Segment Information

12 Months Ended

Dec. 31, 2019

Our reportable segments are Global Ecommerce, Presort Services and SendTech Solutions. Global Ecommerce and Presort Services comprise the Commerce Services reporting group. The principal products and services of each reportable segment are as follows:

Global Ecommerce: Includes the revenue and related expenses from products and services that facilitate domestic retail and ecommerce shipping solutions, including fulfillment and returns, and global cross-border ecommerce transactions.

Presort Services: Includes revenue and related expenses from sortation services to qualify large volumes of First Class Mail, Marketing Mail and Bound and Packet Mail (Marketing Mail Flats and Bound Printed Matter) for postal worksharing discounts.

SendTech Solutions: Includes the revenue and related expenses from sending technology solutions for physical mailing, digital mailing and shipping, financing, services, supplies and other applications to help simplify and save on the sending, tracking and receiving of letters and packages.

Management measures segment profitability and performance using segment earnings before interest and taxes (EBIT). Segment EBIT is calculated by deducting from segment revenue the related costs and expenses attributable to the segment. Segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges, asset impairment charges and other items not allocated to a particular business segment. Management believes that it provides investors a useful measure of operating performance and underlying trends of the business. Segment EBIT may not be indicative of our overall consolidated performance and therefore, should be read in conjunction with our consolidated results of operations. The following tables provide information about our reportable segments and reconciliation of segment EBIT to net income.



	Revenues
	Years Ended December 31,
	2019		2018		2017
Global Ecommerce	$	1,151,510	$	1,022,862	$	552,242
Presort Services	529,588		515,795		497,901
Commerce Services	1,681,098		1,538,657		1,050,143
SendTech Solutions	1,524,027		1,672,865		1,733,864
Total revenue	$	3,205,125	$	3,211,522	$	2,784,007

Geographic data:
United States	$	2,745,928	$	2,679,300	$	2,262,249
Outside United States	459,197		532,222		521,758
Total revenue	$	3,205,125	$	3,211,522	$	2,784,007



	EBIT
	Years Ended December 31,
	2019			2018			2017
Global Ecommerce	$	(70,146	)	$	(32,379	)	$	(17,899	)
Presort Services	70,693			73,768			97,506
Commerce Services	547			41,389			79,607
SendTech Solutions	490,322			558,959			553,266
Total segment EBIT	490,869			600,348			632,873
Reconciling items:
Interest, net	(155,558		)	(159,757		)	(164,162		)
Unallocated corporate expenses	(211,529		)	(185,919		)	(219,924		)
Restructuring charges and asset impairments, net	(69,606		)	(25,899		)	(44,849		)
Pension settlement	—			(31,329		)	—
Loss on Market Exits	(17,683		)	—			—
Transaction costs	(2,728		)	(1,359		)	(6,384		)
Loss on extinguishment of debt	(6,623		)	(7,964		)	(3,856		)
Benefit (provision) for income taxes	13,007			(6,416		)	(13,659		)
Income from continuing operations	40,149			181,705			180,039
Income from discontinued operations, net of tax	154,460			60,106			63,489
Net income	$	194,609		$	241,811		$	243,528



	Depreciation and amortization
	Years Ended December 31,
	2019		2018		2017
Global Ecommerce	$	68,385	$	61,046	$	36,786
Presort Services	29,440		26,838		26,541
Commerce Services	97,825		87,884		63,327
SendTech Solutions	39,758		39,104		39,359
Total for reportable segments	137,583		126,988		102,686
Corporate	21,559		21,476		24,104
Total depreciation and amortization	$	159,142	$	148,464	$	126,790



	Capital expenditures
	Years Ended December 31,
	2019		2018		2017
Global Ecommerce	$	53,374	$	46,073	$	26,810
Presort Services	27,394		42,531		20,860
Commerce Services	80,768		88,604		47,670
SendTech Solutions	32,276		24,648		40,445
Total for reportable segments	113,044		113,252		88,115
Corporate	24,209		24,558		30,132
Total capital expenditures	$	137,253	$	137,810	$	118,247



	Assets
	December 31,
	2019		2018		2017
Global Ecommerce	$	1,102,313	$	1,023,732	$	1,016,045
Presort Services	524,817		431,512		387,701
Commerce Services	1,627,130		1,455,244		1,403,746
SendTech Solutions	2,152,734		2,325,797		2,454,094
Total for reportable segments	3,779,864		3,781,041		3,857,840
Cash and cash equivalents	924,442		867,262		1,009,021
Short-term investments	115,879		59,391		48,988
Assets of discontinued operations	17,229		602,823		923,012
Other corporate assets	629,486		627,902		795,745
Consolidated assets	$	5,466,900	$	5,938,419	$	6,634,606



Identifiable long-lived assets:
United States	$	399,234	$	424,706	$	389,944
Outside United States	18,168		20,023		26,696
Total	$	417,402	$	444,729	$	416,640