0
Projected benefit obligation	1,235.2	1,287.7	$ 0.0
Funded status at end of year	(28.4)	(83.9)
Funded Status Recognized in Balance Sheet:
Long-term assets	0.0	0.0
Current liabilities	0.0	0.0
Long-term liabilities	(28.4)	(83.9)
Total liability at end of year	(28.4)	(83.9)
Plans with projected and accumulated benefit obligation in excess of plan assets:
Projected and accumulated benefit obligation	1,235.2	1,287.7
Fair value of plan assets	$ 1,206.8	$ 1,203.8
Weighted-average assumptions as of December 31:
Discount rate	2.70%	3.75%

Employee Benefit Plans - Accumulated Other Comprehensive Loss (Details) - USD ($)		12 Months Ended
	Nov. 01, 2016	Dec. 31, 2016	Dec. 31, 2015
U.S. Qualified Plans
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax [Abstract]
Actuarial gain (loss)		$ (33,500,000)
Prior-service credit		0
Accumulated other comprehensive income (loss)		(33,500,000)
Net periodic benefit expense (income):
Interest cost		76,100,000	$ 12,700,000
Expected return on plan assets		(88,400,000)	(15,400,000)
Amortization of prior-service cost (credit)		0	0
Net periodic benefit expense (income)		(12,300,000)	(2,700,000)
Amounts recognized in other comprehensive income or loss:
Actuarial loss (gain)		11,300,000	22,200,000
Prior-service cost		0	0
Recognized AOCI gain (loss) due to settlements		0	0
Reclassification of prior-service cost to net periodic benefit expense (income)		0	0
Prior-service cost		$ 11,300,000	$ 22,200,000
Defined Benefit Plan, Assumptions Used in Calculations [Abstract]
Discount rate		4.65%	4.55%
Expected long-term rate of return on plan assets		5.58%	5.57%
U.S Non-Qualified Plans
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax [Abstract]
Actuarial gain (loss)		$ (2,300,000)
Prior-service credit		0
Accumulated other comprehensive income (loss)		(2,300,000)
Net periodic benefit expense (income):
Interest cost		3,300,000	$ 500,000
Expected return on plan assets		0	0
Amortization of prior-service cost (credit)		0	0
Net periodic benefit expense (income)		3,300,000	500,000
Amounts recognized in other comprehensive income or loss:
Actuarial loss (gain)		3,000,000	(700,000)
Prior-service cost		0	0
Recognized AOCI gain (loss) due to settlements		0	0
Reclassification of prior-service cost to net periodic benefit expense (income)		0	0
Prior-service cost		3,000,000	(700,000)
UK Plan
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax [Abstract]
Actuarial gain (loss)		(28,900,000)
Prior-service credit		41,100,000
Accumulated other comprehensive income (loss)		12,200,000
Net periodic benefit expense (income):
Interest cost		40,500,000	28,600,000
Expected return on plan assets		(58,400,000)	(34,600,000)
Amortization of prior-service cost (credit)		(500,000)	0
Recognized AOCI gain (loss) due to settlements		(100,000)
Net periodic benefit expense (income)		(18,500,000)	(6,000,000)
Amounts recognized in other comprehensive income or loss:
Actuarial loss (gain)		29,400,000	(500,000)
Prior-service cost	$ (41,700,000)	(41,700,000)	0
Recognized AOCI gain (loss) due to settlements		100,000	0
Reclassification of prior-service cost to net periodic benefit expense (income)		500,000	0
Prior-service cost		$ (11,700,000)	$ (500,000)
Defined Benefit Plan, Assumptions Used in Calculations [Abstract]
Discount rate		3.75%	3.60%
Expected long-term rate of return on plan assets		5.40%	5.00%
Postretirement Medical Plan
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax [Abstract]
Actuarial gain (loss)		$ 300,000	$ 3,300,000
Accumulated other comprehensive income (loss)		300,000	3,300,000
Net periodic benefit expense (income):
Service cost - benefits earned during the year		500,000	100,000
Interest cost		2,200,000	300,000
Net periodic benefit expense (income)		$ 2,700,000	$ 400,000
Defined Benefit Plan, Assumptions Used in Calculations [Abstract]
Discount rate		4.20%	4.10%

Employee Benefit Plans - Expected Payments (Details) $ in Millions	Dec. 31, 2016 USD ($)
U.S. Qualified Plans
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract]
2017	$ 70.9
2018	75.1
2019	79.5
2020	84.2
2021	88.4
2022-2026	498.6
U.S Non-Qualified Plans
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract]
2017	5.4
2018	5.4
2019	5.4
2020	5.4
2021	5.3
2022-2026	25.3
UK Plan
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract]
2017	44.3
2018	45.6
2019	49.2
2020	50.5
2021	51.7
2022-2026	295.5
Postretirement Medical Plan
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract]
2017	3.9
2018	3.9
2019	4.0
2020	4.2
2021	4.3
2022-2026	$ 20.6

