v3.25.2
Segment information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment information Segment information
Reportable Segments Information
The Company’s business is organized into two reportable segments, Global Warehousing and Global Integrated Solutions. The following table presents segment revenues, segment cost of operations, and segment net operating income (“NOI”), with a reconciliation to Net income (loss) before income taxes. All inter-segment transactions are not significant and have been eliminated in consolidation. Asset information by reportable segment is not presented, as the Company does not produce such information internally and the chief operating decision maker (“CODM”) does not use such information to manage the business. Capital expenditures for property, plant, and equipment presented below by segment are inclusive of purchases recorded in Accounts payable and accrued liabilities during each period.
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2025202420252024
Global Warehousing revenues$970 $966 $1,914 $1,935 
Global Integrated Solutions revenues380 372 728 731 
Total net revenues1,350 1,338 2,642 2,666 
Global Warehousing operating costs:
Labor368 356 724 710 
Power51 50 100 97 
Other warehouse costs184 176 363 359 
Total Global Warehousing cost of operations603 582 1,187 1,166 
Global Integrated Solutions cost of operations(1)
312 309 603 609 
Total segment cost of operations915 891 1,790 1,775 
Stock-based compensation expense and related employer-paid payroll taxes5 — 6 — 
Total cost of operations920 891 1,796 1,775 
Global Warehousing NOI367 384 727 769 
Global Integrated Solutions NOI68 63 125 122 
Total segment NOI435 447 852 891 
Reconciling items:
Stock-based compensation expense and related employer-paid payroll taxes in cost of operations(5)— (6)— 
General and administrative expense(143)(127)(297)(251)
Depreciation expense(170)(164)(328)(322)
Amortization expense(54)(55)(108)(108)
Acquisition, transaction, and other expense(37)(12)(52)(20)
Restructuring, impairment, and gain (loss) on disposals(3)(15)18 (15)
Equity income (loss), net of tax3 (1)(1)(3)
Gain (loss) on foreign currency transactions, net26 2 42 (9)
Interest expense, net(67)(148)(127)(287)
Gain (loss) on extinguishment of debt— — — (7)
Other nonoperating income (expense), net1 — 1 — 
Net income (loss) before income taxes$(14)$(73)$(6)$(131)
Capital expenditures for property, plant, and equipment:
Global Warehousing capital expenditures$127 $154 $215 $238 
Global Integrated Solutions capital expenditures2 13 4 20 
Corporate capital expenditures27 31 48 57 
Total capital expenditures for property, plant, and equipment$156 $198 $267 $315 
(1) Cost of operations in the Global Integrated Solutions segment primarily consists of third-party carrier charges, labor, fuel, and rail and vehicle maintenance.