QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||||
For the quarterly period ended |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
For the transition period from to , |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification Number) | ||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | |||||||||||||||
(NYSE) |
Class | Outstanding at November 1, 2023 | |||||||
Common Stock, $0.01 par value per share |
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. | |||||||||||||||||||||||||||||||||||||||||||||||
x | 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 periods that the registrant was required to submit such files). | |||||||||||||||||||||||||||||||||||||||||||||||
x | 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 (check one): | |||||||||||||||||||||||||||||||||||||||||||||||
x | ☐ | Accelerated filer | |||||||||||||||||||||||||||||||||||||||||||||
☐ | Non-accelerated filer | Smaller 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. | |||||||||||||||||||||||||||||||||||||||||||||||
Yes | ¨ | No | ¨ | ||||||||||||||||||||||||||||||||||||||||||||
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934) | |||||||||||||||||||||||||||||||||||||||||||||||
Yes | No | x |
TABLE OF CONTENTS | |||||
Page | |||||
PART I - FINANCIAL INFORMATION | |||||
Item 1. Financial Statements | |||||
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | |||||
Item 3. Quantitative and Qualitative Disclosures About Market Risk | |||||
Item 4. Controls and Procedures | |||||
PART II - OTHER INFORMATION | |||||
Item 1. Legal Proceedings | |||||
Item 1A. Risk Factors | |||||
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | |||||
Item 3. Defaults Upon Senior Securities | |||||
Item 4. Mine Safety Disclosures | |||||
Item 5. Other Information | |||||
Item 6. Exhibits | |||||
SIGNATURES | |||||
Item 1. Financial Statements | |||||||||||
Americold Realty Trust, Inc. and Subsidiaries | |||||||||||
Condensed Consolidated Balance Sheets (Unaudited) | |||||||||||
(In thousands, except shares and per share amounts) | |||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||
Assets | |||||||||||
Property, buildings and equipment: | |||||||||||
Land | $ | $ | |||||||||
Buildings and improvements | |||||||||||
Machinery and equipment | |||||||||||
Assets under construction | |||||||||||
Accumulated depreciation | ( | ( | |||||||||
Property, buildings and equipment – net | |||||||||||
Operating lease right-of-use assets | |||||||||||
Accumulated depreciation – operating leases | ( | ( | |||||||||
Operating leases – net | |||||||||||
Financing leases: | |||||||||||
Buildings and improvements | |||||||||||
Machinery and equipment | |||||||||||
Accumulated depreciation – financing leases | ( | ( | |||||||||
Financing leases – net | |||||||||||
Cash, cash equivalents and restricted cash | |||||||||||
Accounts receivable – net of allowance of $ | |||||||||||
Identifiable intangible assets – net | |||||||||||
Goodwill | |||||||||||
Investments in partially owned entities and other | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and equity | |||||||||||
Liabilities: | |||||||||||
Borrowings under revolving line of credit | $ | $ | |||||||||
Accounts payable and accrued expenses | |||||||||||
Senior unsecured notes and term loans – net of deferred financing costs of $ | |||||||||||
Sale-leaseback financing obligations | |||||||||||
Financing lease obligations | |||||||||||
Operating lease obligations | |||||||||||
Unearned revenue | |||||||||||
Pension and postretirement benefits | |||||||||||
Deferred tax liability – net | |||||||||||
Multi-employer pension plan withdrawal liability | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (Note 8) | |||||||||||
Equity | |||||||||||
Stockholders’ equity: | |||||||||||
Common stock, $ | |||||||||||
Paid-in capital | |||||||||||
Accumulated deficit and distributions in excess of net earnings | ( | ( | |||||||||
Accumulated other comprehensive income (loss) | ( | ||||||||||
Total stockholders’ equity | |||||||||||
Noncontrolling interests: | |||||||||||
Noncontrolling interests in Operating Partnership | |||||||||||
Total equity | |||||||||||
Total liabilities and equity | $ | $ | |||||||||
See accompanying notes to Condensed Consolidated Financial Statements. |
Americold Realty Trust, Inc. and Subsidiaries | |||||||||||||||||||||||
Condensed Consolidated Statements of Operations (Unaudited) | |||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Rent, storage and warehouse services | $ | $ | $ | $ | |||||||||||||||||||
Transportation services | |||||||||||||||||||||||
Third-party managed services | |||||||||||||||||||||||
Total revenues | |||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Rent, storage and warehouse services cost of operations | |||||||||||||||||||||||
Transportation services cost of operations | |||||||||||||||||||||||
Third-party managed services cost of operations | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Selling, general and administrative | |||||||||||||||||||||||
Acquisition, cyber incident and other, net | |||||||||||||||||||||||
Impairment of indefinite and long-lived assets | |||||||||||||||||||||||
Loss (gain) from sale of real estate | ( | ||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||
Operating income | |||||||||||||||||||||||
Other (expense) income: | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Loss on debt extinguishment, modifications and termination of derivative instruments | ( | ( | ( | ( | |||||||||||||||||||
(Loss) gain from investments in partially owned entities | ( | ( | ( | ||||||||||||||||||||
Impairment of related party loan receivable | ( | ||||||||||||||||||||||
Loss on put option | ( | ||||||||||||||||||||||
Other, net | ( | ( | |||||||||||||||||||||
Loss from continuing operations before income taxes | ( | ( | ( | ( | |||||||||||||||||||
Income tax (expense) benefit: | |||||||||||||||||||||||
Current | ( | ( | ( | ( | |||||||||||||||||||
Deferred | |||||||||||||||||||||||
Total income tax benefit | |||||||||||||||||||||||
Net (loss) income: | |||||||||||||||||||||||
Loss from continuing operations | ( | ( | ( | ( | |||||||||||||||||||
Gain (loss) from discontinued operations, net of tax | ( | ( | ( | ||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Net loss attributable to noncontrolling interests | ( | ( | ( | ( | |||||||||||||||||||
Net loss attributable to Americold Realty Trust, Inc. | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Weighted average common stock outstanding – basic | |||||||||||||||||||||||
Weighted average common stock outstanding – diluted | |||||||||||||||||||||||
Net loss per common share from continuing operations - basic | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Net loss per common share from discontinued operations - basic | ( | ( | |||||||||||||||||||||
Basic loss per share | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Net loss per common share from continuing operations - diluted | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Net loss per common share from discontinued operations - diluted | ( | ( | |||||||||||||||||||||
Diluted loss per share | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Americold Realty Trust, Inc. and Subsidiaries | |||||||||||||||||||||||
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Other comprehensive (loss) income - net of tax: | |||||||||||||||||||||||
Adjustment to accrued pension liability | ( | ( | |||||||||||||||||||||
Change in unrealized net loss on foreign currency | ( | ( | ( | ( | |||||||||||||||||||
Unrealized gain on cash flow hedges | |||||||||||||||||||||||
Other comprehensive income (loss) - net of tax attributable to Americold Realty Trust, Inc. | ( | ( | |||||||||||||||||||||
Other comprehensive income (loss) attributable to noncontrolling interests | ( | ( | |||||||||||||||||||||
Total comprehensive loss | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
See accompanying notes to Condensed Consolidated Financial Statements. | |||||||||||||||||||||||
Americold Realty Trust, Inc. and Subsidiaries | |||||||||||||||||||||||
Condensed Consolidated Statements of Equity (Unaudited) | |||||||||||||||||||||||
(In thousands, except shares and per share amounts) | |||||||||||||||||||||||
Common Stock | Accumulated Deficit and Distributions in Excess of Net Earnings | Accumulated Other Comprehensive (Loss) Income | Noncontrolling Interests in Operating Partnership | ||||||||||||||||||||
Number of Shares | Par Value | Paid-in Capital | |||||||||||||||||||||
Total | |||||||||||||||||||||||
Balance - December 31, 2022 | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||
Net loss | — | — | — | ( | — | ( | ( | ||||||||||||||||
Other comprehensive loss | — | — | — | — | ( | ( | ( | ||||||||||||||||
Distributions on common stock, restricted stock and OP units | — | — | — | ( | — | ( | ( | ||||||||||||||||
Stock-based compensation expense | — | — | — | — | |||||||||||||||||||
Common stock issuance related to stock-based payment plans, net of shares withheld for employee taxes | ( | — | — | — | ( | ||||||||||||||||||
Common stock issuance related to employee stock purchase plan | — | — | — | ||||||||||||||||||||
Balance - March 31, 2023 | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||
Net loss | — | — | — | ( | — | ( | ( | ||||||||||||||||
Other comprehensive income | — | — | — | — | |||||||||||||||||||
Distributions on common stock, restricted stock and OP units | — | — | — | ( | — | ( | ( | ||||||||||||||||
Stock-based compensation expense | — | — | — | — | |||||||||||||||||||
Common stock issuance related to stock-based payment plans, net of shares withheld for employee taxes | — | — | — | — | |||||||||||||||||||
Conversion of OP units to common stock | — | — | ( | ||||||||||||||||||||
Balance - June 30, 2023 | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||
Net loss | — | — | — | ( | — | ( | ( | ||||||||||||||||
Other comprehensive income | — | — | — | — | |||||||||||||||||||
Distributions on common stock, restricted stock and OP units | — | — | — | ( | — | ( | ( | ||||||||||||||||
Stock-based compensation expense | — | — | — | — | |||||||||||||||||||
Common stock issuance related to stock-based payment plans, net of shares withheld for employee taxes | — | ( | — | — | — | ( | |||||||||||||||||
Common stock issuance related to employee stock purchase plan | — | — | — | ||||||||||||||||||||
Net proceeds from issuance of common stock | — | — | — | ||||||||||||||||||||
Balance - September 30, 2023 | $ | $ | $ | ( | $ | $ | $ |
Common Stock | Accumulated Deficit and Distributions in Excess of Net Earnings | Accumulated Other Comprehensive (Loss) Income | Noncontrolling Interests in Operating Partnership | ||||||||||||||||||||
Number of Shares | Par Value | Paid-in Capital | |||||||||||||||||||||
Total | |||||||||||||||||||||||
Balance - December 31, 2021 | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||
Net loss | — | — | — | ( | — | ( | ( | ||||||||||||||||
Other comprehensive income | — | — | — | — | |||||||||||||||||||
Distributions on common stock, restricted stock and OP units | — | — | — | ( | — | ( | ( | ||||||||||||||||
Stock-based compensation expense | — | — | — | — | |||||||||||||||||||
Common stock issuance related to stock-based payment plans, net of shares withheld for employee taxes | ( | — | — | — | ( | ||||||||||||||||||
Common stock issuance related to employee stock purchase plan | — | — | — | ||||||||||||||||||||
Balance - March 31, 2022 | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||
Other comprehensive loss | — | — | — | — | ( | ( | ( | ||||||||||||||||
Distributions on common shares, restricted stock and OP units | — | — | — | ( | — | ( | ( | ||||||||||||||||
Stock-based compensation expense | — | — | — | — | |||||||||||||||||||
Common stock issuance related to stock-based payment plans, net of shares withheld for employee taxes | ( | — | — | — | ( | ||||||||||||||||||
Deconsolidation of previously consolidated entities | — | — | — | — | ( | ||||||||||||||||||
Balance - June 30, 2022 | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||
Net loss | — | — | — | ( | — | ( | ( | ||||||||||||||||
Other comprehensive loss | — | — | — | — | ( | ( | ( | ||||||||||||||||
Distributions on common shares, restricted stock and OP units | — | — | — | ( | — | ( | ( | ||||||||||||||||
Stock-based compensation expense | — | — | — | — | |||||||||||||||||||
Common share issuance related to stock-based payment plans, net of shares withheld for employee taxes | ( | — | — | — | ( | ||||||||||||||||||
Common shares issuance related to employee stock purchase plan | — | — | — | ||||||||||||||||||||
Other | — | — | — | ( | — | — | ( | ||||||||||||||||
Balance - September 30, 2022 | $ | $ | $ | ( | $ | ( | $ | $ |
Americold Realty Trust, Inc. and Subsidiaries | |||||||||||
Condensed Consolidated Statements of Cash Flows (Unaudited) | |||||||||||
(In thousands) | |||||||||||
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Operating activities: | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Loss on debt extinguishment, modifications and termination of derivative instruments | |||||||||||
Loss from investments in partially owned entities | |||||||||||
Gain on extinguishment of New Market Tax Credit structure | ( | ||||||||||
Loss on deconsolidation of subsidiary contributed to LATAM joint venture | |||||||||||
Stock-based compensation expense | |||||||||||
Deferred income taxes benefit | ( | ( | |||||||||
(Gain) loss from sale of real estate | ( | ||||||||||
Impairment of indefinite and long-lived assets | |||||||||||
Provision for doubtful accounts receivable | |||||||||||
Impairment of related party loan receivable | |||||||||||
Loss on put option | |||||||||||
Loss on classification of Comfrio as held for sale | |||||||||||
Other reconciling items | |||||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | ( | ( | |||||||||
Accounts payable and accrued expenses | ( | ( | |||||||||
Other | |||||||||||
Net cash provided by operating activities | |||||||||||
Investing activities: | |||||||||||
Additions to property, buildings and equipment | ( | ( | |||||||||
Business combinations and deferred consideration paid | ( | ( | |||||||||
Acquisitions of property, buildings and equipment | ( | ( | |||||||||
Investments in partially owned entities and other | ( | ( | |||||||||
Net payments for sale of business (discontinued operations) | ( | ||||||||||
Proceeds from sale of property, buildings and equipment | |||||||||||
Proceeds from sale of investments in partially owned entities | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Financing activities: | |||||||||||
Distributions paid on common stock, restricted stock units and noncontrolling interests in OP | ( | ( | |||||||||
Proceeds from stock options exercised | |||||||||||
Proceeds from employee stock purchase plan | |||||||||||
Remittance of withholding taxes related to employee stock-based transactions | ( | ( | |||||||||
Proceeds from revolving line of credit | |||||||||||
Repayment on revolving line of credit | ( | ( | |||||||||
Repayment of sale-leaseback financing obligations | ( | ( | |||||||||
Repayment of financing lease obligations | ( | ( | |||||||||
Payment of debt issuance and extinguishment costs | ( | ||||||||||
Repayment of term loan and mortgage notes | ( | ||||||||||
Proceeds from term loan | |||||||||||
Net proceeds from issuance of common stock | |||||||||||
Net cash provided by financing activities | |||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | ( | ||||||||||
Effect of foreign currency translation on cash, cash equivalents and restricted cash | ( | ( | |||||||||
Cash, cash equivalents and restricted cash: | |||||||||||
Beginning of period | |||||||||||
End of period | $ | $ | |||||||||
Americold Realty Trust, Inc. and Subsidiaries | |||||||||||
Condensed Consolidated Statements of Cash Flows, Continued (Unaudited) | |||||||||||
(In thousands) | |||||||||||
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Supplemental disclosures of non-cash investing and financing activities: | |||||||||||
Addition of property, buildings and equipment on accrual | $ | $ | |||||||||
Addition of property, buildings and equipment under financing lease obligations | $ | $ | |||||||||
Addition of property, buildings and equipment under operating lease obligations | $ | $ | |||||||||
Supplemental cash flow information: | |||||||||||
Interest paid – net of amounts capitalized | $ | $ | |||||||||
Income taxes paid – net of refunds | $ | $ | |||||||||
As of September 30, | |||||||||||
2023 | 2022 | ||||||||||
Allocation of purchase price of property, buildings and equipment: | |||||||||||
Land | $ | $ | |||||||||
Buildings and improvements | |||||||||||
Machinery and equipment | |||||||||||
Cash paid for acquisition of property, buildings and equipment | $ | $ | |||||||||
As of September 30, | |||||||||||
2023 | 2022 | ||||||||||
Allocation of purchase price to business combinations: | |||||||||||
Land | $ | $ | |||||||||
Buildings and improvements | |||||||||||
Machinery and equipment | |||||||||||
Goodwill | |||||||||||
Other assets | |||||||||||
Assets of discontinued operations - held for sale | |||||||||||
Accounts payable and accrued expenses(1) | ( | ||||||||||
Liabilities of discontinued operations - held for sale | ( | ||||||||||
Total consideration | $ | $ | |||||||||
As of September 30, | |||||||||||
2023 | 2022 | ||||||||||
Deconsolidation of Chile upon contribution to LATAM JV: | |||||||||||
Land | $ | $ | ( | ||||||||
Buildings and improvements | ( | ||||||||||
Machinery and equipment | ( | ||||||||||
Assets under construction | ( | ||||||||||
Accumulated depreciation | |||||||||||
Cash, cash equivalents and restricted cash | ( | ||||||||||
Accounts receivable | ( | ||||||||||
Goodwill | ( | ||||||||||
Other assets | ( | ||||||||||
Accounts payable and accrued expenses | |||||||||||
Senior unsecured notes and term loans – net of deferred financing costs | |||||||||||
Accumulated other comprehensive loss | ( | ||||||||||
Net carrying value of Chile assets and liabilities deconsolidated | $ | $ | ( | ||||||||
Recognition of investment in unconsolidated LATAM joint venture | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In Thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Results of discontinued operations | |||||||||||||||||||||||
Revenue | $ | $ | $ | $ | |||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Estimated costs of disposal | |||||||||||||||||||||||
Loss from partial investment pre-acquisition | |||||||||||||||||||||||
Gain from sale of Comfrio | ( | ( | |||||||||||||||||||||
Pre-tax gain (loss) | ( | ( | ( | ||||||||||||||||||||
Income tax benefit (expense) | ( | ||||||||||||||||||||||
Gain (loss) - discontinued operations, net of tax | $ | $ | ( | $ | ( | $ | ( |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
Acquisition, cyber incident and other, net | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Acquisition and integration related costs | $ | $ | $ | $ | |||||||||||||||||||
Cyber incident related costs, net of insurance recoveries | ( | ||||||||||||||||||||||
Severance costs | |||||||||||||||||||||||
