Segment Information (Tables)

9 Months Ended

Sep. 30, 2021

Schedule of Segment Reporting Information

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 reflected 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.