Employee Benefit Plans - Fair Value of Investment Categories (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
U.S. Qualified Plans
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	$ 1,700.1	$ 1,619.9	$ 0.0
Not Subject to Leveling	$ 403.2	$ 392.3
Percentage of Plan Assets	100.00%	100.00%
U.S. Qualified Plans \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	$ 403.5	$ 431.6
U.S. Qualified Plans \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	893.4	796.0
U.S. Qualified Plans \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	0.0	0.0
U.S. Qualified Plans \| Cash and Cash Equivalents
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	40.7	34.3
Not Subject to Leveling	$ 40.7	$ 34.3
Percentage of Plan Assets	2.30%	2.20%
U.S. Qualified Plans \| Equity \| U.S. large companies \| S&P 500 Futures
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	$ (0.3)	$ 0.7
Percentage of Plan Assets	0.00%	0.00%
U.S. Qualified Plans \| Equity \| U.S. large companies \| Growth
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	$ 75.0	$ 91.4
Percentage of Plan Assets	4.40%	5.60%
U.S. Qualified Plans \| Equity \| U.S. large companies \| Value
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	$ 88.0	$ 88.2
Percentage of Plan Assets	5.20%	5.40%
U.S. Qualified Plans \| Equity \| U.S. Small Companies \| Value
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	$ 31.9	$ 27.1
Percentage of Plan Assets	1.90%	1.70%
U.S. Qualified Plans \| Equity \| International \| Growth
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	$ 60.7	$ 66.1
Percentage of Plan Assets	3.60%	4.10%
U.S. Qualified Plans \| Equity \| International \| Value
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	$ 65.8	$ 65.9
Not Subject to Leveling	$ 65.8	$ 65.9
Percentage of Plan Assets	3.90%	4.10%
U.S. Qualified Plans \| Equity \| Level 1 \| U.S. large companies \| S&P 500 Futures
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	$ (0.3)	$ 0.7
U.S. Qualified Plans \| Equity \| Level 1 \| U.S. large companies \| Growth
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	75.0	91.4
U.S. Qualified Plans \| Equity \| Level 1 \| U.S. large companies \| Value
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	88.0	88.2
U.S. Qualified Plans \| Equity \| Level 1 \| U.S. Small Companies \| Value
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	31.9	27.1
U.S. Qualified Plans \| Equity \| Level 1 \| International \| Growth
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	60.7	66.1
U.S. Qualified Plans \| Equity \| Level 2 \| U.S. large companies \| S&P 500 Futures
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	0.0	0.0
U.S. Qualified Plans \| Equity \| Level 2 \| U.S. large companies \| Growth
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	0.0	0.0
U.S. Qualified Plans \| Equity \| Level 2 \| U.S. large companies \| Value
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	0.0	0.0
U.S. Qualified Plans \| Equity \| Level 2 \| U.S. Small Companies \| Value
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	0.0	0.0
U.S. Qualified Plans \| Equity \| Level 2 \| International \| Growth
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	0.0	0.0
U.S. Qualified Plans \| Equity \| Level 3 \| U.S. large companies \| S&P 500 Futures
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	0.0	0.0
U.S. Qualified Plans \| Equity \| Level 3 \| U.S. large companies \| Growth
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	0.0	0.0
U.S. Qualified Plans \| Equity \| Level 3 \| U.S. large companies \| Value
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	0.0	0.0
U.S. Qualified Plans \| Equity \| Level 3 \| U.S. Small Companies \| Value
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	0.0	0.0
U.S. Qualified Plans \| Equity \| Level 3 \| International \| Growth
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	0.0	0.0
U.S. Qualified Plans \| Fixed Income Securities, Global long-term debt instruments
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	1,338.3	1,246.2
Not Subject to Leveling	$ 296.7	$ 292.1
Percentage of Plan Assets	78.70%	76.90%
U.S. Qualified Plans \| Fixed Income Securities, Global long-term debt instruments \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	$ 148.2	$ 158.1
U.S. Qualified Plans \| Fixed Income Securities, Global long-term debt instruments \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	893.4	796.0
U.S. Qualified Plans \| Fixed Income Securities, Global long-term debt instruments \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	0.0	0.0
UK Plan
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	1,206.8	1,203.8	$ 0.0
Not Subject to Leveling	$ 805.0	$ 899.2
Percentage of Plan Assets	100.00%	100.00%
UK Plan \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	$ 63.1	$ 32.8
UK Plan \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	338.7	271.8
UK Plan \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	0.0	0.0
UK Plan \| Cash and Cash Equivalents
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	$ 63.1	$ 32.8
Percentage of Plan Assets	5.20%	2.70%
UK Plan \| Cash and Cash Equivalents \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	$ 63.1	$ 32.8
UK Plan \| Cash and Cash Equivalents \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	0.0	0.0
UK Plan \| Cash and Cash Equivalents \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	0.0	0.0
UK Plan \| Fixed Income Securities, Government
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	$ 248.1	$ 260.3
Percentage of Plan Assets	20.60%	21.60%
UK Plan \| Fixed Income Securities, Government \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	$ 0.0	$ 0.0
UK Plan \| Fixed Income Securities, Government \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	248.1	260.3
UK Plan \| Fixed Income Securities, Government \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	0.0	0.0
UK Plan \| Fixed Income Securities, Government and credit - commingled funds
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	247.2	210.8
Not Subject to Leveling	$ 247.2	$ 210.8
Percentage of Plan Assets	20.50%	17.50%
UK Plan \| Fixed Income Securities, Illiquid credit
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	$ 33.7	$ 55.2
Not Subject to Leveling	$ 33.7	$ 55.2
Percentage of Plan Assets	2.80%	4.60%
UK Plan \| Derivatives, Equity
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	$ 34.6	$ 20.8
Not Subject to Leveling	$ 21.3	$ 20.8
Percentage of Plan Assets	2.90%	1.70%
UK Plan \| Derivatives, Equity \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	$ 0.0
UK Plan \| Derivatives, Equity \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	13.3
UK Plan \| Derivatives, Equity \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	0.0
UK Plan \| Derivatives, Interest rate
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	$ 78.3	$ 13.1
Percentage of Plan Assets	6.50%	1.10%
UK Plan \| Derivatives, Interest rate \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	$ 0.0	$ 0.0
UK Plan \| Derivatives, Interest rate \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	78.3	13.1
UK Plan \| Derivatives, Interest rate \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	0.0	0.0
UK Plan \| Derivatives, Currencies
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	$ (1.0)	$ (1.6)
Percentage of Plan Assets	(0.10%)	(0.10%)
UK Plan \| Derivatives, Currencies \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	$ 0.0	$ 0.0
UK Plan \| Derivatives, Currencies \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	(1.0)	(1.6)
UK Plan \| Derivatives, Currencies \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	0.0	0.0
UK Plan \| Hedge Funds
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	34.6	40.6
Not Subject to Leveling	$ 34.6	$ 40.6
Percentage of Plan Assets	2.90%	3.40%
Investment redemption notice period	60 days	60 days
UK Plan \| Diversified Multi-Asset Funds, Risk Parity
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	$ 224.2	$ 235.2
Not Subject to Leveling	$ 224.2	$ 235.2
Percentage of Plan Assets	18.50%	19.50%
UK Plan \| Diversified Multi-Asset Funds, Dynamic Asset Allocation
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	$ 244.0	$ 336.6
Not Subject to Leveling	$ 244.0	$ 336.6
Percentage of Plan Assets	20.20%	28.00%

