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As Of Filer Filing For·On·As Docs:Size 8/03/22 GXO Logistics, Inc. 10-Q 6/30/22 68:7.4M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 1.56M 2: EX-31.1 Certification -- §302 - SOA'02 HTML 24K 3: EX-31.2 Certification -- §302 - SOA'02 HTML 24K 4: EX-32.1 Certification -- §906 - SOA'02 HTML 21K 5: EX-32.2 Certification -- §906 - SOA'02 HTML 21K 11: R1 Cover HTML 72K 12: R2 Condensed Consolidated Statements of Operations HTML 104K (Unaudited) 13: R3 Condensed Consolidated Statements of Comprehensive HTML 51K Income (Loss) (Unaudited) 14: R4 Condensed Consolidated Statements of Comprehensive HTML 26K Income (Loss) (Unaudited) (Parenthetical) 15: R5 Condensed Consolidated Balance Sheets (Unaudited) HTML 147K 16: R6 Condensed Consolidated Balance Sheets (Unaudited) HTML 46K (Parenthetical) 17: R7 Condensed Consolidated Statements of Cash Flows HTML 101K (Unaudited) 18: R8 Condensed Consolidated Statements of Changes in HTML 95K Equity (Unaudited) 19: R9 Basis of Presentation and Significant Accounting HTML 28K Policies 20: R10 Revenue Recognition HTML 72K 21: R11 Acquisitions HTML 58K 22: R12 Restructuring and Other HTML 29K 23: R13 Leases HTML 117K 24: R14 Debt and Financing Arrangements HTML 61K 25: R15 Fair Value Measurements and Financial Instruments HTML 87K 26: R16 Employee Benefit Plans HTML 38K 27: R17 Earnings per Share HTML 41K 28: R18 Stockholders' Equity HTML 97K 29: R19 Commitments and Contingencies HTML 25K 30: R20 Basis of Presentation and Significant Accounting HTML 27K Policies (Policies) 31: R21 Revenue Recognition (Tables) HTML 72K 32: R22 Acquisitions (Tables) HTML 56K 33: R23 Restructuring and Other (Tables) HTML 27K 34: R24 Leases (Tables) HTML 70K 35: R25 Debt and Financing Arrangements (Tables) HTML 54K 36: R26 Fair Value Measurements and Financial Instruments HTML 83K (Tables) 37: R27 Employee Benefit Plans (Tables) HTML 33K 38: R28 Earnings Per Share (Tables) HTML 41K 39: R29 Stockholders' Equity (Tables) HTML 93K 40: R30 Basis of Presentation and Significant Accounting HTML 21K Policies (Details) 41: R31 Revenue Recognition - Revenue Disaggregated by HTML 39K Geographic Area (Details) 42: R32 Revenue Recognition - Revenue Disaggregated by HTML 37K Industry Sector (Details) 43: R33 Revenue Recognition - Contract Liability (Details) HTML 27K 44: R34 Revenue Recognition - Narrative (Details) HTML 29K 45: R35 Acquisitions - Narrative (Details) HTML 60K 46: R36 Acquisitions - Summary of Fair Value of Assets HTML 91K Acquired and Liabilities Assumed at Acquisition Date (Details) 47: R37 Acquisitions - Unaudited Pro Forma Information HTML 25K (Details) 48: R38 Restructuring and Other - Restructuring and HTML 30K Related Costs (Details) 49: R39 Restructuring and Other - Narrative (Details) HTML 27K 50: R40 Leases - Supplemental Balance Sheet Information HTML 45K (Details) 51: R41 Leases - Lease Costs and Supplemental Cash Flows HTML 51K (Details) 52: R42 Debt and Financing Arrangements - Schedule of Debt HTML 52K (Details) 53: R43 Debt and Financing Arrangements - Narrative HTML 56K (Details) 54: R44 Debt and Financing Arrangements - Trade HTML 30K Receivables Sold (Details) 55: R45 Fair Value Measurements and Financial Instruments HTML 56K - Fair Value of Debt (Details) 56: R46 Fair Value Measurements and Financial Instruments HTML 53K - Narrative (Details) 57: R47 Fair Value Measurements and Financial Instruments HTML 48K - Fair Value by Balance Sheet Location (Details) 58: R48 Fair Value Measurements and Financial Instruments HTML 36K - Derivative and Nonderivative Instruments Designated as Hedges (Details) 59: R49 Employee Benefit Plans - Schedule of Projected HTML 31K Benefit Obligations (Details) 60: R50 Employee Benefit Plans - Narrative (Details) HTML 22K 61: R51 Earnings per Share - Computations of Basic and HTML 56K Diluted Earnings (Loss) per Share (Details) 62: R52 Earnings per Share - Narrative (Details) HTML 24K 63: R53 Stockholders' Equity (Details) HTML 66K 66: XML IDEA XML File -- Filing Summary XML 119K 64: XML XBRL Instance -- gxo-20220630_htm XML 2.03M 65: EXCEL IDEA Workbook of Financial Reports XLSX 107K 7: EX-101.CAL XBRL Calculations -- gxo-20220630_cal XML 190K 8: EX-101.DEF XBRL Definitions -- gxo-20220630_def XML 451K 9: EX-101.LAB XBRL Labels -- gxo-20220630_lab XML 1.25M 10: EX-101.PRE XBRL Presentations -- gxo-20220630_pre XML 747K 6: EX-101.SCH XBRL Schema -- gxo-20220630 XSD 121K 67: JSON XBRL Instance as JSON Data -- MetaLinks 346± 517K 68: ZIP XBRL Zipped Folder -- 0001852244-22-000028-xbrl Zip 455K
gxo-20220630 |
i ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i Delaware | i 86-2098312 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