Project Orion expenses | |||||||||||||||||||||||
Litigation | ( | ( | |||||||||||||||||||||
Terminated site operations costs | ( | ||||||||||||||||||||||
Other, net | ( | ||||||||||||||||||||||
Total acquisition, cyber incident and other, net | $ | $ | $ | $ |
September 30, 2023 | December 31, 2022 | ||||||||||
Carrying Amount | Carrying Amount | ||||||||||
Senior Unsecured Notes | $ | $ | |||||||||
Senior Unsecured Term Loans | |||||||||||
Senior Unsecured Revolving Credit Facility | |||||||||||
Total principal amount of indebtedness | $ | $ | |||||||||
Less: unamortized deferred financing costs | ( | ( | |||||||||
Total indebtedness, net of deferred financing costs | $ | $ |
September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Stated Maturity Date | Contractual Interest Rate | Borrowing Currency | Carrying Amount (USD) | Borrowing Currency | Carrying Amount (USD) | ||||||||||||||||||
Series A Notes | 01/2026 | $ | $ | $ | $ | ||||||||||||||||||
Series B Notes | 01/2029 | $ | $ | ||||||||||||||||||||
Series C Notes | 01/2030 | $ | $ | ||||||||||||||||||||
Series D Notes | 01/2031 | € | € | ||||||||||||||||||||
Series E Notes | 01/2033 | € | € | ||||||||||||||||||||
Total Senior Unsecured Notes | $ | $ |
September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Contractual Interest Rate(1) | Borrowing Currency | Carrying Amount (USD) | Contractual Interest Rate(1) | Borrowing Currency | Carrying Amount (USD) | |||||||||||||||||||||
Tranche A-1 | SOFR + | $ | $ | SOFR + | $ | $ | ||||||||||||||||||||
Tranche A-2 | CDOR + | C$ | CDOR + | C$ | ||||||||||||||||||||||
Delayed Draw Tranche A-3 | SOFR + | $ | SOFR + | $ | ||||||||||||||||||||||
Total Senior Unsecured Term Loan Facility | $ | $ |
September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Denomination of Draw | Contractual Interest Rate (1) | Borrowing Currency | Carrying Amount (USD) | Contractual Interest Rate(1) | Borrowing Currency | Carrying Amount (USD) | |||||||||||||||||
U.S. dollar | SOFR + | $ | $ | SOFR + | $ | $ | |||||||||||||||||
Australian dollar | BBSW + | A$ | BBSW + | A$ | |||||||||||||||||||
British pound sterling | SONIA + | £ | SONIA + | £ | |||||||||||||||||||
Canadian dollar | CDOR + | C$ | CDOR + | C$ | |||||||||||||||||||
Euro | EURIBOR + | € | EURIBOR + | € | |||||||||||||||||||
New Zealand dollar | BKBM + | NZD | BKBM + | NZD | |||||||||||||||||||
Total Senior Unsecured Revolving Credit Facility | $ | $ |
Notional | Fixed Base Interest Rate Swap | Effective Date | Expiration Date | Debt Instrument | Fair Value as of September 30, 2023 | Fair Value as of December 31, 2022 | ||||||||||||||||||||||||||||||||
$ | 9/23/2022 | 12/29/2023 | Tranche A-1 | $ | $ | |||||||||||||||||||||||||||||||||
$ | 12/29/2023 | 7/30/2027 | Tranche A-1 | |||||||||||||||||||||||||||||||||||
$ | 11/30/2022 | 7/30/2027 | Tranche A-1 | |||||||||||||||||||||||||||||||||||
$ | 11/01/2022 | 12/31/2027 | Delayed Draw Tranche A-3 | |||||||||||||||||||||||||||||||||||
$ | 9/23/2022 | 12/31/2027 | Tranche A-2 | |||||||||||||||||||||||||||||||||||
Total | $ | $ | ||||||||||||||||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | ||||||||||||||||||||||
September 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||
Designated derivatives | |||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||
Interest rate contracts | |||||||||||||||||||||||
Total fair value of derivatives | $ | $ | $ | $ |
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative | Location of Gain or (Loss) Reclassified from AOCI into Income | Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | |||||||||||||||||||||||||||
Three Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||
Interest rate contracts | $ | $ | Interest expense | $ | $ | ( | |||||||||||||||||||||||
Interest rate contracts | Loss on debt extinguishment, modifications and termination of derivative instruments(1) | ( | ( | ||||||||||||||||||||||||||
Foreign exchange contracts | Foreign currency exchange loss, net | ||||||||||||||||||||||||||||
Foreign exchange contracts | Interest expense | ||||||||||||||||||||||||||||
Total designated cash flow hedges | $ | $ | $ | $ |
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative | Location of Gain or (Loss) Reclassified from AOCI into Income | Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | |||||||||||||||||||||||||||
Nine Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||
Interest rate contracts | $ | $ | Interest expense | $ | $ | ( | |||||||||||||||||||||||
Interest rate contracts | Loss on debt extinguishment, modifications and termination of derivative instruments(1) | ( | ( | ||||||||||||||||||||||||||
Foreign exchange contracts | Foreign currency exchange loss, net | ||||||||||||||||||||||||||||
Foreign exchange contracts | Interest expense | ||||||||||||||||||||||||||||
Total designated cash flow hedges | $ | $ | $ | $ |
September 30, 2023 | |||||||||||||||||||||||||||||||||||
Offsetting of Derivative Assets | |||||||||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheet | |||||||||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Assets Presented in the Consolidated Balance Sheet | Financial Instruments | Cash Collateral Received | Net Amount | ||||||||||||||||||||||||||||||
Derivatives | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||
Offsetting of Derivative Assets | |||||||||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheet | |||||||||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Assets Presented in the Consolidated Balance Sheet | Financial Instruments | Cash Collateral Received | Net Amount | ||||||||||||||||||||||||||||||
Derivatives | $ | $ | $ | $ | $ | $ |
Fair Value | |||||||||||||||||
Fair Value Hierarchy | September 30, 2023 | December 31, 2022 | |||||||||||||||
Measured at fair value during the current reporting period: | |||||||||||||||||
Interest rate swap assets | Level 2 | $ | $ | ||||||||||||||
Level 2 | $ | $ | |||||||||||||||
Disclosed at fair value: | |||||||||||||||||
Senior unsecured notes, term loans, and revolving credit facility | Level 3 | $ | $ | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Pension and other postretirement benefits: | |||||||||||||||||||||||
Balance at beginning of period, net of tax | $ | $ | $ | $ | |||||||||||||||||||
(Loss) gain arising during the period | ( | ( | |||||||||||||||||||||
Amortization of prior service cost (1) | |||||||||||||||||||||||
Net (loss) gain on pension and other postretirement benefits | ( | ( | |||||||||||||||||||||
Balance at end of period, net of tax | $ | $ | $ | $ | |||||||||||||||||||
Foreign currency translation adjustments: | |||||||||||||||||||||||
Balance at beginning of period, net of tax | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Cumulative translation adjustment | ( | ( | ( | ( | |||||||||||||||||||
Derecognition of cumulative foreign currency translation upon deconsolidation of entity contributed to a joint venture | |||||||||||||||||||||||
Derivative net investment hedges | |||||||||||||||||||||||
Net loss on foreign currency translation | ( | ( | ( | ( | |||||||||||||||||||
Balance at end of period, net of tax | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Designated derivatives: | |||||||||||||||||||||||
Balance at beginning of period, net of tax | $ | $ | $ | $ | |||||||||||||||||||
Cash flow hedge derivatives | |||||||||||||||||||||||
Net amount reclassified from AOCI to net loss | ( | ( | ( | ( | |||||||||||||||||||
Net gain on designated derivatives | |||||||||||||||||||||||
Balance at end of period, net of tax | $ | $ | $ | $ | |||||||||||||||||||
Closing accumulated other comprehensive income (loss) | $ | $ | ( | $ | $ | ( |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Segment revenues: | |||||||||||||||||||||||
Warehouse | $ | $ | $ | $ | |||||||||||||||||||
Transportation | |||||||||||||||||||||||
Third-party managed | |||||||||||||||||||||||
Total revenues | |||||||||||||||||||||||
Segment contribution: | |||||||||||||||||||||||
Warehouse | |||||||||||||||||||||||
Transportation | |||||||||||||||||||||||
Third-party managed | |||||||||||||||||||||||
Total segment contribution | |||||||||||||||||||||||
Reconciling items: | |||||||||||||||||||||||
Depreciation and amortization | ( | ( | ( | ( | |||||||||||||||||||
Selling, general and administrative | ( | ( | ( | ( | |||||||||||||||||||
Acquisition, cyber incident and other, net | ( | ( | ( | ( | |||||||||||||||||||
Impairment of indefinite and long-lived assets | ( | ( | |||||||||||||||||||||
(Loss) gain from sale of real estate | ( | ( | ( | ||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Loss on debt extinguishment, modifications and termination of derivative instruments | ( | ( | ( | ( | |||||||||||||||||||
Other, net | ( | ( | |||||||||||||||||||||
(Loss) gain from investments in partially owned entities | ( | ( | ( | ||||||||||||||||||||
Impairment of related party receivable | ( | ||||||||||||||||||||||
Loss on put option | ( | ||||||||||||||||||||||
Loss from continuing operations before income taxes | $ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Weighted average common shares outstanding – basic | |||||||||||||||||||||||
Dilutive effect of stock-based awards | |||||||||||||||||||||||
Weighted average common shares outstanding – diluted |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Employee stock options | |||||||||||||||||||||||
Restricted stock units | |||||||||||||||||||||||
OP units | |||||||||||||||||||||||
Three Months Ended September 30, 2023 | |||||||||||||||||
North America | Europe | Asia-Pacific | South America | Total | |||||||||||||
Warehouse rent and storage | $ | $ | $ | $ | $ | ||||||||||||
Warehouse services(1) | |||||||||||||||||
Transportation | |||||||||||||||||
Third-party managed | |||||||||||||||||
Total revenues (2) | |||||||||||||||||
Total revenues from contracts with all customers | $ | $ | $ | $ | $ |
Three Months Ended September 30, 2022 | |||||||||||||||||
North America | Europe | Asia-Pacific | South America | Total | |||||||||||||
Warehouse rent and storage | $ | $ | $ | $ | $ | ||||||||||||
Warehouse services(1) | |||||||||||||||||
Transportation | |||||||||||||||||
Third-party managed | |||||||||||||||||
Total revenues (2) | |||||||||||||||||
Total revenues from contracts with all customers | $ | $ | $ | $ | $ |
Nine Months Ended September 30, 2023 | |||||||||||||||||
North America | Europe | Asia-Pacific | South America | Total | |||||||||||||
Warehouse rent and storage | $ | $ | $ | $ | $ | ||||||||||||
Warehouse services(1) | |||||||||||||||||
Transportation | |||||||||||||||||
Third-party managed | |||||||||||||||||
Total revenues (2) | |||||||||||||||||
Total revenues from contracts with all customers | $ | $ | $ | $ | $ |
Nine Months Ended September 30, 2022 | |||||||||||||||||
North America | Europe | Asia-Pacific | South America | Total | |||||||||||||
Warehouse rent and storage | $ | $ | $ | $ | $ | ||||||||||||
Warehouse services(1) | |||||||||||||||||
Transportation | |||||||||||||||||
Third-party managed | |||||||||||||||||
Total revenues (2) | |||||||||||||||||
Total revenues from contracts with all customers | $ | $ | $ | $ | $ |
Spot Foreign exchange rates | Average foreign exchange rates three months ended | Average foreign exchange rates for the nine months ended | Spot Foreign exchange rates | Average foreign exchange rates for the three months ended (1) | Average foreign exchange rate for the nine months ended (1) | |||||||||||||||||||||
September 30, 2023 | September 30, 2022 | |||||||||||||||||||||||||
Argentinian peso | 0.003 | 0.003 | 0.004 | 0.007 | 0.007 | 0.008 | ||||||||||||||||||||
Australian dollar | 0.644 | 0.654 | 0.669 | 0.640 | 0.683 | 0.707 | ||||||||||||||||||||
Brazilian real | 0.199 | 0.205 | 0.200 | 0.185 | 0.191 | 0.195 | ||||||||||||||||||||
British Pound | 1.220 | 1.266 | 1.244 | 1.117 | 1.177 | 1.259 | ||||||||||||||||||||
Canadian dollar | 0.737 | 0.745 | 0.743 | 0.723 | 0.766 | 0.780 | ||||||||||||||||||||
Chilean Peso | 0.001 | 0.001 | 0.001 | 0.001 | 0.001 | 0.001 | ||||||||||||||||||||
Euro | 1.057 | 1.088 | 1.083 | 0.980 | 1.007 | 1.065 | ||||||||||||||||||||
New Zealand dollar | 0.600 | 0.605 | 0.618 | 0.560 | 0.613 | 0.647 | ||||||||||||||||||||
Polish Zloty | 0.229 | 0.242 | 0.236 | 0.202 | 0.213 | 0.228 |
Same Store Warehouses | 219 | ||||
Non-Same Store Warehouses (1) | 19 | ||||
Third-Party Managed Warehouses | 5 | ||||
Total Warehouses | 243 |
Three Months Ended September 30, | Change | ||||||||||||||||||||||||||||
2023 Actual | 2023 Constant Currency(1) | 2022 Actual | Actual | Constant Currency | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Rent and storage | $ | 278,508 | $ | 280,319 | $ | 260,248 | 7.0 | % | 7.7 | % | |||||||||||||||||||
Warehouse services | 324,097 | 324,974 | 338,729 | (4.3) | % | (4.1) | % | ||||||||||||||||||||||
Total warehouse segment revenues | 602,605 | 605,293 | 598,977 | 0.6 | % | 1.1 | % | ||||||||||||||||||||||
Power | 41,711 | 41,867 | 48,593 | (14.2) | % | (13.8) | % | ||||||||||||||||||||||
Other facilities costs (2) | 61,603 | 61,983 | 58,792 | 4.8 | % | 5.4 | % | ||||||||||||||||||||||
Labor | 258,609 | 260,003 | 256,811 | 0.7 | % | 1.2 | % | ||||||||||||||||||||||
Other services costs (3) | 62,850 | 62,870 | 68,119 | (7.7) | % | (7.7) | % | ||||||||||||||||||||||
Total warehouse segment cost of operations | $ | 424,773 | $ | 426,723 | $ | 432,315 | (1.7) | % | (1.3) | % | |||||||||||||||||||
Warehouse segment contribution (NOI) | 177,832 | 178,570 | 166,662 | 6.7 | % | 7.1 | % | ||||||||||||||||||||||
Warehouse rent and storage contribution (NOI) | 175,194 | 176,469 | 152,863 | 14.6 | % | 15.4 | % | ||||||||||||||||||||||
Warehouse services contribution (NOI) | 2,638 | 2,101 | 13,799 | (80.9) | % | (84.8) | % | ||||||||||||||||||||||
Total warehouse segment margin | 29.5 | % | 29.5 | % | 27.8 | % | 169 bps | 168 bps | |||||||||||||||||||||
Rent and storage margin | 62.9 | % | 63.0 | % | 58.7 | % | 417 bps | 422 bps | |||||||||||||||||||||
Warehouse services margin | 0.8 | % | 0.6 | % | 4.1 | % | -326 bps | -343 bps |
Three Months Ended September 30, | Change | ||||||||||||||||||||||||||||
2023 Actual | 2023 Constant Currency(1) | 2022 Actual | Actual | Constant Currency | |||||||||||||||||||||||||
Number of same store sites | 219 | 219 | n/a | ||||||||||||||||||||||||||
Same store revenues: | (Dollars in thousands) | ||||||||||||||||||||||||||||
Rent and storage | $ | 257,914 | $ | 260,225 | $ | 245,608 | 5.0 | % | 6.0 | % | |||||||||||||||||||
Warehouse services | 308,740 | 310,129 | 321,220 | (3.9) | % | (3.5) | % | ||||||||||||||||||||||
Total same store revenues | 566,654 | 570,354 | 566,828 | — | % | 0.6 | % | ||||||||||||||||||||||
Same store cost of operations: | |||||||||||||||||||||||||||||
Power | 37,340 | 37,678 | 44,153 | (15.4) | % | (14.7) | % | ||||||||||||||||||||||
Other facilities costs | 56,066 | 56,525 | 53,177 | 5.4 | % | 6.3 | % | ||||||||||||||||||||||
Labor | 242,791 | 244,403 | 240,656 | 0.9 | % | 1.6 | % | ||||||||||||||||||||||
Other services costs | 57,358 | 57,400 | 63,268 | (9.3) | % | (9.3) | % | ||||||||||||||||||||||
Total same store cost of operations | $ | 393,555 | $ | 396,006 | $ | 401,254 | (1.9) | % | (1.3) | % | |||||||||||||||||||
Same store contribution (NOI) | $ | 173,099 | $ | 174,348 | $ | 165,574 | 4.5 | % | 5.3 | % | |||||||||||||||||||
Same store rent and storage contribution (NOI) | $ | 164,508 | $ | 166,022 | $ | 148,278 | 10.9 | % | 12.0 | % | |||||||||||||||||||
Same store services contribution (NOI) | $ | 8,591 | $ | 8,326 | $ | 17,296 | (50.3) | % | (51.9) | % | |||||||||||||||||||
Total same store margin | 30.5 | % | 30.6 | % | 29.2 | % | 134 bps | 136 bps | |||||||||||||||||||||
Same store rent and storage margin | 63.8 | % | 63.8 | % | 60.4 | % | 341 bps | 343 bps | |||||||||||||||||||||
Same store services margin | 2.8 | % | 2.7 | % | 5.4 | % | -260 bps | -270 bps |
Three Months Ended September 30, | Change | ||||||||||||||||||||||||||||
2023 Actual | 2023 Constant Currency(1) | 2022 Actual | Actual | Constant Currency | |||||||||||||||||||||||||
Number of non-same store sites | 19 | 21 | n/a | n/a | |||||||||||||||||||||||||
Non-same store revenues: | (Dollars in thousands) | ||||||||||||||||||||||||||||
Rent and storage | $ | 20,594 | $ | 20,094 | $ | 14,640 | n/r | n/r | |||||||||||||||||||||
Warehouse services | 15,357 | 14,845 | 17,509 | n/r | n/r | ||||||||||||||||||||||||
Total non-same store revenues | 35,951 | 34,939 | 32,149 | n/r | n/r | ||||||||||||||||||||||||
Non-same store cost of operations: | |||||||||||||||||||||||||||||
Power | 4,371 | 4,189 | 4,440 | n/r | n/r | ||||||||||||||||||||||||
Other facilities costs | 5,537 | 5,458 | 5,615 | n/r | n/r | ||||||||||||||||||||||||
Labor | 15,818 | 15,600 | 16,155 | n/r | n/r | ||||||||||||||||||||||||
Other services costs | 5,492 | 5,470 | 4,851 | n/r | n/r | ||||||||||||||||||||||||
Total non-same store cost of operations | $ | 31,218 | $ | 30,717 | $ | 31,061 | n/r | n/r | |||||||||||||||||||||
Non-same store contribution (NOI) | $ | 4,733 | $ | 4,222 | $ | 1,088 | n/r | n/r | |||||||||||||||||||||
Non-same store rent and storage contribution (NOI) | $ | 10,686 | $ | 10,447 | $ | 4,585 | n/r | n/r | |||||||||||||||||||||
Non-same store services contribution (NOI) | $ | (5,953) | $ | (6,225) | $ | (3,497) | n/r | n/r | |||||||||||||||||||||
Total non-same store margin | 13.2 | % | 12.1 | % | 3.4 | % | n/r | n/r | |||||||||||||||||||||
Non-same store rent and storage margin | 51.9 | % | 52.0 | % | 31.3 | % | n/r | n/r | |||||||||||||||||||||
Non-same store services margin | (38.8) | % | (41.9) | % | (20.0) | % | n/r | n/r |
Three Months Ended September 30, | Change | ||||||||||||||||||||||||||||
2023 Actual | 2023 Constant Currency(1) | 2022 Actual | Actual | Constant Currency | |||||||||||||||||||||||||
Total warehouse segment revenues | $ | 602,605 | $ | 605,293 | $ | 598,977 | 0.6 | % | 1.1 | % | |||||||||||||||||||
Total warehouse cost of operations | $ | 424,773 | $ | 426,723 | $ | 432,315 | (1.7) | % | (1.3) | % | |||||||||||||||||||
Total warehouse segment contribution | $ | 177,832 | $ | 178,570 | $ | 166,662 | 6.7 | % | 7.1 | % |
Three Months Ended September 30, | Change | ||||||||||||||||
Units in thousands except per pallet and site number data - unaudited | 2023 | 2022 | |||||||||||||||
Number of same store sites | 219 | 219 | n/a | ||||||||||||||
Same store rent and storage: | |||||||||||||||||
Economic occupancy | |||||||||||||||||
Average occupied economic pallets | 4,230 | 4,131 | 2.4 | % | |||||||||||||
Economic occupancy percentage | 84.0 | % | 80.5 | % | 345 bps | ||||||||||||
Same store rent and storage revenues per average economic occupied pallet | $ | 60.98 | $ | 59.45 | 2.6 | % | |||||||||||
Constant currency same store rent and storage revenues per average economic occupied pallet | $ | 61.52 | $ | 59.45 | 3.5 | % | |||||||||||
Physical occupancy | |||||||||||||||||
Average physical occupied pallets | 3,816 | 3,839 | (0.6) | % | |||||||||||||
Average physical pallet positions | 5,036 | 5,130 | (1.8) | % | |||||||||||||
Physical occupancy percentage | 75.8 | % | 74.8 | % | 93 bps | ||||||||||||
