LINEAGE, INC., 10-Q filed on 8/21/2024
Quarterly Report
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Cover Page - shares
 6 Months Ended
Jun. 30, 2024
Aug. 15, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2024  
Document Transition Report false  
Entity File Number 001-42191  
Entity Registrant Name Lineage, Inc.  
Entity Incorporation, State or Country Code MD  
Entity Tax Identification Number 82-1271188  
Entity Address, Address Line One 46500 Humboldt Drive  
Entity Address, City or Town Novi  
Entity Address, State or Province MI  
Entity Address, Postal Zip Code 48377  
City Area Code 800  
Local Phone Number 678-7271  
Title of 12(b) Security Common stock, par value $0.01 per share  
Trading Symbol LINE  
Security Exchange Name NASDAQ  
Entity Current Reporting Status No  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   227,688,745
Entity Central Index Key 0001868159  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q2  
Amendment Flag false  
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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
shares in Millions, $ in Millions
Jun. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 73.0 $ 68.0
Restricted cash 3.0 3.0
Accounts receivable, net 954.0 913.0
Inventories 172.0 171.0
Prepaid expenses and other current assets 137.0 101.0
Total current assets 1,339.0 1,256.0
Non-current assets:    
Property, plant, and equipment, net 10,491.0 10,571.0
Finance lease right-of-use assets, net 1,219.0 1,243.0
Operating lease right-of-use assets, net 705.0 724.0
Equity method investments 123.0 113.0
Goodwill 3,361.0 3,394.0
Other intangible assets, net 1,218.0 1,280.0
Other assets 300.0 290.0
Total assets 18,756.0 18,871.0
Current liabilities:    
Accounts payable and accrued liabilities 1,088.0 1,137.0
Accrued distributions 11.0 110.0
Deferred revenue 84.0 94.0
Current portion of long-term debt, net 39.0 24.0
Total current liabilities 1,222.0 1,365.0
Non-current liabilities:    
Long-term finance lease obligations 1,291.0 1,305.0
Long-term operating lease obligations 677.0 692.0
Deferred income tax liability 351.0 370.0
Long-term debt, net 9,302.0 8,958.0
Other long-term liabilities 159.0 159.0
Total liabilities 13,002.0 12,849.0
Commitments and contingencies (Note 16)
Redeemable noncontrolling interests 262.0 349.0
Stockholders’ equity:    
Common stock, $0.01 par value per share – 500 authorized shares; 162 issued and outstanding at June 30, 2024 and December 31, 2023 2.0 2.0
Additional paid-in capital - common stock $ 5,981.0 $ 5,961.0
Preferred Stock, Shares Issued 1 1
Series A preferred stock, $0.01 par value per share – 100 authorized shares; less than 1000000 issued and outstanding shares, with an aggregate liquidation preference of $1 at June 30, 2024 and December 31, 2023 $ 1.0 $ 1.0
Retained earnings (accumulated deficit) (987.0) (879.0)
Accumulated other comprehensive income (loss) (119.0) (34.0)
Total stockholders’ equity 4,878.0 5,051.0
Noncontrolling interests 614.0 622.0
Total equity 5,492.0 5,673.0
Total liabilities, redeemable noncontrolling interests, and equity $ 18,756.0 $ 18,871.0
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CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 500,000,000 500,000,000
Common stock, shares, issued (in shares) 161,749,791 162,017,515
Common stock, shares, outstanding (in shares) 161,749,791 162,017,515
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 100,000,000 100,000,000
Preferred stock, shares outstanding (in shares) 1,000,000 1,000,000
Preferred stock, liquidation preference, value (in dollars per share) $ 1 $ 1
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Statement [Abstract]        
Net revenues $ 1,338.0 $ 1,346.0 $ 2,666.0 $ 2,679.0
Cost of operations 891.0 905.0 1,775.0 1,795.0
General and administrative expense 127.0 124.0 251.0 239.0
Depreciation expense 164.0 136.0 322.0 265.0
Amortization expense 55.0 52.0 108.0 104.0
Acquisition, transaction, and other expense 12.0 15.0 20.0 26.0
Restructuring, impairment, and (gain) loss on disposals 15.0 3.0 15.0 7.0
Total operating expense 1,264.0 1,235.0 2,491.0 2,436.0
Income from operations 74.0 111.0 175.0 243.0
Other income (expense):        
Equity income (loss), net of tax (1.0) 0.0 (3.0) 0.0
Gain (loss) on foreign currency transactions, net 2.0 (3.0) (9.0) (4.0)
Interest expense, net (148.0) (116.0) (287.0) (231.0)
Gain (loss) on extinguishment of debt 0.0 0.0 (7.0) 0.0
Total other income (expense), net (147.0) (119.0) (306.0) (235.0)
Net income (loss) before income taxes (73.0) (8.0) (131.0) 8.0
Income tax expense (benefit) 7.0 0.0 (3.0) (3.0)
Net income (loss) (80.0) (8.0) (128.0) 11.0
Less: Net income (loss) attributable to noncontrolling interests (12.0) (3.0) (20.0) (2.0)
Net income (loss) attributable to Lineage, Inc. (68.0) (5.0) (108.0) 13.0
Other comprehensive income (loss), net of tax:        
Unrealized gain (loss) on foreign currency hedges and interest rate hedges (13.0) 20.0 (10.0) (19.0)
Foreign currency translation adjustments (12.0) 19.0 (86.0) 49.0
Comprehensive income (loss) (105.0) 31.0 (224.0) 41.0