i Two American Lane | ||||||||
i Greenwich,
i Connecticut | i 06831 | |||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
i Common stock, par value $0.01 per share | i GXO | i New York Stock Exchange |
i Large accelerated filer | ☒ | Accelerated filer | ☐ | |||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | i ☐ | |||||||||||||||||
Emerging growth company | i ☐ |
GXO Logistics, Inc. | ||||||||
Form 10-Q | ||||||||
For the Quarterly Period Ended June 30, 2022 | ||||||||
Page | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
(Dollars in millions, shares in thousands, except per share amounts) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Revenue | $ | i 2,156 | $ | i 1,882 | $ | i 4,239 | $ | i 3,704 | ||||||||||||||||||
Direct operating expense | i 1,775 | i 1,554 | i 3,523 | i 3,074 | ||||||||||||||||||||||
Selling, general and administrative expense | i 220 | i 177 | i 410 | i 348 | ||||||||||||||||||||||
Depreciation and amortization expense | i 77 | i 95 | i 153 | i 174 | ||||||||||||||||||||||
Transaction and integration costs | i 24 | i 35 | i 43 | i 53 | ||||||||||||||||||||||
Restructuring costs (credits) and other | i 1 | ( i 1) | i 14 | i 3 | ||||||||||||||||||||||
Operating income | i 59 | i 22 | i 96 | i 52 | ||||||||||||||||||||||
Other income (expense), net | i 23 | ( i 1) | i 39 | i — | ||||||||||||||||||||||
Interest expense, net | ( i 9) | ( i 6) | ( i 13) | ( i 11) | ||||||||||||||||||||||
Income before income taxes | i 73 | i 15 | i 122 | i 41 | ||||||||||||||||||||||
Income tax expense | ( i 21) | ( i 1) | ( i 32) | ( i 10) | ||||||||||||||||||||||
Net income | i 52 | i 14 | i 90 | i 31 | ||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | ( i 1) | ( i 3) | ( i 2) | ( i 6) | ||||||||||||||||||||||
Net income attributable to GXO | $ | i 51 | $ | i 11 | $ | i 88 | $ | i 25 | ||||||||||||||||||
Earnings per share data | ||||||||||||||||||||||||||
Basic earnings per share | $ | i 0.44 | $ | i 0.10 | $ | i 0.76 | $ | i 0.22 | ||||||||||||||||||
Diluted earnings per share | $ | i 0.44 | $ | i 0.10 | $ | i 0.76 | $ | i 0.22 | ||||||||||||||||||
Weighted-average common shares outstanding | ||||||||||||||||||||||||||
Basic weighted-average common shares outstanding | i 116,131 | i 114,626 | i 115,435 | i 114,626 | ||||||||||||||||||||||
Diluted weighted-average common shares outstanding | i 116,646 | i 114,626 | i 116,111 | i 114,626 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
(In millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Net income | $ | i 52 | $ | i 14 | $ | i 90 | $ | i 31 | ||||||||||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||||||||||||
Foreign currency translation gain (loss), net of tax (expense) benefit of $( i 10), $( i 1),
$( i 10), and $ i 2,
respectively | ( i 75) | i 19 | ( i 120) | ( i 26) | ||||||||||||||||||||||
Unrealized
gain (loss) on hedging instruments, net of tax (expense) benefit of $ i —, $ i —,
$ i —, and $( i 1),
respectively | i — | i — | i — | ( i 1) | ||||||||||||||||||||||
Comprehensive income (loss) | $ | ( i 23) | $ | i 33 | ( i 30) | i 4 | ||||||||||||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | i — | ( i 1) | i — | ( i 2) | ||||||||||||||||||||||
Comprehensive income (loss) attributable to GXO | $ | ( i 23) | $ | i 34 | $ | ( i 30) | $ | i 6 |
(Dollars in millions, shares in thousands, except per share amounts) | June 30, 2022 | December 31, 2021 | ||||||||||||
ASSETS | ||||||||||||||
Current assets | ||||||||||||||
Cash and cash equivalents | $ | i 384 | $ | i 333 | ||||||||||
Accounts
receivable, net of allowances of $ i 13 and $ i 13, respectively | i 1,560 | i 1,507 | ||||||||||||
Other current assets | i 312 | i 259 | ||||||||||||
Total current assets | i 2,256 | i 2,099 | ||||||||||||
Long-term assets | ||||||||||||||
Property and equipment, net of $ i 1,172 and $ i 1,128
in accumulated depreciation, respectively | i 905 | i 863 | ||||||||||||
Operating lease assets | i 1,900 | i 1,772 | ||||||||||||
Goodwill | i 2,769 | i 2,017 | ||||||||||||
Intangible
assets, net of $ i 413 and $ i 407 in accumulated amortization, respectively | i 557 | i 257 | ||||||||||||
Other long-term assets | i 319 | i 263 | ||||||||||||
Total long-term assets | i 6,450 | i 5,172 | ||||||||||||
Total assets | $ | i 8,706 | $ | i 7,271 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||||
Current liabilities | ||||||||||||||
Accounts payable | $ | i 592 | $ | i 624 | ||||||||||
Accrued expenses | i 1,012 | i 998 | ||||||||||||
Short-term borrowings and obligations under finance leases | i 84 | i 34 | ||||||||||||
Current operating lease liabilities | i 490 | i 453 | ||||||||||||
Other current liabilities | i 186 | i 220 | ||||||||||||
Total
current liabilities | i 2,364 | i 2,329 | ||||||||||||
Long-term liabilities | ||||||||||||||
Long-term debt and obligations under finance leases | i 1,801 | i 927 | ||||||||||||
Long-term operating lease liabilities | i 1,570 | i 1,391 | ||||||||||||
Other long-term liabilities | i 410 | i 234 | ||||||||||||
Total
long-term liabilities | i 3,781 | i 2,552 | ||||||||||||
Commitments
and contingencies (Note 11) | i | i | ||||||||||||
Stockholders’ Equity | ||||||||||||||
Common
Stock, $ i i 0.01 / par value per share; i i 300,000 /
shares authorized, i i 118,610 / and i i 114,659 /
shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively | i 1 | i 1 | ||||||||||||
Preferred
Stock, $ i i 0.01 / par value per share; i i 10,000 /
shares authorized, i i i i 0 / / /
shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively | i — | i — | ||||||||||||
Additional paid-in capital | i 2,561 | i 2,354 | ||||||||||||
Retained earnings | i 214 | i 126 | ||||||||||||
Accumulated other comprehensive loss | ( i 246) | ( i 130) | ||||||||||||
Total stockholders’ equity before noncontrolling interests | i 2,530 | i 2,351 | ||||||||||||
Noncontrolling interests | i 31 | i 39 | ||||||||||||
Total
equity | i 2,561 | i 2,390 | ||||||||||||
Total liabilities and equity | $ | i 8,706 | $ | i 7,271 |
Six Months Ended June 30, | ||||||||||||||
(In millions) | 2022 | 2021 | ||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net income | $ | i 90 | $ | i 31 | ||||||||||
Adjustments
to reconcile net income to net cash provided by operating activities | ||||||||||||||
Depreciation and amortization expense | i 153 | i 174 | ||||||||||||
Stock-based compensation expense | i 16 | i 13 | ||||||||||||
Deferred
tax benefit | i 3 | i 3 | ||||||||||||
Other | i 1 | ( i 6) | ||||||||||||
Changes in operating assets and liabilities | ||||||||||||||
Accounts receivable | ( i 20) | ( i 9) | ||||||||||||
Other assets | ( i 30) | ( i 73) | ||||||||||||
Accounts payable | ( i 56) | ( i 40) | ||||||||||||
Accrued expenses and other liabilities | i 43 | i 53 | ||||||||||||
Net
cash provided by operating activities | i 200 | i 146 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||
Capital expenditures | ( i 154) | ( i 119) | ||||||||||||
Proceeds from sales of property and equipment | i 6 | i 2 | ||||||||||||
Purchase and sale of affiliate trade receivables, net | i — | i 12 | ||||||||||||
Acquisition of businesses, net of cash acquired | ( i 874) | i 34 | ||||||||||||
Other | i 19 | i — | ||||||||||||
Net
cash used in investing activities | ( i 1,003) | ( i 71) | ||||||||||||
Cash flows from financing activities | ||||||||||||||
Proceeds from issuance of debt, net | i 898 | i — | ||||||||||||
Repayment of debt related to securitization transactions and other | i — | ( i 25) | ||||||||||||
Repayment of debt and finance leases | ( i 15) | ( i 56) | ||||||||||||
Purchase of noncontrolling interests | i — | ( i 128) | ||||||||||||
Net transfers from XPO Logistics, Inc. | i — | i 116 | ||||||||||||
Taxes paid related to net share settlement of equity awards | ( i 12) | i — | ||||||||||||
Other | ( i 2) | i 15 | ||||||||||||
Net
cash provided by (used in) financing activities | i 869 | ( i 78) | ||||||||||||
Effect of exchange rates on cash and cash equivalents | ( i 15) | i 1 | ||||||||||||
Net increase (decrease) in cash and cash equivalents | i 51 | ( i 2) | ||||||||||||
Cash
and cash equivalents, beginning of period | i 333 | i 328 | ||||||||||||
Cash
and cash equivalents, end of period | $ | i 384 | $ | i 326 | ||||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||
Common stock issued for acquisition | $ | i 203 | $ | i — |
Common Stock | XPO Logistics, Inc. Investment | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Equity Before Noncontrolling Interests | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||
(Shares in thousands, dollars in millions) | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2022 | i 114,840 | $ | i 1 | $ | i — | $ | i 2,349 | $ | i 163 | $ | ( i 172) | $ | i 2,341 | $ | i 34 | $ | i 2,375 | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | i 51 | — | i 51 | i 1 | i 52 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) | — | — | — | — | — | ( i 74) | ( i 74) | ( i 1) | ( i 75) | |||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | i 10 | — | — | i 10 | — | i 10 | |||||||||||||||||||||||||||||||||||||||||||||||