Same store rent and storage revenues per average physical occupied pallet | $ | 67.58 | $ | 63.98 | 5.6 | % | |||||||||||
Constant currency same store rent and storage revenues per average physical occupied pallet | $ | 68.19 | $ | 63.98 | 6.6 | % | |||||||||||
Same store warehouse services: | |||||||||||||||||
Throughput pallets (in thousands) | 8,798 | 9,665 | (9.0) | % | |||||||||||||
Same store warehouse services revenues per throughput pallet | $ | 35.09 | $ | 33.24 | 5.6 | % | |||||||||||
Constant currency same store warehouse services revenues per throughput pallet | $ | 35.25 | $ | 33.24 | 6.1 | % | |||||||||||
Number of non-same store sites | 19 | 21 | n/a | ||||||||||||||
Non-same store rent and storage: | |||||||||||||||||
Economic occupancy | |||||||||||||||||
Average economic occupied pallets | 282 | 226 | n/r | ||||||||||||||
Economic occupancy percentage | 70.6 | % | 72.5 | % | n/r | ||||||||||||
Non-same store rent and storage revenues per average economic occupied pallet | $ | 73.08 | $ | 64.83 | n/r | ||||||||||||
Constant currency non-same store rent and storage revenues per average economic occupied pallet | $ | 71.31 | $ | 64.83 | n/r | ||||||||||||
Physical occupancy | |||||||||||||||||
Average physical occupied pallets | 245 | 204 | n/r | ||||||||||||||
Average physical pallet positions | 399 | 311 | n/r | ||||||||||||||
Physical occupancy percentage | 61.5 | % | 65.5 | % | n/r | ||||||||||||
Non-same store rent and storage revenues per average physical occupied pallet | $ | 83.99 | $ | 71.83 | n/r | ||||||||||||
Constant currency non-same store rent and storage revenues per average physical occupied pallet | $ | 81.95 | $ | 71.83 | n/r | ||||||||||||
Non-same store warehouse services: | |||||||||||||||||
Throughput pallets (in thousands) | 572 | 550 | n/r | ||||||||||||||
Non-same store warehouse services revenues per throughput pallet | $ | 26.84 | $ | 31.85 | n/r | ||||||||||||
Constant currency non-same store warehouse services revenues per throughput pallet | $ | 25.95 | $ | 31.85 | n/r |
Three Months Ended September 30, | Change | ||||||||||||||||||||||||||||
2023 Actual | 2023 Constant Currency(1) | 2022 Actual | Actual | Constant Currency | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Transportation revenues | $ | 55,642 | $ | 55,611 | $ | 76,367 | (27.1) | % | (27.2) | % | |||||||||||||||||||
Transportation cost of operations | 45,983 | 45,859 | 65,531 | (29.8) | % | (30.0) | % | ||||||||||||||||||||||
Transportation segment contribution (NOI) | $ | 9,659 | $ | 9,752 | $ | 10,836 | (10.9) | % | (10.0) | % | |||||||||||||||||||
Transportation margin | 17.4 | % | 17.5 | % | 14.2 | % | 317 bps | 335 bps |
Three Months Ended September 30, | Change | ||||||||||||||||||||||||||||
2023 Actual | 2023 Constant Currency(1) | 2022 Actual | Actual | Constant Currency | |||||||||||||||||||||||||
Number of managed sites | 5 | 9 | n/a | n/a | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Third-party managed revenues | $ | 9,692 | $ | 9,971 | $ | 82,436 | (88.2) | % | (87.9) | % | |||||||||||||||||||
Third-party managed cost of operations | 8,063 | 8,287 | 78,776 | (89.8) | % | (89.5) | % | ||||||||||||||||||||||
Third-party managed segment contribution | $ | 1,629 | $ | 1,684 | $ | 3,660 | (55.5) | % | (54.0) | % | |||||||||||||||||||
Third-party managed margin | 16.8 | % | 16.9 | % | 4.4 | % | 1237 bps | 1245 bps |
Three Months Ended September 30, | Change | |||||||||||||||||||
Acquisition, cyber incident and other, net | 2023 | 2022 | $ | % | ||||||||||||||||
Acquisition and integration related costs | $ | 648 | $ | 5,808 | $ | (5,160) | (89) | % | ||||||||||||
Cyber incident related costs, net of insurance recoveries | 5,405 | 8 | 5,397 | n/r | ||||||||||||||||
Severance costs | 3,263 | 1,586 | 1,677 | 106 | % | |||||||||||||||
Project Orion expenses | 3,215 | — | 3,215 | 100 | % | |||||||||||||||
Litigation | (100) | (2,200) | 2,100 | (95) | % | |||||||||||||||
Terminated site operations costs | — | (328) | 328 | (100) | % | |||||||||||||||
Other | 1,500 | — | 1,500 | 100 | % | |||||||||||||||
Total acquisition, cyber incident and other, net | $ | 13,931 | $ | 4,874 | ||||||||||||||||
n/r- not relevant |
Three Months Ended September 30, | Change | Change | |||||||||||||||||||||
2023 | 2022 | $ | % | ||||||||||||||||||||
Other (expense) income: | (Dollars in thousands) | ||||||||||||||||||||||
Interest expense | $ | (35,572) | $ | (30,402) | $ | (5,170) | 17.0 | % | |||||||||||||||
Loss on debt extinguishment, modifications and termination of derivative instruments | $ | (683) | $ | (1,040) | $ | 357 | (34.3) | % | |||||||||||||||
Other, net | $ | 723 | $ | (2,593) | $ | 3,316 | (127.9) | % | |||||||||||||||
Loss from investments in partially owned entities | $ | (259) | $ | 44 | $ | (303) | (688.6) | % | |||||||||||||||
Gain (loss) from discontinued operations, net of tax | $ | 203 | $ | (1,484) | $ | 1,687 | (113.7) | % |
Nine Months Ended September 30, | Change | ||||||||||||||||||||||||||||
2023 Actual | 2023 Constant Currency(1) | 2022 Actual | Actual | Constant Currency | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Rent and storage | $ | 825,100 | $ | 834,559 | $ | 732,356 | 12.7 | % | 14.0 | % | |||||||||||||||||||
Warehouse services | 953,727 | 962,963 | 971,925 | (1.9) | % | (0.9) | % | ||||||||||||||||||||||
Total warehouse segment revenues | 1,778,827 | 1,797,522 | 1,704,281 | 4.4 | % | 5.5 | % | ||||||||||||||||||||||
Power | 113,751 | 115,447 | 117,698 | (3.4) | % | (1.9) | % | ||||||||||||||||||||||
Other facilities costs (2) | 183,576 | 185,588 | 173,039 | 6.1 | % | 7.3 | % | ||||||||||||||||||||||
Labor | 770,952 | 779,399 | 751,682 | 2.6 | % | 3.7 | % | ||||||||||||||||||||||
Other services costs (3) | 185,047 | 186,478 | 197,957 | (6.5) | % | (5.8) | % | ||||||||||||||||||||||
Total warehouse segment cost of operations | $ | 1,253,326 | $ | 1,266,912 | $ | 1,240,376 | 1.0 | % | 2.1 | % | |||||||||||||||||||
Warehouse segment contribution (NOI) | $ | 525,501 | $ | 530,610 | $ | 463,905 | 13.3 | % | 14.4 | % | |||||||||||||||||||
Warehouse rent and storage contribution (NOI) | $ | 527,773 | $ | 533,524 | $ | 441,619 | 19.5 | % | 20.8 | % | |||||||||||||||||||
Warehouse services contribution (NOI) | $ | (2,272) | $ | (2,914) | $ | 22,286 | (110.2) | % | (113.1) | % | |||||||||||||||||||
Total warehouse segment margin | 29.5 | % | 29.5 | % | 27.2 | % | 232 bps | 230 bps | |||||||||||||||||||||
Rent and storage margin | 64.0 | % | 63.9 | % | 60.3 | % | 366 bps | 363 bps | |||||||||||||||||||||
Warehouse services margin | (0.2) | % | (0.3) | % | 2.3 | % | -253 bps | -260 bps |
Nine Months Ended September 30, | Change | ||||||||||||||||||||||||||||
2023 Actual | 2023 Constant Currency(1) | 2022 Actual | Actual | Constant Currency | |||||||||||||||||||||||||
Number of same store sites | 219 | 219 | n/a | n/a | |||||||||||||||||||||||||
Same store revenues: | (Dollars in thousands) | ||||||||||||||||||||||||||||
Rent and storage | $ | 769,873 | $ | 778,983 | $ | 691,118 | 11.4 | % | 12.7 | % | |||||||||||||||||||
Warehouse services | 913,832 | 922,704 | 922,730 | (1.0) | % | — | % | ||||||||||||||||||||||
Total same store revenues | 1,683,705 | 1,701,687 | 1,613,848 | 4.3 | % | 5.4 | % | ||||||||||||||||||||||
Same store cost of operations: | |||||||||||||||||||||||||||||
Power | 102,896 | 104,617 | 106,607 | (3.5) | % | (1.9) | % | ||||||||||||||||||||||
Other facilities costs | 167,584 | 169,486 | 155,737 | 7.6 | % | 8.8 | % | ||||||||||||||||||||||
Labor | 721,598 | 729,502 | 706,007 | 2.2 | % | 3.3 | % | ||||||||||||||||||||||
Other services costs | 168,232 | 169,563 | 184,284 | (8.7) | % | (8.0) | % | ||||||||||||||||||||||
Total same store cost of operations | $ | 1,160,310 | $ | 1,173,168 | $ | 1,152,635 | 0.7 | % | 1.8 | % | |||||||||||||||||||
Same store contribution (NOI) | $ | 523,395 | $ | 528,519 | $ | 461,213 | 13.5 | % | 14.6 | % | |||||||||||||||||||
Same store rent and storage contribution (NOI)(2) | $ | 499,393 | $ | 504,880 | $ | 428,774 | 16.5 | % | 17.7 | % | |||||||||||||||||||
Same store services contribution (NOI)(3) | $ | 24,002 | $ | 23,639 | $ | 32,439 | (26.0) | % | (27.1) | % | |||||||||||||||||||
Total same store margin | 31.1 | % | 31.1 | % | 28.6 | % | 251 bps | 248 bps | |||||||||||||||||||||
Same store rent and storage margin(4) | 64.9 | % | 64.8 | % | 62.0 | % | 283 bps | 277 bps | |||||||||||||||||||||
Same store services margin(5) | 2.6 | % | 2.6 | % | 3.5 | % | -89 bps | -95 bps |
Nine Months Ended September 30, | Change | ||||||||||||||||||||||||||||
2023 Actual | 2023 Constant Currency(1) | 2022 Actual | Actual | Constant Currency | |||||||||||||||||||||||||
Number of non-same store sites | 19 | 21 | n/a | n/a | |||||||||||||||||||||||||
Non-same store revenues: | (Dollars in thousands) | ||||||||||||||||||||||||||||
Rent and storage | $ | 55,227 | $ | 55,576 | $ | 41,239 | n/r | n/r | |||||||||||||||||||||
Warehouse services | 39,895 | 40,259 | 49,194 | n/r | n/r | ||||||||||||||||||||||||
Total non-same store revenues | 95,122 | 95,835 | 90,433 | n/r | n/r | ||||||||||||||||||||||||
Non-same store cost of operations: | |||||||||||||||||||||||||||||
Power | 10,856 | 10,830 | 11,092 | n/r | n/r | ||||||||||||||||||||||||
Other facilities costs | 15,992 | 16,101 | 17,302 | n/r | n/r | ||||||||||||||||||||||||
Labor | 49,354 | 49,897 | 45,676 | n/r | n/r | ||||||||||||||||||||||||
Other services costs | 16,814 | 16,915 | 13,671 | n/r | n/r | ||||||||||||||||||||||||
Total non-same store cost of operations | $ | 93,016 | $ | 93,743 | $ | 87,741 | n/r | n/r | |||||||||||||||||||||
Non-same store contribution (NOI) | $ | 2,106 | $ | 2,092 | $ | 2,692 | n/r | n/r | |||||||||||||||||||||
Non-same store rent and storage contribution (NOI)(2) | $ | 28,379 | $ | 28,645 | $ | 12,845 | n/r | n/r | |||||||||||||||||||||
Non-same store services contribution (NOI)(3) | $ | (26,273) | $ | (26,553) | $ | (10,153) | n/r | n/r | |||||||||||||||||||||
Total non-same store margin | 2.2 | % | 2.2 | % | 3.0 | % | n/r | n/r | |||||||||||||||||||||
Non-same store rent and storage margin(4) | 51.4 | % | 51.5 | % | 31.1 | % | n/r | n/r | |||||||||||||||||||||
Non-same store services margin(5) | (65.9) | % | (66.0) | % | (20.6) | % | n/r | n/r |
Nine Months Ended September 30, | Change | ||||||||||||||||||||||||||||
2023 Actual | 2023 Constant Currency(1) | 2022 Actual | Actual | Constant Currency | |||||||||||||||||||||||||
Total warehouse segment revenues | $ | 1,778,827 | $ | 1,797,522 | $ | 1,704,281 | 4.4 | % | 5.5 | % | |||||||||||||||||||
Total warehouse cost of operations | $ | 1,253,326 | $ | 1,266,912 | $ | 1,240,376 | 1.0 | % | 2.1 | % | |||||||||||||||||||
Total warehouse segment contribution | $ | 525,501 | $ | 530,610 | $ | 463,905 | 13.3 | % | 14.4 | % |
Nine Months Ended September 30, | |||||||||||||||||
Units in thousands except per pallet and site number data - unaudited | 2023 | 2022 | Change | ||||||||||||||
Number of same store sites | 219 | 219 | n/a | ||||||||||||||
Same store rent and storage: | |||||||||||||||||
Economic occupancy(1) | |||||||||||||||||
Average occupied economic pallets | 4,286 | 4,032 | 6.3 | % | |||||||||||||
Economic occupancy percentage | 84.5 | % | 78.5 | % | 597 bps | ||||||||||||
Same store rent and storage revenues per average economic occupied pallet | $ | 179.61 | $ | 171.41 | 4.8 | % | |||||||||||
Constant currency same store rent and storage revenues per average economic occupied pallet | $ | 181.74 | $ | 171.41 | 6.0 | % | |||||||||||
Physical occupancy(2) | |||||||||||||||||
Average physical occupied pallets | 3,918 | 3,713 | 5.5 | % | |||||||||||||
Average physical pallet positions | 5,074 | 5,136 | (1.2) | % | |||||||||||||
Physical occupancy percentage | 77.2 | % | 72.3 | % | 493 bps | ||||||||||||
Same store rent and storage revenues per average physical occupied pallet | $ | 196.47 | $ | 186.14 | 5.6 | % | |||||||||||
Constant currency same store rent and storage revenues per average physical occupied pallet | $ | 198.80 | $ | 186.14 | 6.8 | % | |||||||||||
Same store warehouse services: | |||||||||||||||||
Throughput pallets (in thousands) | 26,543 | 28,444 | (6.7) | % | |||||||||||||
Same store warehouse services revenues per throughput pallet | $ | 34.43 | $ | 32.44 | 6.1 | % | |||||||||||
Constant currency same store warehouse services revenues per throughput pallet | $ | 34.76 | $ | 32.44 | 7.2 | % | |||||||||||
Number of non-same store sites(3) | 19 | 21 | n/a | ||||||||||||||
Non-same store rent and storage: | |||||||||||||||||
Economic occupancy(1) | |||||||||||||||||
Average economic occupied pallets | 262 | 213 | n/r | ||||||||||||||
Economic occupancy percentage | 74.6 | % | 71.0 | % | n/r | ||||||||||||
Non-same store rent and storage revenues per average economic occupied pallet | $ | 210.92 | $ | 193.39 | n/r | ||||||||||||
Constant currency non-same store rent and storage revenues per average economic occupied pallet | $ | 212.25 | $ | 193.39 | n/r | ||||||||||||
Physical occupancy(2) | |||||||||||||||||
Average physical occupied pallets | 228 | 199 | n/r | ||||||||||||||
Average physical pallet positions | 351 | 300 | n/r | ||||||||||||||
Physical occupancy percentage | 64.9 | % | 66.2 | % | n/r | ||||||||||||
Non-same store rent and storage revenues per average physical occupied pallet | $ | 242.65 | $ | 207.38 | n/r | ||||||||||||
Constant currency non-same store rent and storage revenues per average physical occupied pallet | $ | 244.18 | $ | 207.38 | n/r | ||||||||||||
Non-same store warehouse services: | |||||||||||||||||
Throughput pallets (in thousands) | 1,597 | 1,683 | n/r | ||||||||||||||
Non-same store warehouse services revenues per throughput pallet | $ | 24.98 | $ | 29.22 | n/r | ||||||||||||
Constant currency non-same store warehouse services revenues per throughput pallet | $ | 25.21 | $ | 29.22 | n/r |
Nine Months Ended September 30, | Change | ||||||||||||||||||||||||||||
2023 Actual | 2023 Constant Currency(1) | 2022 Actual | Actual | Constant Currency | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Transportation revenues | $ | 181,792 | $ | 186,064 | $ | 237,168 | (23.3) | % | (21.5) | % | |||||||||||||||||||
Total transportation cost of operations | 150,664 | 154,420 | 204,218 | (26.2) | % | (24.4) | % | ||||||||||||||||||||||
Transportation segment contribution (NOI) | $ | 31,128 | $ | 31,644 | $ | 32,950 | (5.5) | % | (4.0) | % | |||||||||||||||||||
Transportation margin | 17.1 | % | 17.0 | % | 13.9 | % | 323 bps | 311 bps |
Nine Months Ended September 30, | Change | ||||||||||||||||||||||||||||
2023 Actual | 2023 Constant Currency(1) | 2022 Actual | Actual | Constant Currency | |||||||||||||||||||||||||
Number of managed sites | 5 | 9 | n/a | n/a | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Third-party managed revenues | $ | 33,419 | $ | 34,553 | $ | 251,782 | (86.7) | % | (86.3) | % | |||||||||||||||||||
Third-party managed cost of operations | 29,311 | 30,231 | 240,900 | (87.8) | % | (87.5) | % | ||||||||||||||||||||||
Third-party managed segment contribution | $ | 4,108 | $ | 4,322 | $ | 10,882 | (62.2) | % | (60.3) | % | |||||||||||||||||||
Third-party managed margin | 12.3 | % | 12.5 | % | 4.3 | % | 797 bps | 819 bps |
Nine Months Ended September 30, | Change | ||||||||||||||||||||||
Acquisition, cyber incident and other, net | 2023 | 2022 | $ | % | |||||||||||||||||||
Acquisition and integration related costs | $ | 4,837 | $ | 15,879 | $ | (11,042) | (70) | % | |||||||||||||||
Cyber incident related costs, net of insurance recoveries | 24,403 | (785) | $ | 25,188 | n/r | ||||||||||||||||||
Severance costs | 9,471 | 5,060 | $ | 4,411 | 87 | % | |||||||||||||||||
Project Orion expenses | 7,703 | — | $ | 7,703 | 100 | % | |||||||||||||||||
Litigation | 399 | 179 | $ | 220 | 123 | % | |||||||||||||||||
Terminated site operations costs | — | 439 | $ | (439) | (100) | % | |||||||||||||||||
Other, net | 1,500 | (160) | $ | 1,660 | n/r | ||||||||||||||||||
Total acquisition, cyber incident and other, net | $ | 48,313 | $ | 20,612 |
Nine Months Ended September 30, | Change | ||||||||||||||||
2023 | 2022 | % | |||||||||||||||
Other (expense) income: | (Dollars in thousands) | ||||||||||||||||
Interest expense | $ | (106,426) | $ | (82,720) | 28.7 | % | |||||||||||
Loss on debt extinguishment, modifications and termination of derivative instruments | $ | (1,855) | $ | (2,284) | (18.8) | % | |||||||||||
Other, net | $ | 1,741 | $ | (1,197) | n/r | ||||||||||||
Loss from investments in partially owned entities | $ | (1,616) | $ | (779) | 107.4 | % | |||||||||||
Impairment of related party loan receivable | $ | (21,972) | $ | — | 100.0 | % | |||||||||||
Loss on put option | $ | (56,576) | $ | — | 100.0 | % | |||||||||||
Loss from discontinued operations, net of tax | $ | (10,453) | $ | (6,420) | 62.8 | % | |||||||||||
n/r-not relevant |
We calculate funds from operations, or FFO, in accordance with the standards established by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. NAREIT defines FFO as net income or loss determined in accordance with U.S. GAAP, excluding extraordinary items as defined under U.S. GAAP and gains or losses from sales of previously depreciated operating real estate and other assets, plus specified non-cash items, such as real estate asset depreciation and amortization impairment charge on real estate related assets and our share of reconciling items for partially owned entities. We believe that FFO is helpful to investors as a supplemental performance measure because it excludes the effect of depreciation, amortization and gains or losses from sales of real estate, all of which are based on historical costs, which implicitly assumes that the value of real estate diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, FFO can facilitate comparisons of operating performance between periods and among other equity REITs.. | ||
We calculate core funds from operations, or Core FFO, as NAREIT FFO adjusted for the effects of gain or loss on the sale of non-real estate assets, acquisition, cyber incident and other, net, goodwill impairment (when applicable), loss on debt extinguishment, modifications and termination of derivative instruments, foreign currency exchange losses, gain or loss from discontinued operations held for sale, impairment of related party loan receivable, loss on fair value of put, gain on extinguishment of New Market Tax Credit structure, loss on deconsolidation of subsidiary contributed to LATAM joint venture, and gain from sale of LATAM joint venture. We also adjust for the impact of Core FFO on our share of reconciling items for partially owned entities. We believe that Core FFO is helpful to investors as a supplemental performance measure because it excludes the effects of certain items which can create significant earnings volatility, but which do not directly relate to our core business operations. We believe Core FFO can facilitate comparisons of operating performance between periods, while also providing a more meaningful predictor of future earnings potential. | ||
