v3.24.3
Business Combinations, Asset Acquisitions, and Joint Venture Formation (Tables)
 9 Months Ended
Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following table summarizes the preliminary allocation of consideration to Coyote’s identifiable tangible and intangible assets acquired and liabilities assumed by the Company at the acquisition date.
(In millions)
Cash and cash equivalents$19 
Accounts receivable398 
Other current assets35 
Property and equipment60 
Intangible assets509 
Operating lease assets89 
Other long-term assets16 
Total assets$1,126 
Accounts payable$(208)
Accrued expenses(50)
Short-term operating lease liabilities(18)
Deferred tax liabilities(115)
Long-term operating lease liabilities(71)
Other long-term liabilities(23)
Total liabilities$(485)
Net assets acquired$641 
Purchase price$1,038 
Goodwill recorded$397 
The following table summarizes the preliminary purchase price allocated to the identifiable intangible assets acquired:
(In millions)Fair ValueWeighted Average Useful Life (Years)
Customer relationships$494 15
Trademarks154
Total$509 15
Business Acquisition, Pro Forma Information
The following unaudited pro forma financial information presents the Company’s results of operations as if the Coyote acquisition occurred on January 1, 2023. The unaudited pro forma information includes adjustments for intangible assets acquired and elimination of historical intercompany transactions between RXO and Coyote. The pro forma results for the nine months ended September 30, 2023 includes a non-recurring charge of $216 million related to the deemed non-pro rata distribution. The unaudited pro forma financial information is for informational purposes only and is not necessarily indicative of our consolidated results of operations of the combined business had the acquisition been completed as of January 1, 2023 or of the results of our future operations of the combined business.
Three Months Ended September 30,Nine Months Ended September 30,
(In millions)2024202320242023
Revenue$1,574 $1,711 $4,723 $5,308 
Loss before income taxes(32)(4)(68)(211)