Vesting of stock compensation awards | i 21 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Tax withholding on vesting of stock compensation awards | — | — | — | ( i 1) | — | — | ( i 1) | — | ( i 1) | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued for acquisition | i 3,749 | — | — | i 203 | — | — | i 203 | — | i 203 | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends | — | — | — | — | — | — | — | ( i 3) | ( i 3) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | i 118,610 | $ | i 1 | $ | i — | $ | i 2,561 | $ | i 214 | $ | ( i 246) | $ | i 2,530 | $ | i 31 | $ | i 2,561 |
Common Stock | XPO Logistics, Inc. Investment | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Equity Before Noncontrolling Interests | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||
(Shares in thousands, dollars in millions) | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | i 114,659 | $ | i 1 | $ | i — | $ | i 2,354 | $ | i 126 | $ | ( i 130) | $ | i 2,351 | $ | i 39 | $ | i 2,390 | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | i 88 | — | i 88 | i 2 | i 90 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) | — | — | — | — | — | ( i 118) | ( i 118) | ( i 2) | ( i 120) | |||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | i 16 | — | — | i 16 | — | i 16 | |||||||||||||||||||||||||||||||||||||||||||||||
Vesting of stock compensation awards | i 202 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Tax withholding on vesting of stock compensation awards | — | — | — | ( i 12) | — | — | ( i 12) | — | ( i 12) | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued for acquisition | i 3,749 | — | — | i 203 | — | — | i 203 | — | i 203 | |||||||||||||||||||||||||||||||||||||||||||||||
Deconsolidation of variable interest entity | — | — | — | — | — | i 2 | i 2 | ( i 5) | ( i 3) | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends | — | — | — | — | — | — | — | ( i 3) | ( i 3) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | i 118,610 | $ | i 1 | $ | i — | $ | i 2,561 | $ | i 214 | $ | ( i 246) | $ | i 2,530 | $ | i 31 | $ | i 2,561 |
Common Stock | XPO Logistics, Inc. Investment | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income | Equity Before Noncontrolling Interests | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||
(Shares in thousands, dollars in millions) | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2021 | i — | $ | i — | $ | i 2,903 | $ | i — | $ | i — | $ | i 16 | $ | i 2,919 | $ | i 124 | $ | i 3,043 | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | i 11 | — | — | — | i 11 | i 3 | i 14 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | i 23 | i 23 | ( i 4) | i 19 | |||||||||||||||||||||||||||||||||||||||||||||||
Purchase of noncontrolling interest | — | — | — | — | — | — | — | ( i 128) | ( i 128) | |||||||||||||||||||||||||||||||||||||||||||||||
Net transfers from (to) XPO Logistics, Inc. | — | — | ( i 79) | — | — | — | ( i 79) | i 40 | ( i 39) | |||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | i 5 | i 5 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 | i — | $ | i — | $ | i 2,835 | $ | i — | $ | i — | $ | i 39 | $ | i 2,874 | $ | i 40 | $ | i 2,914 |
(Shares in thousands, dollars in millions) | Common Stock | XPO Logistics, Inc. Investment | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income | Equity Before Noncontrolling Interests | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | i — | $ | i — | $ | i 2,765 | $ | i — | $ | i — | $ | i 58 | $ | i 2,823 | $ | i 125 | $ | i 2,948 | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | i 25 | — | — | — | i 25 | i 6 | i 31 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | ( i 19) | ( i 19) | ( i 8) | ( i 27) | |||||||||||||||||||||||||||||||||||||||||||||||
Purchase of noncontrolling interests | — | — | — | — | — | — | — | ( i 128) | ( i 128) | |||||||||||||||||||||||||||||||||||||||||||||||
Net transfers from XPO Logistics, Inc. | — | — | i 45 | — | — | — | i 45 | i 40 | i 85 | |||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | i 5 | i 5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 | i — | $ | i — | $ | i 2,835 | $ | i — | $ | i — | $ | i 39 | $ | i 2,874 | $ | i 40 | $ | i 2,914 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
(In millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
United Kingdom | $ | i 777 | $ | i 615 | $ | i 1,481 | $ | i 1,167 | ||||||||||||||||||
United States | i 685 | i 551 | i 1,366 | i 1,135 | ||||||||||||||||||||||
France | i 183 | i 190 | i 359 | i 370 | ||||||||||||||||||||||
Netherlands | i 163 | i 157 | i 333 | i 305 | ||||||||||||||||||||||
Spain | i 123 | i 122 | i 243 | i 241 | ||||||||||||||||||||||
Other | i 225 | i 247 | i 457 | i 486 | ||||||||||||||||||||||
Total | $ | i 2,156 | $ | i 1,882 | $ | i 4,239 | $ | i 3,704 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