Employee Benefit Plans - Benefit Obligations and Funded Status for Medical Plan (Details) - Postretirement Medical Plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Projected benefit obligation at beginning of year	$ 54.0	$ 0.0
From Con-way acquisition	0.0	51.0
Service cost – benefits earned during the year	0.5	0.1
Interest cost on projected benefit obligation	2.2	0.3
Actuarial loss (gain)	(2.9)	3.3
Participant contributions	1.9	0.3
Benefits paid	(5.1)	(1.0)
Projected benefit obligation at end of year	50.6	54.0
Funded status of the plan	(50.6)	(54.0)
Amounts recognized in the balance sheet consist of :
Current liabilities	(3.9)	(4.0)
Long-term liabilities	(46.7)	(50.0)
Total liability at end of year	$ (50.6)	$ (54.0)
Discount rate assumption as of December 31	3.90%	4.20%

Employee Benefit Plans - Health-care Trend Rate (Details) - Postretirement Medical Plan	12 Months Ended
	Dec. 31, 2016
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract]
Health care cost trend rate assumed for next year	6.49%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.50%

Stockholder's Equity - Additional Information (Details) - USD ($)						1 Months Ended	12 Months Ended
	May 29, 2015	Sep. 17, 2014	Feb. 11, 2014	Feb. 05, 2014	Sep. 02, 2011	Feb. 28, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Sep. 08, 2015	Dec. 23, 2014	Sep. 11, 2014
Stockholders Equity [Line Items]
Common stock, shares issued (in shares)							111,087,027	109,523,493
Common stock, par value (in usd per share)							$ 0.001	$ 0.001
Preferred stock, shares issued (in shares)							72,235	72,885
Common stock, price per share (in usd per share)												$ 34.05
Allocated intrinsic value	$ 52,000,000											$ 40,900,000
Preferred stock, par value (in usd per share)							$ 0.001	$ 0.001
Consideration received on transaction, net of issuance costs		$ 684,200,000
Aggregate common shares issued upon conversion (in shares)		12,128,115									12,128,115
Equity issuance, per share amount (in usd per share)			$ 25.00
Proceeds from issuance of common stock						$ 413,200,000	$ 0	$ 1,260,000,000	$ 1,131,300,000
Preferred stock, shares outstanding (in shares)							72,235	72,885
Class of warrant or right, exercise price of warrants or rights (in usd per share)					$ 7.00
Class of warrant or right, number of securities called by warrants or rights (in shares)							10,276,314
Common Stock
Stockholders Equity [Line Items]
Stock issued during period, new issues (in shares)				15,000,000				15,499,000	27,953,000
Shares issued and sold as a result of the full exercise of the underwriters' over-allotment option (in shares)			2,250,000
Purchased Common Shares
Stockholders Equity [Line Items]
Common stock, shares issued (in shares)	15,499,445	10,702,934
Common stock, par value (in usd per share)	$ 0.001
Preferred stock, shares issued (in shares)		371,848
Shares issued, price per share (in usd per share)	$ 45.00	$ 30.66
Proceeds from issuance of private placement	$ 697,500,000	$ 328,000,000
Common stock, price per share (in usd per share)	$ 49.16
Series C Preferred Stock
Stockholders Equity [Line Items]
Preferred stock, shares issued (in shares)	562,525
Shares issued, price per share (in usd per share)	$ 1,000
Proceeds from issuance of private placement	$ 562,500,000
Proceeds from issuance of restricted stock, net of issuance costs	$ 1,228,100,000
Number of shares issued upon conversion (in shares)	12,500,546									12,500,546
Conversion price (in usd per share)										$ 45.00
Purchased Preferred Stock
Stockholders Equity [Line Items]
Shares issued, price per share (in usd per share)		$ 1,000
Proceeds from issuance of private placement		$ 372,000,000
Conversion price (in usd per share)		$ 30.66
Preferred stock, par value (in usd per share)		$ 0.001
Convertible Preferred Stock
Stockholders Equity [Line Items]
Preferred stock, par value (in usd per share)							$ 0.001
Preferred stock, shares outstanding (in shares)							0
Proceeds from issuance of preferred stock					$ 75,000,000
Proceeds from issuance of preferred stock, net of issuance costs (in shares)					75,000
Temporary equity, liquidation preference					$ 1,000
Class of warrant or right, exercise price of warrants or rights (in usd per share)					$ 7.00
Class of warrant or right, number of securities called by warrants or rights (in shares)							10,319,286
Preferred stock, liquidation preference, percentage					4.00%

