Segment Information

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment Information

Segment Information

Our reportable segments are Global Ecommerce, Presort Services and 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 the 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 and goodwill impairment charges and other items not allocated to a particular business segment. Costs related to shared assets are allocated to the relevant segments. 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 (loss) income. As a result of change from LIFO to FIFO inventory valuation discussed in Note 1, SendTech Solutions EBIT for 2020 and 2019 has also been recast.

	Revenue
	Years Ended December 31,
	2021		2020		2019
Global Ecommerce	$	1,702,580	$	1,618,897	$	1,151,510
Presort Services	573,480		521,212		529,588
SendTech Solutions	1,397,501		1,413,966		1,524,027
Total revenue	$	3,673,561	$	3,554,075	$	3,205,125
Geographic data:
United States	$	3,114,905	$	3,112,285	$	2,745,928
Outside United States	558,656		441,790		459,197
Total revenue	$	3,673,561	$	3,554,075	$	3,205,125

	EBIT
	Years Ended December 31,
	2021		2020		2019
Global Ecommerce	$	(98,673)	$	(82,894)	$	(70,146)
Presort Services	79,721		55,799		70,693
SendTech Solutions	429,415		442,648		489,912
Total segment EBIT	410,463		415,553		490,459
Reconciling items:
Interest, net	(143,945)		(153,915)		(155,558)
Unallocated corporate expenses	(207,774)		(200,406)		(211,529)
Restructuring charges and asset impairments	(19,003)		(20,712)		(69,606)
Goodwill impairment	—		(198,169)		—
Loss on debt refinancing	(56,209)		(36,987)		(6,623)
Gain (loss) on sale of assets/businesses	11,635		11,908		(17,683)
Transaction costs	(2,582)		(641)		(2,728)
Benefit (provision) for income taxes	10,922		(7,122)		13,127
Income (loss) from continuing operations	3,507		(190,491)		39,859
(Loss) income from discontinued operations, net of tax	(4,858)		10,115		154,460
Net (loss) income	$	(1,351)	$	(180,376)	$	194,319

	Depreciation and amortization
	Years Ended December 31,
	2021		2020		2019
Global Ecommerce	$	79,128	$	69,676	$	68,385
Presort Services	27,243		31,769		29,440
SendTech Solutions	29,950		34,316		39,758
Total for reportable segments	136,321		135,761		137,583
Corporate	26,538		24,864		21,559
Total depreciation and amortization	$	162,859	$	160,625	$	159,142

	Capital expenditures
	Years Ended December 31,
	2021		2020		2019
Global Ecommerce	$	89,488	$	46,427	$	53,374
Presort Services	36,628		15,795		27,394
SendTech Solutions	26,028		28,823		32,276
Total for reportable segments	152,144		91,045		113,044
Corporate	31,898		13,942		24,209
Total capital expenditures	$	184,042	$	104,987	$	137,253

	Assets
	December 31,
	2021		2020		2019
Global Ecommerce	$	1,032,434	$	994,554	$	1,102,313
Presort Services	479,392		523,690		524,817
SendTech Solutions	2,013,361		2,071,028		2,156,806
Total for reportable segments	3,525,187		3,589,272		3,783,936
Cash and cash equivalents	732,480		921,450		924,442
Short-term investments	14,440		18,974		115,879
Assets of discontinued operations	—		—		17,229
Long-term investments	333,052		364,212		238,882
Other corporate assets	353,712		330,455		389,590
Consolidated assets	$	4,958,871	$	5,224,363	$	5,469,958

Identifiable long-lived assets:
United States	$	658,070	$	613,990	$	596,694
Outside United States	14,294		17,641		21,460
Total	$	672,364	$	631,631	$	618,154

In 2021, $35 million of assets were transferred from Presort Services to Global Ecommerce.