(In millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
E-commerce, omnichannel retail and consumer technology | $ | i 1,194 | $ | i 999 | $ | i 2,324 | $ | i 1,950 | ||||||||||||||||||
Food and beverage | i 336 | i 312 | i 674 | i 611 | ||||||||||||||||||||||
Industrial and manufacturing | i 269 | i 251 | i 532 | i 499 | ||||||||||||||||||||||
Consumer packaged goods | i 223 | i 184 | i 436 | i 370 | ||||||||||||||||||||||
Other | i 134 | i 136 | i 273 | i 274 | ||||||||||||||||||||||
Total | $ | i 2,156 | $ | i 1,882 | $ | i 4,239 | $ | i 3,704 |
(In millions) | June 30, 2022 | December 31, 2021 | ||||||||||||
Contract assets(1) | $ | i 174 | $ | i 147 | ||||||||||
Contract
liabilities(2) | i 284 | i 220 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
(In millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Amounts included in the beginning of year contract liability balance | $ | i 8 | $ | i 5 | $ | i 71 | $ | i 65 |
(In millions) | ||||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | i 26 | ||||||
Accounts receivable | i 146 | |||||||
Other current assets | i 63 | |||||||
Total current assets | i 235 | |||||||
Long-term assets | ||||||||
Property and equipment | i 83 | |||||||
Operating lease assets | i 235 | |||||||
Intangible assets | i 340 | |||||||
Other long-term assets | i 25 | |||||||
Total long-term assets | i 683 | |||||||
Total assets | $ | i 918 | ||||||
LIABILITIES | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | i 87 | ||||||
Accrued expenses | i 104 | |||||||
Short-term borrowings and obligations under finance leases | i 54 | |||||||
Current operating lease liabilities | i 37 | |||||||
Other current liabilities | i 45 | |||||||
Total current liabilities | i 327 | |||||||
Long-term liabilities | ||||||||
Long-term debt and obligations under finance leases | i 10 | |||||||
Long-term operating lease liabilities | i 221 | |||||||
Other long-term liabilities | i 105 | |||||||
Total long-term liabilities | i 336 | |||||||
Total liabilities | $ | i 663 | ||||||
Net assets purchased | $ | i 255 | ||||||
Cash paid | $ | i 900 | ||||||
Common stock issued(1) | i 203 | |||||||
Purchase price paid | $ | i 1,103 | ||||||
Goodwill recorded(2) | $ | i 848 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
(In millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Revenue | $ | i 2,334 | $ | i 2,146 | $ | i 4,695 | $ | i 4,236 | ||||||||||||||||||
Income before income taxes | i 91 | i 15 | i 154 | i 40 |
(In millions) | ||||||||||||||||||||
Balance as of December 31, 2021 | $ | i 3 | ||||||||||||||||||
Charges incurred | i 6 | |||||||||||||||||||
Payments | ( i 6) | |||||||||||||||||||
Balance
as of June 30, 2022 | $ | i 3 |
(In millions) | June 30, 2022 | December 31, 2021 | ||||||||||||
Operating leases: | ||||||||||||||
Operating lease assets | $ | i 1,900 | $ | i 1,772 | ||||||||||
Current operating lease liabilities | $ | i 490 | $ | i 453 | ||||||||||
Long-term operating lease liabilities | i 1,570 | i 1,391 | ||||||||||||
Total operating lease liabilities | $ | i 2,060 | $ | i 1,844 | ||||||||||
Finance leases: | ||||||||||||||
Property and equipment, net | $ | i 145 | $ | i 155 | ||||||||||
Short-term borrowings and obligations under finance leases | $ | i 37 | $ | i 34 | ||||||||||
Long-term debt and obligations under finance leases | i 110 | i 133 | ||||||||||||
Total finance lease liabilities | $ | i 147 | $ | i 167 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
(In millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Operating leases: | ||||||||||||||||||||||||||
Operating lease cost | $ | i 171 | $ | i 165 | $ | i 340 | $ | i 329 | ||||||||||||||||||
Short-term lease cost | i 23 | i 18 | i 45 | i 37 | ||||||||||||||||||||||
Variable lease cost | i 22 | i 18 | i 42 | i 37 | ||||||||||||||||||||||
Total operating lease cost | $ | i 216 | $ | i 201 | $ | i 427 | $ | i 403 | ||||||||||||||||||
Finance leases: | ||||||||||||||||||||||||||
Amortization of leased assets | $ | i 11 | $ | i 13 | $ | i 18 | $ | i 17 | ||||||||||||||||||
Interest expense on lease liabilities | i 2 | i 1 | i 3 | i 2 | ||||||||||||||||||||||
Total finance lease cost | $ | i 13 | $ | i 14 | $ | i 21 | $ | i 19 | ||||||||||||||||||
Total operating and finance lease cost | $ | i 229 | $ | i 215 | $ | i 448 | $ | i 422 |
Six Months Ended June 30, | ||||||||||||||
(In millions) | 2022 | 2021 | ||||||||||||
Leased assets obtained in exchange for new operating lease liabilities, including $ i 249
and $ i 281 from an acquisition in 2022 and 2021, respectively | $ | i 559 | $ | i 576 | ||||||||||
Leased
assets obtained in exchange for new finance lease liabilities, including $ i 14 and $ i 23