Less: Comprehensive income (loss) attributable to noncontrolling interests (15.0) 1.0 (31.0) 1.0
Comprehensive income (loss) attributable to Lineage, Inc. $ (90.0) $ 30.0 $ (193.0) $ 40.0
Basic earnings (loss) per share (in dollars per share) $ (0.46) $ (0.08) $ (0.73) $ (0.04)
Diluted earnings (loss) per share (in dollars per share) $ (0.46) $ (0.08) $ (0.73) $ (0.04)
Weighted average common shares outstanding:        
Weighted average common shares outstanding, basic (in shares) 162,000,000 162,000,000 162,000,000 162,000,000
Weighted average common shares outstanding, diluted (in shares) 162,000,000 162,000,000 162,000,000 162,000,000
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CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY (Unaudited) - USD ($)
$ in Millions
Total
Common Stock
Additional paid-in capital
Series A preferred stock
Retained earnings (accumulated deficit)
Accumulated other comprehensive income (loss)
Noncontrolling interests
Increase (Decrease) in Temporary Equity [Roll Forward]              
Redeemable noncontrolling interest adjustment $ 4            
Accretion of redeemable noncontrolling interests 9            
Balance, beginning of period (in shares) at Dec. 31, 2022   160,000,000          
Balance, beginning of period at Dec. 31, 2022 5,809 $ 2 $ 5,915 $ 1 $ (713) $ (37) $ 641
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Common stock issuances, net of equity raise costs (in shares)   2,000,000          
Common stock issuances, net of equity raise costs 140   140        
Contributions from noncontrolling interests 5   3       2
Distributions (12)           (12)
Stock-based compensation 5   3       2
Other comprehensive income (loss) (9)         (8) (1)
Redemption of common stock (3)   (3)        
Redemption of units issued as stock compensation (10)   (9)       (1)
Redeemable noncontrolling interest adjustment (4)   (4)        
Accretion of redeemable noncontrolling interests (9)   (9)        
Net income (loss) 19       18   1
Reallocation of noncontrolling interests     (21)     2 19
Balance, end of period (in shares) at Mar. 31, 2023   162,000,000          
Balance, end of period at Mar. 31, 2023 5,931 $ 2 6,015 1 (695) (43) 651
Balance, beginning of period (in shares) at Dec. 31, 2022   160,000,000          
Balance, beginning of period at Dec. 31, 2022 5,809 $ 2 5,915 1 (713) (37) 641
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Redemption of common stock (3)            
Net income (loss) 11            
Balance, end of period (in shares) at Jun. 30, 2023   162,000,000          
Balance, end of period at Jun. 30, 2023 5,949 $ 2 6,001 1 (700) (8) 653
Increase (Decrease) in Temporary Equity [Roll Forward]              
Accretion of redeemable noncontrolling interests 9            
Balance, beginning of period (in shares) at Mar. 31, 2023   162,000,000          
Balance, beginning of period at Mar. 31, 2023 5,931 $ 2 6,015 1 (695) (43) 651
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Common stock issuances, net of equity raise costs 2   2        
Distributions (12)           (12)
Stock-based compensation 6   4       2
Other comprehensive income (loss) 39         35 4
Accretion of redeemable noncontrolling interests (9)   (9)        
Net income (loss) (8)       (5)   (3)
Reallocation of noncontrolling interests     (11)       11
Balance, end of period (in shares) at Jun. 30, 2023   162,000,000          
Balance, end of period at Jun. 30, 2023 5,949 $ 2 6,001 1 (700) (8) 653
Balance, beginning of period at Dec. 31, 2023 349            
Increase (Decrease) in Temporary Equity [Roll Forward]              
Distributions (1)            
Redemption of redeemable noncontrolling interests (6)            
Expiration of redemption option (92)            
Accretion of redeemable noncontrolling interests 6            
Balance, end of period at Mar. 31, 2024 $ 256            
Balance, beginning of period (in shares) at Dec. 31, 2023 162,017,515 162,000,000          
Balance, beginning of period at Dec. 31, 2023 $ 5,673 $ 2 5,961 1 (879) (34) 622
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Distributions (12)           (12)
Stock-based compensation 5   3       2
Other comprehensive income (loss) (71)         (63) (8)
Redemption of common stock (25)   (25)        
Expiration of redemption option 92   65       27
Accretion of redeemable noncontrolling interests (6)   (6)        
Net income (loss) (48)       (40)   (8)
Reallocation of noncontrolling interests     (7)       7
Balance, end of period (in shares) at Mar. 31, 2024   162,000,000          
Balance, end of period at Mar. 31, 2024 5,608 $ 2 5,991 1 (919) (97) 630
Balance, beginning of period at Dec. 31, 2023 349            
Balance, end of period at Jun. 30, 2024 $ 262            
Balance, beginning of period (in shares) at Dec. 31, 2023 162,017,515 162,000,000          
Balance, beginning of period at Dec. 31, 2023 $ 5,673 $ 2 5,961 1 (879) (34) 622
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Redemption of common stock (25)            
Net income (loss) $ (128)            
