v3.26.1
Segment information
 6 Months Ended
Jun. 30, 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 June 30,Six Months Ended June 30,
(in millions)2026202520262025
Global Warehousing revenues$1,005 $970 $1,990 $1,914 
Global Integrated Solutions revenues356 380 668 728 
Total net revenues1,361 1,350 2,658 2,642 
Global Warehousing operating costs:
Labor391 368 772 724 
Power55 51 109 100 
Other warehouse costs192 184 378 363 
Total Global Warehousing cost of operations638 603 1,259 1,187 
Global Integrated Solutions cost of operations (1)
295 312 550 603 
Global Warehousing NOI367 367 731 727 
Global Integrated Solutions NOI61 68 118 125 
Total segment NOI428 435 849 852 
Reconciling items:
Stock-based compensation expense and related employer-paid payroll taxes in cost of operations(3)(5)(7)(6)
General and administrative expense(138)(143)(279)(297)
Depreciation expense(182)(170)(359)(328)
Amortization expense(55)(54)(111)(108)
Acquisition, transaction, and other expense— (37)(4)(52)
Restructuring, impairment, and gain (loss) on disposals4 (3)1 18 
Equity income (loss), net of tax— 3 (3)(1)
Gain (loss) on foreign currency transactions, net— 26 3 42 
Interest expense, net(87)(67)(171)(127)
Other nonoperating income (expense), net— 1 1 1 
Net income (loss) before income taxes$(33)$(14)$(80)$(6)
Capital expenditures for property, plant, and equipment:
Global Warehousing capital expenditures$130 $127 $274 $215 
Global Integrated Solutions capital expenditures2 2 5 4 
Corporate capital expenditures21 27 48 48 
Total capital expenditures for property, plant, and equipment$153 $156 $327 $267 
(1) Cost of operations in the Global Integrated Solutions segment primarily consists of third-party carrier charges, labor, fuel, and rail and vehicle maintenance.