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended	12 Months Ended
	Oct. 30, 2015	Jun. 30, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 20, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense			$ 54.5	$ 36.8	$ 7.5
Warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense			$ 0.0	8.5	0.0
Restricted Stock Units and Performance-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, period for recognition			2 years 9 months 8 days
Unrecognized compensation cost			$ 40.1
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense			1.2	1.9	1.7
Options, outstanding, intrinsic value			32.2
Options, vested and exercisable, intrinsic value			30.3
Compensation not yet recognized, stock options			$ 1.0
Unrecognized compensation cost, period for recognition			2 years 25 days
Options, exercised, intrinsic value			$ 11.7	4.1	1.7
Proceeds from stock options exercised			$ 13.2	5.2	0.5
Stock options \| Employee and Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options, life			10 years
Stock options \| Employee and Officer \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options, award vesting period			3 years
Stock options \| Employee and Officer \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options, award vesting period			5 years
Stock options \| Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options, award vesting period			1 year
Options, life			10 years
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense			$ 13.0	9.0	5.8
Restricted stock units, vested, fair value			$ 26.8	$ 14.3	9.9
Outstanding (in shares)			977,820	1,558,441
Restricted Stock Units Subject to Service Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding (in shares)			931,535
Restricted Stock Units Subject to Service and Market Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding (in shares)			46,285
Performance-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense			$ 12.8	$ 17.0	$ 0.0
Restricted stock units, vested, fair value			$ 7.2	$ 0.7
Outstanding (in shares)			2,266,556	1,987,060
Vested (in shares)					0
Performance-based Restricted Stock Units Subject To Service, Market and Performance Based Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding (in shares)			1,289,968
Performance-based Restricted Stock Units Subject To Service Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding (in shares)			976,588
Cash-settled performance-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense			$ 26.9	$ 0.0	$ 0.0
Options, award vesting period			4 years
Unrecognized compensation cost, period for recognition			3 years
Outstanding (in shares)			2,447,017	0
Unrecognized compensation cost			$ 78.7
Annual vesting percentage			25.00%
Liability for settlement			$ 26.9
Weighted average fair value (in usd per share)			$ 43.16
Norbert Dentressangle SA
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense				$ 18.5
Norbert Dentressangle SA \| Warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense		$ 8.5
Con-Way, Inc.
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 30.9
Con-Way, Inc. \| Restricted Stock Units and Performance-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash payments to settle awards			$ 17.8	$ 10.0
Con-Way, Inc. \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options, assumed (in shares)	883,733
Con-Way, Inc. \| Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Assumed (in shares)	661,988
Assumed, converted from other award type (in shares)	426,686
2016 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized (in shares)						3,400,000
Shares available for issuance (in shares)			3,319,710

Stock-Based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 54.5	$ 36.8	$ 7.5
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	1.2	1.9	1.7
Stock appreciation rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	0.6	0.4	0.0
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	13.0	9.0	5.8
Performance-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	12.8	17.0	0.0
Cash-settled performance-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	26.9	0.0	0.0
Warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 0.0	$ 8.5	$ 0.0

Stock-Based Compensation - Schedule of Valuation Assumptions (Details) - Stock options	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average risk-free interest rate	1.80%	1.60%	1.90%
Weighted-average volatility	50.00%	60.70%	50.50%
Weighted-average dividend yield	0.00%	0.00%	0.00%
Weighted-average term (in years)	6 years 5 months 8 days	6 years 7 months 10 days	6 years 5 months 9 days