from an acquisition in 2022 and 2021, respectively | i 16 | i 33 |
(In millions) | Rate(1) | June 30, 2022 | December 31, 2021 | |||||||||||||||||
i 1.65% Unsecured notes due 2026(2) | i 1.65% | $ | i 397 | $ | i 397 | |||||||||||||||
i 2.65%
Unsecured notes due 2031(3) | i 2.65% | i 396 | i 396 | |||||||||||||||||
i Two-Year
Term Loan due 2024 | i 2.58% | i 165 | i — | |||||||||||||||||
i Three-Year
Term Loan due 2025(4) | i 2.58% | i 234 | i — | |||||||||||||||||
i Five-Year
Term Loan due 2027(4) | i 2.71% | i 499 | i — | |||||||||||||||||
Finance leases and other | Various | i 194 | i 168 | |||||||||||||||||
Total debt and obligations under finance leases | $ | i 1,885 | $ | i 961 | ||||||||||||||||
Less: Short-term borrowings and obligations under finance leases | i 84 | i 34 | ||||||||||||||||||
Total long-term debt and obligations under finance leases | $ | i 1,801 | $ | i 927 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
(In millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Factoring agreements | ||||||||||||||||||||||||||
Receivables sold in period | $ | i 228 | $ | i 100 | $ | i 457 | $ | i 200 | ||||||||||||||||||
Cash consideration | i 228 | i 100 | i 456 | i 200 | ||||||||||||||||||||||
Securitization program | ||||||||||||||||||||||||||
Receivables sold in period | $ | i — | $ | i 474 | $ | i — | $ | i 902 | ||||||||||||||||||
Cash consideration | i — | i 474 | i — | i 902 |
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||
(In millions) | Level | Fair Value | Carrying Value | Fair Value | Carrying Value | |||||||||||||||||||||||||||
i 1.65%
Unsecured notes due 2026 | 2 | $ | i 346 | $ | i 397 | $ | i 391 | $ | i 397 | |||||||||||||||||||||||
i 2.65%
Unsecured notes due 2031 | 2 | i 312 | i 396 | i 394 | i 396 | |||||||||||||||||||||||||||
i Two-Year
Term Loan due 2024 | 2 | i 165 | i 165 | i — | i — | |||||||||||||||||||||||||||
i Three-Year
Term Loan due 2025 | 2 | i 235 | i 234 | i — | i — | |||||||||||||||||||||||||||
i Five-Year
Term Loan due 2027 | 2 | i 500 | i 499 | i — | i — |
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||
(In millions) | Notional Amount | Fair Value | Notional Amount | Fair Value | Balance Sheet Caption | |||||||||||||||||||||||||||
Derivatives designated as hedges | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Cross-currency swap agreements | $ | i 1,387 | $ | i 28 | $ | i — | $ | i — | Other long-term assets | |||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Cross-currency swap agreements | $ | i — | $ | i — | $ | i 328 | $ | i 4 | Other current liabilities | |||||||||||||||||||||||
Cross-currency swap agreements | i — | i — | i 165 | i 4 | Other long-term liabilities | |||||||||||||||||||||||||||
Interest rate swaps | i 250 | i 1 | i — | i — | Other long-term liabilities | |||||||||||||||||||||||||||
Derivatives not designated as hedges | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Foreign currency option contracts | $ | i 215 | $ | i 23 | $ | i 368 | $ | i 11 | Other current assets | |||||||||||||||||||||||
Foreign currency option contracts | i — | i — | i 37 | i 1 | Other long-term assets | |||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Foreign currency forward contracts | $ | i 15 | $ | i — | $ | i — | $ | i — | Other current liabilities |
Three Months Ended June 30, 2022 | Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||
(In millions) | Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative | Gain or (Loss) Reclassified from AOCI into Net Income(1) | Gain or (Loss) Recognized in Net Income on Derivative (Excluded from effectiveness testing)(1) | Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative | Gain or (Loss) Reclassified from AOCI into Net Income(1) | Gain or (Loss) Recognized in Net Income on Derivative (Excluded from effectiveness testing)(1) | ||||||||||||||||||||||||||||||||
Derivatives designated as net investment hedges | ||||||||||||||||||||||||||||||||||||||
Cross-currency swap agreements | $ | i 43 | $ | i 2 | $ | i — | $ | i 46 | $ | i 2 | $ | i 2 | ||||||||||||||||||||||||||
Derivatives designated as cash flow hedges | ||||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | ( i 1) | $ | i — | $ | i — | $ | ( i 1) | $ | i — | $ | i — |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
(In millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Interest cost | $ | ( i 5) | $ | i — | $ | ( i 11) | $ | i — | ||||||||||||||||||
Expected return on plan assets | i 14 | i — | i 29 | i — | ||||||||||||||||||||||
Net
periodic benefit income (1) | $ | i 9 | $ | i — | $ | i 18 | $ | i — |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