Balance, end of period (in shares) at Jun. 30, 2024 161,749,791 162,000,000          
Balance, end of period at Jun. 30, 2024 $ 5,492 $ 2 5,981 1 (987) (119) 614
Balance, beginning of period at Mar. 31, 2024 256            
Increase (Decrease) in Temporary Equity [Roll Forward]              
Redeemable noncontrolling interest adjustment 4            
Accretion of redeemable noncontrolling interests 2            
Balance, end of period at Jun. 30, 2024 262            
Balance, beginning of period (in shares) at Mar. 31, 2024   162,000,000          
Balance, beginning of period at Mar. 31, 2024 5,608 $ 2 5,991 1 (919) (97) 630
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Common stock issuances, net of equity raise costs 1   1        
Distributions (12)           (12)
Stock-based compensation 6   4       2
Other comprehensive income (loss) (25)         (22) (3)
Redeemable noncontrolling interest adjustment (4)   (4)        
Accretion of redeemable noncontrolling interests (2)   (2)        
Net income (loss) $ (80)       (68)   (12)
Reallocation of noncontrolling interests     (9)       9
Balance, end of period (in shares) at Jun. 30, 2024 161,749,791 162,000,000          
Balance, end of period at Jun. 30, 2024 $ 5,492 $ 2 $ 5,981 $ 1 $ (987) $ (119) $ 614
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income (loss) $ (128) $ 11
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Provision for credit losses 2 2
Impairment of long-lived and intangible assets 29 2
Gain on insurance recovery (23) 0
Depreciation and amortization 430 369
(Gain) loss on extinguishment of debt, net 7 0
Amortization of deferred financing costs and above/below market debt 12 11
Stock-based compensation 11 11
(Gain) loss on foreign currency transactions, net 9 4
Deferred income tax (24) (32)
Other operating activities 10 0
Changes in operating assets and liabilities (excluding effects of acquisitions):    
Accounts receivable (18) 13
Prepaid expenses, other assets, and other long-term liabilities (24) (36)
Inventories (3) (10)
Accounts payable and accrued liabilities and deferred revenue (37) (13)
Right-of-use assets and lease obligations 7 4
Net cash provided by operating activities 260 336
Cash flows from investing activities:    
Acquisitions, net of cash acquired (73) (16)
Deposits on pending acquisitions 0 1
Purchase of property, plant, and equipment (333) (428)
Proceeds from sale of assets 5 9
Other investing activity 3 (20)
Net cash used in investing activities (398) (454)
Cash flows from financing activities:    
Capital contributions, net of equity raise costs 0 142
Distributions to stockholders (89) 0
Distributions to noncontrolling interests (34) (23)
Redemption of redeemable noncontrolling interests (6) 0
Financing fees (44) 0
Proceeds from long-term debt 2,481 0
Repayments of long-term debt and finance leases (3,341) (48)
Payment of deferred and contingent consideration liabilities (16) (33)
Borrowings on revolving line of credit 2,358 479
Repayments on revolving line of credit (1,127) (442)
Redemption of units issued as stock compensation 0 (10)
Redemption of common stock (25) (3)
Other financing activity (13) (8)
Net cash provided by financing activities 144 54
Impact of foreign exchange rates on cash, cash equivalents, and restricted cash (1) 3
Net increase (decrease) in cash, cash equivalents, and restricted cash 5 (61)
Cash, cash equivalents, and restricted cash at the beginning of the period 71 202
Cash, cash equivalents, and restricted cash at the end of the period 76 141
Supplemental disclosures of cash flow information:    
Cash paid for taxes 28 42
Cash paid for interest 319 283
Noncash activities:    
Purchases of property, plant, and equipment in Accounts payable and accrued liabilities 87 58
Accrued distributions to noncontrolling interests 11 11
Net deferred and contingent consideration on acquisitions 0 3
Noncash capital contribution from noncontrolling interests $ 0 $ (2)
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Significant accounting policies and practices
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Significant accounting policies and practices Significant accounting policies and practices
(a)Nature of operations
Lineage, Inc. together with its subsidiaries (individually or collectively as the context requires, the “Company”) is a global temperature-controlled warehouse real estate investment trust (“REIT”) with a modern and strategically located network of temperature-controlled warehouses. The Company offers a broad range of essential warehousing services and integrated solutions for a variety of customers with complex requirements in the food supply chain. The Company's primary business is temperature-controlled warehousing, and the Company owns and operates the majority of its facilities. The Company provides customers with storage space, as well as handling and other warehousing services. The Company may rent to a customer an entire warehouse, a set amount of reserved space in a warehouse for a set term, or non-exclusive space in a warehouse pursuant to a storage agreement. In addition, the Company operates several critical and value-add temperature-controlled business lines within its integrated solutions business, including, among others, transportation and refrigerated rail car leasing. Lineage Logistics Holdings, LLC (“LLH”) is the Company’s principal operating subsidiary. Bay Grove Management Company, LLC (“Bay Grove Management”), an affiliate of Bay Grove Capital, LLC (“Bay Grove Capital”), provides LLH operating support pursuant to an operating services agreement.