Stock-Based Compensation - Equity Awards Outstanding and Exercisable (Details) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Stock options
Number of Stock Options
Options, outstanding at beginning of period (in shares)	2,004,280
Options, granted (in shares)	5,000
Options, exercised (in shares)	(725,291)
Options, forfeited (in shares)	(203,435)
Options, outstanding at end of period (in shares)	1,080,554	2,004,280
Options, exercisable (in shares)	977,179
Weighted-Average Exercise Price
Options, weighted average exercise price, beginning of period (in usd per share)	$ 16.66
Options, weighted average exercise price, granted (in usd per share)	22.58
Options, weighted average exercise price, exercised (in usd per share)	18.20
Options, weighted average exercise price, forfeited (in usd per share)	29.01
Options, weighted average exercise price, end of period (in usd per share)	13.32	$ 16.66
Options, weighted average exercise price, exercisable (in usd per share)	12.10
Weighted-Average Grant Date Fair Value
Options, weighted average grant date fair value at beginning of period (in usd per share)	6.06
Options, weighted average grant date fair value, granted (in usd per share)	11.37
Options, weighted average grant date fair value, exercised (in usd per share)	6.59
Options, weighted average grant date fair value, forfeited (in usd per share)	2.08
Options, weighted average grant date fair value at end of period (in usd per share)	6.57	$ 6.06
Options, weighted average grant date fair value, exercisable (in usd per share)	$ 5.76
Weighted-Average Remaining Term
Options, outstanding, weighted average remaining term	5 years 2 months 15 days	4 years 6 months 24 days
Options, exercisable, weighted average remaining contractual term	4 years 10 months 17 days
Stock options \| Minimum
Weighted-Average Exercise Price
Options, weighted average exercise price, beginning of period (in usd per share)	$ 2.68
Options, weighted average exercise price, granted (in usd per share)	22.58
Options, weighted average exercise price, assumed (in usd per share)	2.68
Options, weighted average exercise price, exercised (in usd per share)	6.08
Options, weighted average exercise price, forfeited (in usd per share)	3.88
Options, weighted average exercise price, end of period (in usd per share)	3.88	$ 2.68
Options, weighted average exercise price, exercisable (in usd per share)	2.68
Stock options \| Maximum
Weighted-Average Exercise Price
Options, weighted average exercise price, beginning of period (in usd per share)	31.88
Options, weighted average exercise price, granted (in usd per share)	22.58
Options, weighted average exercise price, assumed (in usd per share)	27.75
Options, weighted average exercise price, exercised (in usd per share)	31.88
Options, weighted average exercise price, forfeited (in usd per share)	28.72
Options, weighted average exercise price, end of period (in usd per share)	28.72	$ 31.88
Options, weighted average exercise price, exercisable (in usd per share)	$ 31.88
Restricted stock units
Shares
Outstanding at beginning of period (in shares)	1,558,441
Granted (in shares)	382,819
Vested (in shares)	(773,581)
Forfeited (in shares)	(189,859)
Outstanding at end of period (in shares)	977,820	1,558,441
Weighted-Average Grant Date Fair Value
Outstanding at beginning of period (in usd per share)	$ 23.01
Granted (in usd per share)	30.08
Exercised (in usd per share)	21.61
Forfeited (in usd per share)	25.02
Outstanding at end of period (in usd per share)	$ 26.60	$ 23.01
Performance-based restricted stock units
Shares
Outstanding at beginning of period (in shares)	1,987,060
Granted (in shares)	849,018
Vested (in shares)	(228,155)
Forfeited (in shares)	(341,367)
Outstanding at end of period (in shares)	2,266,556	1,987,060
Weighted-Average Grant Date Fair Value
Outstanding at beginning of period (in usd per share)	$ 21.47
Granted (in usd per share)	27.39
Exercised (in usd per share)	30.91
Forfeited (in usd per share)	18.62
Outstanding at end of period (in usd per share)	$ 20.88	$ 21.47
Cash-settled performance-based restricted stock units
Shares
Outstanding at beginning of period (in shares)	0
Granted (in shares)	2,508,727
Vested (in shares)	0
Forfeited (in shares)	(61,710)
Outstanding at end of period (in shares)	2,447,017	0

Income Taxes - Schedule of Income before Income Tax, Related to Domestic and Foreign (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operations
U.S. domestic	$ (69.8)	$ (305.7)	$ (87.2)
Foreign	176.6	23.2	(2.5)
Income (loss) before income tax provision (benefit)	$ 106.8	$ (282.5)	$ (89.7)

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Current
Federal	$ (10.6)	$ (34.2)	$ 0.0
State and local	6.3	8.8	3.4
Foreign	47.5	26.4	0.5
Total Current	43.2	1.0	3.9
Deferred
Federal	(32.6)	(8.4)	(22.7)
Federal benefit of operating loss carryforwards	33.9	(49.7)	(5.1)
State and local	1.9	(9.3)	(2.7)
State and local benefit of operating loss carrryforward	(4.4)	(8.9)	0.0
Foreign	(6.6)	(15.6)	0.5
Foreign deferred taxes revalued for enacted rate change	(13.1)	0.0	0.0
Total Deferred	(20.9)	(91.9)	(30.0)
Total income tax provision (benefit)	$ 22.3	$ (90.9)	$ (26.1)

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
U.S. Federal statutory tax rate	35.00%	35.00%	35.00%
State and local taxes, net	4.80%	2.20%	0.70%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Percent	0.90%	(3.70%)	(1.70%)
Loss on convertible debt	0.00%	(0.60%)	(2.10%)
Foreign tax credit	(10.70%)	(0.00%)	(0.00%)
Change in valuation allowance	10.70%	(3.20%)	(1.40%)
Nontaxable purchase price adjustment	(0.00%)	2.20%	(0.00%)
Fuel and employment tax credits	(4.10%)	2.00%	(0.00%)
Change in uncertain tax position provision	(4.50%)	0.50%	0.40%
U.S. taxation of foreign earnings	6.60%	(2.40%)	0.00%
Loss on remeasurement of foreign activities	(0.00%)	2.60%	(0.00%)
Foreign tax rate differences	(4.20%)	0.00%	(0.50%)
Impact of tax rate change on deferred taxes	(12.30%)	0.00%	0.00%
Excess tax benefits	(4.70%)	(0.00%)	(0.00%)
All other items	3.40%	(2.40%)	(1.30%)
Net effective tax rate	20.90%	32.20%	29.10%

