XML 35 R23.htm IDEA: XBRL DOCUMENT
v3.21.2

Segment Information | 9 Months Ended
--- | ---
Sep. 30, 2021
Segment Reporting [Abstract] |
Segment Information | Segment Information Our principal operations are organized into four reportable segments: Warehouse, Third-party managed, Transportation and Other. The details of these segments remain materially unchanged from those disclosed in the 2020 Form 10-K as filed with the SEC. Our reportable segments are strategic business units separated by service offerings. Each reportable segment is managed separately and requires different operational and marketing strategies. The accounting polices used in the preparation of our reportable segments financial information are the same as those used in the preparation of its condensed consolidated financial statements. Our chief operating decision maker uses revenues and segment contribution to evaluate segment performance. We calculate segment contribution as earnings before interest expense, taxes, depreciation and amortization, and exclude selling, general and administrative expense, acquisition, litigation and other, net, impairment of long-lived assets, gain or loss on 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. Segment contribution is not a measurement of financial performance under GAAP, and may not be comparable to similarly titled measures of other companies. You should not consider our segment contribution as an alternative to operating income determined in accordance with GAAP. The following table presents segment revenues and contributions with a reconciliation to income before income tax for the three and nine months ended September 30, 2021 and 2020 (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Segment revenues: |  |  |  |  |  |  |
Warehouse | $ | 542,047 |  |  | $ | 388,024 |  |  | $ | 1,531,232 |  |  | $ | 1,141,503 |
Third-party managed | 87,782 |  |  | 75,338 |  |  | 233,027 |  |  | 213,213 |
Transportation | 78,979 |  |  | 34,096 |  |  | 234,051 |  |  | 104,874 |
Other | — |  |  | — |  |  | — |  |  | 4,459 |
Total revenues | 708,808 |  |  | 497,458 |  |  | 1,998,310 |  |  | 1,464,049 |
Segment contribution: |  |  |  |  |  |  |
Warehouse | 144,992 |  |  | 127,756 |  |  | 435,552 |  |  | 374,661 |
Third-party managed | 4,551 |  |  | 3,393 |  |  | 10,626 |  |  | 10,461 |
Transportation | 6,251 |  |  | 4,187 |  |  | 22,204 |  |  | 13,764 |
Other | (23) |  |  | (17) |  |  | (82) |  |  | 173 |
Total segment contribution | 155,771 |  |  | 135,319 |  |  | 468,300 |  |  | 399,059 |
Reconciling items: |  |  |  |  |  |  |
Depreciation and amortization | (70,569) |  |  | (53,569) |  |  | (232,239) |  |  | (157,572) |
Selling, general and administrative | (45,545) |  |  | (35,969) |  |  | (133,072) |  |  | (105,202) |
Acquisition, litigation and other, net | (6,338) |  |  | (5,282) |  |  | (31,011) |  |  | (9,771) |
Impairment of long-lived assets | (1,784) |  |  | (2,615) |  |  | (3,312) |  |  | (6,282) |
Gain (loss) from sale of real estate | — |  |  | (427) |  |  | — |  |  | 21,448 |
Interest expense | (25,303) |  |  | (23,066) |  |  | (77,838) |  |  | (70,114) |
Loss on debt extinguishment, modifications and termination of derivative instruments | (627) |  |  | — |  |  | (5,051) |  |  | (781) |
Other, net | (523) |  |  | (1,198) |  |  | (147) |  |  | 232 |
Income (loss) before income tax benefit (expense) | $ | 5,082 |  |  | $ | 13,193 |  |  | $ | (14,370) |  |  | $ | 71,017 |
The following table details our assets by reportable segments, with a reconciliation to total assets reported for each of the periods presented in the accompanying Condensed Consolidated Balance Sheets.
| September 30, 2021 |  | December 31, 2020
| (In thousands)
Assets: |  |  |
Warehouse | $ | 5,535,161 |  |  | $ | 4,815,587 |
Managed | 52,699 |  |  | 52,818 |
Transportation | 155,886 |  |  | 151,872 |
Other | — |  |  | 35 |
Total segments assets | 5,743,746 |  |  | 5,020,312 |
Reconciling items: |  |  |
Corporate assets | 153,460 |  |  | 621,836 |
Unallocated acquisitions(1) | 2,191,777 |  |  | 2,144,096 |
Investments in partially owned entities | 38,571 |  |  | 44,907 |
Total reconciling items | 2,383,808 |  |  | 2,810,839 |
Total assets | $ | 8,127,554 |  |  | $ | 7,831,151 |
(1) The assets acquired in 2020 and 2021 related to the Agro and KMT acquisitions are reflec ted in the tables above within the row titled ‘Unallocated Acquisitions’ as the acquired assets have not yet been assigned to the respective segments as of September 30, 2021 or December 31, 2020. The assets will be assigned to the Warehouse and Transportation segments during the measurement period.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration