Lineage, Inc.LINE

Lineage, Inc. Segments Disclosure

10-KFiled Feb 25, 20263 min read
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 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 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.
Year Ended December 31,
(in millions)202520242023
Global Warehousing revenues$3,950 $3,887 $3,857 
Global Integrated Solutions revenues1,405 1,453 1,485 
Total net revenues5,355 5,340 5,342 
Global Warehousing operating costs:
Labor1,498 1,417 1,402 
Power218 208 204 
Other warehouse costs750 728 743 
Total Global Warehousing cost of operations2,466 2,353 2,349 
Global Integrated Solutions cost of operations (1)
1,154 1,222 1,241 
Global Warehousing NOI1,484 1,534 1,508 
Global Integrated Solutions NOI251 231 244 
Total segment NOI1,735 1,765 1,752 
Reconciling items:
Stock-based compensation expense and related employer-paid payroll taxes in cost of operations(14)(3)— 
General and administrative expense(574)(539)(502)
Depreciation expense(675)(659)(552)
Amortization expense(220)(217)(208)
Acquisition, transaction, and other expense(67)(651)(60)
Goodwill impairment(48)— — 
Restructuring, impairment, and gain (loss) on disposals44 (57)(32)
Equity income (loss), net of tax(3)(6)(3)
Gain (loss) on foreign currency transactions, net28 (25)4 
Interest expense, net(268)(430)(490)
Gain (loss) on extinguishment of debt(3)(17)— 
Other nonoperating income (expense), net(50)(1)(19)
Net income (loss) before income taxes$(115)$(840)$(110)
Capital expenditures for property, plant, and equipment:
Global Warehousing capital expenditures$576 $558 $536 
Global Integrated Solutions capital expenditures28 40 78 
Corporate capital expenditures108 105 121 
Total capital expenditures for property, plant, and equipment$712 $703 $735 
(1) Cost of operations in the Global Integrated Solutions segment primarily consists of third-party carrier charges, labor, fuel, and rail and vehicle maintenance.
Geographic Information
The following table provides geographic information for the Company’s total revenues for the years ended December 31, 2025, 2024, and 2023 and long-lived assets as of December 31, 2025 and 2024. Revenues from external customers are
attributed to each country or region based on the location of the facilities in which the revenues originated. The Company’s Goodwill and Other intangible assets, net are excluded from the definition of long-lived assets.
Total RevenuesLong-Lived Assets
20252024202320252024
North America:
United States$3,469 $3,412 $3,424 $9,246 $9,122 
Canada283 293 277 934 833 
Total North America3,752 3,705 3,701 10,180 9,955 
Europe1,153 1,186 1,203 2,388 2,171 
Asia-Pacific445 445 434 822 785 
Other foreign5 4 4 — — 
Total$5,355 $5,340 $5,342 $13,390 $12,911 

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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