(Dollars in millions, shares in thousands, except per share data) | 2022 | 2021(1) | 2022 | 2021(1) | ||||||||||||||||||||||
Net income attributable to common shares | $ | i i 51 / | $ | i i 11 / | $ | i i 88 / | $ | i i 25 / | ||||||||||||||||||
Basic weighted-average common shares | i 116,131 | i 114,626 | i 115,435 | i 114,626 | ||||||||||||||||||||||
Dilutive effect of stock-based awards | i 515 | i — | i 676 | i — | ||||||||||||||||||||||
Diluted weighted-average common shares | i 116,646 | i 114,626 | i 116,111 | i 114,626 | ||||||||||||||||||||||
Basic earnings per share | $ | i 0.44 | $ | i 0.10 | $ | i 0.76 | $ | i 0.22 | ||||||||||||||||||
Diluted earnings per share | $ | i 0.44 | $ | i 0.10 | $ | i 0.76 | $ | i 0.22 |
(In millions) | Foreign Currency Translation Adjustments | Derivative Hedges | Defined Benefit Plan | Less: AOCI attributable to noncontrolling interest | AOCI attributable to GXO | |||||||||||||||||||||||||||
As of March 31, 2022 | $ | ( i 94) | $ | i — | $ | ( i 76) | $ | ( i 2) | $ | ( i 172) | ||||||||||||||||||||||
Unrealized gain (loss), net of tax | ( i 73) | i — | i — | i 1 | ( i 72) | |||||||||||||||||||||||||||
Amounts reclassified from AOCI to net income | ( i 2) | i — | i — | i — | ( i 2) | |||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | ( i 75) | i — | i — | i 1 | ( i 74) | |||||||||||||||||||||||||||
As of June 30, 2022 | $ | ( i 169) | $ | i — | $ | ( i 76) | $ | ( i 1) | $ | ( i 246) |
(In millions) | Foreign Currency Translation Adjustments | Derivative Hedges | Defined Benefit Plan | Less: AOCI attributable to noncontrolling interest | AOCI attributable to GXO | |||||||||||||||||||||||||||
As of December 31, 2021 | $ | ( i 53) | $ | i — | $ | ( i 76) | $ | ( i 1) | $ | ( i 130) | ||||||||||||||||||||||
Unrealized gain (loss), net of tax | ( i 116) | i — | i — | i 2 | ( i 114) | |||||||||||||||||||||||||||
Amounts reclassified from AOCI to net income | ( i 4) | i — | i — | i — | ( i 4) | |||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | ( i 120) | i — | i — | i 2 | ( i 118) | |||||||||||||||||||||||||||
Deconsolidation of variable interest entity | i 4 | i — | i — | ( i 2) | i 2 | |||||||||||||||||||||||||||
As of June 30, 2022 | $ | ( i 169) | $ | i — | $ | ( i 76) | $ | ( i 1) | $ | ( i 246) |
(In millions) | Foreign Currency Translation Adjustments | Derivative Hedges | Defined Benefit Plan | Less: AOCI attributable to noncontrolling interest | AOCI attributable to GXO | |||||||||||||||||||||||||||
As of March 31, 2021 | $ | i 16 | $ | ( i 1) | $ | ( i 1) | $ | i 2 | $ | i 16 | ||||||||||||||||||||||
Unrealized gain (loss), net of tax | i 26 | i — | i — | ( i 3) | i 23 | |||||||||||||||||||||||||||
Amounts reclassified from AOCI to net income | i — | i — | i — | i — | i — | |||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | i 26 | i — | i — | ( i 3) | i 23 | |||||||||||||||||||||||||||
As of June 30, 2021 | $ | i 42 | $ | ( i 1) | $ | ( i 1) | $ | ( i 1) | $ | i 39 |
(In millions) | Foreign Currency Translation Adjustments | Derivative Hedges | Defined Benefit Plan | Less: AOCI attributable to noncontrolling interest | AOCI attributable to GXO | |||||||||||||||||||||||||||
As of December 31, 2020 | $ | i 61 | $ | i — | $ | ( i 1) | $ | ( i 2) | $ | i 58 | ||||||||||||||||||||||
Unrealized gain (loss), net of tax | ( i 19) | ( i 1) | i — | i 1 | ( i 19) | |||||||||||||||||||||||||||
Amounts reclassified from AOCI to net income | i — | i — | i — | i — | i — | |||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | ( i 19) | ( i 1) | i — | i 1 | ( i 19) | |||||||||||||||||||||||||||
As of June 30, 2021 | $ | i 42 | $ | ( i 1) | $ | ( i 1) | $ | ( i 1) | $ | i 39 |
Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | 2022 | 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 2,156 | $ | 1,882 | $ | 274 | 15 | % | |||||||||||||||||||||||||||||||||||||||
Direct operating expense | 1,775 | 1,554 | 221 | 14 | % | ||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expense | 220 | 177 | 43 | 24 | % | ||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization expense | 77 | 95 | (18) | (19) | % | ||||||||||||||||||||||||||||||||||||||||||
Transaction and integration costs | 24 | 35 | (11) | (31) | % | ||||||||||||||||||||||||||||||||||||||||||
Restructuring costs (credits) and other | 1 | (1) | 2 | n/m | |||||||||||||||||||||||||||||||||||||||||||
Operating income | 59 | 22 | 37 | n/m | |||||||||||||||||||||||||||||||||||||||||||
Other income (expense), net | 23 | (1) | 24 | n/m | |||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | (9) | (6) | (3) | 50 | % | ||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 73 | 15 | 58 | n/m | |||||||||||||||||||||||||||||||||||||||||||
