v3.26.1
Geographic Concentrations
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Geographic Concentrations Geographic Concentrations
The following table provides long-lived and total assets by geography as of December 31, 2025 and 2024:
Long-Lived AssetsTotal Assets
December 31, 2025December 31, 2024December 31, 2025December 31, 2024
(In thousands)
North America
$4,742,572 $4,560,688 $6,665,827 $6,408,763 
Europe636,092 580,737 856,392 811,717 
Asia-Pacific
439,096 344,835 587,470 484,090 
South America
6,149 25,611 11,909 31,384 
Total
$5,823,909 $5,511,871 $8,121,598 $7,735,954 
Segment Information
Our operating segments are aggregated into two reportable segments: Warehouse and Transportation.
•Warehouse. Our core business is our Warehouse segment, where we provide temperature-controlled warehouse storage and related handling and other warehouse services. We collect rent and storage fees to store customer’s frozen and perishable food and other products. Our handling services optimize our customer’s product movement through the cold chain, including placement, case-picking, blast freezing, e-commerce fulfillment, and other recurring handling services. Further, we manage warehouses on behalf of third parties and provide warehouse management services to leading food manufacturers and retailers in their owned facilities.
Significant Warehouse segment expenses include labor, power, other facilities costs, and other service costs.
Labor - Labor, the most significant part of warehouse expenses, covers wages, benefits, workers' compensation.
Power - The cost of power, also a significant cost of operations, fluctuates based on the price of power in the regions that our facilities operate and the required temperature zone or freezing required.
Other Facilities Costs - Other facilities costs include utilities other than power, property taxes and insurance, sanitation, repairs and maintenance, operating lease rent charges, security, and other related facilities costs.
Other Services Costs - Other services costs include equipment costs, warehouse consumables (e.g. shrink-wrap), employee protective equipment, warehouse administration and other related services costs.
•Transportation. In our Transportation segment, we broker, manage or operate transportation of frozen and perishable food and other products for our customers. Our services include consolidation (i.e., combining products for efficient shipment), freight under management services (i.e., arranging and overseeing transportation of customer inventory) and dedicated transportation, each designed to improve efficiency and reduce transportation and logistics costs to our customers.
Transportation services cost of operations are primarily affected by third-party carrier costs, which are influenced by carrier factors like driver and equipment availability. In select markets, we use our drivers and assets, incurring costs like wages, fuel, tolls, insurance, and maintenance to operate these assets.
The accounting policies used in the preparation of our reportable segments financial information are the same as those used in the preparation of our Consolidated Financial Statements. Our CODM is our Chief Executive Officer, who uses segment contribution to evaluate segment performance and to allocate resources. The CODM considers budget-to-actual variances on a monthly, quarterly, and annual basis using the segment profit or loss measure when making decisions about allocating capital and personnel to the segments. The CODM also uses the segment profit or loss measure to assess the performance for each segment by comparing the results and return on specific assets of within each segment with one another and industry competitors.
Segment contribution metrics help investors understand revenues, costs, and earnings among service types. Segment contribution is calculated as earnings before interest expense, taxes, depreciation and amortization, and excluding corporate Selling, general, and administrative expense; Acquisition, cyber incident, and other, net; Impairment of indefinite and long-lived assets; Net loss (gain) from 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 CODM does not use it to evaluate segment performance and to allocate resources. Segment contribution is not a measurement of financial performance under U.S. GAAP and should not be considered an alternative to operating income. The Company has not disclosed assets by reportable segments, as asset information is not used by our CODM to facilitate resource allocations.
The following table presents segment revenues, significant segment expenses and segment contribution with a reconciliation to Loss from continuing operations before income taxes for the years ended December 31, 2025, 2024 and 2023:
Years Ended December 31,
202520242023
(In thousands)
Segment revenues:
Warehouse(1)
$2,413,616 $2,457,412 $2,433,659 
Transportation188,230 209,129 239,670 
Total revenues2,601,846 2,666,541 2,673,329 
Significant Segment Expenses:
Warehouse(1):
Power144,352 147,455 147,753 
Other facilities costs
238,835 258,384 249,558 
Labor1,013,686 1,025,505 1,054,025 
Other services costs
208,603 215,864 253,791 
Total Warehouse Cost of Operations1,605,476 1,647,208 1,705,127 
Transportation services cost of operations156,984 172,606 197,630 
Total segment expenses $1,762,460 $1,819,814 $1,902,757 
Segment contribution:
Warehouse(1)
808,140 810,204 728,532 
Transportation31,246 36,523 42,040 
Total segment contribution839,386 846,727 770,572 
Depreciation and amortization expense(367,362)(360,817)(353,743)
Selling, general, and administrative expense(269,474)(255,118)(226,786)
Acquisition, cyber incident, and other, net(103,893)(77,169)(64,087)
Impairment of indefinite and long-lived assets(47,099)(33,126)(236,515)
Net (loss) gain from sale of real estate(44,324)3,514 2,254 
Interest expense(147,776)(135,323)(140,107)
Loss on debt extinguishment and termination of derivative instruments— (116,082)(2,482)
Loss from investments in partially owned entities(2,112)(3,702)(1,442)
Other, net6,921 27,919 2,795 
Impairment of related party loan receivable— — (21,972)
Loss on put option— — (56,576)
Loss from continuing operations before income taxes$(135,733)$(103,177)$(328,089)