On July 26, 2024, the Company closed its initial public offering (the “IPO”) of 56,882,051 shares of its common stock at a price of $78.00 per share, with a subsequent exercise in full by the underwriters of their option to purchase from the Company an additional 8,532,307 shares of common stock that closed on July 31, 2024. Refer to Note 20, Subsequent events for a further description of the related impacts.
(b)Basis of presentation and principles of consolidation
The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with the accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commissions (“SEC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These financial statements include all adjustments, which consist of normal, recurring adjustments and transactions or events discretely impacting the interim periods, considered necessary for a fair statement of the financial position, results of operations, and cash flows of the Company. Certain prior period amounts have been reclassified to conform to current period presentation. The accompanying condensed consolidated financial statements include the accounts of Lineage, Inc. consolidated with the accounts of all subsidiaries and affiliates in which the Company holds a controlling financial interest as of the financial statement date. The operating results for the interim periods ended June 30, 2024 and 2023 are not necessarily indicative of results for the full year and should be read in conjunction with the Company’s consolidated financial statements and notes thereto for the year ended December 31, 2023 included in the Company’s prospectus dated July 24, 2024, filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended, on July 26, 2024 (the “Prospectus”) in connection with the Company’s IPO.
The Company consolidates a voting interest entity (“VOE”) in which it has a controlling financial interest and a variable interest entity (“VIE”) if it possesses both the power to direct the activities of the VIE that most significantly affect its economic performance, and (a) is obligated to absorb the losses that could be significant to the VIE or (b) holds the right to receive benefits from the VIE that could be significant to the VIE. As of June 30, 2024, the Company did not have any VIEs.
(c)Use of estimates in preparation of financial statements
The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the financial statement date and the reported amounts of revenues and expenses during the period. The Company bases its estimates on various factors and information which may include, but are not limited to, history and prior experience, expected future results, new related events, and economic conditions, which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from
other sources. Actual results may differ from the estimates used in preparing the Company’s condensed consolidated financial statements.
(d)Recently adopted accounting pronouncements
In June 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this ASU clarify that a contractual restriction on sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The ASU also requires additional disclosures surrounding equity securities subject to contractual sale restrictions. The Company adopted this ASU on January 1, 2024. The adoption of the new standard did not have a material impact on the condensed consolidated financial statements.
(e)Recently issued accounting pronouncements not yet adopted
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this ASU require that an entity disclose significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, disclose an amount for other segment items by reportable segment and a description of the amount’s composition, and provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by Accounting Standards Codification (“ASC”) 280, Segment Reporting, in interim periods. The amendments also require that an entity disclose the title and position of the CODM with an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and making resource allocation decisions. This ASU is effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024. The Company is still evaluating the impact this guidance will have on its consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU amends existing income tax disclosure guidance, primarily requiring more detailed disclosure for income taxes paid and the effective tax rate reconciliation. This ASU is effective for fiscal years beginning after December 15, 2024. The Company is still evaluating the impact this guidance will have on its consolidated financial statements.
