Segment Information

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Segment Information

Segment Information

Our reportable segments are Global Ecommerce, Presort Services and 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 the 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, goodwill impairment charges and other items not allocated to a particular business segment. Costs related to shared assets are allocated to the relevant segments. 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
	Years Ended December 31,
	2022		2021		2020
Global Ecommerce	$	1,576,348	$	1,702,580	$	1,618,897
Presort Services	602,016		573,480		521,212
SendTech Solutions	1,359,678		1,397,501		1,413,966
Total revenue	$	3,538,042	$	3,673,561	$	3,554,075
Geographic data:
United States	$	3,065,211	$	3,114,905	$	3,112,285
Outside United States	472,831		558,656		441,790
Total revenue	$	3,538,042	$	3,673,561	$	3,554,075

	EBIT
	Years Ended December 31,
	2022		2021		2020
Global Ecommerce	$	(100,308)	$	(98,673)	$	(82,894)
Presort Services	82,430		79,721		55,799
SendTech Solutions	400,909		429,415		442,648
Total segment EBIT	383,031		410,463		415,553
Reconciling items:
Interest, net	(141,769)		(143,945)		(153,915)
Unallocated corporate expenses	(204,251)		(207,774)		(200,406)
Restructuring charges	(18,715)		(19,003)		(20,712)
Goodwill impairment	—		—		(198,169)
Gain on sale of assets	14,372		1,434		11,908
Gain (loss) on sale of businesses, including transaction costs	12,205		7,619		(641)
Loss on debt redemption/refinancing	(4,993)		(56,209)		(36,987)
(Provision) benefit for income taxes	(2,940)		10,922		(7,122)
Income (loss) from continuing operations	36,940		3,507		(190,491)
(Loss) income from discontinued operations, net of tax	—		(4,858)		10,115
Net income (loss)	$	36,940	$	(1,351)	$	(180,376)

	Depreciation and amortization
	Years Ended December 31,
	2022		2021		2020
Global Ecommerce	$	78,296	$	79,128	$	69,676
Presort Services	28,039		27,243		31,769
SendTech Solutions	29,489		29,950		34,316
Total for reportable segments	135,824		136,321		135,761
Corporate	27,992		26,538		24,864
Total depreciation and amortization	$	163,816	$	162,859	$	160,625

	Capital expenditures
	Years Ended December 31,
	2022		2021		2020
Global Ecommerce	$	51,430	$	89,488	$	46,427
Presort Services	23,363		36,628		15,795
SendTech Solutions	33,364		26,028		28,823
Total for reportable segments	108,157		152,144		91,045
Corporate	16,683		31,898		13,942
Total capital expenditures	$	124,840	$	184,042	$	104,987

	Assets
	December 31,
	2022		2021		2020
Global Ecommerce	$	996,297	$	1,032,434	$	994,554
Presort Services	510,345		479,392		523,690
SendTech Solutions	2,023,020		2,013,361		2,071,028
Total for reportable segments	3,529,662		3,525,187		3,589,272
Cash and cash equivalents	669,981		732,480		921,450
Short-term investments	11,172		14,440		18,974
Long-term investments	259,977		333,052		364,212
Other corporate assets	270,563		353,712		330,455
Consolidated assets	$	4,741,355	$	4,958,871	$	5,224,363

Identifiable long-lived assets:
United States	$	730,347	$	658,070	$	613,990
Outside United States	13,941		14,294		17,641
Total	$	744,288	$	672,364	$	631,631