However, because NAREIT FFO and Core FFO add back real estate depreciation and amortization and do not capture the level of maintenance capital expenditures necessary to maintain the operating performance of our properties, both of which have material economic impacts on our results from operations, we believe the utility of NAREIT FFO and Core FFO as a measure of our performance may be limited. | ||
We calculate adjusted funds from operations, or Adjusted FFO, as Core FFO adjusted for the effects of amortization of deferred financing costs and pension withdrawal liability, amortization of above or below market leases, straight-line net rent, benefit from deferred income taxes, stock-based compensation expense, and maintenance capital expenditures. We also adjust for AFFO attributable to our share of reconciling items of partially owned entities and discontinued operations. We believe that Adjusted FFO is helpful to investors as a meaningful supplemental comparative performance measure of our ability to make incremental capital investments in our business and to assess our ability to fund distribution requirements from our operating activities. | ||
FFO, Core FFO and Adjusted FFO are used by management, investors and industry analysts as supplemental measures of operating performance of equity REITs. FFO, Core FFO and Adjusted FFO should be evaluated along with U.S. GAAP net income and net income per diluted share (the most directly comparable U.S. GAAP measures) in evaluating our operating performance. FFO, Core FFO and Adjusted FFO do not represent net income or cash flows from operating activities in accordance with U.S. GAAP and are not indicative of our results of operations or cash flows from operating activities as disclosed in our condensed consolidated statements of operations included elsewhere in this Quarterly Report on Form 10-Q. FFO, Core FFO and Adjusted FFO should be considered as supplements, but not alternatives, to our net income or cash flows from operating activities as indicators of our operating performance. Moreover, other REITs may not calculate FFO in accordance with the NAREIT definition or may interpret the NAREIT definition differently than we do. Accordingly, our FFO may not be comparable to FFO as calculated by other REITs. In addition, there is no industry definition of Core FFO or Adjusted FFO and, as a result, other REITs may also calculate Core FFO or Adjusted FFO, or other similarly-captioned metrics, in a manner different than we do. The table below reconciles FFO, Core FFO and Adjusted FFO to net (loss) income, which is the most directly comparable financial measure calculated in accordance with U.S. GAAP. |
Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO, and Adjusted FFO | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net loss | $ | (2,096) | $ | (8,937) | $ | (109,469) | $ | (22,429) | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Real estate related depreciation | 56,373 | 53,139 | 165,654 | 157,077 | |||||||||||||||||||
Loss (gain) on sale of real estate | 78 | 5,710 | (2,259) | 5,710 | |||||||||||||||||||
Net (gain) loss on asset disposals | (25) | 893 | (25) | 960 | |||||||||||||||||||
Impairment charges on certain real estate assets | — | 3,407 | — | 3,407 | |||||||||||||||||||
Our share of reconciling items related to partially owned entities | 290 | 822 | 1,425 | 3,201 | |||||||||||||||||||
NAREIT FFO(b) | 54,620 | 55,034 | 55,326 | 147,926 | |||||||||||||||||||
Adjustments: | |||||||||||||||||||||||
Net (gain) loss on sale of non-real estate assets | (296) | 310 | 413 | 147 | |||||||||||||||||||
Acquisition, cyber incident and other, net | 13,931 | 4,874 | 48,313 | 20,612 | |||||||||||||||||||
Goodwill impairment | — | 3,209 | — | 3,209 | |||||||||||||||||||
Loss on debt extinguishment, modifications and termination of derivative instruments | 683 | 1,040 | 1,855 | 2,284 | |||||||||||||||||||
Foreign currency exchange loss | 705 | 2,488 | 459 | 3,453 | |||||||||||||||||||
Gain on extinguishment of New Market Tax Credit structure | — | — | — | (3,410) | |||||||||||||||||||
Loss on deconsolidation of subsidiary contributed to LATAM joint venture | — | — | — | 4,148 | |||||||||||||||||||
Our share of reconciling items related to partially owned entities | 147 | 136 | 248 | 447 | |||||||||||||||||||
(Gain) loss from discontinued operations, net of tax | (203) | — | 8,072 | — | |||||||||||||||||||
Impairment of related party receivable | — | — | 21,972 | — | |||||||||||||||||||
Loss on put option | — | — | 56,576 | — | |||||||||||||||||||
Gain on sale of LATAM joint venture | — | — | (304) | — | |||||||||||||||||||
Core FFO applicable to common stockholders(b) | 69,587 | 67,091 | 192,930 | 178,816 | |||||||||||||||||||
Adjustments: | |||||||||||||||||||||||
Amortization of deferred financing costs and pension withdrawal liability | 1,286 | 1,222 | 3,805 | 3,528 | |||||||||||||||||||
Amortization of below/above market leases | 369 | 540 | 1,146 | 1,597 | |||||||||||||||||||
Straight-line net rent | 544 | 133 | 414 | 414 | |||||||||||||||||||
Deferred income taxes benefit | (2,473) | (4,374) | (7,553) | (19,149) | |||||||||||||||||||
Stock-based compensation expense | 6,203 | 6,720 | 17,812 | 22,101 | |||||||||||||||||||
Non-real estate depreciation and amortization | 33,355 | 30,530 | 93,990 | 91,902 | |||||||||||||||||||
Maintenance capital expenditures (a) | (20,907) | (22,586) | (59,741) | (58,810) | |||||||||||||||||||
Our share of reconciling items related to partially owned entities | 198 | 57 | 805 | 1,663 | |||||||||||||||||||
Adjusted FFO applicable to common stockholders(b) | $ | 88,162 | $ | 79,333 | $ | 243,608 | $ | 222,062 |
Recasted Three Months Ended September 30, | Recasted Nine Months Ended September 30, | ||||||||||||||||
(in thousands) | 2022 | 2023 | 2022 | ||||||||||||||
NAREIT FFO | $54,466 | $54,694 | $145,631 | ||||||||||||||
Core FFO applicable to common stockholders | $68,005 | $194,631 | $182,922 | ||||||||||||||
Adjusted FFO applicable to common stockholders | $80,208 | $245,225 | $224,291 |
We calculate NAREIT EBITDA for Real Estate, or EBITDAre, in accordance with the standards established by the Board of Governors of NAREIT, defined as, net loss before interest expense, income tax benefit, depreciation and amortization, gain or loss on sale of real estate, and adjustment to reflect share of EBITDAre of partially owned entities. EBITDAre is a measure commonly used in our industry, and we present EBITDAre to enhance investor understanding of our operating performance. We believe that EBITDAre provides investors and analysts with a measure of operating results unaffected by differences in capital structures, capital investment cycles and useful life of related assets among otherwise comparable companies. | ||
We also calculate our Core EBITDA as EBITDAre further adjusted for acquisition, cyber incident and other, net, loss from investments in partially owned entities, impairment of indefinite and long-lived assets (when applicable), foreign currency exchange loss, stock-based compensation expense, loss on debt extinguishment, modifications and termination of derivative instruments, net gain or loss on other asset disposals, reduction in EBITDAre from partially owned entities, impairment of related party receivable, loss on fair value of put, gain on extinguishment of New Market Tax Credit structure, and loss on deconsolidation of subsidiary contributed to LATAM joint venture, gain or loss from discontinued operations held for sale and gain on sale of LATAM joint venture. We believe that the presentation of Core EBITDA provides a measurement of our operations that is meaningful to investors because it excludes the effects of certain items that are otherwise included in EBITDAre but which we do not believe are indicative of our core business operations. EBITDAre and Core EBITDA are not measurements of financial performance under U.S. GAAP, and our EBITDAre and Core EBITDA may not be comparable to similarly titled measures of other companies. You should not consider our EBITDAre and Core EBITDA as alternatives to net income or cash flows from operating activities determined in accordance with U.S. GAAP. Our calculations of EBITDAre and Core EBITDA have limitations as analytical tools, including: |
We use EBITDAre and Core EBITDA as measures of our operating performance and not as measures of liquidity. The table below reconciles EBITDAre and Core EBITDA to net (loss) income, which is the most directly comparable financial measure calculated in accordance with U.S. GAAP. |
Reconciliation of Net (Loss) Income to NAREIT EBITDAre and Core EBITDA | ||||||||||||||
(In thousands) | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||
Net loss | $ | (2,096) | $ | (8,937) | $ | (109,469) | $ | (22,429) | ||||||
Adjustments: | ||||||||||||||
Depreciation and amortization | 89,728 | 83,669 | 259,644 | 248,979 | ||||||||||
Interest expense | 35,572 | 30,402 | 106,426 | 82,720 | ||||||||||
Income tax benefit | (492) | (3,368) | (1,672) | (16,145) | ||||||||||
Loss (gain) on sale of real estate | 78 | 5,710 | (2,259) | 5,710 | ||||||||||
Adjustment to reflect share of EBITDAre of partially owned entities | 1,495 | 3,383 | 7,464 | 12,796 | ||||||||||
NAREIT EBITDAre(a) | $ | 124,285 | $ | 110,859 | $ | 260,134 | $ | 311,631 | ||||||
Adjustments: | ||||||||||||||
Acquisition, cyber incident, and other, net | 13,931 | 4,874 | 48,313 | 20,612 | ||||||||||
Loss on partially owned entities | 259 | 1,440 | 3,997 | 7,199 | ||||||||||
Impairment of indefinite and long-lived assets | — | 6,616 | — | 6,616 | ||||||||||
Foreign currency exchange loss | 705 | 2,488 | 459 | 3,453 | ||||||||||
Stock-based compensation expense | 6,203 | 6,720 | 17,812 | 22,101 | ||||||||||
Loss on debt extinguishment, modifications and termination of derivative instruments | 683 | 1,040 | 1,855 | 2,284 | ||||||||||
Loss (gain) on other asset disposals | (321) | 1,203 | 388 | 1,107 | ||||||||||
Gain on extinguishment of New Market Tax Credit structure | — | — | — | (3,410) | ||||||||||
Loss on deconsolidation of subsidiary contributed to LATAM joint venture | — | — | — | 4,148 | ||||||||||
Reduction in EBITDAre from partially owned entities | (1,495) | (3,383) | (7,464) | (12,796) | ||||||||||
Gain (loss) from discontinued operations, net of tax | (203) | — | 8,072 | — | ||||||||||
Impairment of related party receivable | — | — | 21,972 | — | ||||||||||
Loss on put option | — | — | 56,576 | — | ||||||||||
Gain on sale of LATAM joint venture | — | — | (304) | — | ||||||||||
Core EBITDA | $ | 144,047 | $ | 131,857 | $ | 411,810 | $ | 362,945 |
Recasted Three Months Ended September 30, | Recasted Nine Months Ended September 30, | ||||||||||||||||
(in thousands) | 2022 | 2023 | 2022 | ||||||||||||||
NAREIT EBITDAre | $108,487 | $258,699 | $302,189 |
Debt Summary: | |||||
Fixed rate(1) | $ | 2,572,100 | |||
Variable rate - unhedged | 359,201 | ||||
Total senior unsecured notes, term loans and borrowings under revolving line of credit | 2,931,301 | ||||
Sale-leaseback financing obligations | 164,372 | ||||
Financing lease obligations | 70,170 | ||||
Total debt and debt-like obligations | $ | 3,165,843 | |||
Percent of total debt and debt-like obligations: | |||||
Fixed rate | 89 | % | |||
Variable rate | 11 | % | |||
Effective interest rate as of September 30, 2023 | 4.02 | % |
Year ended: | |||||
2023 | $ | — | |||
2024 | — | ||||
2025 | — | ||||
2026 | 934,201 | ||||
2027 | — | ||||
2028 - Thereafter | 1,997,100 | ||||
Aggregate principal amount of indebtedness | 2,931,301 | ||||
Less: unamortized deferred financing costs | (11,173) | ||||
Total indebtedness, net of deferred financing costs | $ | 2,920,128 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In thousands, except per cubic foot amounts) | |||||||||||||||||||||||
Real estate | $ | 18,041 | $ | 18,426 | $ | 53,370 | $ | 50,115 | |||||||||||||||
Personal property | 692 | 1,357 | 2,384 | 3,788 | |||||||||||||||||||
Information technology | 2,174 | 2,803 | 3,987 | 4,907 | |||||||||||||||||||
Maintenance capital expenditures(1) | $ | 20,907 | $ | 22,586 | $ | 59,741 | $ | 58,810 | |||||||||||||||
Maintenance capital expenditures per cubic foot | $ | 0.014 | $ | 0.015 | $ | 0.040 | $ | 0.040 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In thousands, except per cubic foot amounts) | |||||||||||||||||||||||
Real estate | $ | 12,452 | $ | 10,323 | $ | 33,558 | $ | 29,454 | |||||||||||||||
Personal property | 17,987 | 14,264 | 55,048 | 42,519 | |||||||||||||||||||
Repair and maintenance expenses | $ | 30,439 | $ | 24,587 | $ | 88,606 | $ | 71,973 | |||||||||||||||
Repair and maintenance expenses per cubic foot | $ | 0.020 | $ | 0.017 | $ | 0.059 | $ | 0.049 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Business combinations | $ | 5,909 | $ | 16,040 | $ | 46,652 | $ | 15,228 | |||||||||||||||
Asset acquisitions | 23,496 | 7,705 | 43,577 | 14,581 | |||||||||||||||||||
Expansion and development initiatives | 31,438 | 32,300 | 79,728 | 144,467 | |||||||||||||||||||
Information technology | 3,018 | 1,637 | 6,352 | 3,398 | |||||||||||||||||||
Growth and expansion capital expenditures | $ | 63,861 | $ | 57,682 | $ | 176,309 | $ | 177,674 |
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
(In thousands) | |||||||||||
Net cash provided by operating activities | $ | 193,213 | $ | 182,883 | |||||||
Net cash used in investing activities | $ | (258,378) | $ | (288,008) | |||||||
Net cash provided by financing activities | $ | 69,060 | 74,473 |
Exhibit No. | Description | |||||||
Offer Letter, dated as of July 24, 2023, by and between the Company and Bryan Verbarendse (incorporated by reference to Exhibit 10.1 to Americold Realty Trust's Current Report on Form 8-K filed on August 28, 2023 (File No. 001-34723)) | ||||||||
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Americold Realty Trust | ||||||||
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Americold Realty Trust | ||||||||
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 - Americold Realty Trust | ||||||||
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 - Americold Realty Trust | ||||||||
101 | The following financial statements of Americold Realty Trust’s Form 10-Q for the quarter ended September 30, 2023, formatted in XBRL interactive data files: (i) Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022; (ii) Condensed Consolidated Income Statements for the three and nine months ended September 30, 2023 and 2022; (iii) Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2023 and 2022; (iv) Condensed Consolidated Statements of Equity for the three and nine months ended September 30, 2023 and 2022; (v) Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022; and (vi) Notes to Condensed Consolidated Financial Statements. | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | |||||||
AMERICOLD REALTY TRUST, INC. | ||||||||||||||
(Registrant) | ||||||||||||||
Date: | November 2, 2023 | By: | /s/ Marc J. Smernoff | |||||||||||
Name: | Marc J. Smernoff | |||||||||||||
Title: | Chief Financial Officer, Treasurer and Executive Vice President | |||||||||||||
(On behalf of the registrant and as principal financial officer) |
/s/ George F. Chappelle Jr. | ||
George F. Chappelle Jr. | ||
Chief Executive Officer and Director |
/s/ Marc J. Smernoff | ||
Marc J. Smernoff | ||
Chief Financial Officer, Treasurer and Executive Vice President |
/s/ George F. Chappelle Jr. | ||
George F. Chappelle Jr. | ||
Chief Executive Officer and Director |
/s/ Marc J. Smernoff | ||
Marc J. Smernoff | ||
Chief Financial Officer, Treasurer and Executive Vice President |
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Allowance for credit loss | $ (18,470) | $ (15,951) |
Common shares, par value (in USD per share) | $ 0.01 | $ 0.01 |
Common shares, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common shares, shares issued (in shares) | 283,517,013 | 269,814,956 |
Common shares, shares outstanding (in shares) | 283,517,013 | 269,814,956 |
Mortgages, Senior Notes and Term Loans | ||
Unamortized deferred financing costs, net | $ (11,173) | $ (13,044) |
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (2,096) | $ (8,937) | $ (109,469) | $ (22,429) |
Other comprehensive (loss) income - net of tax: | ||||
Adjustment to accrued pension liability | (832) | 66 | (522) | 20 |
Change in unrealized net loss on foreign currency | (10,467) | (25,038) | (4,145) | (37,720) |
Unrealized gain on cash flow hedges | 12,381 | 8,274 | 22,176 | 9,984 |
Other comprehensive income (loss) - net of tax attributable to Americold Realty Trust, Inc. | 1,082 | (16,698) | 17,509 | (27,716) |
Other comprehensive income (loss) attributable to noncontrolling interests | 101 | (53) | 178 | (103) |
Total comprehensive loss | $ (913) | $ (25,688) | $ (91,782) | $ (50,248) |
