Segment Information

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Segment Information

Segment Information

Our reportable segments are Global Ecommerce, Presort Services and Sending Technology Solutions (SendTech Solutions). The principal products and services of each reportable segment are as follows:

Global Ecommerce: Includes the revenue and related expenses from domestic parcel services, cross-border solutions and digital delivery services.

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

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

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 (loss).

	Revenue
	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Global Ecommerce	$	418,429	$	398,453	$	831,515	$	690,776
Presort Services	134,619		118,127		277,745		258,847
SendTech Solutions	346,155		320,912		705,140		684,137
Total revenue	$	899,203	$	837,492	$	1,814,400	$	1,633,760

	EBIT
	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Global Ecommerce	$	(10,831)	$	(18,894)	$	(37,207)	$	(48,369)
Presort Services	16,134		12,582		35,185		28,277
SendTech Solutions	107,121		104,268		221,591		210,830
Total segment EBIT	112,424		97,956		219,569		190,738
Reconciliation of Segment EBIT to net income (loss):
Unallocated corporate expenses	(56,316)		(49,489)		(113,781)		(93,211)
Restructuring charges	(4,844)		(4,922)		(7,733)		(8,739)
Interest expense, net	(36,119)		(38,385)		(73,163)		(76,757)
Gain on sale of equity investment	—		11,908		—		11,908
Goodwill impairment	—		—		—		(198,169)
Loss on debt refinancing	(989)		—		(52,383)		(36,987)
Gain on sale of business	10,201		—		10,201		—
Gain on sale of assets	1,434		—		1,434		—
Transaction costs	—		(349)		—		(641)
(Provision) benefit for income taxes	(4,915)		(17,016)		9,077		(6,986)
Income (loss) from continuing operations	20,876		(297)		(6,779)		(218,844)
(Loss) income from discontinued operations, net of tax	(1,020)		(3,032)		(4,906)		7,032
Net income (loss)	$	19,856	$	(3,329)	$	(11,685)	$	(211,812)