Segment Information (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Segment Reporting Information

The following table presents segment revenues and contributions with a reconciliation to Income before income tax benefit for the years ended December 31, 2020, 2019 and 2018:


	Years Ended December 31,
	2020		2019		2018
	(In thousands)
Segment revenues:
Warehouse	$	1,549,314	$	1,377,217	$	1,176,912
Third-party managed	291,751		252,939		259,034
Transportation	142,203		144,844		158,790
Other	4,459		8,705		8,899
Total revenues	1,987,727		1,783,705		1,603,635

Segment contribution:
Warehouse	520,333		447,591		374,534
Third-party managed	12,228		11,761		14,760
Transportation	18,807		18,067		15,735
Other	130		838		620
Total segment contribution	551,498		478,257		405,649

Reconciling items:
Depreciation and amortization	(215,891)		(163,348)		(117,653)
Selling, general and administrative	(144,738)		(129,310)		(110,825)
Acquisition, litigation and other	(36,306)		(40,614)		(3,935)
Impairment of long-lived assets	(8,236)		(13,485)		(747)
Gain (loss) from sale of real estate	22,124		(34)		7,471
Interest expense	(91,481)		(94,408)		(93,312)
Interest income	1,162		6,286		3,996
Bridge loan commitment fees	(2,438)		(2,665)		—
Loss on debt extinguishment, modifications and termination of derivative instruments	(9,975)		—		(47,559)
Foreign currency exchange (loss) gain, net	(45,278)		10		2,882
Other expense, net	(2,563)		(1,870)		(532)
Loss from partially owned entities	(250)		(111)		(1,069)
Gain from sale of partially owned entities	—		4,297		—

Income before income tax benefit	$	17,628	$	43,005	$	44,366

The following table details our assets by reportable segments, with a reconciliation to total assets reported for each of the periods presented in the accompanying Consolidated Balance Sheets.


	Years Ended December 31,
	2020		2019
	(In thousands)
Assets:
Warehouse	$	4,815,587	$	3,684,391
Third-party managed	52,818		47,867
Transportation	151,872		50,666
Other	35		13,467
Total segments assets	5,020,312		3,796,391

Reconciling items:
Corporate assets	621,836		374,292
Unallocated acquisitions(1)	2,144,096		—
Investments in partially owned entities	44,907		—
Total reconciling items	2,810,839		374,292
Total assets	$	7,831,151	$	4,170,683

The following table details our additions to long-lived assets by segment.


	December 31, 2020
	Warehouse		Managed		Transportation		Unallocated acquisitions(1)		Total
	(In thousands)
Property, buildings and equipment	$	916,334	$	—	$	66,536	$	1,079,910	$	2,062,780
Financing leases	37,469		1,389		—		46,845		85,703
Operating lease right-of-use assets	39,656		—		5,280		191,229		236,165
Total	$	993,459	$	1,389	$	71,816	$	1,317,984	$	2,384,648


	December 31, 2019
	Warehouse		Managed		Quarry		Transportation		Total
	(In thousands)
Property, buildings and equipment	$	1,277,162	$	32	$	405	$	9,892	$	1,287,491
Financing leases	30,653		—		161		—		30,814
Operating lease right-of-use assets	12,467		12		13		—		12,492
Total	$	1,320,282	$	44	$	579	$	9,892	$	1,330,797

(1)The assets acquired in 2020 related to the Agro acquisition are reflected in the tables above within the row titled ‘Unallocated Acquisitions’ as the acquired assets have not yet been assigned to the respective segments as of December 31, 2020 given the short period of time between the acquisition date, December 30, 2020, and year-end. We expect the assets will be assigned to the Warehouse and Transportation segments during the measurement period.