xpo-20210630
false2021Q20001166003December 3100011660032021-01-012021-06-30xbrli:shares00011660032021-07-29iso4217:USD00011660032021-06-3000011660032020-12-31iso4217:USDxbrli:shares00011660032021-04-012021-06-3000011660032020-04-012020-06-3000011660032020-01-012020-06-3000011660032019-12-3100011660032020-06-300001166003xpo:KuehneAndNagelContractLogisticsOperationsMember2021-01-012021-06-300001166003us-gaap:SeriesAPreferredStockMemberus-gaap:PreferredStockMember2021-03-310001166003us-gaap:CommonStockMember2021-03-310001166003us-gaap:AdditionalPaidInCapitalMember2021-03-310001166003us-gaap:RetainedEarningsMember2021-03-310001166003us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001166003us-gaap:ParentMember2021-03-310001166003us-gaap:NoncontrollingInterestMember2021-03-3100011660032021-03-310001166003us-gaap:RetainedEarningsMember2021-04-012021-06-300001166003us-gaap:ParentMember2021-04-012021-06-300001166003us-gaap:NoncontrollingInterestMember2021-04-012021-06-300001166003us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001166003us-gaap:CommonStockMember2021-04-012021-06-300001166003us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300001166003us-gaap:SeriesAPreferredStockMemberus-gaap:PreferredStockMember2021-06-300001166003us-gaap:CommonStockMember2021-06-300001166003us-gaap:AdditionalPaidInCapitalMember2021-06-300001166003us-gaap:RetainedEarningsMember2021-06-300001166003us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001166003us-gaap:ParentMember2021-06-300001166003us-gaap:NoncontrollingInterestMember2021-06-300001166003us-gaap:SeriesAPreferredStockMemberus-gaap:PreferredStockMember2020-12-310001166003us-gaap:CommonStockMember2020-12-310001166003us-gaap:AdditionalPaidInCapitalMember2020-12-310001166003us-gaap:RetainedEarningsMember2020-12-310001166003us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001166003us-gaap:ParentMember2020-12-310001166003us-gaap:NoncontrollingInterestMember2020-12-310001166003us-gaap:RetainedEarningsMember2021-01-012021-06-300001166003us-gaap:ParentMember2021-01-012021-06-300001166003us-gaap:NoncontrollingInterestMember2021-01-012021-06-300001166003us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-06-300001166003us-gaap:CommonStockMember2021-01-012021-06-300001166003us-gaap:AdditionalPaidInCapitalMember2021-01-012021-06-300001166003us-gaap:SeriesAPreferredStockMemberus-gaap:PreferredStockMember2021-01-012021-06-300001166003us-gaap:SeriesAPreferredStockMemberus-gaap:PreferredStockMember2020-03-310001166003us-gaap:CommonStockMember2020-03-310001166003us-gaap:AdditionalPaidInCapitalMember2020-03-310001166003us-gaap:RetainedEarningsMember2020-03-310001166003us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-310001166003us-gaap:ParentMember2020-03-310001166003us-gaap:NoncontrollingInterestMember2020-03-3100011660032020-03-310001166003us-gaap:RetainedEarningsMember2020-04-012020-06-300001166003us-gaap:ParentMember2020-04-012020-06-300001166003us-gaap:NoncontrollingInterestMember2020-04-012020-06-300001166003us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-012020-06-300001166003us-gaap:CommonStockMember2020-04-012020-06-300001166003us-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-300001166003us-gaap:SeriesAPreferredStockMemberus-gaap:PreferredStockMember2020-06-300001166003us-gaap:CommonStockMember2020-06-300001166003us-gaap:AdditionalPaidInCapitalMember2020-06-300001166003us-gaap:RetainedEarningsMember2020-06-300001166003us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300001166003us-gaap:ParentMember2020-06-300001166003us-gaap:NoncontrollingInterestMember2020-06-300001166003us-gaap:SeriesAPreferredStockMemberus-gaap:PreferredStockMember2019-12-310001166003us-gaap:CommonStockMember2019-12-310001166003us-gaap:AdditionalPaidInCapitalMember2019-12-310001166003us-gaap:RetainedEarningsMember2019-12-310001166003us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001166003us-gaap:ParentMember2019-12-310001166003us-gaap:NoncontrollingInterestMember2019-12-310001166003us-gaap:RetainedEarningsMember2020-01-012020-06-300001166003us-gaap:ParentMember2020-01-012020-06-300001166003us-gaap:NoncontrollingInterestMember2020-01-012020-06-300001166003us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-06-300001166003us-gaap:CommonStockMember2020-01-012020-06-300001166003us-gaap:AdditionalPaidInCapitalMember2020-01-012020-06-30xpo:segmentxbrli:pure0001166003us-gaap:SubsequentEventMemberxpo:LogisticsMember2021-08-020001166003us-gaap:SubsequentEventMemberxpo:LogisticsMember2021-08-022021-08-020001166003xpo:XPOLogisticsEuropeMember2021-04-300001166003xpo:XPOLogisticsEuropeMember2021-04-012021-06-300001166003us-gaap:OtherNoncurrentAssetsMember2020-12-310001166003us-gaap:OtherNoncurrentAssetsMember2021-06-30xpo:bank0001166003xpo:TradeReceivablesSecuritizationMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-06-30iso4217:EUR0001166003xpo:TradeReceivablesSecuritizationMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310001166003xpo:XPOCollectionsDesignatedActivityCompanyLimitedMembersrt:AffiliatedEntityMemberxpo:TradeReceivablesSecuritizationProgramTwoMember2021-06-300001166003us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-06-300001166003us-gaap:FairValueInputsLevel1Member2021-06-300001166003us-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310001166003us-gaap:FairValueInputsLevel1Member2020-12-31iso4217:GBP0001166003xpo:KuehneAndNagelContractLogisticsOperationsMember2020-01-012020-12-310001166003xpo:TransportationMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001166003xpo:ContractLogisticsMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001166003us-gaap:CorporateNonSegmentMember2021-04-012021-06-300001166003us-gaap:IntersegmentEliminationMember2021-04-012021-06-300001166003xpo:TransportationMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001166003xpo:ContractLogisticsMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001166003us-gaap:CorporateNonSegmentMember2020-04-012020-06-300001166003us-gaap:IntersegmentEliminationMember2020-04-012020-06-300001166003xpo:TransportationMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001166003xpo:ContractLogisticsMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001166003us-gaap:CorporateNonSegmentMember2021-01-012021-06-300001166003us-gaap:IntersegmentEliminationMember2021-01-012021-06-300001166003xpo:TransportationMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001166003xpo:ContractLogisticsMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001166003us-gaap:CorporateNonSegmentMember2020-01-012020-06-300001166003us-gaap:IntersegmentEliminationMember2020-01-012020-06-300001166003xpo:TransportationMembercountry:USus-gaap:OperatingSegmentsMember2021-04-012021-06-300001166003xpo:ContractLogisticsMembercountry:USus-gaap:OperatingSegmentsMember2021-04-012021-06-300001166003us-gaap:IntersegmentEliminationMembercountry:US2021-04-012021-06-300001166003country:US2021-04-012021-06-300001166003xpo:TransportationMemberxpo:NorthAmericaExcludingUnitedStatesMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001166003xpo:ContractLogisticsMemberxpo:NorthAmericaExcludingUnitedStatesMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001166003us-gaap:IntersegmentEliminationMemberxpo:NorthAmericaExcludingUnitedStatesMember2021-04-012021-06-300001166003xpo:NorthAmericaExcludingUnitedStatesMember2021-04-012021-06-300001166003country:FRxpo:TransportationMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001166003country:FRxpo:ContractLogisticsMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001166003country:FRus-gaap:IntersegmentEliminationMember2021-04-012021-06-300001166003country:FR2021-04-012021-06-300001166003xpo:TransportationMembercountry:GBus-gaap:OperatingSegmentsMember2021-04-012021-06-300001166003xpo:ContractLogisticsMembercountry:GBus-gaap:OperatingSegmentsMember2021-04-012021-06-300001166003us-gaap:IntersegmentEliminationMembercountry:GB2021-04-012021-06-300001166003country:GB2021-04-012021-06-300001166003xpo:TransportationMemberxpo:EuropeExcludingFranceAndUnitedKingdomMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001166003xpo:ContractLogisticsMemberxpo:EuropeExcludingFranceAndUnitedKingdomMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001166003us-gaap:IntersegmentEliminationMemberxpo:EuropeExcludingFranceAndUnitedKingdomMember2021-04-012021-06-300001166003xpo:EuropeExcludingFranceAndUnitedKingdomMember2021-04-012021-06-300001166003xpo:TransportationMemberxpo:OtherGeographicalAreasMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001166003xpo:ContractLogisticsMemberxpo:OtherGeographicalAreasMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001166003us-gaap:IntersegmentEliminationMemberxpo:OtherGeographicalAreasMember2021-04-012021-06-300001166003xpo:OtherGeographicalAreasMember2021-04-012021-06-300001166003xpo:TransportationMembercountry:USus-gaap:OperatingSegmentsMember2020-04-012020-06-300001166003xpo:ContractLogisticsMembercountry:USus-gaap:OperatingSegmentsMember2020-04-012020-06-300001166003us-gaap:IntersegmentEliminationMembercountry:US2020-04-012020-06-300001166003country:US2020-04-012020-06-300001166003xpo:TransportationMemberxpo:NorthAmericaExcludingUnitedStatesMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001166003xpo:ContractLogisticsMemberxpo:NorthAmericaExcludingUnitedStatesMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001166003us-gaap:IntersegmentEliminationMemberxpo:NorthAmericaExcludingUnitedStatesMember2020-04-012020-06-300001166003xpo:NorthAmericaExcludingUnitedStatesMember2020-04-012020-06-300001166003country:FRxpo:TransportationMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001166003country:FRxpo:ContractLogisticsMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001166003country:FRus-gaap:IntersegmentEliminationMember2020-04-012020-06-300001166003country:FR2020-04-012020-06-300001166003xpo:TransportationMembercountry:GBus-gaap:OperatingSegmentsMember2020-04-012020-06-300001166003xpo:ContractLogisticsMembercountry:GBus-gaap:OperatingSegmentsMember2020-04-012020-06-300001166003us-gaap:IntersegmentEliminationMembercountry:GB2020-04-012020-06-300001166003country:GB2020-04-012020-06-300001166003xpo:TransportationMemberxpo:EuropeExcludingFranceAndUnitedKingdomMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001166003xpo:ContractLogisticsMemberxpo:EuropeExcludingFranceAndUnitedKingdomMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001166003us-gaap:IntersegmentEliminationMemberxpo:EuropeExcludingFranceAndUnitedKingdomMember2020-04-012020-06-300001166003xpo:EuropeExcludingFranceAndUnitedKingdomMember2020-04-012020-06-300001166003xpo:TransportationMemberxpo:OtherGeographicalAreasMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001166003xpo:ContractLogisticsMemberxpo:OtherGeographicalAreasMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001166003us-gaap:IntersegmentEliminationMemberxpo:OtherGeographicalAreasMember2020-04-012020-06-300001166003xpo:OtherGeographicalAreasMember2020-04-012020-06-300001166003xpo:TransportationMembercountry:USus-gaap:OperatingSegmentsMember2021-01-012021-06-300001166003xpo:ContractLogisticsMembercountry:USus-gaap:OperatingSegmentsMember2021-01-012021-06-300001166003us-gaap:IntersegmentEliminationMembercountry:US2021-01-012021-06-300001166003country:US2021-01-012021-06-300001166003xpo:TransportationMemberxpo:NorthAmericaExcludingUnitedStatesMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001166003xpo:ContractLogisticsMemberxpo:NorthAmericaExcludingUnitedStatesMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001166003us-gaap:IntersegmentEliminationMemberxpo:NorthAmericaExcludingUnitedStatesMember2021-01-012021-06-300001166003xpo:NorthAmericaExcludingUnitedStatesMember2021-01-012021-06-300001166003country:FRxpo:TransportationMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001166003country:FRxpo:ContractLogisticsMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001166003country:FRus-gaap:IntersegmentEliminationMember2021-01-012021-06-300001166003country:FR2021-01-012021-06-300001166003xpo:TransportationMembercountry:GBus-gaap:OperatingSegmentsMember2021-01-012021-06-300001166003xpo:ContractLogisticsMembercountry:GBus-gaap:OperatingSegmentsMember2021-01-012021-06-300001166003us-gaap:IntersegmentEliminationMembercountry:GB2021-01-012021-06-300001166003country:GB2021-01-012021-06-300001166003xpo:TransportationMemberxpo:EuropeExcludingFranceAndUnitedKingdomMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001166003xpo:ContractLogisticsMemberxpo:EuropeExcludingFranceAndUnitedKingdomMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001166003us-gaap:IntersegmentEliminationMemberxpo:EuropeExcludingFranceAndUnitedKingdomMember2021-01-012021-06-300001166003xpo:EuropeExcludingFranceAndUnitedKingdomMember2021-01-012021-06-300001166003xpo:TransportationMemberxpo:OtherGeographicalAreasMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001166003xpo:ContractLogisticsMemberxpo:OtherGeographicalAreasMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001166003us-gaap:IntersegmentEliminationMemberxpo:OtherGeographicalAreasMember2021-01-012021-06-300001166003xpo:OtherGeographicalAreasMember2021-01-012021-06-300001166003xpo:TransportationMembercountry:USus-gaap:OperatingSegmentsMember2020-01-012020-06-300001166003xpo:ContractLogisticsMembercountry:USus-gaap:OperatingSegmentsMember2020-01-012020-06-300001166003us-gaap:IntersegmentEliminationMembercountry:US2020-01-012020-06-300001166003country:US2020-01-012020-06-300001166003xpo:TransportationMemberxpo:NorthAmericaExcludingUnitedStatesMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001166003xpo:ContractLogisticsMemberxpo:NorthAmericaExcludingUnitedStatesMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001166003us-gaap:IntersegmentEliminationMemberxpo:NorthAmericaExcludingUnitedStatesMember2020-01-012020-06-300001166003xpo:NorthAmericaExcludingUnitedStatesMember2020-01-012020-06-300001166003country:FRxpo:TransportationMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001166003country:FRxpo:ContractLogisticsMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001166003country:FRus-gaap:IntersegmentEliminationMember2020-01-012020-06-300001166003country:FR2020-01-012020-06-300001166003xpo:TransportationMembercountry:GBus-gaap:OperatingSegmentsMember2020-01-012020-06-300001166003xpo:ContractLogisticsMembercountry:GBus-gaap:OperatingSegmentsMember2020-01-012020-06-300001166003us-gaap:IntersegmentEliminationMembercountry:GB2020-01-012020-06-300001166003country:GB2020-01-012020-06-300001166003xpo:TransportationMemberxpo:EuropeExcludingFranceAndUnitedKingdomMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001166003xpo:ContractLogisticsMemberxpo:EuropeExcludingFranceAndUnitedKingdomMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001166003us-gaap:IntersegmentEliminationMemberxpo:EuropeExcludingFranceAndUnitedKingdomMember2020-01-012020-06-300001166003xpo:EuropeExcludingFranceAndUnitedKingdomMember2020-01