In March 2024, the SEC adopted new rules that will require registrants to provide certain climate-related information in their registration statements and annual reports. The rules require information about a registrant's climate-related risks that are reasonably likely to have a material impact on its business, results of operations, or financial condition. The required information about climate-related risks will also include disclosure of a registrant's greenhouse gas emissions. Additionally, the rules will require registrants to present certain climate-related financial metrics in their audited financial statements. Some portions of the new rules will be effective for annual reporting periods beginning in calendar year 2025 and some in 2026. In April 2024, the SEC voluntarily stayed the implementation of these rules, pending resolution of judicial review. The Company is currently evaluating the impact of the rule changes on its consolidated financial statements.
In March 2024, the FASB issued ASU 2024-01, Compensation — Stock Compensation (Topic 718): Scope Application of Profits Interests and Similar Awards. This ASU clarifies the application of ASC 718, Compensation — Stock Compensation, to profits interests and similar instruments by providing illustrative examples of the proper accounting for such awards. The ASU does not contain changes to the application of the previously existing accounting guidance. This ASU is effective for fiscal years beginning after December 15, 2024. The Company does not expect this ASU to have an effect on the Company’s consolidated financial statements because the Company’s accounting for profits interests and similar instruments conforms to the clarified guidance.
(f)Accounts receivable and Notes receivable
Accounts receivable are recorded at the invoiced amount and are stated net of estimated allowances for uncollectible balances. Notes receivable primarily consist of amounts that are due and payable related to a variety of unique Company transactions. The current portion of notes receivable is recorded in Accounts receivable, net and the non-current portion is recorded in Other assets in the condensed consolidated balance sheets. The current portion of notes receivable was $5 million and $6 million as of June 30, 2024 and December 31, 2023, respectively. The non-current portion of notes receivable was $3 million and $20 million as of June 30, 2024 and December 31, 2023, respectively. Allowances for uncollectible balances are reserved based on expected credit losses. Management exercises judgement in establishing these allowances and considers the balance outstanding and payment history. The Company writes off receivables against the allowances after all reasonable collection efforts are exhausted. The Company’s allowance for accounts receivable was $7 million as of June 30, 2024 and December 31, 2023.
(g)Investments in partially owned entities
The Company accounts for its investments in partially owned entities where the Company does not have a controlling interest but has significant influence using the equity method of accounting, under which the net income of the entity is recognized in income and presented in Equity method investments in the condensed consolidated balance sheets. Allocations of profits and losses are made per the terms of the organizational documents. The Company’s ownership percentages in such investments range from 9.0% to 50.0%.
The Company has committed to invest up to a total of $108 million in its equity method investment Emergent Cold LatAm Holdings, LLC (“LatAm”). The Company has contributed a total of $83 million to date, of which the Company invested $8 million and $13 million during the three and six months ended June 30, 2024, respectively, and $6 million and $21 million during the three and six months ended June 30, 2023, respectively. The Company has an option to purchase the remaining equity interests in LatAm during a period beginning on the third anniversary and expiring on the sixth anniversary of its initial investment date, which was July 2021.
The Company has interests in partially owned entities where the Company does not have a controlling interest or significant influence. These investments do not have readily determinable fair values, and the Company has elected the measurement alternative to measure these investments at cost less impairment, adjusted by observable price changes, with any fair value changes recognized in earnings. Refer to Note 12, Fair value measurements for additional information. As of June 30, 2024 and December 31, 2023, the carrying amount of these investments was $30 million and is presented in Other assets in the condensed consolidated balance sheets.
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Capital structure and noncontrolling interests
 6 Months Ended
Jun. 30, 2024
Noncontrolling Interest [Abstract]  
Capital structure and noncontrolling interests Capital structure and noncontrolling interests
Lineage, Inc. was organized in 2017 under Maryland law by an affiliate of Bay Grove Capital and operates as a REIT for United States (U.S.) federal income tax purposes. As of June 30, 2024, all outstanding common shares of the Company were held by BG Lineage Holdings, LLC, a Delaware limited liability company (“BGLH”). The Company is the managing member of Lineage OP, LP, formerly known as Lineage OP, LLC (“Lineage OP” or the “Operating Partnership”) and owns a controlling financial interest in Lineage OP. Lineage OP holds all direct interests in LLH other than certain interests held by LLH MGMT Profits, LLC (“LLH MGMT”), LLH MGMT Profits II, LLC (“LLH MGMT II”), and BG Maverick, LLC (“BG Maverick”).
Lineage, Inc. capital structure
(a)Common Stock
As of June 30, 2024 and December 31, 2023, there were 161,749,791 and 162,017,515 common shares issued and outstanding, respectively.
During the six months ended June 30, 2024 and 2023, the Company redeemed shares of its common stock as authorized by its Board of Directors (“Board”). Any redeemed shares are constructively retired and returned to an unissued status. During the six months ended June 30, 2024, the Company redeemed a total of 254,680 shares at an average cost of $98.37 per share for a total cost of $25 million. During the six months ended
June 30, 2023, the Company redeemed a total of 37,037 shares at an average cost of $90.00 per share for a total cost of $3 million. During the three months ended June 30, 2024 and 2023, no shares were redeemed.
Operating Partnership capital structure
The Operating Partnership has three classes of equity: Class A, Class B, and Class C units. A summary of these ownership interests as of June 30, 2024 and December 31, 2023 is as follows:
June 30, 2024December 31, 2023
Class A units owned by Lineage, Inc.161,749,791 162,017,515 
Class A & B units owned by Non-Company LPs19,709,540 18,829,959 
Redeemable Class A units owned by Non-Company LPs319,006 1,260,182 
Total181,778,337 182,107,656 
Class C units are excluded from the above summary because their only claim on the underlying assets of the Operating Partnership is the distribution described below.
Noncontrolling interest in the Operating Partnership relates to the interest in the Operating Partnership owned by Non-Company LPs.
(b)Noncontrolling Interest in Operating Partnership - Class A, Class B, and Class C
As of June 30, 2024 and December 31, 2023, Non-Company LPs owned 10.8% and 10.3% of the outstanding Class A and Class B units of the Operating Partnership, respectively, excluding the redeemable Operating Partnership units described below. Class A and Class B units are both voting capital interests in the Operating Partnership and are similar to each other in all material respects, except that Class A units held by Non-Company LPs bear a Founders Equity Share (as described below) payable to Class C unit holders, whereas Class B units do not.
BG Cold, LLC (“BG Cold”), an affiliate of Bay Grove Management, holds all outstanding Class C units of the Operating Partnership. Class C units provide BG Cold the right to receive a percentage distribution (“Founders Equity Share”) upon certain distributions made to Non-Company LPs who hold Class A units of the Operating Partnership. Class C units also receive a distribution upon certain repurchases and redemptions of Class A units of the Operating Partnership held by Non-Company LPs. The calculation of the Founders Equity Share borne by Class A units in the Operating Partnership held by Non-Company LPs varies depending on the sub-class of Class A units but generally amounts to a percentage of all value appreciation over certain thresholds. On a quarterly basis, BG Cold also receives an advance distribution (“Advance Distribution”) against its future Founders Equity Share based on a formulaic amount of all capital contributed to the Operating Partnership after August 3, 2020. This Advance Distribution is an advance on the Class C Founders Equity Share to be paid upon the sale, redemption, liquidation of, or other distributions to, Class A units and would offset subsequent Class C unit Founders Equity Share distributions paid in conjunction with a hypothetical sale, redemption, liquidation, or other distribution.
BG Cold received a total of $12 million and $23 million in Advance Distributions during the three and six months ended June 30, 2024, respectively. BG Cold received a total of $12 million and $23 million in Advance Distributions for the three and six months ended June 30, 2023, respectively.
(c)Redeemable Noncontrolling Interests - Operating Partnership Units
In connection with the acquisition of Cherry Hill Joliet, LLC, 279 Marquette Drive, LLC, Joliet Cold Storage, LLC, and Bolingbrook Cold Storage, LLC (collectively, “JCS”) in 2021, the Company entered into an Equity Purchase Agreement with the sellers of JCS. Under the terms of the agreement, the sellers acquired 941,176 Class A units of the Operating Partnership, and the sellers had a one-time right as of February 1, 2024 to put all, or a portion of, the units for cash. These units were accounted for as Redeemable noncontrolling interests in the
condensed consolidated balance sheets and condensed consolidated statements of redeemable noncontrolling interests and equity due to the put right held by the sellers. Upon the exercise of the put right, the price to be paid for the redeemable noncontrolling interests was the current fair market value of the redeemable noncontrolling interest, subject to a minimum price (“floor”) equivalent to $97 million if the put right was exercised for all the units. Any redemption also required a distribution of any accrued but unpaid Founders Equity Share through the date of redemption, and the required accretion adjustments related to these units included the impact of the Founders Equity Share.
On February 1, 2024, one of the holders of these units elected to exercise their redemption rights for 61,593 of these units in exchange for total proceeds of $6 million. As a result of the partial redemption, BG Cold received a distribution of $1 million in respect of Founders Equity Share. The holders waived their redemption rights for their remaining 879,583 units, and the units remained outstanding, which resulted in a reclassification of the redeemable noncontrolling interest to noncontrolling interest in the Operating Partnership. The difference between the carrying value of the redeemable noncontrolling interest and the ASC 810 carrying value for the remaining noncontrolling interest was recognized in Additional paid-in capital - common stock in the condensed consolidated balance sheets and condensed consolidated statements of redeemable noncontrolling interests and equity.
LLH Capital Structure
The Operating Partnership owns all outstanding equity interests of LLH except for those held by LLH MGMT, LLH MGMT II, and BG Maverick. Certain subsidiaries of LLH have also issued equity interests to third parties. All of these equity interests are accounted for as Noncontrolling interests in the condensed consolidated balance sheets and condensed consolidated statements of redeemable noncontrolling interests and equity.
(d)Noncontrolling Interests in Other Consolidated Subsidiaries
Noncontrolling interests in Other Consolidated Subsidiaries include entities other than the Operating Partnership in which the Company has a controlling interest but which are not wholly owned by the Company. Third parties own the following interests in the below Other Consolidated Subsidiaries:
June 30, 2024December 31, 2023
Cool Port Oakland Holdings, LLC13.3 %13.3 %
Lineage Jiuheng Logistics (HK) Group Company Ltd.40.0 %40.0 %
Kloosterboer BLG Coldstore GmbH49.0 %49.0 %
Turvo India Pvt. Ltd.1.0 %1.0 %
In addition to the third-party interests detailed above, Noncontrolling interests in Other Consolidated Subsidiaries also include Series A Preferred shares issued by each of the Company’s REIT subsidiaries to third-party investors. Each REIT subsidiary has issued Series A Preferred shares, which are non-voting shares that have a $1,000 liquidation preference and a cumulative 12.0% per annum dividend preference. The REIT subsidiary Series A Preferred shares may be redeemed at the Company’s option for consideration equal to $1,000 plus all accrued and unpaid dividends thereon to and including the date fixed for redemption and are not convertible or exchangeable for any other property or securities of the Company.
The Company’s REIT subsidiaries had an aggregate amount of 373 Series A preferred shares held by third parties outstanding as of June 30, 2024 and December 31, 2023.
(e)Management Profits Interests Class C units
The Company grants interests in LLH MGMT and LLH MGMT II to certain members of management. LLH MGMT and LLH MGMT II hold all outstanding Class C units in LLH (“Management Profits Interests Class C units”). Management Profits Interests Class C units entitle LLH MGMT and LLH MGMT II, and, by extension,
certain members of management, to a formulaic amount of the profits of LLH, generally based on the growth of the Company’s share price over a certain threshold, subject to certain adjustments.
On certain occasions, the Company offers a repurchase opportunity for certain Management Profits Interests Class C units by offering cash settlement to repurchase units at their current fair market value. Certain Management Profits Interests Class C units were redeemed in exchange for a cash total of $10 million during the six months ended June 30, 2023. No such redemptions occurred during the three months ended June 30, 2023 or during the three and six months ended June 30, 2024. In the condensed consolidated balance sheets and condensed consolidated statements of redeemable noncontrolling interests and equity, the carrying value of the redeemed units is recorded as a reduction of Noncontrolling interests, while the excess of the redemption payments over the carrying value of the redeemed units is recorded as a reduction of Additional paid-in capital - common stock.
(f)Convertible Redeemable Noncontrolling Interests - Preference Shares
During the three and six months ended June 30, 2024 and June 30, 2023, the Company recorded net redeemable noncontrolling interest adjustments, representing the effect of foreign currency on the carrying amount and accrued dividends payable. As of June 30, 2024 and December 31, 2023, there were 2,214,553 Preference Shares outstanding. As of June 30, 2024 and December 31, 2023, the ending redeemable noncontrolling interest balance of $225 million and $221 million, respectively, represents the maximum redemption value of the Preference Shares.
Below is a summary of all activity for the Company’s redeemable noncontrolling interests during the six months ended June 30, 2024 and 2023, which are discussed in further detail above.