General |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | General The Company Americold Realty Trust, Inc. together with its subsidiaries (“ART”, “Americold”, the “Company”, “us” or “we”) is a Maryland corporation that operates as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. The Company is a global leader in temperature-controlled storage, logistics, real estate and value added services, focused on the ownership, operation, acquisition and development of temperature-controlled warehouses. The Company is organized as a self-administered and self-managed REIT with proven operating, acquisition and development experience. Basis of Presentation and Principles of Consolidation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) for interim financial information, and with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). These unaudited Condensed Consolidated Financial Statements do not include all disclosures associated with the Company’s Consolidated Annual Financial Statements included in its 2022 Annual Report on Form 10-K as filed with the SEC, and, accordingly, should be read in conjunction with the referenced annual report. In the opinion of management, the Condensed Consolidated Financial Statements reflect all adjustments (all of which are normal and recurring in nature) considered necessary for a fair presentation. The accompanying Condensed Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries where the Company exerts control. Intercompany balances and transactions have been eliminated. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the full year. Investments in which the Company does not have control, and is not the primary beneficiary of a Variable Interest Entity (“VIE”), but where the Company exercises significant influence over the operating and financial policies of the investee, are accounted for using the equity method of accounting. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of (1) assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements, and (2) revenues and expenses during the reporting period. Actual results could differ from those estimates. Reclassifications As further described in Note 2 to the Condensed Consolidated Financial Statements, the Comfrio business met the held for sale criteria upon acquisition and as such is presented as discontinued operations. Newly acquired businesses that meet the held for sale criteria, at the acquisition date, are classified as discontinued operations. The Company has reclassified financial results associated with the Comfrio business as discontinued operations for all periods presented. The Company successfully sold the Comfrio business in August of 2023 and the related gain on sale has been classified within discontinued operations on the Condensed Consolidated Statement of Operations. In conjunction with the sale, the Company also removed the related assets and liabilities of the business previously classified as assets and liabilities held for sale. Cybersecurity Incident On April 26, 2023, the Company became aware of a cybersecurity incident impacting a certain number of our systems and partially impacting operations for a limited period of time (the “Cyber Incident”). The Company engaged an external cyber security expert to initiate responses to contain, remediate, and commence a forensic investigation. Actions taken included preventative measures such as shutting down certain operating systems and supplementing existing security monitoring with additional scanning and other protective measures. The Company also notified law enforcement and its customers, informing them of both the incident and management’s efforts to minimize its impact on the Company’s daily operations. Technology information systems were reintroduced in a controlled phased approach and all locations successfully resumed normal operations prior to June 30, 2023. The Company is continuing to invest in information technology with the intent of strengthening its information security infrastructure. We engaged a leading cybersecurity defense firm that completed a forensic investigation of the incident and provided recommended actions in response to the findings. The Company has completed many of recommended remediation activities. For example, the Company reset all credentials across the enterprise and strengthened security tooling across its servers and workstations. The Company has also reinforced its strategy to further strengthen the resiliency of its information security infrastructure, which is intended to accelerate the detection, response, and recovery from security and technical incidents. The Company is also engaged with cyber security experts to manage the remediation. The Company will continue its remediation efforts throughout the remainder of the year. Incremental charges recorded in conjunction with remediation and response efforts associated with the Cyber Incident were $5.4 million and $24.4 million during the three and nine months ended September 30, 2023, respectively, and have been recorded within “Acquisition, cyber incident, and other, net” in the Condensed Consolidated Financial Statements. This amount was primarily comprised of incremental internal labor costs, professional fees, customer claims, and related insurance deductibles. Termination of Certain Employee Benefit Plans On February 28, 2023, the Company’s Board of Directors approved a plan to effect the termination of the Americold Retirement Income Plan (“ARIP”). Additionally, on February 28, 2023, the Company amended the ARIP plan agreements in order to provide for a limited lump-sum window for eligible participants. The Company filed the Application for Determination Upon Termination with the Internal Revenue Service in July 2023. The Company has chosen to proceed with the distributions without waiting for the final letter of favorable determination. The Company filed the appropriate documents related to the termination of the ARIP with the Pension Benefit Guaranty Corporation and any other appropriate parties during the third quarter of 2023. The Company will recognize a gain or loss upon settlement when an irrevocable action to terminate the ARIP has occurred, the Company is relieved of the primary responsibility of the ARIP, and the significant risks related to the obligations of the plan and the assets used to effect the settlement is eliminated for the Company. The Company expects to make cash contributions in 2023 in order to fully fund the ARIP on a liquidation basis, and the ARIP will be dissolved upon completion of lump sum distributions and purchase of annuity contracts. The actual amount of this cash contribution requirement will depend upon the nature and timing of participant settlements, interest rates, as well as prevailing market conditions. In addition, the Company expects to recognize pre-tax non-cash pension settlement charges related to actuarial losses currently in Accumulated other comprehensive income (loss) in the Condensed Consolidated Balance Sheets, upon settlement of the obligations of the ARIP. These charges are currently expected to occur in 2023, with the specific timing and final amounts dependent upon completion of the activities enumerated above. The termination of the plan will be accounted for under the liquidation basis of accounting. The gain or loss resulting from the liquidation is not expected to be material and will be recorded to “Other, net” in the Condensed Consolidated Financial Statements. Recent Capital Markets Activity Universal Shelf Registration Statement On March 17, 2023, the Company and the Operating Partnership filed with the SEC an automatic shelf registration statement on Form S-3 (Registration No. 333-270664 and 333-270664-01) (the “Registration Statement”), registering an indeterminate amount of (i) the Company’s common stock, $0.01 par value per share, (ii) the Company’s preferred stock, $0.01 par value per share, (iii) depositary shares representing entitlement to all rights and preferences of fractions of the Company’s preferred shares of a specified series and represented by depositary receipts, (iv) warrants to purchase the Company’s common stock or preferred stock or depositary shares and (v) debt securities of the Operating Partnership, which will be fully and unconditionally guaranteed by the Company. At the Market (ATM) Equity Program On March 17, 2023, the Company entered into an equity distribution agreement pursuant to which we may sell, from time to time, up to an aggregate sales price of $900.0 million of our common stock through an ATM Equity Program (the “2023 ATM Equity Program”). Sales of the Company’s common stock made pursuant to the 2023 ATM Equity Program may be made in negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act, including sales made directly on the NYSE, or sales made to or through a market maker other than on an exchange, or as otherwise agreed between the applicable Agent named therein and us. Sales may also be made on a forward basis pursuant to separate forward sale agreements. During the three and nine months ended September 30, 2023, the Company issued 13,244,905 shares under the 2023 ATM Equity Program, resulting in net proceeds of $412.9 million after paying the sales agents $6.0 million of commissions. Accounting for Revenue Contracts Acquired in a Business Combination In 2021, the FASB issued ASU 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (Topic 805). The changes require entities to apply Accounting Standards Codification (ASC) 606 to recognize and measure contract assets and contract liabilities from contracts with customers in a business combination, rather than acquisition date fair value. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Adoption of ASU 2021-08 did not have a material impact on the Company’s Condensed Consolidated Financial Statements. Significant Risks and Uncertainties For the three and nine months ended September 30, 2022, the COVID-19 pandemic negatively impacted our operations due to disruptions in the food supply chain, customer production of goods, labor market conditions, and costs inflation. Over the last twelve months, the food supply chain has shown gradual improvements, although inflation continues to persist. The Company has mitigated the impacts of such challenges by implementing contractual rate escalations which, in part, offsets the impact of inflationary pressures and costs. Refer to “Item 1A - Risk Factors” of our 2022 Annual Report on Form 10-K as filed with the SEC.
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Acquisitions, Held for Sale, Discontinued Operations and Dispositions |
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions, Held for Sale, Discontinued Operations and Dispositions | Acquisitions, Held for Sale, Discontinued Operations and Dispositions Purchase of Comfrio Joint Venture In connection with the 2020 Agro acquisition, the Company acquired 22% of equity ownership in Agrofundo Brazil II Fundode Investimento em Participações or the “Comfrio” joint venture (“JV”) on June 1, 2020. The remaining interests were held by the general partner and two minority shareholders. The JV agreement included a fair value call/put option which would allow the remaining 78% interest in Comfrio to be either purchased by or sold to the Company through either the exercise of the Company’s call option or the exercise of the general partner’s put option. Once the exercise of the put was deemed probable, the Company remeasured the fair value of the put option, which resulted in a loss of $56.6 million. The fair value of the put option was determined using inputs classified as Level 3 within the fair value hierarchy. In April 2023, the two parties received regulatory approval from the Brazilian government, and the acquisition closed on May 30, 2023 (the “Acquisition Date”). Total consideration paid was $56.6 million, of which $46.7 million was funded during the nine months ended September 30, 2023. Prior to the Acquisition Date, the Company’s 22% equity interest was accounted for as an equity method investment. Given the financial condition of the acquiree, the Company remeasured its interest and determined no gain or loss should be recognized upon the closing of the acquisition. The final asset and liability fair values associated with the acquisition were each $87.0 million including measurement period adjustments recorded during the three months ended September 30, 2023. The final fair values of the assets acquired and liabilities assumed are based on management’s estimates and assumptions, as well as other information compiled by management, including information from prior valuations of similar entities and the books and records of Comfrio. Given the financial condition of Comfrio, the Company, in collaboration with the third party valuation specialist, determined that the liquidation valuation approach is most appropriate to measure the fair value of the assets and liabilities of Comfrio. Accordingly, the Company estimated the fair values of the assets and liabilities acquired based on what was determined to be recoverable if Comfrio were liquidated. Upon acquisition, the Company committed to a plan to sell Comfrio in its present condition and initiated a program to locate a buyer and complete the disposition. As Comfrio was a newly acquired business that met the held-for-sale criteria upon acquisition, the Company classified the associated assets acquired and liabilities assumed as held for sale and the operations as discontinued operations. In August of 2023, the Company sold the assets and liabilities of Comfrio. The corresponding proceeds and gain related to the sale were insignificant. The primary components of the net gain (loss) from discontinued operations during the three and nine months ended September 30, 2023 and 2022 are included in the table below.
During the fourth quarter of 2022, the Company entered into a loan agreement with Comfrio, in which Comfrio borrowed $25.0 million from Americold (of which $15.0 million was borrowed during the first quarter of 2023) at a 10% annual fixed interest rate. During the second quarter of 2023, the Company fully impaired the outstanding balance. Sale of Outstanding Minority Ownership in LATAM JV On May 30, 2023, the Company sold its remaining 15% equity interest to the LATAM JV partner for total proceeds of $36.9 million and recognized a corresponding gain of $0.3 million in “Other, net,” in the Condensed Consolidated Statement of Operations.
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Acquisition, cyber incident and other, net |
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Acquisition, Litigation and Other Special Charges [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition, cyber incident and other, net | Acquisition, cyber incident and other, net The components of the charges and credits included in “Acquisition, cyber incident and other, net” in our Condensed Consolidated Statements of Operations are as follows (in thousands):
Project Orion expenses represent the non-capitalizable portion of our Project Orion costs, which is an investment in and transformation of our technology systems, business processes and customer solutions. The project includes the implementation of a new, state-of-the-art, cloud-based enterprise resource planning (“ERP”) software system. Cyber incident related costs, net of insurance recoveries represents costs related to the cyber incident further described in Note 1 to these Condensed Consolidated Financial Statements, partially offset by recoveries received related to the cyber event in 2020.
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Debt |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | DebtThe following table reflects a summary of our outstanding indebtedness as of September 30, 2023 and December 31, 2022 (in thousands):
The following table provides the details of our Senior Unsecured Notes (in thousands):
The following table provides the details of our Senior Unsecured Term Loans (balances in thousands):
(1) S = one-month Adjusted Term SOFR; C = one-month CDOR. Tranche A-1 and Tranche A-3 SOFR includes an adjustment of 0.10%, in addition to the margin. While the above reflects the contractual rate, refer to the description below of the Senior Unsecured Credit Facility for details of the portion of these Term Loans that are hedged, therefore, at a fixed interest rate for the duration of the respective swap agreement. Refer to Note 5 for details of the related interest rate swaps. The following table provides the details of our Senior Unsecured Revolving Credit Facility (in thousands):
(1) S = one-month Adjusted SOFR; C = one-month CDOR; E = Euro Interbank Offered Rate (EURIBOR); SONIA = Adjusted Sterling Overnight Interbank Average Rate; BBSW = Bank Bill Swap Rate; BKBM = Bank Bill Reference Rate. We have elected Daily SOFR for the entirety of our U.S. dollar denominated borrowings shown above, which includes an adjustment of 0.10%, in addition to the margin. Our British pound sterling borrowings bear interest tied to adjusted SONIA, which includes an adjustment of 0.03% in addition to our margin. Refer to Note 9 of the Consolidated Financial Statements in the Company’s 2022 Annual Report on Form 10-K as filed with the SEC for further details of its outstanding indebtedness. As of September 30, 2023, we were in compliance with all debt covenants.
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Derivative Financial Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments Designated Non-derivative Financial Instruments As of September 30, 2023, the Company designated £78.0 million, A$189.0 million and €808.5 million debt and accrued interest as a hedge of our net investment in the respective international subsidiaries. As of December 31, 2022, the Company designated £76.5 million, A$146.0 million and €785.5 million debt and accrued interest as a hedge of our net investment in the respective international subsidiaries. The remeasurement of these instruments is recorded in “Change in unrealized net loss on foreign currency” on the accompanying Condensed Consolidated Statements of Comprehensive Loss. Derivative Financial Instruments The Company is subject to volatility in interest rates due to variable-rate debt. To manage this risk, the Company periodically enters into interest rate swap agreements. These agreements involve the receipt of variable-rate amounts in exchange for fixed-rate interest payments over the life of the respective swap agreement without an exchange of the underlying notional amount. The Company’s objective for utilizing these derivative instruments is to reduce its exposure to fluctuations in cash flows due to changes in interest rates. The following table includes the key provisions of the interest rate swaps outstanding as of September 30, 2023 and December 31, 2022 (fair value in thousands):
In addition, the Company is subject to volatility in foreign exchange rates due to foreign-currency denominated intercompany loans. The Company implemented cross-currency swaps to manage the foreign currency exchange rate risk on certain intercompany loans. These agreements effectively mitigate the Company’s exposure to fluctuations in cash flows due to foreign exchange rate risk. These agreements involve the receipt of fixed USD amounts in exchange for payment of fixed Australian and New Zealand Dollar amounts over the life of the respective intercompany loan. The entirety of the Company’s outstanding intercompany loans receivable balances, $153.5 million AUD and $37.5 million NZD, were hedged under the cross-currency swap agreements at September 30, 2023 and December 31, 2022. There have been no significant changes to our policy or strategy from what was disclosed in our 2022 Annual Report on Form 10-K. During the next twelve months, the Company estimates that an additional $1.6 million will be reclassified as an increase to “Loss on debt extinguishment, modifications, and termination of derivative instruments”. Additionally, during the next twelve months, the Company estimates that an additional $0.5 million will be reclassified as a increase to gain/loss on foreign exchange (a component of “Other income (expense), net”) and an additional $16.8 million will be reclassified as a decrease to “Interest expense”. The Company determines the fair value of its derivative instruments using a present value calculation with significant observable inputs classified as Level 2 of the fair value hierarchy. Derivative asset balances are recorded on the accompanying Condensed Consolidated Balance Sheets within “Other assets” and derivative liability balances are recorded on the accompanying Condensed Consolidated Balance Sheets within “Accounts payable and accrued expenses”. The following table presents the fair value of the derivative financial instruments as of September 30, 2023 and December 31, 2022 (in thousands):
The following tables present the effect of the Company’s derivative financial instruments on the accompanying Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2023 and 2022, including the impacts to Accumulated Other Comprehensive (Loss) Income (AOCI) (in thousands):
(1) In conjunction with the termination of interest rate swaps in 2020, the Company recorded amounts in other comprehensive income that will be reclassified as an adjustment to earnings over the term of the original hedges and respective borrowings. As of September 30, 2023, the Company recorded an increase to “Loss on debt extinguishment, modifications and termination of derivative instruments” related to this transaction.