-012020-06-300001166003xpo:TransportationMemberxpo:OtherGeographicalAreasMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001166003xpo:ContractLogisticsMemberxpo:OtherGeographicalAreasMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001166003us-gaap:IntersegmentEliminationMemberxpo:OtherGeographicalAreasMember2020-01-012020-06-300001166003xpo:OtherGeographicalAreasMember2020-01-012020-06-300001166003xpo:TransportationMemberxpo:LessThanTruckloadMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001166003xpo:TransportationMemberxpo:LessThanTruckloadMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001166003xpo:TransportationMemberxpo:LessThanTruckloadMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001166003xpo:TransportationMemberxpo:LessThanTruckloadMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001166003xpo:TransportationMemberxpo:FreightBrokerageAndTruckloadMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001166003xpo:TransportationMemberxpo:FreightBrokerageAndTruckloadMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001166003xpo:TransportationMemberxpo:FreightBrokerageAndTruckloadMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001166003xpo:TransportationMemberxpo:FreightBrokerageAndTruckloadMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001166003xpo:TransportationMemberxpo:LastMileMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001166003xpo:TransportationMemberxpo:LastMileMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001166003xpo:TransportationMemberxpo:LastMileMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001166003xpo:TransportationMemberxpo:LastMileMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001166003xpo:TransportationMemberxpo:ManagedTransportationMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001166003xpo:TransportationMemberxpo:ManagedTransportationMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001166003xpo:TransportationMemberxpo:ManagedTransportationMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001166003xpo:TransportationMemberxpo:ManagedTransportationMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001166003xpo:GlobalForwardingMemberxpo:TransportationMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001166003xpo:GlobalForwardingMemberxpo:TransportationMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001166003xpo:GlobalForwardingMemberxpo:TransportationMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001166003xpo:GlobalForwardingMemberxpo:TransportationMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001166003xpo:TransportationMemberus-gaap:IntersegmentEliminationMember2021-04-012021-06-300001166003xpo:TransportationMemberus-gaap:IntersegmentEliminationMember2020-04-012020-06-300001166003xpo:TransportationMemberus-gaap:IntersegmentEliminationMember2021-01-012021-06-300001166003xpo:TransportationMemberus-gaap:IntersegmentEliminationMember2020-01-012020-06-3000011660032021-07-012021-06-3000011660032024-01-012021-06-300001166003us-gaap:CostOfSalesMember2021-04-012021-06-300001166003us-gaap:CostOfSalesMember2020-04-012020-06-300001166003us-gaap:CostOfSalesMember2021-01-012021-06-300001166003us-gaap:CostOfSalesMember2020-01-012020-06-300001166003us-gaap:OperatingExpenseMember2021-04-012021-06-300001166003us-gaap:OperatingExpenseMember2020-04-012020-06-300001166003us-gaap:OperatingExpenseMember2021-01-012021-06-300001166003us-gaap:OperatingExpenseMember2020-01-012020-06-300001166003us-gaap:SellingGeneralAndAdministrativeExpensesMember2021-04-012021-06-300001166003us-gaap:SellingGeneralAndAdministrativeExpensesMember2020-04-012020-06-300001166003us-gaap:SellingGeneralAndAdministrativeExpensesMember2021-01-012021-06-300001166003us-gaap:SellingGeneralAndAdministrativeExpensesMember2020-01-012020-06-300001166003xpo:TransportationMemberus-gaap:OperatingSegmentsMemberus-gaap:EmployeeSeveranceMember2020-12-310001166003xpo:TransportationMemberus-gaap:OperatingSegmentsMemberus-gaap:EmployeeSeveranceMember2021-01-012021-06-300001166003xpo:TransportationMemberus-gaap:OperatingSegmentsMemberus-gaap:EmployeeSeveranceMember2021-06-300001166003xpo:ContractLogisticsMemberus-gaap:OperatingSegmentsMemberus-gaap:EmployeeSeveranceMember2020-12-310001166003xpo:ContractLogisticsMemberus-gaap:OperatingSegmentsMemberus-gaap:EmployeeSeveranceMember2021-01-012021-06-300001166003xpo:ContractLogisticsMemberus-gaap:OperatingSegmentsMemberus-gaap:EmployeeSeveranceMember2021-06-300001166003us-gaap:EmployeeSeveranceMemberus-gaap:CorporateNonSegmentMember2020-12-310001166003us-gaap:EmployeeSeveranceMemberus-gaap:CorporateNonSegmentMember2021-01-012021-06-300001166003us-gaap:EmployeeSeveranceMemberus-gaap:CorporateNonSegmentMember2021-06-300001166003us-gaap:EmployeeSeveranceMember2020-12-310001166003us-gaap:EmployeeSeveranceMember2021-01-012021-06-300001166003us-gaap:EmployeeSeveranceMember2021-06-300001166003xpo:TransportationMemberus-gaap:FacilityClosingMemberus-gaap:OperatingSegmentsMember2020-12-310001166003xpo:TransportationMemberus-gaap:FacilityClosingMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001166003xpo:TransportationMemberus-gaap:FacilityClosingMemberus-gaap:OperatingSegmentsMember2021-06-300001166003us-gaap:FacilityClosingMember2020-12-310001166003us-gaap:FacilityClosingMember2021-01-012021-06-300001166003us-gaap:FacilityClosingMember2021-06-300001166003xpo:OtherCurrentAssetsandOtherCurrentLiabilitiesMemberus-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Member2021-06-300001166003us-gaap:CurrencySwapMemberus-gaap:OtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Member2021-06-300001166003us-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:OtherCurrentLiabilitiesMember2021-06-300001166003xpo:OtherLongTermAssetsandOtherLongTermLiabilitiesMemberus-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Member2021-06-300001166003us-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueInputsLevel2Member2021-06-300001166003us-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Member2021-06-300001166003xpo:OtherCurrentAssetsandOtherCurrentLiabilitiesMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel2Member2021-06-300001166003us-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel2Member2021-06-300001166003us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel2Memberus-gaap:OtherCurrentLiabilitiesMember2021-06-300001166003us-gaap:FairValueInputsLevel2Member2021-06-300001166003xpo:OtherCurrentAssetsandOtherCurrentLiabilitiesMemberus-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Member2020-12-310001166003us-gaap:CurrencySwapMemberus-gaap:OtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Member2020-12-310001166003us-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:OtherCurrentLiabilitiesMember2020-12-310001166003xpo:OtherLongTermAssetsandOtherLongTermLiabilitiesMemberus-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Member2020-12-310001166003us-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueInputsLevel2Member2020-12-310001166003us-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Member2020-12-310001166003us-gaap:InterestRateSwapMemberxpo:OtherCurrentAssetsandOtherCurrentLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Member2020-12-310001166003us-gaap:InterestRateSwapMemberus-gaap:OtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Member2020-12-310001166003us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:OtherCurrentLiabilitiesMember2020-12-310001166003us-gaap:FairValueInputsLevel2Member