Segment Information

12 Months Ended

Dec. 31, 2023

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 and 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 adjusted segment earnings before interest and taxes (EBIT). Adjusted segment EBIT is calculated by deducting from segment revenue the related costs and expenses attributable to the segment. Adjusted 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 adjusted segment EBIT provides investors a useful measure of operating performance and underlying trends of the business. Adjusted 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 adjusted segment EBIT to net income or loss.

	Revenue
	Years Ended December 31,
	2023		2022		2021
Global Ecommerce	$	1,355,326	$	1,576,348	$	1,702,580
Presort Services	617,599		602,016		573,480
SendTech Solutions	1,293,423		1,359,678		1,397,501
Total revenue	$	3,266,348	$	3,538,042	$	3,673,561
Geographic data:
United States	$	2,899,502	$	3,065,211	$	3,114,905
Outside United States	366,846		472,831		558,656
Total revenue	$	3,266,348	$	3,538,042	$	3,673,561

	Adjusted Segment EBIT
	Years Ended December 31,
	2023		2022		2021
Global Ecommerce	$	(133,733)	$	(100,308)	$	(98,673)
Presort Services	110,912		82,430		79,721
SendTech Solutions	405,347		400,909		429,415
Total adjusted segment EBIT	382,526		383,031		410,463
Reconciling items:
Interest, net	(163,726)		(141,769)		(143,945)
Unallocated corporate expenses	(210,931)		(204,251)		(207,774)
Restructuring charges	(61,585)		(18,715)		(19,003)
Goodwill impairment	(339,184)		—		—
Gain on sale of assets	—		14,372		1,434
Gain on sale of businesses, including transaction costs	—		12,205		7,619
Gain (loss) on debt redemption/refinancing	3,064		(4,993)		(56,209)
Proxy solicitation fees	(10,905)		—		—
Foreign currency loss on intercompany loans	(5,761)		—		—
Benefit (provision) for income taxes	20,875		(2,940)		10,922
(Loss) income from continuing operations	(385,627)		36,940		3,507
Loss from discontinued operations, net of tax	—		—		(4,858)
Net (loss) income	$	(385,627)	$	36,940	$	(1,351)

	Depreciation and amortization
	Years Ended December 31,
	2023		2022		2021
Global Ecommerce	$	66,664	$	78,296	$	79,128
Presort Services	33,642		28,039		27,243
SendTech Solutions	30,005		29,489		29,950
Total for reportable segments	130,311		135,824		136,321
Corporate	30,119		27,992		26,538
Total depreciation and amortization	$	160,430	$	163,816	$	162,859

	Capital expenditures
	Years Ended December 31,
	2023		2022		2021
Global Ecommerce	$	34,757	$	51,430	$	89,488
Presort Services	11,182		23,363		36,628
SendTech Solutions	38,840		33,364		26,028
Total for reportable segments	84,779		108,157		152,144
Corporate	18,099		16,683		31,898
Total capital expenditures	$	102,878	$	124,840	$	184,042

	Assets
	December 31,
	2023		2022		2021
Global Ecommerce	$	597,073	$	996,297	$	1,032,434
Presort Services	500,757		510,345		479,392
SendTech Solutions	2,054,889		2,023,020		2,013,361
Total for reportable segments	3,152,719		3,529,662		3,525,187
Cash and cash equivalents	601,053		669,981		732,480
Short-term investments	22,166		11,172		14,440
Long-term investments	250,240		259,977		333,052
Other corporate assets	246,007		270,563		353,712
Consolidated assets	$	4,272,185	$	4,741,355	$	4,958,871

Identifiable long-lived assets:
United States	$	703,484	$	730,347	$	658,070
Outside United States	13,685		13,941		14,294
Total	$	717,169	$	744,288	$	672,364