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Geographic Concentrations
 12 Months Ended
Dec. 31, 2022
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, 2022, 2021 and 2020, and total assets as of December 31, 2022 and 2021:
Total RevenuesTotal Assets
20222021202020222021
(In thousands)
North America
$2,309,496 $2,092,046 $1,729,657 $6,366,012 $6,419,745 
Europe325,714 321,705 — 1,157,723 1,228,442 
Asia-Pacific
262,126 281,164 248,494 493,518 473,764 
South America
17,399 19,875 9,576 87,308 94,246 
$2,914,735 $2,714,790 $1,987,727 $8,104,561 $8,216,197 
The following table provides long-lived assets by geography for the years ended December 31, 2022 and 2021:
Long-Lived Assets
20222021
(In thousands)
North America
$4,463,000 $4,499,718 
Europe644,085 680,338 
Asia-Pacific
357,169 340,078 
South America
82,798 79,377 
$5,547,052 $5,599,511 
Segment Information
Our principal operations are organized into four reportable segments: Warehouse, Transportation, Third-party managed 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.
•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.
•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. During the fourth quarter of 2022, we strategically transitioned the management of our largest Third-party managed customer’s warehouses to a new third-party provider, and our operations ceased. As part of this transition, we agreed to continue to process certain costs for this customer for a period of time, and will continue to receive reimbursement for all such costs.
•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 U.S. 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 U.S. 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, 2022, 2021 and 2020:
Years Ended December 31,
202220212020
(In thousands)
Segment revenues:
Warehouse$2,302,971 $2,085,387 $1,549,314 
Transportation313,358 312,092 142,203 
Third-party managed298,406 317,311 291,751 
Other— — 4,459 
Total revenues2,914,735 2,714,790 1,987,727 
Segment contribution:
Warehouse636,232 586,436 520,333 
Transportation47,402 29,376 18,807 
Third-party managed12,329 13,964 12,228 
Other— — 130 
Total segment contribution695,963 629,776 551,498 
Reconciling items:
Depreciation and amortization(331,446)(319,840)(215,891)
Selling, general and administrative (231,067)(182,076)(144,738)
Acquisition, litigation and other, net(32,511)(51,578)(36,306)
Impairment of indefinite and long-lived assets(7,380)(3,312)(8,236)
(Loss) gain from sale of real estate(5,689)— 22,124 
Interest expense(116,127)(99,177)(91,481)
Interest income1,633 841 1,162 
Bridge loan commitment fees— — (2,438)
Loss on debt extinguishment, modifications and termination of derivative instruments(3,217)(5,689)(9,975)
Foreign currency exchange loss, net(975)(610)(45,278)
Other income (expense), net1,806 1,791 (2,563)
Loss from partially owned entities(9,300)(2,004)(250)
(Loss) income before income tax benefit$(38,310)$(31,878)$17,628 
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,
20222021
(In thousands)
Assets:
Warehouse$7,736,704 $7,821,426 
Transportation205,653 218,252 
Third-party managed25,997 48,497 
Total segments assets7,968,354 8,088,175 
Reconciling items:
Investments in partially owned entities78,926 37,458 
Corporate assets 57,281 90,564 
Total reconciling items136,207 128,022 
Total assets$8,104,561 $8,216,197