2020-12-310001166003us-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-04-012021-06-300001166003us-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-04-012020-06-300001166003us-gaap:CurrencySwapMemberus-gaap:NondesignatedMember2021-04-012021-06-300001166003us-gaap:CurrencySwapMemberus-gaap:NondesignatedMember2020-04-012020-06-300001166003us-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-01-012021-06-300001166003us-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-01-012020-06-300001166003us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-01-012021-06-300001166003us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-01-012020-06-300001166003us-gaap:CurrencySwapMemberus-gaap:NondesignatedMember2021-01-012021-06-300001166003us-gaap:CurrencySwapMemberus-gaap:NondesignatedMember2020-01-012020-06-300001166003us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2021-04-012021-06-300001166003us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2021-01-012021-06-300001166003us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2020-04-012020-06-300001166003us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2020-01-012020-06-300001166003srt:MaximumMemberus-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2021-01-012021-06-300001166003xpo:ABLFacilityMember2021-06-300001166003xpo:ABLFacilityMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-06-300001166003xpo:ABLFacilityMember2020-12-310001166003xpo:ABLFacilityMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310001166003xpo:TermLoanFacilityMember2021-06-300001166003us-gaap:CarryingReportedAmountFairValueDisclosureMemberxpo:TermLoanFacilityMember2021-06-300001166003xpo:TermLoanFacilityMember2020-12-310001166003us-gaap:CarryingReportedAmountFairValueDisclosureMemberxpo:TermLoanFacilityMember2020-12-310001166003xpo:SeniorNotesDue2022Member2021-06-300001166003us-gaap:CarryingReportedAmountFairValueDisclosureMemberxpo:SeniorNotesDue2022Member2021-06-300001166003xpo:SeniorNotesDue2022Member2020-12-310001166003us-gaap:CarryingReportedAmountFairValueDisclosureMemberxpo:SeniorNotesDue2022Member2020-12-310001166003xpo:SeniorNotesDue2023Member2021-06-300001166003us-gaap:CarryingReportedAmountFairValueDisclosureMemberxpo:SeniorNotesDue2023Member2021-06-300001166003xpo:SeniorNotesDue2023Member2020-12-310001166003us-gaap:CarryingReportedAmountFairValueDisclosureMemberxpo:SeniorNotesDue2023Member2020-12-310001166003xpo:SeniorNotesDue2024Member2021-06-300001166003xpo:SeniorNotesDue2024Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-06-300001166003xpo:SeniorNotesDue2024Member2020-12-310001166003xpo:SeniorNotesDue2024Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310001166003xpo:SeniorNotesDue2025Member2021-06-300001166003us-gaap:CarryingReportedAmountFairValueDisclosureMemberxpo:SeniorNotesDue2025Member2021-06-300001166003xpo:SeniorNotesDue2025Member2020-12-310001166003us-gaap:CarryingReportedAmountFairValueDisclosureMemberxpo:SeniorNotesDue2025Member2020-12-310001166003xpo:SeniorDebenturesDue2034Member2021-06-300001166003us-gaap:CarryingReportedAmountFairValueDisclosureMemberxpo:SeniorDebenturesDue2034Member2021-06-300001166003xpo:SeniorDebenturesDue2034Member2020-12-310001166003us-gaap:CarryingReportedAmountFairValueDisclosureMemberxpo:SeniorDebenturesDue2034Member2020-12-310001166003xpo:TradeReceivablesSecuritizationMember2021-06-300001166003xpo:TradeReceivablesSecuritizationMember2020-12-310001166003xpo:AssetFinanceDebtMember2021-06-300001166003us-gaap:CarryingReportedAmountFairValueDisclosureMemberxpo:AssetFinanceDebtMember2021-06-300001166003xpo:AssetFinanceDebtMember2020-12-310001166003us-gaap:CarryingReportedAmountFairValueDisclosureMemberxpo:AssetFinanceDebtMember2020-12-310001166003xpo:SecuredTermLoanFacilityMember2021-06-300001166003xpo:UncommittedSecuredLetterOfCreditFacilityMember2021-06-300001166003xpo:FirstTrancheMemberxpo:TermLoanFacilityMember2021-06-300001166003xpo:FirstTrancheMemberxpo:TermLoanFacilityMember2020-12-310001166003xpo:TermLoanFacilityMemberxpo:SecondTrancheMember2020-12-310001166003xpo:FirstTrancheMemberus-gaap:BaseRateMemberxpo:TermLoanFacilityMember2021-01-012021-06-300001166003xpo:FirstTrancheMemberus-gaap:BaseRateMemberxpo:TermLoanFacilityMember2020-01-012020-12-310001166003us-gaap:BaseRateMemberxpo:TermLoanFacilityMemberxpo:SecondTrancheMember2020-01-012020-12-310001166003xpo:FirstTrancheMemberus-gaap:LondonInterbankOfferedRateLIBORMemberxpo:TermLoanFacilityMember2021-01-012021-06-300001166003xpo:FirstTrancheMemberus-gaap:LondonInterbankOfferedRateLIBORMemberxpo:TermLoanFacilityMember2020-01-012020-12-310001166003us-gaap:LondonInterbankOfferedRateLIBORMemberxpo:TermLoanFacilityMemberxpo:SecondTrancheMember2020-01-012020-12-310001166003xpo:TermLoanFacilityMember2021-01-012021-06-300001166003xpo:TermLoanFacilityMember2021-06-300001166003xpo:SeniorNotesDue2022Member2021-01-310001166003xpo:SeniorNotesDue2022Member2021-01-012021-01-310001166003xpo:SeniorNotesDue2022Member2021-01-012021-06-300001166003xpo:SeniorNotesDue2025Memberus-gaap:SeniorNotesMember2020-06-300001166003xpo:GXOFacilityMember2021-01-012021-06-300001166003xpo:GXOFacilityMember2021-06-300001166003us-gaap:ConvertiblePreferredStockMember2011-01-012011-12-310001166003us-gaap:ConvertiblePreferredStockMember2011-12-3100011660032011-12-310001166003us-gaap:PreferredStockMemberus-gaap:ConvertiblePreferredStockMember2020-12-012020-12-310001166003us-gaap:CommonStockMemberus-gaap:ConvertiblePreferredStockMember2020-12-012020-12-310001166003us-gaap:WarrantMember2020-12-012020-12-310001166003us-gaap:CommonStockMember2020-12-012020-12-310001166003us-gaap:PreferredStockMemberus-gaap:ConvertiblePreferredStockMember2021-01-012021-03-310001166003us-gaap:CommonStockMemberus-gaap:ConvertiblePreferredStockMember2021-01-012021-03-310001166003us-gaap:PreferredStockMemberus-gaap:ConvertiblePreferredStockMember2021-04-012021-06-300001166003us-gaap:WarrantMember2021-04-012021-06-300001166003us-gaap:WarrantMember2021-06-300001166003xpo:A2019ShareRepurchaseProgramMember2019-02-280001166003xpo:A2019ShareRepurchaseProgramMember2020-04-012020-06-300001166003xpo:A2019ShareRepurchaseProgramMember2021-04-012021-06-300001166003xpo:A2019ShareRepurchaseProgramMember2021-06-300001166003us-gaap:SubsequentEventMemberxpo:GXONotesMember2021-07-310001166003us-gaap:SubsequentEventMemberxpo:GXO2026NotesMember2021-07-310001166003xpo:GXO2031NotesMemberus-gaap:SubsequentEventMember2021-07-310001166003us-gaap:OverAllotmentOptionMemberus-gaap:SubsequentEventMember2021-07-012021-07-310001166003us-gaap:SubsequentEventMemberxpo:UnderwritersMember2021-07-310001166003us-gaap:SubsequentEventMemberxpo:UnderwritersMember2021-07-012021-07-310001166003us-gaap:OverAllotmentOptionMemberus-gaap:SubsequentEventMemberxpo:XPOMember2021-07-012021-07-310001166003us-gaap:OverAllotmentOptionMemberxpo:JPEMemberus-gaap:SubsequentEventMember2021-07-012021-07-310001166003xpo:SeniorNotesDue2024Memberus-gaap:SubsequentEventMember2021-07-310001166003us-gaap:SubsequentEventMemberxpo:SeniorNotesDue2023Member2021-08-310001166003xpo:SeniorNotesDue2024Memberus-gaap:SubsequentEventMember2021-07-012021-07-310001166003us-gaap:SubsequentEventMemberxpo:SeniorNotesDue2023Member2021-07-012021-07-310001166003xpo:ABLFacilityMemberus-gaap:SubsequentEventMember2021-07-310001166003us-gaap:SubsequentEventMember2021-07-310001166003us-gaap:SubsequentEventMemberxpo:TradeSecuritizationProgram2Member2021-07-310001166003us-gaap:SubsequentEventMemberxpo:TradeSecuritizationProgram1Member2021-07-31

