Segment Information (Tables)

6 Months Ended

Jun. 30, 2021

Schedule of Segment Reporting Information

The following table presents segment revenues and contributions with a reconciliation to income before income tax for the three and six months ended June 30, 2021 and 2020 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Segment revenues:
Warehouse	$	503,734	$	372,411	$	989,185	$	753,479
Third-party managed	72,173		72,954		145,245		137,875
Transportation	78,800		34,861		155,072		70,778
Other	—		2,296		—		4,459
Total revenues	654,707		482,522		1,289,502		966,591

Segment contribution:
Warehouse	144,379		120,132		290,560		246,905
Third-party managed	1,693		3,299		6,075		7,068
Transportation	9,250		4,772		15,953		9,577
Other	(33)		135		(59)		190
Total segment contribution	155,289		128,338		312,529		263,740

Reconciling items:
Depreciation and amortization	(84,459)		(52,399)		(161,670)		(104,003)
Selling, general and administrative	(42,475)		(32,340)		(87,527)		(69,233)
Acquisition, litigation and other	(3,922)		(2,801)		(24,673)		(4,489)
Impairment of long-lived assets	(1,528)		(3,667)		(1,528)		(3,667)
Gain from sale of real estate	—		19,414		—		21,875
Interest expense	(26,579)		(23,178)		(52,535)		(47,048)
Interest income	191		261		415		848

Loss on debt extinguishment, modifications and termination of derivative instruments	(925)		—		(4,424)		(781)
Foreign currency exchange (loss) gain, net	(140)		315		33		(177)
Other expense, net	184		44		689		915
Loss from investments in partially owned entities	(61)		(129)		(761)		(156)

(Loss) income before income tax benefit (expense)	$	(4,425)	$	33,858	$	(19,452)	$	57,824

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 Condensed Consolidated Balance Sheets.


	June 30, 2021		December 31, 2020
	(In thousands)
Assets:
Warehouse	$	5,078,094	$	4,815,587
Managed	47,064		52,818
Transportation	157,096		151,872
Other	—		35
Total segments assets	5,282,254		5,020,312

Reconciling items:
Corporate assets	357,353		621,836
Unallocated acquisitions(1)	2,140,971		2,144,096
Investments in partially owned entities	42,742		44,907
Total reconciling items	2,541,066		2,810,839
Total assets	$	7,823,320	$	7,831,151

(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 June 30, 2021 or December 31, 2020. The assets will be assigned to the Warehouse and Transportation segments during the measurement period.