Segment Information

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Segment Information

Segment Information

Our reportable segments are Global Ecommerce, Presort Services and Sending Technology Solutions (SendTech Solutions). 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 revenue and related expenses from sortation services to qualify large volumes of First Class Mail, Marketing 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 income (loss).

	Revenue
	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Global Ecommerce	$	398,011	$	409,981	$	1,229,526	$	1,100,757
Presort Services	139,296		127,705		417,041		386,552
SendTech Solutions	338,142		354,212		1,043,282		1,038,349
Total revenue	$	875,449	$	891,898	$	2,689,849	$	2,525,658

	EBIT
	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Global Ecommerce	$	(20,950)	$	(19,757)	$	(58,157)	$	(68,126)
Presort Services	21,062		14,481		56,247		42,758
SendTech Solutions	98,950		112,599		320,541		323,429
Total segment EBIT	99,062		107,323		318,631		298,061
Reconciliation of Segment EBIT to net income (loss):
Unallocated corporate expenses	(49,176)		(53,429)		(162,957)		(146,640)
Restructuring charges	(3,701)		(3,766)		(11,434)		(12,505)
Interest expense, net	(36,022)		(38,801)		(109,185)		(115,558)
Gain on sale of assets	—		—		1,434		11,908
Goodwill impairment	—		—		—		(198,169)
Loss on debt refinancing	(3,193)		—		(55,576)		(36,987)
Gain on sale of business	—		—		10,201		—
Transaction costs	—		—		—		(641)
Benefit (provision) for income taxes	1,525		(554)		10,602		(7,540)
Income (loss) from continuing operations	8,495		10,773		1,716		(208,071)
Income (loss) from discontinued operations, net of tax	572		616		(4,334)		7,648
Net income (loss)	$	9,067	$	11,389	$	(2,618)	$	(200,423)