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________________
Form 10-Q
___________________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from____________to____________
Commission File Number: 001-32172
_______________________________________________________
https://cdn.kscope.io/7625dd963e2602509425e52b1174732e-xpo-20210630_g1.jpg
XPO Logistics, Inc.
(Exact name of registrant as specified in its charter)
_______________________________________________________
Delaware03-0450326
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
Five American Lane
Greenwich,CT06831
(Address of principal executive offices)(Zip Code)
(855) 976-6951
(Registrant’s telephone number, including area code)
______________________________________________________________________________________________________________
N/A
______________________________________________________________________________________________________________
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common stock, par value $0.001 per shareXPONew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
As of July 29, 2021, there were 114,626,250 shares of the registrant’s common stock, par value $0.001 per share, outstanding.



XPO Logistics, Inc.
Quarterly Report on Form 10-Q
For the Quarterly Period Ended June 30, 2021
Table of Contents
 
Page No.


Table of Contents
Part I—Financial Information
Item 1. Financial Statements.
XPO Logistics, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
June 30,December 31,
(In millions, except per share data)20212020
ASSETS
Current assets
Cash and cash equivalents$801 $2,054 
Accounts receivable, net of allowances of $62 and $65, respectively
3,171 2,886 
Other current assets492 430 
Total current assets4,464 5,370 
Long-term assets
Property and equipment, net of $2,783 and $2,568 in accumulated depreciation, respectively
2,627 2,661 
Operating lease assets2,601 2,278 
Goodwill4,572 4,599 
Identifiable intangible assets, net of $981 and $909 in accumulated amortization, respectively
923 974 
Other long-term assets377 287 
Total long-term assets11,100 10,799 
Total assets$15,564 $16,169 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable$1,293 $1,255 
Accrued expenses2,117 1,814 
Short-term borrowings and current maturities of long-term debt92 1,338 
Short-term operating lease liabilities584 483 
Other current liabilities291 263 
Total current liabilities4,377 5,153 
Long-term liabilities
Long-term debt5,181 5,369 
Deferred tax liability380 371 
Employee benefit obligations167 192 
Long-term operating lease liabilities2,042 1,795 
Other long-term liabilities450 440 
Total long-term liabilities8,220 8,167 
Stockholders’ equity
Convertible perpetual preferred stock, $0.001 par value; 10 shares authorized; and 0.001 of Series A shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively
 1 
Common stock, $0.001 par value; 300 shares authorized; 112 and 102 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively
  