(1) In conjunction with the termination of interest rate swaps in 2020, the Company recorded amounts in other comprehensive income that will be reclassified as an adjustment to earnings over the term of the original hedges and respective borrowings. During the nine months ended September 30, 2023, the Company recorded an increase to “Loss on debt extinguishment, modifications and termination of derivative instruments” related to this transaction. The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of September 30, 2023 and December 31, 2022. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the accompanying Condensed Consolidated Balance Sheets (in thousands):
As of September 30, 2023 and December 31, 2022, there was no impact from netting arrangements and the Company did not have any outstanding derivatives in a net liability position. As of September 30, 2023, the Company has not posted any collateral related to these agreements. The Company has agreements with each of its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company's default on the indebtedness. Refer to Note 9 for additional details regarding the impact of the Company’s derivatives on AOCI for the three and nine months ended September 30, 2023 and 2022, respectively.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements As of September 30, 2023 and December 31, 2022, the carrying amounts of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accrued expenses and revolving line of credit approximate their fair values due to the short-term maturities of the instruments. The Company’s assets and liabilities measured or disclosed at fair value are as follows (in thousands):
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Income Taxes |
9 Months Ended |
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Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesThe Company’s effective tax rate for the three and nine months ended September 30, 2023 and 2022 varies from the statutory U.S. federal income tax rate primarily due to the Company being designated as a REIT that is generally treated as a non-tax paying entity. During the three and nine months ended September 30, 2023, the effective tax rate was favorably impacted by the blend of pre-tax book income and losses generated year over year by jurisdiction. During the three months ended September 30, 2022, the effective tax rates were mainly impacted by the loss generated by our foreign operations. During the nine months ended September 30, 2022, the effective tax rates were mainly impacted by a non-recurring $6.5 million discrete net tax benefit attributable to the deconsolidation of our Chilean operations and loss generated by our foreign operations. |
Commitments and Contingencies |
9 Months Ended |
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Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and ContingenciesApril 2023 Cyber Incident As a result of the Cyber Incident referenced in Note 1 to the Condensed Consolidated Financial Statements, the Company has received claims for reimbursement from a number of customers pursuant to the terms of the contracts between each of those customers and the Company. During the nine months ended September 30, 2023 the Company recorded an accrual of $4.0 million. This represents management’s best estimate of the amount of loss related to such claims based on its evaluation of the relevant contract terms and other relevant facts and circumstances. Legal Proceedings In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company and its legal counsel evaluate the merits of any legal proceedings or unasserted claims, as well as the perceived merits of the amount of relief sought or expected to be sought. If the assessment of a contingency suggests that a loss is probable, and the amount can be reasonably estimated, then a loss is recorded. In addition to the matters discussed below, the Company may be subject to litigation and claims arising from the ordinary course of business. In the opinion of management, after consultation with legal counsel, the outcome of such matters is not expected to have a material impact on the Company’s financial condition, results of operations, or cash flows. Preferred Freezer Services, LLC Litigation On February 11, 2019, Preferred Freezer Services, LLC (“PFS”) moved by Order to Show Cause in the Supreme Court of the State of New York, New York County, asserting breach of contract and other claims against the Company and seeking to preliminarily enjoin the Company from acting to acquire certain properties leased by PFS. In its complaint and request for preliminary injunctive relief, PFS alleged that the Company breached a confidentiality agreement entered into in connection with the Company’s participation in a bidding process for the sale of PFS by contacting PFS’s landlords and by using confidential PFS information in bidding for the properties leased by PFS (the “PFS Action”). PFS’s request for a preliminary injunction was denied after oral argument on February 26, 2019. On March 1, 2019, PFS filed an application for interim injunctive relief from the Appellate Division of the Supreme Court, First Judicial Department (“the First Department”). On April 2, 2019, while its application to the First Department was pending, PFS voluntarily dismissed its state court action, and First Department application, and re-filed substantially the same claims against the Company in the U.S. District Court for the Southern District of New York. In addition to an order enjoining Americold from making offers to purchase the properties leased by PFS, PFS sought compensatory, consequential and/or punitive damages. The Company filed a motion to require PFS to reimburse the Company for its legal fees it incurred for the state court action before PFS is allowed to proceed in the federal court action. On February 18, 2020, the Court granted Americold’s request for an award of legal fees from PFS but declined to stay the case pending payment of that award. As to the amount of the award, the Company and PFS have entered into a stipulation that PFS will pay Americold $0.6 million to reimburse the Company for its legal fees upon conclusion of the case. PFS has since amended its complaint, and Americold has filed a motion to dismiss that amended complaint. The Company denies the allegations and believes PFS’s claims are without merit and intends to vigorously defend itself against the allegations. Given the status of the proceedings to date, a liability cannot be reasonably estimated. The Company believes the ultimate outcome of this matter will not have a material adverse impact on its Consolidated Financial Statements. Environmental Matters The Company is subject to a wide range of environmental laws and regulations in each of the locations in which the Company operates. Compliance with these requirements can involve significant capital and operating costs. Failure to comply with these requirements can result in civil or criminal fines or sanctions, claims for environmental damages, remediation obligations, the revocation of environmental permits, or restrictions on the Company’s operations. The Company records accruals for environmental matters when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated based on current law and existing technologies. The Company adjusts these accruals periodically as assessment and remediation efforts progress or as additional technical or legal information become available. The Company had nominal environmental liabilities in accounts payable and accrued expenses as of September 30, 2023 and December 31, 2022. Most of the Company’s warehouses utilize ammonia as a refrigerant. Ammonia is classified as a hazardous chemical regulated by the Environmental Protection Agency, and an accident or significant release of ammonia from a warehouse could result in injuries, loss of life, and property damage. Future changes in applicable environmental laws or regulations, or in the interpretations of such laws and regulations, could negatively impact the Company. The Company believes it is in compliance with applicable environmental regulations in all material respects. Under various U.S. federal, state, and local environmental laws, a current or previous owner or operator of real estate may be liable for the entire cost of investigating, removing, and/or remediating hazardous or toxic substances on such property. Such laws often impose liability whether or not the owner or operator knew of, or was responsible for, the contamination. Even if more than one person may have been responsible for the contamination, each person covered by the environmental laws may be held responsible for the entire clean-up cost. There are no material unrecorded contingent liabilities as of September 30, 2023. Occupational Safety and Health Act (OSHA) The Company’s warehouses located in the U.S. are subject to regulation under OSHA, which requires employers to provide employees with an environment free from hazards, such as exposure to toxic chemicals, excessive noise levels, mechanical dangers, heat or cold stress, and unsanitary conditions. The cost of complying with OSHA and similar laws enacted by states and other jurisdictions in which we operate can be substantial, and any failure to comply with these regulations could expose us to substantial penalties and potentially to liabilities to employees who may be injured at our warehouses. The Company records accruals for OSHA matters when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. The Company believes that it is in substantial compliance with all OSHA regulations and that no material unrecorded contingent liabilities exist as of September 30, 2023 and December 31, 2022.
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Accumulated Other Comprehensive Income (Loss) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The Company reports activity in AOCI for foreign currency translation adjustments, including the translation adjustment for investments in partially owned entities, unrealized gains and losses on designated derivatives, and minimum pension liability adjustments (net of tax). The activity in AOCI for the three and nine months ended September 30, 2023 and 2022 is as follows (in thousands):
(1)Amounts reclassified from AOCI for pension liabilities are recognized in “Selling, general and administrative” in the accompanying Condensed Consolidated Statements of Operations.
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Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information Our principal operations are organized into three reportable segments: Warehouse, Transportation and Third-party managed. Our reportable segments are strategic business units separated by service offerings. Each reportable segment is managed separately and requires different operational and marketing strategies. Our chief operating decision maker uses revenues and segment contribution to evaluate segment performance. We calculate segment contribution as earnings before interest expense, taxes, depreciation and amortization, and excluding corporate selling, general and administrative expense, acquisition, cyber incident and other expense, impairment of long-lived assets, gain or loss on sale of real estate and all components of non-operating other income and expense. Selling, general and administrative functions support all the business segments. Therefore, the related expense is not allocated to segments as the chief operating decision maker does not use it to evaluate segment performance. Segment contribution is not a measurement of financial performance under U.S. GAAP, and may not be comparable to similarly titled measures of other companies. Therefore, segment contribution should not be considered an alternative to operating income determined in accordance with U.S. GAAP. The following table presents segment revenues and contributions with a reconciliation to loss from continuing operations before income taxes for the three and nine months ended September 30, 2023 and 2022 (in thousands):
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Loss/Earnings per Common Share |
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Loss/Earnings per Common Share | Loss/Earnings per Common Share Basic and diluted (loss)/earnings per common share are calculated by dividing the net income or loss attributable to common stockholders by the basic and diluted weighted-average number of common shares outstanding in the period, respectively, using the allocation method prescribed by the two-class method. The Company applies this method to compute earnings per share because it distributes non-forfeitable dividend equivalents on restricted stock units and Operating Partnership units (“OP units”) granted to certain employees and non-employee directors who have the right to participate in the distribution of common dividends while the restricted stock units and OP units are unvested. A reconciliation of the basic and diluted weighted-average number of common shares outstanding for the three and nine months ended September 30, 2023 and 2022 is as follows (in thousands):
For the three and nine months ended September 30, 2023, and September 30, 2022, respectively, potential common shares under the treasury stock method and the if-converted method were antidilutive because the Company reported a net loss for such periods. Consequently, the Company did not have any adjustments between basic and diluted loss per share related to stock-based awards for those periods. The table below presents the number of antidilutive potential common shares that are not considered in the calculation of diluted loss per share (in thousands):
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Revenue from Contracts with Customers |
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Revenue from Contracts with Customers | Revenue from Contracts with Customers Disaggregated Revenue The following tables represent a disaggregation of revenue from contracts with customers for the three and nine months ended September 30, 2023 and 2022 by segment and geographic region (in thousands):
(1)Warehouse services revenue includes sales of product that Americold purchases on the spot market, repackages, and sells to customers that was exited during the three months ended September 30, 2023. Such revenues totaled $3.7 million for the three months ended September 30, 2022. There were no such revenues for the three months ended September 30, 2023. (2)Revenues are within the scope of ASC 606, Revenue From Contracts with Customers. Elements of contracts or arrangements that are in the scope of other standards (e.g., leases) are separated and accounted for under those standards. (3)Revenues are within the scope of Topic 842, Leases.
(1)Warehouse services revenue includes sales of product that Americold purchases on the spot market, repackages, and sells to customers. Such revenues totaled less than $0.1 million and $11.1 million for the nine months ended September 30, 2023 and September 30, 2022, respectively. (2)Revenues are within the scope of ASC 606, Revenue From Contracts with Customers. Elements of contracts or arrangements that are in the scope of other standards (e.g., leases) are separated and accounted for under those standards. (3)Revenues are within the scope of Topic 842, Leases. Performance Obligations Substantially all our revenue for warehouse storage and handling services, and management and incentive fees earned under third-party managed and other contracts is recognized over time as the customer benefits equally throughout the period until the contractual term expires. Typically, revenue is recognized over time using an output measure (e.g. passage of time). Revenue is recognized at a point in time upon delivery when the customer typically obtains control, for most accessorial services, transportation services and reimbursed costs. For arrangements containing non-cancellable contract terms, any variable consideration related to storage renewals or incremental handling charges above stated minimums are 100% constrained and not included in the aggregate amount of the transaction price allocated to the unsatisfied performance obligations disclosed below, given the degree in difficulty in estimation. Payment terms are generally 0-30 days upon billing, which is typically monthly, either in advance or subsequent to the performance of services. The same payment terms typically apply for arrangements containing variable consideration. The Company has no material warranties or obligations for allowances, refunds or other similar obligations. As of September 30, 2023, the Company had $1.3 billion of remaining unsatisfied performance obligations from contracts with customers subject to a non-cancellable term and within contracts that have an original expected duration exceeding one year. These obligations also do not include variable consideration beyond the non-cancellable term, which due to the inability to quantify by estimate, is fully constrained. The Company expects to recognize approximately 5% of these remaining performance obligations as revenue in 2023, and the remaining 95% to be recognized over a weighted average period of 14.0 years through 2042. Contract Balances The timing of revenue recognition, billings and cash collections results in accounts receivable (contract assets), and unearned revenue (contract liabilities) on the accompanying Condensed Consolidated Balance Sheets. Generally, billing occurs monthly, subsequent to revenue recognition, resulting in contract assets. However, the Company may bill and receive advances or deposits from customers, particularly on storage and handling services, before revenue is recognized, resulting in contract liabilities. These assets and liabilities are reported on the accompanying Condensed Consolidated Balance Sheets on a contract-by-contract basis at the end of each reporting period. Changes in the contract asset and liability balances during the three and nine months ended September 30, 2023, were not materially impacted by any other factors. Receivable balances related to contracts with customers accounted for under ASC 606 were $416.9 million and $421.1 million as of September 30, 2023 and December 31, 2022, respectively. All other trade receivable balances relate to contracts accounted for under ASC 842. Balances in unearned revenue related to contracts with customers were $29.9 million and $32.0 million as of September 30, 2023 and December 31, 2022, respectively. Substantially all revenue that was included in the contract liability balances at the beginning of 2022 has been recognized as of September 30, 2023, and represents revenue from the satisfaction of monthly storage and handling services with average customer inventory turns of approximately 30 days.
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
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Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ (2,088) | $ (8,912) | $ (109,374) | $ (22,384) |
Insider Trading Arrangements |
3 Months Ended |
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Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
General (Policies) |
9 Months Ended |
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Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting | The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) for interim financial information, and with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). |
Principles of Consolidation | These unaudited Condensed Consolidated Financial Statements do not include all disclosures associated with the Company’s Consolidated Annual Financial Statements included in its 2022 Annual Report on Form 10-K as filed with the SEC, and, accordingly, should be read in conjunction with the referenced annual report. In the opinion of management, the Condensed Consolidated Financial Statements reflect all adjustments (all of which are normal and recurring in nature) considered necessary for a fair presentation. The accompanying Condensed Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries where the Company exerts control. Intercompany balances and transactions have been eliminated. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the full year. Investments in which the Company does not have control, and is not the primary beneficiary of a Variable Interest Entity (“VIE”), but where the Company exercises significant influence over the operating and financial policies of the investee, are accounted for using the equity method of accounting. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of (1) assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements, and (2) revenues and expenses during the reporting period. Actual results could differ from those estimates.
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Reclassifications | ReclassificationsAs further described in Note 2 to the Condensed Consolidated Financial Statements, the Comfrio business met the held for sale criteria upon acquisition and as such is presented as discontinued operations. Newly acquired businesses that meet the held for sale criteria, at the acquisition date, are classified as discontinued operations. The Company has reclassified financial results associated with the Comfrio business as discontinued operations for all periods presented. |
Termination of certain employee benefit plans | Termination of Certain Employee Benefit Plans On February 28, 2023, the Company’s Board of Directors approved a plan to effect the termination of the Americold Retirement Income Plan (“ARIP”). Additionally, on February 28, 2023, the Company amended the ARIP plan agreements in order to provide for a limited lump-sum window for eligible participants. The Company filed the Application for Determination Upon Termination with the Internal Revenue Service in July 2023. The Company has chosen to proceed with the distributions without waiting for the final letter of favorable determination. The Company filed the appropriate documents related to the termination of the ARIP with the Pension Benefit Guaranty Corporation and any other appropriate parties during the third quarter of 2023. The Company will recognize a gain or loss upon settlement when an irrevocable action to terminate the ARIP has occurred, the Company is relieved of the primary responsibility of the ARIP, and the significant risks related to the obligations of the plan and the assets used to effect the settlement is eliminated for the Company. The Company expects to make cash contributions in 2023 in order to fully fund the ARIP on a liquidation basis, and the ARIP will be dissolved upon completion of lump sum distributions and purchase of annuity contracts. The actual amount of this cash contribution requirement will depend upon the nature and timing of participant settlements, interest rates, as well as prevailing market conditions. In addition, the Company expects to recognize pre-tax non-cash pension settlement charges related to actuarial losses currently in Accumulated other comprehensive income (loss) in the Condensed Consolidated Balance Sheets, upon settlement of the obligations of the ARIP. These charges are currently expected to occur in 2023, with the specific timing and final amounts dependent upon completion of the activities enumerated above. The termination of the plan will be accounted for under the liquidation basis of accounting. The gain or loss resulting from the liquidation is not expected to be material and will be recorded to “Other, net” in the Condensed Consolidated Financial Statements.
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Accounting for Revenue Contracts Acquired in a Business Combination | Accounting for Revenue Contracts Acquired in a Business Combination In 2021, the FASB issued ASU 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (Topic 805). The changes require entities to apply Accounting Standards Codification (ASC) 606 to recognize and measure contract assets and contract liabilities from contracts with customers in a business combination, rather than acquisition date fair value. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Adoption of ASU 2021-08 did not have a material impact on the Company’s Condensed Consolidated Financial Statements.
