v3.26.1
Segment information
 3 Months Ended
Mar. 31, 2026
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 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 March 31,
(in millions)20262025
Global Warehousing revenues$985 $944 
Global Integrated Solutions revenues312 348 
Total net revenues1,297 1,292 
Global Warehousing operating costs:
Labor381 356 
Power54 49 
Other warehouse costs186 179 
Total Global Warehousing cost of operations621 584 
Global Integrated Solutions cost of operations (1)
255 291 
Global Warehousing NOI364 360 
Global Integrated Solutions NOI57 57 
Total segment NOI421 417 
Reconciling items:
Stock-based compensation expense and related employer-paid payroll taxes in cost of operations(4)(1)
General and administrative expense(141)(154)
Depreciation expense(177)(158)
Amortization expense(56)(54)
Acquisition, transaction, and other expense(4)(15)
Restructuring, impairment, and gain (loss) on disposals(3)21 
Equity income (loss), net of tax(3)(4)
Gain (loss) on foreign currency transactions, net3 16 
Interest expense, net(84)(60)
Other nonoperating income (expense), net1 — 
Net income (loss) before income taxes$(47)$8 
Capital expenditures for property, plant, and equipment:
Global Warehousing capital expenditures$144 $88 
Global Integrated Solutions capital expenditures3 2 
Corporate capital expenditures27 21 
Total capital expenditures for property, plant, and equipment$174 $111 
(1) Cost of operations in the Global Integrated Solutions segment primarily consists of third-party carrier charges, labor, fuel, and rail and vehicle maintenance.