Quarterly report pursuant to Section 13 or 15(d)

DISPOSITIONS

v3.24.3
DISPOSITIONS
 9 Months Ended
Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]  
DISPOSITIONS DISPOSITIONS
As previously disclosed, on June 23, 2024, we entered into a definitive agreement to divest our truckload brokerage business, Coyote, to RXO Logistics for $1.025 billion, subject to working capital and other adjustments. We reported Coyote within our Forwarding businesses in Supply Chain Solutions.
On September 16, 2024, we completed the divestiture of Coyote, for cash proceeds, net of cash divested and direct transaction expenses of $1.002 billion. These proceeds are recognized within Proceeds from disposal of businesses, property, plant and equipment in the statements of consolidated cash flows. In connection with the completion of this divestiture, we recorded a pre-tax gain of $156 million ($152 million after tax) during the three months ended September 30, 2024. The gain was recognized within Other expenses in the statements of consolidated income.
The following table summarizes the carrying values of the assets and liabilities divested as of September 16, 2024 (in millions):
2024
Assets:
Cash and cash equivalents
 $ 20 
Accounts receivable, net 405 
Other current assets 34 
Operating lease right-of-use assets
 69 
Goodwill
 495 
Intangible assets, net
 195 
Other non-current assets 18 
Total assets divested
 $ 1,236 
Liabilities:
Accounts payable $ 216 
Other current liabilities 54 
Non-current operating leases
 68 
Other non-current liabilities 38 
Total liabilities divested
 $ 376 
Net assets divested
 $ 860