Additional paid-in capital1,971 1,998 
Retained earnings1,139 868 
Accumulated other comprehensive loss(183)(158)
Total stockholders’ equity before noncontrolling interests2,927 2,709 
Noncontrolling interests40 140 
Total equity2,967 2,849 
Total liabilities and equity$15,564 $16,169 
See accompanying notes to condensed consolidated financial statements.

1

Table of Contents
XPO Logistics, Inc.
Condensed Consolidated Statements of Income (Loss)
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
(In millions, except per share data)2021202020212020
Revenue$5,036 $3,502 $9,810 $7,366 
Cost of transportation and services2,514 1,641 4,842 3,539 
Direct operating expense1,682 1,370 3,338 2,730 
Sales, general and administrative expense594 632 1,182 1,157 
Operating income (loss)246 (141)448 (60)
Other income(24)(21)(50)(39)
Foreign currency (gain) loss3 3 1 (5)
Debt extinguishment loss  8  
Interest expense63 82 132 154 
Income (loss) before income tax provision (benefit)204 (205)357 (170)
Income tax provision (benefit)46 (71)81 (61)
Net income (loss)158 (134)276 (109)
Net (income) loss attributable to noncontrolling interests(2)3 (5)1 
Net income (loss) attributable to XPO$156 $(131)$271 $(108)
Net income (loss) attributable to common shareholders $156 $(132)$271 $(110)
Earnings per share data
Basic earnings (loss) per share $1.39 $(1.45)$2.48 $(1.20)
Diluted earnings (loss) per share $1.38 $(1.45)$2.40 $(1.20)
Weighted-average common shares outstanding
Basic weighted-average common shares outstanding112 91 109 92 
Diluted weighted-average common shares outstanding113 91 113 92 
See accompanying notes to condensed consolidated financial statements.

2

Table of Contents
XPO Logistics, Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
(In millions)2021202020212020
Net income (loss)$158 $(134)$276 $(109)
Other comprehensive income (loss), net of tax
Foreign currency translation gain (loss), net of tax effect of $3, $4, $(3) and $(7)
$15 $21 $(27)$(44)
Defined benefit plans adjustments, net of tax effect of $, $, $ and $2
   (5)
Other comprehensive income (loss)15 21 (27)(49)
Comprehensive income (loss)$173 $(113)$249 $(158)
Less: Comprehensive income (loss) attributable to noncontrolling interests5  3 (3)
Comprehensive income (loss) attributable to XPO$168 $(113)$246 $(155)
See accompanying notes to condensed consolidated financial statements.

3

Table of Contents
XPO Logistics, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended June 30,
(In millions)20212020
Operating activities
Net income (loss)$276 $(109)
Adjustments to reconcile net income (loss) to net cash from operating activities
Depreciation, amortization and net lease activity397 379 
Stock compensation expense25 39 
Accretion of debt10 8 
Deferred tax (benefit) expense(1)3 
Debt extinguishment loss8  
Unrealized (gain) loss on foreign currency option and forward contracts1 (1)
Gains on sales of property and equipment(31)(39)
Other5 42 
Changes in assets and liabilities
Accounts receivable(240)186 
Other assets(77)(84)
Accounts payable(21)(277)
Accrued expenses and other liabilities187 247 
Net cash provided by operating activities539 394 
Investing activities
Payment for purchases of property and equipment(250)(255)
Proceeds from sale of property and equipment62 77 
Other34 6 
Net cash used in investing activities(154)(172)
Financing activities
Proceeds from issuance of debt 1,161 
Proceeds from (repayment of) borrowings related to securitization program(49)109 
Repurchase of debt(1,200) 
Proceeds from borrowings on ABL facility 620 
Repayment of borrowings on ABL facility(200)(20)
Repayment of debt and finance leases(53)(40)
Payment for debt issuance costs(5)(21)
Purchase of noncontrolling interests(128) 
Repurchase of common stock (114)
Change in bank overdrafts14 23 
Payment for tax withholdings for restricted shares(22)(18)
Other4 1 
Net cash provided by (used in) financing activities(1,639)1,701 
Effect of exchange rates on cash, cash equivalents and restricted cash1 (15)
Net increase (decrease) in cash, cash equivalents and restricted cash(1,253)1,908 
Cash, cash equivalents and restricted cash, beginning of period2,065 387 
Cash, cash equivalents and restricted cash, end of period$812 $2,295 
Supplemental disclosure of cash flow information
Leased assets obtained in exchange for new operating lease liabilities, including $281 related to an acquisition in 2021
$711 $371 
Leased assets obtained in exchange for new finance lease liabilities41 17 
Cash paid for interest136 149 
Cash paid for income taxes65 10 
See accompanying notes to condensed consolidated financial statements.
4

