Segment Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Information

Geographic Concentrations

The following table provides geographic information for the Company’s total revenues for the years ended December 31, 2023, 2022 and 2021, and total assets as of December 31, 2023 and 2022:

	Total Revenues						Total Assets
	2023		2022		2021		2023		2022
	(In thousands)
North America	$	2,125,459	$	2,309,496	$	2,092,046	$	6,369,346	$	6,366,012
Europe	264,623		325,714		321,705		926,920		1,157,723
Asia-Pacific	267,948		262,126		281,164		533,581		493,518
South America	15,299		17,399		19,875		39,405		87,308
	$	2,673,329	$	2,914,735	$	2,714,790	$	7,869,252	$	8,104,561

The following table provides long-lived assets by geography for the years ended December 31, 2023 and 2022:

	Long-Lived Assets
	2023		2022
	(In thousands)
North America	$	5,213,729	$	4,463,000
Europe	684,201		644,085
Asia-Pacific	418,602		357,169
South America	35,963		82,798
	$	6,352,495	$	5,547,052

Segment Information

Our principal operations are organized into three reportable segments: Warehouse, Transportation, and Third-party managed.

•Warehouse. Our core business is our warehouse segment, where we provide temperature-controlled warehouse storage and related handling and other warehouse services. We collect rent and storage fees to store customer’s frozen and perishable food and other products. Our handling services optimize our customer’s product movement through the cold chain, including placement, case-picking, blast freezing, e-commerce fulfillment, and other recurring handling services.

•Transportation. In our transportation segment, we broker, manage or operate transportation of frozen and perishable food and other products for our customers. Our services include consolidation (i.e., combining products for efficient shipment), freight under management services (i.e., arranging and overseeing transportation of customer inventory) and dedicated transportation, each designed to improve efficiency and reduce transportation and logistics costs to our customers.

•Third party managed. Under our third-party managed segment, we manage warehouses on behalf of third parties and provide warehouse management services to leading food manufacturers and retailers in their owned facilities. We believe using our third-party management services allows our customers to increase efficiency, lower costs, reduce supply-chain risks and focus on their core businesses.

During the fourth quarter of 2022, we strategically transitioned the management of our largest Third-party managed customer’s warehouses to a new third-party provider, and our operations ceased. As part of this transition, we agreed to continue to process certain costs for this customer for a period of time, and will continue to receive reimbursement for all such costs.

The accounting polices used in the preparation of our reportable segments financial information are the same as those used in the preparation of its consolidated financial statements. Our chief operating decision maker uses revenues and segment contribution to evaluate segment performance.

Segment contribution is calculated as earnings before interest expense, taxes, depreciation and amortization, and excluding corporate Selling, general, and administrative expense; Acquisition, cyber incident, and other, net; Impairment of indefinite and 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 should not be considered an alternative to operating income.The company has not disclosed assets by reportable segments, as asset information is not used by our chief operating decision maker to facilitate resource allocations.

The following table presents segment revenues and contributions with a reconciliation to Loss from continuing operations before income taxes for the years ended December 31, 2023, 2022 and 2021:

	Years Ended December 31,
	2023		2022		2021
	(In thousands)
Segment revenues:
Warehouse	2,391,089		2,302,971		2,085,387
Transportation	239,670		313,358		312,092
Third-party managed	42,570		298,406		317,311
Total revenues	2,673,329		2,914,735		2,714,790
Segment contribution:
Warehouse	722,603		636,232		586,436
Transportation	42,040		47,402		29,376
Third-party managed	5,929		12,329		13,964
Total segment contribution	770,572		695,963		629,776
Depreciation and amortization	(353,743)		(331,446)		(319,840)
Selling, general, and administrative	(226,786)		(231,067)		(182,076)
Acquisition, cyber incident, and other, net	(64,087)		(32,511)		(51,578)
Impairment of indefinite and long-lived assets	(236,515)		(7,380)		(3,312)
Gain (loss) on sale of real estate	2,254		(5,689)		—
Interest expense	(140,107)		(116,127)		(99,177)
Loss on debt extinguishment, modifications and termination of derivative instruments	(2,482)		(3,217)		(5,689)
Loss from investments in partially owned entities	(1,442)		(918)		(723)
Impairment of related party loan receivable	(21,972)		—		—
Loss on put option	(56,576)		—		—
Other, net	2,795		2,464		2,022
Loss from continuing operations before income taxes	$	(328,089)	$	(29,928)	$	(30,597)