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Deferred tax assets
Net operating loss and other tax attribute carryforwards	$ 235.1	$ 242.0
Accrued expenses	115.8	125.4
Pension and other retirement obligations	59.6	70.3
Other	71.9	65.2
Total deferred tax asset	482.4	502.9
Valuation allowance	(83.1)	(67.6)
Total deferred tax asset, net	399.3	435.3
Deferred tax liabilities
Intangible assets	(515.7)	(655.0)
Property & equipment	(392.7)	(541.7)
Other	(60.6)	(58.3)
Total deferred tax liability	(969.0)	(1,255.0)
Net deferred tax liability	$ (569.7)	$ (819.7)

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Contingency [Line Items]
Foreign deferred taxes revalued for enacted rate change		$ 13.1	$ 0.0	$ 0.0
Deferred tax assets, valuation allowance		83.1	67.6
Increase in valuation allowance		15.5
Unrecognized tax benefits that would impact effective tax rate		11.4	8.1
Unrecognized tax benefits		14.6	11.5	$ 6.2
Unrecognized tax benefit that would not affect the tax rate upon favorable resolution		3.0
Undistributed earnings of foreign subsidiaries		$ 75.0
France
Income Tax Contingency [Line Items]
Enacted tax rate		33.33%
France \| Subsequent Event
Income Tax Contingency [Line Items]
Enacted tax rate	28.00%
Internal Revenue Service (IRS)
Income Tax Contingency [Line Items]
Operating loss carryforwards		$ 284.4	409.7
State and Local Jurisdiction
Income Tax Contingency [Line Items]
Operating loss carryforwards		38.2	26.5
Tax credit carryforwards		4.2	4.6
Domestic Tax Authority
Income Tax Contingency [Line Items]
Tax credit carryforwards		25.3	7.4
Deferred tax assets, valuation allowance		83.1
Foreign Tax Authority
Income Tax Contingency [Line Items]
Operating loss carryforwards		$ 296.5	$ 267.0

Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Uncertain tax positions, beginning of the year	$ 11.5	$ 6.2
Additions for tax positions of prior years	0.6	0.2
Additions for tax positions from acquisitions	10.3	6.1
Additions for tax positions taken during the current period	0.1	0.5
Reductions due to the statute of limitations	(7.9)	(1.5)
Uncertain tax positions, end of the year	$ 14.6	$ 11.5

Derivative Instruments - Schedule of Derivative Instruments Measured at Fair Value in Statement of Financial Position (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Derivative Assets
Fair Value	$ 57.5	$ 0.2
Derivative Liabilities
Fair Value	(16.0)	(9.0)
Level 2 \| Cross-currency swap agreements \| Derivatives designated as hedges: \| Other Long Term Assets and Other Long Term Liabilities
Derivatives, Fair Value [Line Items]
Notional Amount	730.9	730.9
Level 2 \| Cross-currency swap agreements \| Derivatives designated as hedges: \| Other long-term assets
Derivative Assets
Fair Value	11.9	0.2
Level 2 \| Cross-currency swap agreements \| Derivatives designated as hedges: \| Other long-term liabilities
Derivative Liabilities
Fair Value	(6.9)	0.0
Level 2 \| Cross-currency swap agreements \| Derivatives designated as hedges: \| Other Current Assets and Other Current Liabilities
Derivatives, Fair Value [Line Items]
Notional Amount	3.3
Level 2 \| Cross-currency swap agreements \| Derivatives designated as hedges: \| Other current assets
Derivative Assets
Fair Value	0.1
Level 2 \| Cross-currency swap agreements \| Derivatives designated as hedges: \| Other current liabilities
Derivative Liabilities
Fair Value	0.0
Level 2 \| Interest rate swaps \| Derivatives designated as hedges: \| Other Current Assets and Other Current Liabilities
Derivatives, Fair Value [Line Items]
Notional Amount	105.4	228.6
Level 2 \| Interest rate swaps \| Derivatives designated as hedges: \| Other current assets
Derivative Assets
Fair Value	0.0	0.0
Level 2 \| Interest rate swaps \| Derivatives designated as hedges: \| Other current liabilities
Derivative Liabilities
Fair Value	(2.3)	(7.3)
Level 2 \| Interest rate swaps \| Derivatives not designated as hedges: \| Other Current Assets and Other Current Liabilities
Derivatives, Fair Value [Line Items]
Notional Amount		43.5
Level 2 \| Interest rate swaps \| Derivatives not designated as hedges: \| Other current assets
Derivative Assets
Fair Value		0.0
Level 2 \| Interest rate swaps \| Derivatives not designated as hedges: \| Other current liabilities
Derivative Liabilities
Fair Value		(0.7)
Level 2 \| Foreign currency option and forward contracts \| Derivatives not designated as hedges: \| Other Long Term Assets and Other Long Term Liabilities
Derivatives, Fair Value [Line Items]
Notional Amount	742.6
Level 2 \| Foreign currency option and forward contracts \| Derivatives not designated as hedges: \| Other long-term assets
Derivative Assets
Fair Value	26.7
Level 2 \| Foreign currency option and forward contracts \| Derivatives not designated as hedges: \| Other long-term liabilities
Derivative Liabilities
Fair Value	(5.8)
Level 2 \| Foreign currency option and forward contracts \| Derivatives not designated as hedges: \| Other Current Assets and Other Current Liabilities
Derivatives, Fair Value [Line Items]
Notional Amount	552.2	235.2
Level 2 \| Foreign currency option and forward contracts \| Derivatives not designated as hedges: \| Other current assets
Derivative Assets
Fair Value	18.8	0.0
Level 2 \| Foreign currency option and forward contracts \| Derivatives not designated as hedges: \| Other current liabilities
Derivative Liabilities
Fair Value	$ (1.0)	$ (1.0)

