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Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Information 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 Services 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.
The accounting policies used in the preparation of our reportable segments financial information are the same as those used in the preparation of our Condensed Consolidated Financial Statements. Our chief operating decision maker is our Chief Executive Officer, who 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 long-lived assets; Net loss (gain) from 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 before income taxes for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(In thousands)
Segment revenues:
Warehouse$607,014 $612,181 $1,776,441 $1,810,278 
Transportation47,843 51,764 139,933 159,254 
Third-party managed8,808 10,226 27,019 30,574 
Total revenues663,665 674,171 1,943,393 2,000,106 
Significant Segment Expenses:
Warehouse:
Power42,439 41,767 109,692 112,182 
Other facilities costs60,421 67,211 177,646 195,190 
Labor253,985 253,258 743,138 747,057 
Other services costs55,186 51,321 153,392 155,563 
Total Warehouse Cost of Operations412,031 413,557 1,183,868 1,209,992 
Transportation services cost of operations40,107 43,323 116,201 130,441 
Third-party managed services cost of operations6,499 8,073 20,792 24,136 
Total segment expenses $458,637 $464,953 $1,320,861 $1,364,569 
Segment contribution:
Warehouse194,983 198,624 592,573 600,286 
Transportation7,736 8,441 23,732 28,813 
Third-party managed2,309 2,153 6,227 6,438 
Total segment contribution205,028 209,218 622,532 635,537 
Depreciation and amortization expense(88,023)(89,362)(267,467)(271,106)
Selling, general, and administrative expense(70,982)(63,663)(207,124)(188,542)
Acquisition, cyber incident, and other, net(29,052)(26,014)(77,692)(44,025)
Impairment of long-lived assets(77)(2,953)(5,303)(2,953)
Net (loss) gain from sale of real estate(143)— 11,617 3,514 
Interest expense(33,931)(34,255)(108,293)(100,865)
Loss on debt extinguishment and termination of derivative instruments— (218)— (116,082)
Loss from investments in partially owned entities(41)(1,037)(1,739)(3,020)
Other, net(477)3,723 6,594 27,872 
Loss before income taxes$(17,698)$(4,561)$(26,875)$(59,670)