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Geographic Concentrations
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Geographic Concentrations Geographic Concentrations
The following table provides geographic information for the Company’s total revenues for the years ended December 31, 2021, 2020 and 2019, and total assets as of December 31, 2021 and 2020:
Total RevenuesTotal Assets
20212020201920212020
(In thousands)
North America
$2,092,046 $1,729,657 $1,527,270 $6,419,745 $6,067,809 
Europe321,705 — — 1,228,442 1,329,755 
Asia-Pacific
281,164 248,494 246,788 473,764 375,082 
South America
19,875 9,576 9,647 94,246 58,505 
$2,714,790 $1,987,727 $1,783,705 $8,216,197 $7,831,151 
The following table provides long-lived assets by geography for the years ended December 31, 2021 and 2020:
Long-Lived Assets
20212020
(In thousands)
North America
$4,499,718 $4,133,145 
Europe680,338 785,813 
Asia-Pacific
340,078 246,162 
South America
79,377 50,975 
$5,599,511 $5,216,095 
Segment Information
Our principal operations are organized into four reportable segments: Warehouse, Third-party managed, Transportation and Other.
•Warehouse. Our primary source of revenues consists of rent and storage and warehouse services fees. Our rent and storage and warehouse services revenues are the key drivers of our financial performance. Rent and storage revenues consist of recurring, periodic charges related to the storage of frozen and perishable food and other products in our warehouses. We also provide these customers with a wide array of handling and other warehouse services, such as (1) receipt, handling and placement of products into our warehouses for storage and preservation, (2) retrieval of products from storage upon customer request, (3) blast freezing, which involves the rapid freezing of non-frozen products, including individual quick freezing for agricultural produce and seafood, (4) case-picking, which involves selecting product cases to build customized pallets, (5) kitting and repackaging, which involves assembling custom product packages for delivery to retailers and consumers, and labeling services, (6) order assembly and load consolidation, (7) exporting and importing support services, (8) container handling, (9) cross-docking, which involves transferring inbound products to outbound trucks utilizing our warehouse docks without storing them in our warehouses, (10) government-approved temperature-controlled storage and inspection services, (11) fumigation, (12) pre-cooling and cold treatment services, (13) produce grading and bagging, (14) protein boxing, (15) e-commerce fulfillment, and
(16) ripening. We may charge our customers in advance for storage and outbound handling fees. Cost of operations for our warehouse segment consists of power, other facilities costs, labor and other services costs.
•Third-party managed. We receive management and incentive fees, as well as reimbursement of substantially all expenses, for warehouses and logistics services that we manage on behalf of third-party owners/customers. Cost of operations for our third-party managed segment are reimbursed on a pass-through basis (typically within two weeks), with all reimbursements, plus an applicable mark-up, recognized as revenues under the relevant accounting guidance.
•Transportation. We charge transportation fees, including fuel surcharges, to our customers for whom we arrange the transportation of their products. Cost of operations for our transportation segment consist primarily of third-party carrier charges, which are impacted by factors affecting those carriers.
•Other. In addition to our primary business segments, we owned a limestone quarry in Carthage, Missouri. Revenues were generated from the sale of limestone mined at our quarry. Cost of operations for our quarry consisted primarily of labor, equipment, fuel and explosives. We do not view the operation of the quarry as an integral part of our business, and as a result this business segment was subsequently sold on July 1, 2020.
Our reportable segments are strategic business units separated by service offerings. Each reportable segment is managed separately and requires different operational and marketing strategies. The accounting polices used in the preparation of our reportable segments financial information are the same as those used in the preparation of its consolidated financial statements.
Our chief operating decision maker uses revenues and segment contribution to evaluate segment performance. We calculate segment contribution as earnings before interest expense, taxes, depreciation and amortization, and excluding corporate selling, general and administrative expense, acquisition, litigation and other expense, impairment of long-lived assets, gain or loss on sale of real estate and all components of non-operating other income and expense. Selling, general and administrative functions support all the business segments. Therefore, the related expense is not allocated to segments as the chief operating decision maker does not use it to evaluate segment performance.
Segment contribution is not a measurement of financial performance under GAAP, and may not be comparable to similarly titled measures of other companies. You should not consider our segment contribution as an alternative to operating income determined in accordance with GAAP.
The following table presents segment revenues and contributions with a reconciliation to (Loss) income before income tax benefit for the years ended December 31, 2021, 2020 and 2019:
Years Ended December 31,
202120202019
(In thousands)
Segment revenues:
Warehouse$2,085,387 $1,549,314 $1,377,217 
Third-party managed317,311 291,751 252,939 
Transportation312,092 142,203 144,844 
Other— 4,459 8,705 
Total revenues2,714,790 1,987,727 1,783,705 
Segment contribution:
Warehouse586,436 520,333 447,591 
Third-party managed13,964 12,228 11,761 
Transportation29,376 18,807 18,067 
Other(109)130 838 
Total segment contribution629,667 551,498 478,257 
Reconciling items:
Depreciation and amortization(319,840)(215,891)(163,348)
Selling, general and administrative (182,076)(144,738)(129,310)
Acquisition, litigation and other(51,578)(36,306)(40,614)
Impairment of long-lived assets(3,312)(8,236)(13,485)
Gain (loss) from sale of real estate— 22,124 (34)
Interest expense(99,177)(91,481)(94,408)
Interest income841 1,162 6,286 
Bridge loan commitment fees— (2,438)(2,665)
Loss on debt extinguishment, modifications and termination of derivative instruments(5,689)(9,975)— 
Foreign currency exchange (loss) gain, net(610)(45,278)10 
Other income (expense), net1,900 (2,563)(1,870)
Loss from partially owned entities(2,004)(250)(111)
Gain from sale of partially owned entities— — 4,297 
(Loss) income before income tax benefit$(31,878)$17,628 $43,005 
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,
20212020
(In thousands)
Assets:
Warehouse$7,821,426 $4,815,587 
Third-party managed48,497 52,818 
Transportation218,252 151,872 
Other — 35 
Total segments assets8,088,175 5,020,312 
Reconciling items:
Corporate assets 90,564 621,836 
Unallocated acquisitions(1)
— 2,144,096 
Investments in partially owned entities37,458 44,907 
Total reconciling items128,022 2,810,839 
Total assets$8,216,197 $7,831,151 
(1) The assets acquired in 2020 related to the Agro acquisition were reflected in the above table within the row titled ‘Unallocated Acquisitions’ as the acquired assets had 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. The assets were assigned to the Warehouse and Transportation segments during the measurement period.