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Significant Risk and Uncertainties | Significant Risks and Uncertainties For the three and nine months ended September 30, 2022, the COVID-19 pandemic negatively impacted our operations due to disruptions in the food supply chain, customer production of goods, labor market conditions, and costs inflation. Over the last twelve months, the food supply chain has shown gradual improvements, although inflation continues to persist. The Company has mitigated the impacts of such challenges by implementing contractual rate escalations which, in part, offsets the impact of inflationary pressures and costs. Refer to “Item 1A - Risk Factors” of our 2022 Annual Report on Form 10-K as filed with the SEC.
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Acquisitions, Held for Sale, Discontinued Operations and Dispositions (Tables) |
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Net Gain (Losses) from Discontinued Operations | The primary components of the net gain (loss) from discontinued operations during the three and nine months ended September 30, 2023 and 2022 are included in the table below.
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Acquisition, cyber incident and other, net (Tables) |
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Acquisition, Litigation and Other Special Charges [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Acquisition, Cyber Incident and Other Special Charges | The components of the charges and credits included in “Acquisition, cyber incident and other, net” in our Condensed Consolidated Statements of Operations are as follows (in thousands):
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Debt (Tables) |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | The following table reflects a summary of our outstanding indebtedness as of September 30, 2023 and December 31, 2022 (in thousands):
The following table provides the details of our Senior Unsecured Notes (in thousands):
The following table provides the details of our Senior Unsecured Term Loans (balances in thousands):
(1) S = one-month Adjusted Term SOFR; C = one-month CDOR. Tranche A-1 and Tranche A-3 SOFR includes an adjustment of 0.10%, in addition to the margin. While the above reflects the contractual rate, refer to the description below of the Senior Unsecured Credit Facility for details of the portion of these Term Loans that are hedged, therefore, at a fixed interest rate for the duration of the respective swap agreement. Refer to Note 5 for details of the related interest rate swaps. The following table provides the details of our Senior Unsecured Revolving Credit Facility (in thousands):
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Derivative Financial Instruments (Tables) |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Interest Rate Derivatives | The following table includes the key provisions of the interest rate swaps outstanding as of September 30, 2023 and December 31, 2022 (fair value in thousands):
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Summary of Derivative Results | The following table presents the fair value of the derivative financial instruments as of September 30, 2023 and December 31, 2022 (in thousands):
The following tables present the effect of the Company’s derivative financial instruments on the accompanying Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2023 and 2022, including the impacts to Accumulated Other Comprehensive (Loss) Income (AOCI) (in thousands):
(1) In conjunction with the termination of interest rate swaps in 2020, the Company recorded amounts in other comprehensive income that will be reclassified as an adjustment to earnings over the term of the original hedges and respective borrowings. As of September 30, 2023, the Company recorded an increase to “Loss on debt extinguishment, modifications and termination of derivative instruments” related to this transaction.
(1) In conjunction with the termination of interest rate swaps in 2020, the Company recorded amounts in other comprehensive income that will be reclassified as an adjustment to earnings over the term of the original hedges and respective borrowings. During the nine months ended September 30, 2023, the Company recorded an increase to “Loss on debt extinguishment, modifications and termination of derivative instruments” related to this transaction.
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Offsetting Assets | The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the accompanying Condensed Consolidated Balance Sheets (in thousands):
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Offsetting Liabilities | The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the accompanying Condensed Consolidated Balance Sheets (in thousands):
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Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping | The Company’s assets and liabilities measured or disclosed at fair value are as follows (in thousands):
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Accumulated Other Comprehensive Income (Loss) (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive (Loss) Income | The activity in AOCI for the three and nine months ended September 30, 2023 and 2022 is as follows (in thousands):
(1)Amounts reclassified from AOCI for pension liabilities are recognized in “Selling, general and administrative” in the accompanying Condensed Consolidated Statements of Operations.
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Segment Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information | The following table presents segment revenues and contributions with a reconciliation to loss from continuing operations before income taxes for the three and nine months ended September 30, 2023 and 2022 (in thousands):
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Loss/Earnings per Common Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Weighted Average Number of Common Shares Outstanding | A reconciliation of the basic and diluted weighted-average number of common shares outstanding for the three and nine months ended September 30, 2023 and 2022 is as follows (in thousands):
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Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The table below presents the number of antidilutive potential common shares that are not considered in the calculation of diluted loss per share (in thousands):
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Revenue from Contracts with Customers (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following tables represent a disaggregation of revenue from contracts with customers for the three and nine months ended September 30, 2023 and 2022 by segment and geographic region (in thousands):
(1)Warehouse services revenue includes sales of product that Americold purchases on the spot market, repackages, and sells to customers that was exited during the three months ended September 30, 2023. Such revenues totaled $3.7 million for the three months ended September 30, 2022. There were no such revenues for the three months ended September 30, 2023. (2)Revenues are within the scope of ASC 606, Revenue From Contracts with Customers. Elements of contracts or arrangements that are in the scope of other standards (e.g., leases) are separated and accounted for under those standards. (3)Revenues are within the scope of Topic 842, Leases.
(1)Warehouse services revenue includes sales of product that Americold purchases on the spot market, repackages, and sells to customers. Such revenues totaled less than $0.1 million and $11.1 million for the nine months ended September 30, 2023 and September 30, 2022, respectively. (2)Revenues are within the scope of ASC 606, Revenue From Contracts with Customers. Elements of contracts or arrangements that are in the scope of other standards (e.g., leases) are separated and accounted for under those standards. (3)Revenues are within the scope of Topic 842, Leases.
|
General (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Mar. 17, 2023 |
Dec. 31, 2022 |
|
Schedule of Equity Method Investments [Line Items] | |||||
Cyber incident charges | $ 5,405,000 | $ 24,403,000 | |||
Common shares, par value (in USD per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |
Preferred shares, par value (in USD per share) | $ 0.01 | ||||
Issuance of common stock | $ 412,918,000 | ||||
Net proceeds from issuance of common stock | $ 412,918,000 | $ 0 | |||
2023 ATM Equity Program | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Authorized equity program | $ 900,000,000 | ||||
Issuance of common stock | 13,244,905 | 13,244,905 | |||
Net proceeds from issuance of common stock | 412,900,000 | 412,900,000 | |||
Offering fees | $ 6,000,000 | $ 6,000,000 |
Acquisitions, Held for Sale, Discontinued Operations and Dispositions - Narrative (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | 9 Months Ended | 40 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|---|
May 30, 2023
USD ($)
|
Jun. 01, 2020
USD ($)
shareholder
|
Apr. 30, 2023
party
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
|
Mar. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
|
Business Acquisition [Line Items] | ||||||||||
Loss on put option | $ 0 | $ 0 | $ 56,576 | $ 0 | ||||||
Gain on deconsolidation of subsidiary | 0 | $ (4,148) | ||||||||
Agro Acquisition | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Number of parties received regulatory approval | party | 2 | |||||||||
Business combination, total consideration | 46,700 | $ 56,600 | ||||||||
Fair value of assets acquired | 87,000 | 87,000 | 87,000 | |||||||
Fair value of liabilities assumed | $ 87,000 | $ 87,000 | $ 87,000 | |||||||
Comfrio JV | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Revolver borrowing capacity | $ 15,000 | $ 25,000 | ||||||||
Fixed interest rate | 10.00% | |||||||||
Comfrio | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Equity interest | 22.00% | 2200.00% | ||||||||
Number of miniority shareholders | shareholder | 2 | |||||||||
Loss on put option | $ 56,600 | |||||||||
Comfrio | General Partner and Two Minority Shareholders | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Equity interest | 78.00% | |||||||||
Americold LatAm Holdings Ltd | Cold Latam Limited | Discontinued Operations, Held-for-Sale | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Equity interest | 15.00% | |||||||||
Proceeds from sale of investments in partially owned entities | $ 36,900 | |||||||||
Gain on deconsolidation of subsidiary | $ 300 |
Acquisitions, Held for Sale, Discontinued Operations and Dispositions - Components of Net Gain (Losses) from Discontinued Operations (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain from sale of Comfrio | $ 4,616 | $ 0 | ||
Gain (loss) - discontinued operations, net of tax | $ 203 | $ (1,484) | (10,453) | (6,420) |
Comfrio | Discontinued Operations, Held-for-Sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Revenue | 15,234 | 0 | 29,471 | 0 |
Operating expenses | 15,547 | 0 | 32,088 | 0 |
Estimated costs of disposal | 616 | 0 | 4,616 | 0 |
Loss from partial investment pre-acquisition | 0 | 1,484 | 4,111 | 6,420 |
Gain from sale of Comfrio | (1,082) | 0 | (1,082) | 0 |
Pre-tax gain (loss) | 153 | (1,484) | (10,262) | (6,420) |
Income tax benefit (expense) | 50 | 0 | (191) | 0 |
Gain (loss) - discontinued operations, net of tax | $ 203 | $ (1,484) | $ (10,453) | $ (6,420) |
Acquisition, cyber incident and other, net - Components of Charges (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Acquisition, Litigation and Other Special Charges [Abstract] | ||||
Acquisition and integration related costs | $ 648 | $ 5,808 | $ 4,837 | $ 15,879 |
Cyber incident related costs, net of insurance recoveries | 8 | (785) | ||
Severance costs | 3,263 | 1,586 | 9,471 | 5,060 |
Project Orion expenses | 3,215 | 0 | 7,703 | 0 |
Litigation | (100) | (2,200) | 399 | 179 |
Terminated site operations costs | 0 | (328) | 0 | 439 |
Other, net | 1,500 | 0 | 1,500 | (160) |
Acquisition, cyber incident and other, net | $ 13,931 | $ 4,874 | $ 48,313 | $ 20,612 |
Debt - Summary of Our Outstanding Indebtedness (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Line of Credit Facility [Line Items] | ||
Carrying Amount | $ 2,931,301 | $ 3,082,377 |
Mortgages, Senior Notes and Term Loans | ||
Line of Credit Facility [Line Items] | ||
Less: unamortized deferred financing costs | (11,173) | (13,044) |
Total debt net of deferred financing costs | 2,920,128 | 3,069,333 |
Senior Unsecured Notes | Senior Notes | ||
Line of Credit Facility [Line Items] | ||
Carrying Amount | 1,742,975 | 1,752,875 |
Senior Unsecured Term Loans | Senior Unsecured Term Loans | ||
Line of Credit Facility [Line Items] | ||
Carrying Amount | 829,125 | 829,450 |
Senior Unsecured Revolving Credit Facility | Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Carrying Amount | $ 359,201 | $ 500,052 |
Debt - Schedule of Senior Unsecured Notes (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Line of Credit Facility [Line Items] | ||
Carrying Amount | $ 2,931,301 | $ 3,082,377 |
Series A Notes | Senior Notes | ||
Line of Credit Facility [Line Items] | ||
Contractual Interest Rate | 4.68% | |
Borrowing Currency | $ 200,000 | 200,000 |
Carrying Amount | $ 200,000 | 200,000 |
Series B Notes | Senior Notes | ||
Line of Credit Facility [Line Items] | ||
Contractual Interest Rate | 4.86% | |
Borrowing Currency | $ 400,000 | 400,000 |
Carrying Amount | $ 400,000 | 400,000 |
Series C Notes | Senior Notes | ||
Line of Credit Facility [Line Items] | ||
Contractual Interest Rate | 4.10% | |
Borrowing Currency | $ 350,000 | 350,000 |
Carrying Amount | $ 350,000 | 350,000 |
Series D Notes | Senior Notes | ||
Line of Credit Facility [Line Items] | ||
Contractual Interest Rate | 1.62% | |
Borrowing Currency | $ 400,000 | 400,000 |
Carrying Amount | $ 422,920 | 428,200 |
Series E Notes | Senior Notes | ||
Line of Credit Facility [Line Items] | ||
Contractual Interest Rate | 1.65% | |
Borrowing Currency | $ 350,000 | 350,000 |
Carrying Amount | 370,055 | 374,675 |
Senior Unsecured Notes | Senior Notes | ||
Line of Credit Facility [Line Items] | ||
Carrying Amount | $ 1,742,975 | $ 1,752,875 |
Debt - Schedule of Senior Unsecured Term Loans (Details) $ in Thousands, $ in Thousands |
Sep. 30, 2023
USD ($)
|
Sep. 30, 2023
CAD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2022
CAD ($)
|
---|---|---|---|---|
Debt Instrument [Line Items] | ||||
Carrying Amount | $ 2,931,301 | $ 3,082,377 | ||
SOFR | ||||
Debt Instrument [Line Items] | ||||
Contractual Interest Rate | 0.94% | 0.94% | 0.95% | 0.95% |
2022/2020 Senior Unsecured Term Loan A-1 | Senior Unsecured Term Loans | ||||
Debt Instrument [Line Items] | ||||
Carrying Amount | $ 375,000 | $ 375,000 | ||
2022/2020 Senior Unsecured Term Loan A-1 | Senior Unsecured Term Loans | U.S. dollar | ||||
Debt Instrument [Line Items] | ||||
Carrying Amount | $ 375,000 | $ 375,000 | ||
2022/2020 Senior Unsecured Term Loan A-1 | Senior Unsecured Term Loans | SOFR | ||||
Debt Instrument [Line Items] | ||||
Contractual Interest Rate | 0.94% | 0.94% | 0.95% | 0.95% |
2022/2020 Senior Unsecured Term Loan A-2 | Senior Unsecured Term Loans | ||||
Debt Instrument [Line Items] | ||||
Carrying Amount | $ 250,000 | $ 250,000 | ||
2022/2020 Senior Unsecured Term Loan A-2 | Senior Unsecured Term Loans | Canadian dollar | ||||
Debt Instrument [Line Items] | ||||
Carrying Amount | $ 184,125 | $ 184,450 | ||
2022/2020 Senior Unsecured Term Loan A-2 | Senior Unsecured Term Loans | CDOR | ||||
Debt Instrument [Line Items] | ||||
Contractual Interest Rate | 0.94% | 0.94% | 0.95% | 0.95% |
Delayed Draw Tranche A-3 | Term Loan Delayed Draw Facility | ||||
Debt Instrument [Line Items] | ||||
Carrying Amount | $ 270,000 | $ 270,000 | $ 270,000 | $ 270,000 |
Senior Unsecured Term Loans | Senior Unsecured Term Loans | ||||
Debt Instrument [Line Items] | ||||
Carrying Amount | $ 829,125 | $ 829,450 |
Debt - Schedule of Senior Unsecured Revolving Credit Facility (Details) € in Thousands, £ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands |
9 Months Ended | 12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Sep. 30, 2023
CAD ($)
|
Sep. 30, 2023
AUD ($)
|
Sep. 30, 2023
GBP (£)
|
Sep. 30, 2023
EUR (€)
|
Sep. 30, 2023
NZD ($)
|
Dec. 31, 2022
CAD ($)
|
Dec. 31, 2022
AUD ($)
|
Dec. 31, 2022
GBP (£)
|
Dec. 31, 2022
EUR (€)
|
Dec. 31, 2022
NZD ($)
|
|
Line of Credit Facility [Line Items] | ||||||||||||
Carrying Amount | $ 2,931,301 | $ 3,082,377 | ||||||||||
2022/2020 Senior Unsecured Term Loan A-1 | Senior Unsecured Term Loans | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Carrying Amount | 375,000 | 375,000 | ||||||||||
2022/2020 Senior Unsecured Term Loan A-1 | Senior Unsecured Term Loans | U.S. dollar | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Carrying Amount | $ 375,000 | 375,000 | ||||||||||
2022/2020 Senior Unsecured Term Loan A-1 | Senior Unsecured Term Loans | SOFR | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Contractual interest rate | 0.10% | |||||||||||
Revolving Credit Facility | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Carrying Amount | $ 359,201 | 500,052 | ||||||||||
Revolving Credit Facility | Credit Facility | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Carrying Amount | $ 13,000 | $ 12,998 | ||||||||||
Revolving Credit Facility | Credit Facility | New Zealand dollar | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Carrying Amount | 7,797 | 8,254 | ||||||||||
Revolving Credit Facility | 2022/2020 Senior Unsecured Revolving Credit Facilities, Tranche 3 | Credit Facility | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Carrying Amount | 47,000 | 225,000 | ||||||||||
Revolving Credit Facility | 2022/2020 Senior Unsecured Revolving Credit Facilities, Tranche 3 | Credit Facility | U.S. dollar | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Carrying Amount | $ 47,000 | $ 225,000 | ||||||||||
Revolving Credit Facility | 2022/2020 Senior Unsecured Revolving Credit Facilities, Tranche 3 | Credit Facility | SOFR | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Contractual interest rate | 0.84% | 0.85% | ||||||||||
Revolving Credit Facility | 2022/2020 Senior Unsecured Revolving Credit Facilities, Tranche 4 | Credit Facility | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Carrying Amount | $ 189,000 | $ 146,000 | ||||||||||
Revolving Credit Facility | 2022/2020 Senior Unsecured Revolving Credit Facilities, Tranche 4 | Credit Facility | Australian dollar | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Carrying Amount | $ 121,622 | $ 99,470 | ||||||||||
Revolving Credit Facility | 2022/2020 Senior Unsecured Revolving Credit Facilities, Tranche 4 | Credit Facility | BBSW | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Contractual interest rate | 0.84% | 0.85% | ||||||||||
Revolving Credit Facility | 2022/2020 Senior Unsecured Revolving Credit Facilities, Tranche 4 | Credit Facility | BKBM | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Contractual interest rate | 0.84% | 0.85% | ||||||||||
Revolving Credit Facility | 2022/2020 Senior Unsecured Revolving Credit Facilities, Tranche 2 | Credit Facility | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Carrying Amount | £ | £ 78,000 | £ 76,500 | ||||||||||
Revolving Credit Facility | 2022/2020 Senior Unsecured Revolving Credit Facilities, Tranche 2 | Credit Facility | British pound sterling | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Carrying Amount | $ 95,152 | $ 92,435 | ||||||||||
Revolving Credit Facility | 2022/2020 Senior Unsecured Revolving Credit Facilities, Tranche 2 | Credit Facility | SONIA | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Contractual interest rate | 0.03% | |||||||||||
