Segment Information

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Segment Information

Segment Information

Our principal operations are organized into three reportable segments: Warehouse, Third-party managed and Transportation. The details of these segments remain materially unchanged from those disclosed in the 2021 Form 10-K as filed with the SEC.

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 condensed 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 exclude selling, general and administrative expense, acquisition, litigation and other, net, 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 before income tax for the three and nine months ended September 30, 2022 and 2021 (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Segment revenues:
Warehouse	$	598,977	$	542,047	$	1,704,281	$	1,531,232
Third-party managed	82,436		87,782		251,782		233,027
Transportation	76,367		78,979		237,168		234,051
Total revenues	757,780		708,808		2,193,231		1,998,310
Segment contribution:
Warehouse	166,662		144,992		463,905		435,552
Third-party managed	3,660		4,551		10,882		10,626
Transportation	10,836		6,251		32,950		22,204
Total segment contribution	181,158		155,794		507,737		468,382
Reconciling items:
Depreciation and amortization	(83,669)		(70,569)		(248,979)		(232,239)
Selling, general and administrative	(57,119)		(45,545)		(170,994)		(133,072)
Acquisition, litigation and other, net	(4,874)		(6,338)		(20,612)		(31,011)
Impairment of indefinite and long-lived assets	(6,616)		(1,784)		(6,616)		(3,312)
Loss from sale of real estate	(5,710)		—		(5,710)		—
Interest expense	(30,402)		(25,303)		(82,720)		(77,838)
Loss on debt extinguishment, modifications and termination of derivative instruments	(1,040)		(627)		(2,284)		(5,051)
Other, net	(2,593)		(57)		(1,197)		1,021
Loss from investments in partially owned entities	(1,440)		(489)		(7,199)		(1,250)
(Loss) income before income taxes	$	(12,305)	$	5,082	$	(38,574)	$	(14,370)

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.

	September 30, 2022		December 31, 2021
	(In thousands)
Assets:
Warehouse	$	7,624,652	$	7,821,426
Managed	46,424		48,497
Transportation	201,288		218,252
Total segments assets	7,872,364		8,088,175
Reconciling items:
Corporate assets	59,410		90,564
Investments in partially owned entities	70,130		37,458
Total reconciling items	129,540		128,022
Total assets	$	8,001,904	$	8,216,197