Table of Contents
XPO Logistics, Inc.
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Series A Preferred StockCommon Stock 
(Shares in thousands, dollars in millions)SharesAmountSharesAmountAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive LossTotal XPO Stockholders' EquityNon-controlling InterestsTotal Equity
Balance as of March 31, 2021 $ 111,676 $ $1,988 $983 $(195)$2,776 $138 $2,914 
Net income— — — — — 156 — 156 2 158 
Other comprehensive income
— — — — — — 12 12 3 15 
Exercise and vesting of stock compensation awards
— — 44 — — — — — —  
Tax withholdings related to vesting of stock compensation awards
— — — — (1)— — (1)— (1)
Conversion of preferred stock to common stock— — 6 — — — — — —  
Purchase of noncontrolling interests— — — — (34)— — (34)(100)(134)
Dividend declared
— — — — — — — — (3)(3)
Stock compensation expense
— — — — 15 — — 15 — 15 
Other
— — — — 3  — 3 — 3 
Balance as of June 30, 2021 $ 111,726 $ $1,971 $1,139 $(183)$2,927 $40 $2,967 
Series A Preferred StockCommon Stock 
(Shares in thousands, dollars in millions)SharesAmountSharesAmountAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive LossTotal XPO Stockholders' EquityNon-controlling InterestsTotal Equity
Balance as of December 31, 20201 $1 102,052 $ $1,998 $868 $(158)$2,709 $140 $2,849 
Net income— — — — — 271 — 271 5 276 
Other comprehensive loss— — — — — — (25)(25)(2)(27)
Exercise and vesting of stock compensation awards
— — 314 — — — — — —  
Tax withholdings related to vesting of stock compensation awards
— — — — (22)— — (22)— (22)
Conversion of preferred stock to common stock(1)(1)145 — 1 — — — —  
Purchase of noncontrolling interests— — — — (34)— — (34)(100)(134)
Dividend declared
— — — — — — — — (3)(3)
Exercise of warrants— — 9,215 — — — — — — — 
Stock compensation expense
— — — — 25 — — 25 — 25 
Other
— — — — 3 — — 3 — 3 
Balance as of June 30, 2021 $ 111,726 $ $1,971 $1,139 $(183)$2,927 $40 $2,967 

5

Table of Contents


XPO Logistics, Inc.
Condensed Consolidated Statements of Changes in Equity (continued)
(Unaudited)
Series A Preferred StockCommon Stock
(Shares in thousands, dollars in millions)SharesAmountSharesAmountAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive LossTotal XPO Stockholders' EquityNon-controlling InterestsTotal Equity
Balance as of March 31, 202072 $41 91,044 $ $1,943 $804 $(210)$2,578 $150 $2,728 
Net loss— — — — — (131)— (131)(3)(134)
Other comprehensive income— — — — — — 18 18 3 21 
Exercise and vesting of stock compensation awards
— — 216 — — — — — —  
Tax withholdings related to vesting of stock compensation awards
— — — — (2)— — (2)— (2)
Dividend declared
— — — — — (1)— (1)— (1)
Stock compensation expense
— — — — 20 — — 20 — 20 
Other
— — 62 — 2  — 2 — 2 
Balance as of June 30, 202072 $41 91,322 $ $1,963 $672 $(192)$2,484 $150 $2,634 
Series A Preferred StockCommon Stock
(Shares in thousands, dollars in millions)SharesAmountSharesAmountAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive LossTotal XPO Stockholders' EquityNon-controlling InterestsTotal Equity
Balance as of December 31, 201972 $41 92,342 $ $2,061 $786 $(145)$2,743 $153 $2,896 
Net loss— — — — — (108)— (108)(1)(109)
Other comprehensive loss
— — — — — — (47)(47)(2)(49)
Exercise and vesting of stock compensation awards
— — 633 — — — — — — — 
Tax withholdings related to vesting of stock compensation awards
— — — — (18)— — (18)— (18)
Retirement of common stock
— — (1,715)— (114)— — (114)— (114)
Dividend declared
— — — — — (2)— (2)— (2)
Stock compensation expense
— — — — 32 — — 32 — 32 
Adoption of new accounting standard and other
— — 62 — 2 (4)— (2)— (2)
Balance as of June 30, 202072 $41 91,322 $ $1,963 $672 $(192)$2,484 $150 $2,634 
See accompanying notes to condensed consolidated financial statements.
6

Table of Contents
XPO Logistics, Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
1. Organization, Description of Business and Basis of Presentation
XPO Logistics, Inc., together with its subsidiaries (“XPO” or “we”), provides cutting-edge supply chain solutions to the most successful companies in the world. We use our extensive network of people, technology and physical assets to help customers manage their goods most efficiently throughout their supply chains. Our customers are multinational, national, mid-size and small enterprises. We run our business on a global basis, with two reportable segments: Transportation and Logistics. See Note 3—Segment Reporting for additional information on our operations.
On August 2, 2021, we completed the previously announced spin-off of our Logistics segment in a transaction intended to qualify as tax-free to our stockholders for U.S. federal income tax purposes, which was accomplished by the distribution of 100% of the outstanding common stock of GXO Logistics, Inc. (“GXO”) to XPO stockholders. XPO stockholders received one share of GXO common stock for every share of XPO common stock held at the close of business on July 23, 2021, the record date for the distribution. XPO does not beneficially own any shares of GXO’s common stock following the spin-off. GXO, a global provider of contract logistics services, is an independent public company trading under the symbol “GXO” on the New York Stock Exchange. The historical results of operations and the financial position of GXO are included in these condensed consolidated financial statements. After the spin-off, we will no longer consolidate GXO, and all periods prior to the spin-off will reflect our Logistics segment as a discontinued operation.
In connection with the spin-off, we have entered into a separation and distribution agreement as well as various other agreements with GXO that provide a framework for the relationships between the parties going forward, including, among others, an employee matters agreement, a tax matters agreement, an intellectual property license agreement and a transition services agreement, through which XPO will continue to provide certain services to GXO following the spin-off. With the completion of the spin-off, XPO is a leading provider of transportation services, primarily less-than-truckload (“LTL”) transportation and truck brokerage services.
We prepared our Condensed Consolidated Financial Statements in accordance with U.S. generally accepted accounting principles (“GAAP”) and on the same basis as the accounting policies described in our annual report on Form 10-K for the year ended December 31, 2020 (the “2020 Form 10-K”). The interim reporting requirements of Form 10-Q allow certain information and note disclosures normally included in annual consolidated financial statements to be condensed or omitted. These Condensed Consolidated Financial Statements should be read in conjunction with the 2020 Form 10-K.
Our historical results reflect a noncontrolling interest in XPO Logistics Europe SA (“XPO Logistics Europe”), a business we acquired majority ownership of in 2015. In April 2021, we announced a buy-out offer to be followed by a squeeze-out for the remaining 3% of XPO Logistics Europe that we did not already own. The buy-out offer and squeeze-out were completed in the second quarter of 2021 at a cost of $128 million plus expenses. Following the squeeze-out, we own all of the outstanding shares of XPO Logistics Europe.
The Condensed Consolidated Financial Statements are not audited but reflect all adjustments that are of a normal recurring nature and are necessary for a fair presentation of the financial condition, operating results and cash flows for the interim periods presented. Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021.
Restricted Cash
As of June 30, 2021 and December 31, 2020, our restricted cash included in Other long-term assets on our Condensed Consolidated Balance Sheets was $11 million.

