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  "documentTitle": "XPO Logistics, Inc. (XPO)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2018-12-13 00:00:00",
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  "notes": "The slide uses a table to contrast XPO's financial metrics with seven other logistics companies, emphasizing the potential impact of new lease accounting standards.",
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      "text": "XPO makes aggressive use of off-balance sheet leases relative to its larger and better credit worthy peers.",
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      "text": "Total Leases as % of Total Assets: 18%",
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      "text": "XPO makes aggressive use of off-balance sheet leases relative to its larger and better credit worthy peers. Companies like FedEx and UPS use operating leases for more capital intensive assets such as airplanes and related facilities, whereas XPO has none.",
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      "kind": "paragraph",
      "text": "In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842)... The Company is currently evaluating the effects these ASUs will have... The Company does not plan to adopt the standards early",
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      "text": "In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The core principle of Topic 842 is that a lessee should recognize the assets and liabilities that arise from leases, including operating leases. — FASB",
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      "text": "Source: Company financials and Bloomberg",
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