Derivative Instruments - Schedule of Gains and Losses Recognized on the Balance Sheet for Derivative Instruments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Accumulated Other Comprehensive Loss	$ (7.2)	$ 8.2	$ 0.0
Recognized in Earnings	44.2	(10.7)	0.0
Cross-currency swap agreements \| Derivatives designated as hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Accumulated Other Comprehensive Loss	15.3	4.9	0.0
Recognized in Earnings	0.0	0.0	0.0
Interest rate swaps \| Derivatives designated as hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Accumulated Other Comprehensive Loss	4.4	(1.4)	0.0
Recognized in Earnings	0.0	0.0	0.0
Foreign currency option contracts \| Derivatives not designated as hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Accumulated Other Comprehensive Loss	0.0	0.0	0.0
Recognized in Earnings	0.7	(1.0)	0.0
Foreign currency forward contracts \| Derivatives not designated as hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Accumulated Other Comprehensive Loss	0.0	0.0	0.0
Recognized in Earnings	43.5	(9.7)	0.0
Foreign currency denominated notes
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Accumulated Other Comprehensive Loss	(27.0)	4.7	0.0
Recognized in Earnings	$ 0.0	$ 0.0	$ 0.0

Derivative Instruments - Additional Information (Details) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Derivative [Line Items]
Gain recognized in accumulated other comprehensive income		$ (7,200,000)	$ 8,200,000	$ 0
Cross-currency swap agreements \| Derivatives designated as hedges:
Derivative [Line Items]
Recorded ineffectiveness		0	0
Gain recognized in accumulated other comprehensive income		15,300,000	4,900,000	0
Cross-currency swap agreements \| Derivatives designated as hedges: \| Net Investment Hedging
Derivative [Line Items]
Nonderivatives designated as hedges, notional amount	$ 0
Foreign currency denominated notes
Derivative [Line Items]
Gain recognized in accumulated other comprehensive income		(27,000,000)	4,700,000	0
Foreign currency denominated notes \| Derivatives not designated as hedges:
Derivative [Line Items]
Recorded ineffectiveness		0	0
Interest rate swaps \| Derivatives designated as hedges:
Derivative [Line Items]
Gain recognized in accumulated other comprehensive income		4,400,000	$ (1,400,000)	$ 0
Interest rate swaps \| Derivatives not designated as hedges: \| Level 2
Derivative [Line Items]
Notional amount		$ 0

Variable Interest Entities - Assets and Liabilities of the Consolidated VIEs (Details) - Variable Interest Entity, Primary Beneficiary - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Variable Interest Entity [Line Items]
Assets	$ 94.2	$ 80.6
Liabilities	78.6	67.1
Cash and Cash Equivalents
Variable Interest Entity [Line Items]
Assets	23.5	14.3
Accounts receivable, net of allowance
Variable Interest Entity [Line Items]
Assets	57.9	54.7
Other current assets
Variable Interest Entity [Line Items]
Assets	4.2	3.8
Property and equipment, net of accumulated depreciation
Variable Interest Entity [Line Items]
Assets	6.0	4.8
Other long-term assets
Variable Interest Entity [Line Items]
Assets	2.6	3.0
Accounts payable
Variable Interest Entity [Line Items]
Liabilities	47.9	44.9
Accrued expenses
Variable Interest Entity [Line Items]
Liabilities	13.3	8.1
Other current liabilities
Variable Interest Entity [Line Items]
Liabilities	8.3	8.9
Other long-term liabilities
Variable Interest Entity [Line Items]
Liabilities	$ 9.1	$ 5.2

Variable Interest Entities - Summary of Total Revenue and Expenses in Connection with the Company’s Consolidated VIEs (Details) - Variable Interest Entity, Primary Beneficiary - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Variable Interest Entity [Line Items]
Revenue	$ 321.0	$ 189.5
Operating expenses
Variable Interest Entity [Line Items]
Operating expenses	$ 309.8	$ 185.5