7

Table of Contents
Trade Receivables Securitization and Factoring Programs
We sell certain of our trade accounts receivable on a non-recourse basis to third-party financial institutions under factoring agreements. We account for these transactions as sales of receivables and present cash proceeds as cash provided by operating activities in the Condensed Consolidated Statements of Cash Flows. We also sell trade accounts receivable under a securitization program described below. We use trade receivables securitization and factoring programs to help manage our cash flows and offset the impact of extended payment terms for some of our customers.
XPO Logistics Europe participates in a trade receivables securitization program co-arranged by three European banks (the “Purchasers”). Under the program, a wholly-owned bankruptcy-remote special purpose entity of XPO Logistics Europe sells trade receivables that originate with wholly-owned subsidiaries of XPO Logistics Europe in the United Kingdom and France to unaffiliated entities managed by the Purchasers. The special purpose entity is a variable interest entity and is consolidated by XPO based on our control of the entity’s activities.
We account for transfers under our securitization and factoring arrangements as sales because we sell full title and ownership in the underlying receivables and control of the receivables is considered transferred. For these transfers, the receivables are removed from our Condensed Consolidated Balance Sheets at the date of transfer. In the securitization and factoring arrangements, our continuing involvement is limited to servicing the receivables and, in the case of the securitization arrangements, providing recourse in certain defined circumstances. The fair value of any servicing assets and liabilities is immaterial. Our trade receivables securitization program permits us to borrow, on an unsecured basis, cash collected in a servicing capacity on previously sold receivables, which we report within short-term debt on our Condensed Consolidated Balance Sheets. We had no such borrowings outstanding as of June 30, 2021 and had borrowings of €41 million ($50 million) as of December 31, 2020. See Note 7—Debt for additional information on these borrowings.
The maximum amount of net cash proceeds available at any one time under the securitization program, inclusive of any unsecured borrowings, is €400 million (approximately $474 million as of June 30, 2021). As of June 30, 2021, €59 million (approximately $70 million) was available to us, subject to having sufficient receivables available to sell to the Purchasers. The weighted average interest rate was 0.60% as of June 30, 2021. Charges for commitment fees, which are based on a percentage of available amounts, and charges for administrative fees were not material to our results of operations for the three and six months ended June 30, 2021 and 2020.
Information related to the trade receivables sold was as follows:
Three Months Ended June 30,Six Months Ended June 30,
(In millions)2021202020212020
Securitization programs
Receivables sold in period
$882 $598 $1,657 $1,289 
Cash consideration
882 598 1,657 1,289 
Factoring programs
Receivables sold in period
113 199 229 463 
Cash consideration
112 199 228 462 
The trade receivables securitization program was amended in July 2021. See Note 11—Subsequent Events for more information.
Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The levels of inputs used to measure fair value are:
Level 1—Quoted prices for identical instruments in active markets;
Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are

8

Table of Contents
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.
We base our fair value estimates on market assumptions and available information. The carrying values of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and current maturities of long-term debt approximated their fair values as of June 30, 2021 and December 31, 2020 due to their short-term nature and/or being receivable or payable on demand. The Level 1 cash equivalents include money market funds valued using quoted prices in active markets. For information on the fair value hierarchy of our derivative instruments, see Note 6—Derivative Instruments and for information on financial liabilities, see Note 7—Debt.
The fair value hierarchy of cash equivalents was as follows:
(In millions)Carrying ValueFair ValueLevel 1
June 30, 2021$535 $535 $535 
December 31, 20201,738 1,738 1,738 
The decrease in cash equivalents from December 31, 2020 was primarily due to the redemption of our senior notes due 2022 in January 2021 and the repayment of borrowings under our revolving loan credit agreement (the “ABL Facility”). For further information, see Note 7—Debt for further information.
Adoption of New Accounting Standard
In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” The ASU is intended to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The ASU also clarifies and amends existing guidance to enhance consistency and comparability among reporting entities. We adopted this standard on January 1, 2021 on a prospective basis. The adoption did not have a material effect on our consolidated financial statements.
Accounting Pronouncement Issued but Not Yet Effective
In March 2020, the FASB issued ASU 2020-04, “Reference rate reform (Topic 848)—Facilitation of the effects of reference rate reform on financial reporting.” The ASU provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform. The amendments apply only to contracts and hedging relationships that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued due to reference rate reform. The amendments are elective and are effective upon issuance through December 31, 2022. We are currently evaluating the impact of the new guidance.
2. Acquisition
In January 2021, our XPO Logistics Europe subsidiary acquired the majority of Kuehne + Nagel’s contract logistics operations in the United Kingdom and Ireland, which generated annual revenues in 2020 of approximately £450 million ($585 million). The operations, which provide a range of logistics services, including inbound and outbound distribution, reverse logistics management and inventory management, are included in our Logistics segment from the acquisition date. Pro forma results of operations for this acquisition have not been presented as it is not material to the condensed consolidated results of operations.
3. Segment Reporting
We are organized into two reportable segments: Transportation and Logistics. We evaluate our performance in large part based on the various financial measures of our two reporting segments.
In our Transportation segment, we provide multiple services to facilitate the movement of raw materials, parts and finished goods. We accomplish this by using our proprietary technology, third-party independent carriers and our

9

Table of Contents
transportation assets and service centers. Our transportation services include LTL, truck brokerage services and other transportation services.
In our Logistics segment, we provide a wide range of services differentiated by our proprietary technology and our ability to customize solutions for individual customers. Our services include value-added warehousing and distribution, e-commerce and omnichannel fulfillment, cold-chain logistics, packaging and labeling, factory support, aftermarket support, inventory management, order personalization and supply chain optimization, such as product flow management. In addition, our Logistics segment provides reverse logistics, which is also called returns management.
Some of our operating units provide services to our other operating units outside of their reportable segment. Billings for such services are based on negotiated rates and are reflected as revenues of the billing segment. We adjust these rates from time to time based on market conditions. We eliminate intersegment revenues and expenses in our consolidated results.
Corporate includes corporate headquarters costs for executive officers and certain legal and financial functions, and other costs and credits not attributed to our reporting segments.
Our chief operating decision maker (“CODM”) regularly reviews financial information at the operating segment level to allocate resources to the segments and to assess their performance. We include items directly attributable to a segment, and those that can be allocated on a reasonable basis, in segment results reported to the CODM. We do not provide asset information by segment to the CODM.
Selected financial data for our segments is as follows:
(In millions)TransportationLogisticsCorporateEliminations/OtherTotal
Three months ended June 30, 2021
Revenue$3,186 $