Segment Information

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Segment Information

Segment Information

Our reportable segments are Global Ecommerce, Presort Services and SendTech Solutions. Global Ecommerce and Presort Services comprise the Commerce Services reporting group. The principal products and services of each reportable segment are as follows:

Global Ecommerce: Includes the revenue and related expenses from domestic parcel services, cross-border solutions and digital delivery services.

Presort Services: Includes the revenue and related expenses from sortation services to qualify large volumes of First Class Mail, Marketing Mail and Bound and Packet Mail (Marketing Mail Flats and Bound Printed Matter) for postal worksharing discounts.

SendTech Solutions: Includes the revenue and related expenses from physical and digital mailing and shipping technology solutions,

financing, services, supplies and other applications to help simplify and save on the sending, tracking and receiving of letters, parcels

and flats.

Management measures segment profitability and performance using segment earnings before interest and taxes (EBIT). Segment EBIT is calculated by deducting from segment revenue the related costs and expenses attributable to the segment. Segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges, asset impairment charges and other items not allocated to a particular business segment. Management believes that it provides investors a useful measure of operating performance and underlying trends of the business. Segment EBIT may not be indicative of our overall consolidated performance and therefore, should be read in conjunction with our consolidated results of operations. The following tables provide information about our reportable segments and reconciliation of segment EBIT to net (loss) income.

	Revenue
	Years Ended December 31,
	2020		2019		2018
Global Ecommerce	$	1,618,897	$	1,151,510	$	1,022,862
Presort Services	521,212		529,588		515,795
Commerce Services	2,140,109		1,681,098		1,538,657
SendTech Solutions	1,413,966		1,524,027		1,672,865
Total revenue	$	3,554,075	$	3,205,125	$	3,211,522
Geographic data:
United States	$	3,112,285	$	2,745,928	$	2,679,300
Outside United States	441,790		459,197		532,222
Total revenue	$	3,554,075	$	3,205,125	$	3,211,522

	EBIT
	Years Ended December 31,
	2020		2019		2018
Global Ecommerce	$	(82,894)	$	(70,146)	$	(32,379)
Presort Services	55,799		70,693		73,768
Commerce Services	(27,095)		547		41,389
SendTech Solutions	441,085		490,322		558,959
Total segment EBIT	413,990		490,869		600,348
Reconciling items:
Interest, net	(153,915)		(155,558)		(159,757)
Unallocated corporate expenses	(200,406)		(211,529)		(185,919)
Restructuring charges and asset impairments	(20,712)		(69,606)		(25,899)
Goodwill impairment	(198,169)		—		—
Loss on extinguishment of debt	(36,987)		(6,623)		(7,964)
Gain on sale of equity investment	11,908		—		—
Pension settlement	—		—		(31,329)
Loss on sale of businesses	—		(17,683)		—
Transaction costs	(641)		(2,728)		(1,359)
(Provision) benefit for income taxes	(6,727)		13,007		(6,416)
(Loss) income from continuing operations	(191,659)		40,149		181,705
Income from discontinued operations, net of tax	10,115		154,460		60,106
Net (loss) income	$	(181,544)	$	194,609	$	241,811

During the year ended December 31, 2020, we received insurance proceeds of $17 million related to the October 2019 malware attack, a portion of which has been recorded to the business segments and reflected in segment EBIT.

	Depreciation and amortization
	Years Ended December 31,
	2020		2019		2018
Global Ecommerce	$	69,676	$	68,385	$	61,046
Presort Services	31,769		29,440		26,838
Commerce Services	101,445		97,825		87,884
SendTech Solutions	34,316		39,758		39,104
Total for reportable segments	135,761		137,583		126,988
Corporate	24,864		21,559		21,476
Total depreciation and amortization	$	160,625	$	159,142	$	148,464

	Capital expenditures
	Years Ended December 31,
	2020		2019		2018
Global Ecommerce	$	46,427	$	53,374	$	46,073
Presort Services	15,795		27,394		42,531
Commerce Services	62,222		80,768		88,604
SendTech Solutions	28,823		32,276		24,648
Total for reportable segments	91,045		113,044		113,252
Corporate	13,942		24,209		24,558
Total capital expenditures	$	104,987	$	137,253	$	137,810

	Assets
	December 31,
	2020		2019		2018
Global Ecommerce	$	994,554	$	1,102,313	$	1,023,732
Presort Services	523,690		524,817		431,512
Commerce Services	1,518,244		1,627,130		1,455,244
SendTech Solutions	2,065,393		2,152,734		2,325,797
Total for reportable segments	3,583,637		3,779,864		3,781,041
Cash and cash equivalents	921,450		924,442		867,262
Short-term investments	18,974		115,879		59,391
Assets of discontinued operations	—		17,229		602,823
Long-term investments	364,212		238,882		269,374
Other corporate assets	331,864		390,604		358,528
Consolidated assets	$	5,220,137	$	5,466,900	$	5,938,419

Identifiable long-lived assets:
United States	$	613,990	$	596,694	$	577,260
Outside United States	17,641		21,460		20,023
Total	$	631,631	$	618,154	$	597,283