Revolving Credit Facility | 2022/2020 Senior Unsecured Revolving Credit Facilities, Tranche 2 | Credit Facility | SONIA | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Contractual interest rate | 0.84% | 0.85% | ||||||||||
Revolving Credit Facility | 2022/2020 Senior Unsecured Revolving Credit Facilities, Tranche 1 | Credit Facility | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Carrying Amount | $ 35,000 | $ 50,000 | ||||||||||
Revolving Credit Facility | 2022/2020 Senior Unsecured Revolving Credit Facilities, Tranche 1 | Credit Facility | Canadian dollar | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Carrying Amount | $ 25,778 | $ 36,890 | ||||||||||
Revolving Credit Facility | 2022/2020 Senior Unsecured Revolving Credit Facilities, Tranche 1 | Credit Facility | CDOR | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Contractual interest rate | 0.84% | 0.85% | ||||||||||
Revolving Credit Facility | 2022/2020 Senior Unsecured Revolving Credit Facilities, Tranche 5 | Credit Facility | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Carrying Amount | € | € 58,500 | € 35,500 | ||||||||||
Revolving Credit Facility | 2022/2020 Senior Unsecured Revolving Credit Facilities, Tranche 5 | Credit Facility | Euro | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Carrying Amount | $ 61,852 | $ 38,003 | ||||||||||
Revolving Credit Facility | 2022/2020 Senior Unsecured Revolving Credit Facilities, Tranche 5 | Credit Facility | EURIBOR | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Contractual interest rate | 0.84% | 0.85% |
Derivative Financial Instruments - Narrative (Details) € in Millions, £ in Millions, $ in Millions, $ in Millions, $ in Millions |
9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2023
GBP (£)
|
Sep. 30, 2023
AUD ($)
|
Sep. 30, 2023
EUR (€)
|
Sep. 30, 2023
NZD ($)
|
Dec. 31, 2022
GBP (£)
|
Dec. 31, 2022
AUD ($)
|
Dec. 31, 2022
EUR (€)
|
Dec. 31, 2022
NZD ($)
|
|
Interest expense | |||||||||
Derivative [Line Items] | |||||||||
Loss to be reclassified in next twelve months | $ 16.8 | ||||||||
Foreign Exchange Forward | |||||||||
Derivative [Line Items] | |||||||||
Loss to be reclassified in next twelve months | 0.5 | ||||||||
Series D and Series E Notes | Senior Notes | |||||||||
Derivative [Line Items] | |||||||||
Amount of hedged loan | £ 78.0 | $ 189.0 | € 808.5 | £ 76.5 | $ 146.0 | € 785.5 | |||
Australian Intercompany Loan | Intercompany Loan Payable | Foreign Exchange Forward | |||||||||
Derivative [Line Items] | |||||||||
Amount of hedged loan | $ 153.5 | $ 153.5 | |||||||
New Zealand Intercompany Loan | Intercompany Loan Payable | Foreign Exchange Forward | |||||||||
Derivative [Line Items] | |||||||||
Amount of hedged loan | $ 37.5 | $ 37.5 | |||||||
2020 Senior Unsecured Revolving Credit Facility | Credit Facility | Interest rate swap assets | Revolving Credit Facility | |||||||||
Derivative [Line Items] | |||||||||
Loss to be reclassified in next twelve months | $ 1.6 |
Derivative Financial Instruments - Interest Rate Swaps Outstanding (Details) - Interest rate swap assets - Designated derivatives $ in Thousands, $ in Thousands |
Sep. 30, 2023
USD ($)
|
Sep. 30, 2023
CAD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2022
CAD ($)
|
---|---|---|---|---|
Derivative [Line Items] | ||||
Fair Value | $ 36,561 | $ 15,572 | ||
Interest Rate Agreement Maturing December 29 2023 | ||||
Derivative [Line Items] | ||||
Notational amount | $ 200,000 | |||
Fixed Base Interest Rate Swap | 3.65% | 3.65% | ||
Fair Value | $ 840 | 2,240 | ||
Interest Rate Swap Agreement 1 Maturing July 30 2027 | ||||
Derivative [Line Items] | ||||
Notational amount | $ 200,000 | |||
Fixed Base Interest Rate Swap | 3.05% | 3.05% | ||
Fair Value | $ 8,367 | 2,328 | ||
Interest Rate Swap Agreement 2 Maturing July 30 2027 | ||||
Derivative [Line Items] | ||||
Notational amount | $ 175,000 | |||
Fixed Base Interest Rate Swap | 3.47% | 3.47% | ||
Fair Value | $ 5,782 | 2,020 | ||
Interest Rate Swap Agreement 1 Maturing December 31 2027 | ||||
Derivative [Line Items] | ||||
Notational amount | $ 270,000 | |||
Fixed Base Interest Rate Swap | 3.05% | 3.05% | ||
Fair Value | $ 13,706 | $ 8,034 | ||
Interest Rate Swap Agreement 2 Maturing December 31 2027 | ||||
Derivative [Line Items] | ||||
Notational amount | $ 250,000 | |||
Fixed Base Interest Rate Swap | 3.59% | 3.59% | ||
Fair Value | $ 7,866 | $ 950 |
Derivative Financial Instruments - Fair Value Amounts of Derivative Instruments (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Derivative [Line Items] | ||
Derivative Assets | $ 50,530 | $ 23,520 |
Derivative Liabilities | $ 0 | $ 0 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Foreign exchange contracts | Designated derivatives | ||
Derivative [Line Items] | ||
Derivative Assets | $ 7,948 | |
Derivative Liabilities | $ 0 | 0 |
Interest rate swap assets | Designated derivatives | ||
Derivative [Line Items] | ||
Derivative Assets | 15,572 | |
Derivative Liabilities | $ 0 | $ 0 |
Derivative Financial Instruments - Amounts in the Condensed Consolidated Statement of Operations, Including Impacts to Accumulated Other Comprehensive Income (AOCI) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Derivative [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative | $ 19,625 | $ 17,949 | $ 37,082 | $ 26,291 |
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | 7,244 | 9,675 | 14,906 | 16,307 |
Interest rate contracts | ||||
Derivative [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative | 30,692 | 10,808 | ||
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | 9,702 | (21) | ||
Interest rate contracts | Interest expense | ||||
Derivative [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative | 16,396 | 10,808 | 30,692 | 10,808 |
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | 3,959 | (21) | 9,702 | (21) |
Interest rate contracts | Loss on debt extinguishment, modifications and termination of derivative instruments | ||||
Derivative [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative | 0 | 0 | 0 | 0 |
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | (633) | (627) | (1,880) | (1,880) |
Foreign exchange contracts | Interest expense | ||||
Derivative [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative | 0 | 0 | 0 | 0 |
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | 142 | 196 | 369 | 399 |
Foreign exchange contracts | Foreign currency exchange loss, net | ||||
Derivative [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative | 3,229 | 7,141 | 6,390 | 15,483 |
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | $ 3,776 | $ 10,127 | $ 6,715 | $ 17,809 |
Derivative Financial Instruments - Offsetting Derivative Assets and Liabilities (Details) - USD ($) |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Offsetting of Derivative Assets | ||
Gross Amounts of Recognized Assets | $ 50,530,000 | |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | $ 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 50,530,000 | 23,520,000 |
Financial Instruments | 0 | 0 |
Cash Collateral Received | 0 | 0 |
Net Amount | 50,530,000 | 23,520,000 |
Derivative asset, not subject to master netting arrangement | $ 0 | 0 |
Derivative liability, not subject to master netting arrangement | $ 0 |
Fair Value Measurements (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Measured at fair value on a recurring basis: | ||
Interest rate swap assets | $ 50,530 | $ 23,520 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Fair Value, Nonrecurring | Level 3 | ||
Disclosed at fair value: | ||
Senior unsecured notes, term loans, and revolving credit facility | $ 2,663,442 | $ 2,829,574 |
Interest rate swap assets | Fair Value, Recurring | Level 2 | ||
Measured at fair value on a recurring basis: | ||
Interest rate swap assets | 36,561 | 15,572 |
Cross currency swap assets | Fair Value, Recurring | Level 2 | ||
Measured at fair value on a recurring basis: | ||
Interest rate swap assets | $ 13,969 | $ 7,948 |
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Income Tax Contingency [Line Items] | ||||
Income tax benefit | $ 492 | $ 3,368 | $ 1,672 | $ 16,145 |
Foreign Tax Authority | ||||
Income Tax Contingency [Line Items] | ||||
Income tax benefit | $ 6,500 |
Commitments and Contingencies (Details) - USD ($) $ in Millions |
Feb. 18, 2020 |
Sep. 30, 2023 |
---|---|---|
Preferred Freezer Services, LLC Litigation | ||
Loss Contingencies [Line Items] | ||
Litigation settlement from other party | $ 0.6 | |
Insurance Claims | ||
Loss Contingencies [Line Items] | ||
Estimate of possible loss from cyber security incident | $ 4.0 |
Accumulated Other Comprehensive Income (Loss) - Activity in AOCI (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | $ 3,589,759 | $ 3,899,580 | $ 3,787,878 | $ 4,029,076 |
Ending balance | 3,946,650 | 3,822,591 | 3,946,650 | 3,822,591 |
Closing accumulated other comprehensive income (loss) | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | 10,377 | (6,496) | (6,050) | 4,522 |
Ending balance | 11,459 | (23,194) | 11,459 | (23,194) |
Closing accumulated other comprehensive income (loss) | 11,459 | (23,194) | 11,459 | (23,194) |
Pension and other postretirement benefits | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | 2,936 | 4,956 | 2,626 | 5,002 |
Other comprehensive income (loss) - net of tax attributable to Americold Realty Trust, Inc. | (832) | 66 | (522) | 20 |
Ending balance | 2,104 | 5,022 | 2,104 | 5,022 |
(Loss) gain arising during the period | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
(Loss) gain arising during the period, including adjustments | (832) | 61 | (522) | 4 |
Amortization of prior service cost | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Amount reclassified before tax | 0 | 5 | 0 | 16 |
Foreign currency translation adjustment | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | (20,272) | (15,762) | (26,594) | (3,080) |
(Loss) gain arising during the period, including adjustments | (46,262) | (91,178) | (21,034) | (187,853) |
Derecognition of cumulative foreign currency translation upon deconsolidation of entity contributed to a joint venture | 0 | 0 | 0 | 4,970 |
Amount reclassified before tax | 35,795 | 66,140 | 16,889 | 145,163 |
Other comprehensive income (loss) - net of tax attributable to Americold Realty Trust, Inc. | (10,467) | (25,038) | (4,145) | (37,720) |
Ending balance | (30,739) | (40,800) | (30,739) | (40,800) |
Designated derivatives | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | 27,713 | 4,310 | 17,918 | 2,600 |
(Loss) gain arising during the period, including adjustments | 19,625 | 17,949 | 37,082 | 26,291 |
Net amount reclassified from AOCI to net loss | (7,244) | (9,675) | (14,906) | (16,307) |
Net gain on designated derivatives | 12,381 | 8,274 | 22,176 | 9,984 |
Ending balance | $ 40,094 | $ 12,584 | $ 40,094 | $ 12,584 |
Segment Information - Narrative (Details) |
9 Months Ended |
---|---|
Sep. 30, 2023
segment
| |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Segment Information - Revenues with a Reconciliation to Income (Loss) before Income Tax and Gain (Loss) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Segment revenues: | ||||
Segment revenues: | $ 667,939 | $ 757,780 | $ 1,994,038 | $ 2,193,231 |
Reconciling items: | ||||
Depreciation and amortization | (89,728) | (83,669) | (259,644) | (248,979) |
Selling, general and administrative | (52,383) | (57,119) | (169,023) | (170,994) |
Acquisition, cyber incident and other, net | (13,931) | (4,874) | (48,313) | (20,612) |
Impairment of indefinite and long-lived assets | 0 | 6,616 | 0 | 6,616 |
(Loss) gain from sale of real estate | (78) | (5,710) | 2,259 | (5,710) |
Interest expense | (35,572) | (30,402) | (106,426) | (82,720) |
Loss on debt extinguishment, modifications and termination of derivative instruments | (683) | (1,040) | (1,855) | (2,284) |
Other, net | 723 | (2,593) | 1,741 | (1,197) |
(Loss) gain from investments in partially owned entities | (259) | 44 | (1,616) | (779) |
Impairment of related party receivable | (21,972) | 0 | ||
Loss on put option | 0 | 0 | (56,576) | 0 |
Loss from continuing operations before income taxes | (2,791) | (10,821) | (100,688) | (32,154) |
Operating Segments | ||||
Segment revenues: | ||||
Segment revenues: | 667,939 | 757,780 | 1,994,038 | 2,193,231 |
Segment contribution: | ||||
Segment Contribution | 189,120 | 181,158 | 560,737 | 507,737 |
Operating Segments | Warehouse | ||||
Segment revenues: | ||||
Segment revenues: | 602,605 | 598,977 | 1,778,827 | 1,704,281 |
Segment contribution: | ||||
Segment Contribution | 177,832 | 166,662 | 525,501 | 463,905 |
Operating Segments | Transportation | ||||
Segment revenues: | ||||
Segment revenues: | 55,642 | 76,367 | 181,792 | 237,168 |
Segment contribution: | ||||
Segment Contribution | 9,659 | 10,836 | 31,128 | 32,950 |
Operating Segments | Third-party managed | ||||
Segment revenues: | ||||
Segment revenues: | 9,692 | 82,436 | 33,419 | 251,782 |
Segment contribution: | ||||
Segment Contribution | $ 1,629 | $ 3,660 | $ 4,108 | $ 10,882 |
Loss/Earnings per Common Share - Reconciliation of Weighted Average Number of Common Shares Outstanding (Details) - shares shares in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Earnings Per Share [Abstract] | ||||
Weighted average common stock outstanding – basic (in shares) | 278,137 | 269,586 | 273,217 | 269,467 |
Dilutive effect of share-based awards (in shares) | 0 | 0 | 0 | 0 |
Weighted average common stock outstanding – diluted (in shares) | 278,137 | 269,586 | 273,217 | 269,467 |
Loss/Earnings per Common Share - Schedule of Antidilutive Securities (Details) - shares shares in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 16 | 2,436 | 219 | 2,596 |
Employee stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 161 | 0 | 175 |
Restricted stock units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 16 | 1,451 | 89 | 1,667 |
OP units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 824 | 130 | 754 |
Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 655,448,000 | $ 746,679,000 | $ 1,957,467,000 | $ 2,160,550,000 |
Lease revenue | 12,491,000 | 11,101,000 | 36,571,000 | 32,681,000 |
Total revenues from contracts with all customers | $ 667,939,000 | $ 757,780,000 | $ 1,994,038,000 | $ 2,193,231,000 |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Total revenues from contracts with all customers | Total revenues from contracts with all customers | Total revenues from contracts with all customers | Total revenues from contracts with all customers |
North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 522,934,000 | $ 602,513,000 | $ 1,549,307,000 | $ 1,706,881,000 |
Lease revenue | 11,091,000 | 9,798,000 | 32,406,000 | 28,506,000 |
Total revenues from contracts with all customers | 534,025,000 | 612,311,000 | 1,581,713,000 | 1,735,387,000 |
Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 62,230,000 | 76,562,000 | 198,516,000 | 243,753,000 |
Lease revenue | 1,400,000 | 1,303,000 | 4,165,000 | 4,175,000 |
Total revenues from contracts with all customers | 63,630,000 | 77,865,000 | 202,681,000 | 247,928,000 |
Asia-Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 66,400,000 | 63,872,000 | 198,322,000 | 196,476,000 |
Lease revenue | 0 | 0 | 0 | 0 |
Total revenues from contracts with all customers | 66,400,000 | 63,872,000 | 198,322,000 | 196,476,000 |
South America | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 3,884,000 | 3,732,000 | 11,322,000 | 13,440,000 |
Lease revenue | 0 | 0 | 0 | 0 |
Total revenues from contracts with all customers | 3,884,000 | 3,732,000 | 11,322,000 | 13,440,000 |
Warehouse rent and storage | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 266,017,000 | 249,147,000 | 788,528,000 | 699,675,000 |
Warehouse rent and storage | North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 222,269,000 | 211,708,000 | 664,341,000 | 585,774,000 |
Warehouse rent and storage | Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 20,692,000 | 20,237,000 | 62,401,000 | 56,662,000 |
Warehouse rent and storage | Asia-Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 20,994,000 | 15,218,000 | 56,148,000 | 49,783,000 |
Warehouse rent and storage | South America | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 2,062,000 | 1,984,000 | 5,638,000 | 7,456,000 |
Warehouse services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 324,097,000 | 338,729,000 | 953,728,000 | 971,925,000 |
Warehouse services | Argo | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 3,700,000 | 100,000 | 11,100,000 |
Warehouse services | North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 266,387,000 | 274,266,000 | 774,286,000 | 768,264,000 |
Warehouse services | Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 25,460,000 | 28,302,000 | 76,154,000 | 90,924,000 |
Warehouse services | Asia-Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 31,072,000 | 34,925,000 | 99,522,000 | 108,266,000 |
Warehouse services | South America | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 1,178,000 | 1,236,000 | 3,766,000 | 4,471,000 |
Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 55,642,000 | 76,367,000 | 181,792,000 | 237,168,000 |
Transportation | North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 30,249,000 | 39,456,000 | 94,310,000 | 236,153,000 |
Transportation | Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 16,078,000 | 28,023,000 | 59,961,000 | 0 |
Transportation | Asia-Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 8,671,000 | 8,376,000 | 25,603,000 | 15,629,000 |
Transportation | South America | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 644,000 | 512,000 | 1,918,000 | 0 |
Third-party managed | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 9,692,000 | 82,436,000 | 33,419,000 | 251,782,000 |
Third-party managed | North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 4,029,000 | 77,083,000 | 16,370,000 | 116,690,000 |
Third-party managed | Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 96,167,000 |
Third-party managed | Asia-Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 5,663,000 | 5,353,000 | 17,049,000 | 22,798,000 |
Third-party managed | South America | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 0 | $ 0 | $ 0 | $ 1,513,000 |
Revenue from Contracts with Customers - Performance Obligations, Narrative (Details) |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
Disaggregation of Revenue [Line Items] | |
Variable consideration, percentage constrained | 100.00% |
Minimum | |
Disaggregation of Revenue [Line Items] | |
Payment terms | 0 days |
Maximum | |
Disaggregation of Revenue [Line Items] | |
Payment terms | 30 days |
Revenue from Contracts with Customers - Performance Obligations, Expected Timing of Recognition, Narrative (Details) $ in Billions |
Sep. 30, 2023
USD ($)
|
---|---|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligation | $ 1.3 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation, percentage of revenue | 5.00% |
Performance obligation, period for recognition | 3 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation, percentage of revenue | 95.00% |
Performance obligation, period for recognition | 14 years |
Revenue from Contracts with Customers - Contract Balances, Narrative (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Revenue from Contract with Customer [Abstract] | ||
Receivables from contracts with customers | $ 416,900 | $ 421,100 |
Unearned revenue | $ 29,865 | $ 32,046 |
Revenue satisfaction of monthly storage and handling services | 30 days |
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