Earnings (Loss) per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Basic earnings (loss) per common share
Net income (loss) attributable to XPO	$ 32.1	$ 21.3	$ 50.4	$ (19.3)	$ (63.1)	$ (35.0)	$ (78.8)	$ (14.7)	$ 69.0	$ (191.1)	$ (63.6)
Preferred stock beneficial conversion charge									0.0	(52.0)	(40.9)
Convertible preferred dividends									(2.9)	(2.8)	(2.9)
Non-cash allocation of undistributed earnings									(3.0)	0.0	0.0
Net income (loss) allocable to common shares, basic	$ 27.3	$ 13.8	$ 42.6	$ (23.2)	$ (62.8)	$ (92.6)	$ (75.1)	$ (15.4)	$ 63.1	$ (245.9)	$ (107.4)
Basic earnings (loss) per common share (in shares)									110.2	92.8	53.6
Basic earnings (loss) per share (in usd per share)	$ 0.25	$ 0.13	$ 0.39	$ (0.21)	$ (0.58)	$ (0.94)	$ (0.89)	$ (0.20)	$ 0.57	$ (2.65)	$ (2.00)
Diluted earnings (loss) per common share
Interest from Convertible Senior Notes									$ 1.4	$ 0.0	$ 0.0
Net income allocable to common shares, diluted									$ 64.5	$ (245.9)	$ (107.4)
Dilutive effect of non-participating stock-based awards and Convertible Senior Notes (in shares)									12.6	0.0	0.0
Diluted weighted-average common shares (in shares)									122.8	92.8	53.6
Diluted earnings (loss) per share (in usd per share)	$ 0.22	$ 0.11	$ 0.35	$ (0.21)	$ (0.58)	$ (0.94)	$ (0.89)	$ (0.20)	$ 0.53	$ (2.65)	$ (2.00)
Dilutive potential common shares excluded (in shares)									11.8	25.7	27.4

Quarterly Financial Data (Unaudited) - Schedule of Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Revenue	$ 3,676.6	$ 3,713.8	$ 3,683.3	$ 3,545.7	$ 3,342.3	$ 2,362.0	$ 1,215.9	$ 703.0	$ 14,619.4	$ 7,623.2	$ 2,356.6
Operating income (loss)	86.6	168.8	170.3	62.4	(38.0)	44.3	(30.1)	(4.8)	488.1	(28.6)	(40.9)
Net income (loss)	32.1	21.3	50.4	(19.3)	(63.1)	(35.0)	(78.8)	(14.7)	69.0	(191.1)	(63.6)
Net income (loss) attributable to common shareholders	$ 27.3	$ 13.8	$ 42.6	$ (23.2)	$ (62.8)	$ (92.6)	$ (75.1)	$ (15.4)	$ 63.1	$ (245.9)	$ (107.4)
Basic earnings (loss) per share (in usd per share)	$ 0.25	$ 0.13	$ 0.39	$ (0.21)	$ (0.58)	$ (0.94)	$ (0.89)	$ (0.20)	$ 0.57	$ (2.65)	$ (2.00)
Diluted earnings (loss) per share (in usd per share)	$ 0.22	$ 0.11	$ 0.35	$ (0.21)	$ (0.58)	$ (0.94)	$ (0.89)	$ (0.20)	$ 0.53	$ (2.65)	$ (2.00)

Segment Reporting and Geographic Information - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016 USD ($) segment	Dec. 31, 2015 USD ($)
Segment Reporting, Asset Reconciling Item [Line Items]
Number of reportable segments \| segment	2
Assets	$ 11,698.4	$ 12,643.2
Non-US
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 1,213.3

Segment Reporting and Geographic Information - Selected Financial Data for Each of Operating Segments (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Revenue	$ 3,676.6	$ 3,713.8	$ 3,683.3	$ 3,545.7	$ 3,342.3	$ 2,362.0	$ 1,215.9	$ 703.0	$ 14,619.4	$ 7,623.2	$ 2,356.6
Operating income (loss)	$ 86.6	$ 168.8	$ 170.3	$ 62.4	$ (38.0)	$ 44.3	$ (30.1)	$ (4.8)	488.1	(28.6)	(40.9)
Depreciation and amortization									643.4	364.9	98.3
Operating Segments \| Transportation
Segment Reporting Information [Line Items]
Revenue									9,457.3	4,924.4	2,140.0
Operating income (loss)									438.0	51.6	18.9
Depreciation and amortization									449.1	226.5	79.5
Operating Segments \| Logistics
Segment Reporting Information [Line Items]
Revenue									5,323.9	2,768.4	216.6
Operating income (loss)									209.5	81.6	17.6
Depreciation and amortization									192.3	136.9	16.3
Corporate
Segment Reporting Information [Line Items]
Revenue									0.0	0.0	0.0
Operating income (loss)									(159.4)	(162.0)	(77.4)
Depreciation and amortization									2.0	1.5	2.5
Eliminations
Segment Reporting Information [Line Items]
Revenue									(161.8)	(69.6)	0.0
Operating income (loss)									0.0	0.2	0.0
Depreciation and amortization									$ 0.0	$ 0.0	$ 0.0

Segment Reporting and Geographic Information - Schedule of Revenues Generated by Geographical Area (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 3,676.6	$ 3,713.8	$ 3,683.3	$ 3,545.7	$ 3,342.3	$ 2,362.0	$ 1,215.9	$ 703.0	$ 14,619.4	$ 7,623.2	$ 2,356.6
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									8,758.0	4,278.5	2,141.4
North America (excluding United States)
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									322.0	166.3	132.0
France
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									1,902.7	1,018.8	0.0
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									1,700.9	1,063.5	1.8
Europe (excluding France and United Kingdom)
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									1,644.5	904.6	11.1
Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									264.3	171.9	66.3
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									$ 27.0	$ 19.6	$ 4.0