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Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information Geographic Concentrations
The following table provides total and long-lived assets by geography as of December 31, 2024 and 2023:
Long-Lived AssetsTotal Assets
December 31, 2024December 31, 2023December 31, 2024December 31, 2023
(In thousands)
North America
$4,560,688 $5,213,729 $6,408,763 $6,369,346 
Europe580,737 684,201 811,717 926,920 
Asia-Pacific
344,835 418,602 484,090 533,581 
South America
25,611 35,963 31,384 39,405 
Total
$5,511,871 $6,352,495 $7,735,954 $7,869,252 
Segment Information
Our operating segments are aggregated into three reportable segments: Warehouse, Transportation, and Third-party managed.
•Warehouse. Our core business is our warehouse segment, where we provide temperature-controlled warehouse storage and related handling and other warehouse services. We collect rent and storage fees to store customer’s frozen and perishable food and other products. Our handling services optimize our customer’s product movement through the cold chain, including placement, case-picking, blast freezing, e-commerce fulfillment, and other recurring handling services.
Significant warehouse segment expenses include labor, power, other facilities costs, and other service costs.
Labor - Labor, the most significant part of warehouse expenses, covers wages, benefits, workers' compensation.
Power - The cost of power, also a significant cost of operations, fluctuates based on the price of power in the regions that our facilities operate and the required temperature zone or freezing required.
Other Facilities Costs - Other facilities costs include utilities other than power, property taxes and insurance, sanitation, repairs and maintenance, operating lease rent charges, security, and other related facilities costs.
Other Service Costs - Other services costs include equipment costs, warehouse consumables (e.g. shrink-wrap), employee protective equipment, warehouse administration and other related services costs.
•Transportation. In our transportation segment, we broker, manage or operate transportation of frozen and perishable food and other products for our customers. Our services include consolidation (i.e., combining products for efficient shipment), freight under management services (i.e., arranging and overseeing transportation of customer inventory) and dedicated transportation, each designed to improve efficiency and reduce transportation and logistics costs to our customers.
Transportation services cost of operations are primarily affected by third-party carrier costs, which are influenced by carrier factors like driver and equipment availability. In select markets, we use our drivers and assets, incurring costs like wages, fuel, tolls, insurance, and maintenance to operate these assets.
•Third party managed. Under our third-party managed segment, we manage warehouses on behalf of third parties and provide warehouse management services to leading food manufacturers and retailers in their owned facilities.
Third-party managed services cost of operations, which are recognized on a pass through basis, primarily consist of labor charges similar to those described above as a component of warehouse costs of operations
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.
The accounting policies used in the preparation of our reportable segments financial information are the same as those used in the preparation of our Consolidated Financial Statements. Our chief operating decision maker is our Chief Executive Officer and uses segment contribution to evaluate segment performance and to allocate resources.
Segment contribution metrics help investors understand revenues, costs, and earnings among service types. Segment contribution is calculated as earnings before interest expense, taxes, depreciation and amortization, and excluding corporate Selling, general, and administrative expense; Acquisition, cyber incident, and other, net; Impairment of indefinite and 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 and to allocate resources. Segment contribution is not a measurement of financial performance under U.S. GAAP and should not be considered an alternative to operating income. The Company has not disclosed assets by reportable segments, as asset information is not used by our chief operating decision maker to facilitate resource allocations.
The following table presents segment revenues, significant segment expenses and segment contribution with a reconciliation to Loss from continuing operations before income taxes for the years ended December 31, 2024, 2023 and 2022:
Years Ended December 31,
202420232022
(In thousands)
Segment revenues:
Warehouse$2,416,743 $2,391,089 $2,302,971 
Transportation209,129 239,670 313,358 
Third-party managed40,669 42,570 298,406 
Total revenues2,666,541 2,673,329 2,914,735 
Significant Segment Expenses:
Warehouse:
Power147,453 147,750 155,661 
Other facilities costs256,910 247,743 231,944 
Labor998,543 1,023,806 1,006,862 
Other services costs212,124 249,187 272,272 
Total Warehouse Cost of Operations
1,615,030 1,668,486 1,666,739 
Transportation services cost of operations172,606 197,630 265,956 
Third-party managed services cost of operations32,178 36,641 286,077 
Total segment expenses
$1,819,814 $1,902,757 $2,218,772 
Segment contribution:
Warehouse801,713 722,603 636,232 
Transportation36,523 42,040 47,402 
Third-party managed8,491 5,929 12,329 
Total segment contribution846,727 770,572 695,963 
Depreciation and amortization(360,817)(353,743)(331,446)
Selling, general, and administrative(255,118)(226,786)(231,067)
Acquisition, cyber incident, and other, net(77,169)(64,087)(32,511)
Impairment of indefinite and long-lived assets(33,126)(236,515)(7,380)
Net gain (loss) from real estate3,514 2,254 (5,689)
Interest expense(135,323)(140,107)(116,127)
Loss on debt extinguishment, modifications and termination of derivative instruments(116,082)(2,482)(3,217)
Loss from investments in partially owned entities(3,702)(1,442)(918)
Impairment of related party loan receivable— (21,972)— 
Loss on put option— (56,576)— 
Other, net27,919 2,795 2,464 
Loss from continuing operations before income taxes$(103,177)$(328,089)$(29,928)