Income tax expense | (21) | (1) | (20) | n/m | |||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 52 | $ | 14 | $ | 38 | n/m |
Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(In millions) | 2022 | 2021 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 4,239 | $ | 3,704 | $ | 535 | 14 | % | ||||||||||||||||||||||||||||||||||||
Direct operating expense | 3,523 | 3,074 | 449 | 15 | % | |||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expense | 410 | 348 | 62 | 18 | % | |||||||||||||||||||||||||||||||||||||||
Depreciation and amortization expense | 153 | 174 | (21) | (12) | % | |||||||||||||||||||||||||||||||||||||||
Transaction and integration costs | 43 | 53 | (10) | (19) | % | |||||||||||||||||||||||||||||||||||||||
Restructuring costs and other | 14 | 3 | 11 | n/m | ||||||||||||||||||||||||||||||||||||||||
Operating income | 96 | 52 | 44 | 85 | % | |||||||||||||||||||||||||||||||||||||||
Other income (expense), net | 39 | — | 39 | n/m | ||||||||||||||||||||||||||||||||||||||||
Interest expense, net | (13) | (11) | (2) | 18 | % | |||||||||||||||||||||||||||||||||||||||
Income before income taxes | 122 | 41 | 81 | n/m | ||||||||||||||||||||||||||||||||||||||||
Income tax expense | (32) | (10) | (22) | n/m | ||||||||||||||||||||||||||||||||||||||||
Net income | $ | 90 | $ | 31 | $ | 59 | n/m |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
(In millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Factoring agreements | ||||||||||||||||||||||||||
Receivables sold in period | $ | 228 | $ | 100 | $ | 457 | $ | 200 | ||||||||||||||||||
Cash consideration | 228 | 100 | 456 | 200 | ||||||||||||||||||||||
Securitization program | ||||||||||||||||||||||||||
Receivables sold in period | $ | — | $ | 474 | $ | — | $ | 902 | ||||||||||||||||||
Cash consideration | — | 474 | — | 902 |
(In millions) | June 30, 2022 | December 31, 2021 | $ Change | % Change | ||||||||||||||||||||||
Total current assets | $ | 2,256 | $ | 2,099 | $ | 157 | 7 | % | ||||||||||||||||||
Total long-term assets | 6,450 | 5,172 | 1,278 | 25 | % | |||||||||||||||||||||
Total current liabilities | 2,364 | 2,329 | 35 | 2 | % | |||||||||||||||||||||
Total long-term liabilities | 3,781 | 2,552 | 1,229 | 48 | % |
Six Months Ended June 30, | ||||||||||||||||||||||||||
(In millions) | 2022 | 2021 | $
Change | % Change | ||||||||||||||||||||||
Net cash provided by operating activities | $ | 200 | $ | 146 | $ | 54 | 37 | % | ||||||||||||||||||
Net cash used in investing activities | (1,003) | (71) | (932) | n/m | ||||||||||||||||||||||
Net cash provided by (used in) financing activities | 869 | (78) | 947 | n/m | ||||||||||||||||||||||
Effect of exchange rates on cash and cash equivalents | (15) | 1 | (16) | n/m | ||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | $ | 51 | $ | (2) | $ | 53 | n/m |
Exhibit Number | Description | ||||||||||
10.1*** | |||||||||||
31.1* | |||||||||||
31.2* | |||||||||||
32.1** | |||||||||||
32.2** | |||||||||||
101.INS* | Inline XBRL Instance Document. | ||||||||||
101.SCH* | Inline XBRL Taxonomy Extension Schema. | ||||||||||
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase. | ||||||||||
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase. | ||||||||||
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase. | ||||||||||
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase. | ||||||||||
104* | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101). | ||||||||||
* | Filed herewith. | ||||||||||
** | Furnished herewith. | ||||||||||
*** | Exhibits
have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company will furnish supplementally copies of omitted exhibits to the Securities and Exchange Commission or its staff upon its request. | ||||||||||
GXO Logistics, Inc. | ||||||||
Date: August 3, 2022 | By: | /s/ Malcolm Wilson | ||||||
Malcolm Wilson | ||||||||
(Chief Executive Officer) | ||||||||
Date: August 3, 2022 | By: | /s/ Baris Oran | ||||||
Baris Oran | ||||||||
(Chief Financial Officer) |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
7/15/31 | ||||
5/26/27 | ||||
7/15/26 | ||||
5/26/25 | ||||
5/26/24 | ||||
12/31/22 | ||||
Filed on: | 8/3/22 | |||
8/1/22 | ||||
For Period end: | 6/30/22 | |||
5/26/22 | 4, 8-K, EFFECT | |||
5/25/22 | 424B3, EFFECT | |||
5/24/22 | 4, 8-K, DEF 14A | |||
5/20/22 | 8-K, CORRESP, S-4/A | |||
3/31/22 | 10-Q | |||
3/22/22 | 8-K | |||
2/28/22 | 8-K | |||
2/17/22 | 10-K | |||
1/15/22 | 4 | |||
1/1/22 | ||||
12/31/21 | 10-K | |||
8/2/21 | 3, 4, 8-K | |||
6/30/21 | 10-Q | |||
3/31/21 | ||||
1/1/21 | ||||
12/31/20 | ||||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 5/26/22 GXO Logistics, Inc. 8-K:1,2,3,8 5/24/22 12:1.1M Toppan Merrill/FA |