(in millions)Redeemable Noncontrolling Interests - Operating Partnership UnitsConvertible Redeemable Noncontrolling Interests - Preference SharesRedeemable Noncontrolling Interest - Operating SubsidiariesTotal Redeemable Noncontrolling Interests
Balance as of December 31, 2023$120 $221 $8 $349 
Distributions(1)— — (1)
Redemption of redeemable noncontrolling interests (6)— — (6)
Expiration of redemption option(92)— — (92)
Accretion of redeemable noncontrolling interests6 — — 6 
Balance as of March 31, 2024$27 $221 $8 $256 
Redeemable noncontrolling interest adjustment— 4 — 4 
Accretion of redeemable noncontrolling interests1 — 1 2 
Balance as of June 30, 2024$28 $225 $9 $262 
(in millions)Redeemable Noncontrolling Interests - Operating Partnership UnitsConvertible Redeemable Noncontrolling Interests - Preference SharesTotal Redeemable Noncontrolling Interests
Balance as of December 31, 2022$85 $213 $298 
Redeemable noncontrolling interest adjustment— 4 4 
Accretion of redeemable noncontrolling interests9 — 9 
Balance as of March 31, 2023$94 $217 $311 
Accretion of redeemable noncontrolling interests9 — 9 
Balance as of June 30, 2023$103 $217 $320 
Below is a summary of all activity for the Company’s noncontrolling interests during the six months ended June 30, 2024 and 2023, which are discussed in further detail above.
(in millions)Operating Partnership Units - Class A, B, & CNoncontrolling Interests in Other Consolidated SubsidiariesManagement Profits Interests Class C UnitsTotal Noncontrolling Interests
Balance as of December 31, 2023$598 $15 $9 $622 
Distributions(11)(1)— (12)
Stock-based compensation— — 2 2 
Other comprehensive income (loss)(8)— — (8)
Expiration of redemption option27 — — 27 
Net income (loss)(5)1 (4)(8)
Reallocation of noncontrolling interests7 — — 7 
Balance as of March 31, 2024$608 $15 $7 $630 
Distributions(12)— — (12)
Stock-based compensation— — 2 2 
Other comprehensive income (loss)(3)— — (3)
Net income (loss)(8)— (4)(12)
Reallocation of noncontrolling interests9 — — 9 
Balance as of June 30, 2024$594 $15 $5 $614 
(in millions)Operating Partnership Units - Class A, B, & CNoncontrolling Interests in Other Consolidated SubsidiariesManagement Profits Interests Class C UnitsTotal Noncontrolling Interests
Balance as of December 31, 2022$608 $21 $12 $641 
Contributions from noncontrolling interests2 — — 2 
Distributions(12)— — (12)
Stock-based compensation— — 2 2 
Other comprehensive income (loss)(1)— — (1)
Redemption of units issued as stock compensation— — (1)(1)
Net income (loss)2 — (1)1 
Reallocation of noncontrolling interests19 — — 19 
Balance as of March 31, 2023$618 $21 $12 $651 
Distributions(12)— — (12)
Stock-based compensation— — 2 2 
Other comprehensive income (loss)4 — — 4 
Net income (loss)— (1)(2)(3)
Reallocation of noncontrolling interests11 — — 11 
Balance as of June 30, 2023$621 $20 $12 $653 
v3.24.2.u1
Revenue
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
The following table disaggregates the Company’s net revenues by major stream and reportable segment for the three months ended June 30, 2024 and 2023 and for the six months ended June 30, 2024 and 2023.
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2024202320242023
Warehousing operations$866 $867 $1,738 $1,730 
Warehouse lease revenues69 64 136 128 
Managed services26 23 51 45 
Other5 10 10 19 
Total Global Warehousing966 964 1,935 1,922 
Transportation205 211 409 439 
Food sales60 71 108 126 
Redistribution revenues51 49 99 93 
E-commerce and other38 32 78 62 
Railcar lease revenues18 19 37 37 
Total Global Integrated Solutions372 382 731 757 
Total net revenues$1,338 $1,346 $2,666 $2,679 
The Company has no material warranties or obligations for allowances, refunds, or other similar obligations. As a practical expedient, the Company does not assess whether a contract has a significant financing component, as the period between the transfer of service to the customer and the receipt of customer payment is less than a year.
As of June 30, 2024, the Company had $984 million of remaining unsatisfied performance obligations from contracts with customers subject to a non-cancellable term and within contracts that have an original expected duration exceeding
one year. These obligations also do not include variable consideration beyond the non-cancellable term, which, due to the inability to quantify by estimate, is fully constrained. The Company expects to recognize 20.9% of these remaining performance obligations as revenue over the next 12 months and the remaining 79.1% to be recognized over a weighted average period of 9.9 years through 2043.
Accounts receivable balances related to contracts with customers were $818 million and $805 million as of June 30, 2024 and December 31, 2023, respectively.
Deferred revenue balances related to contracts with customers were $82 million and $93 million as of June 30, 2024 and December 31, 2023, respectively. Substantially all revenue that was included in the deferred revenue balances at the beginning of 2024 has been recognized as of June 30, 2024 and represents revenue from the satisfaction of storage and handling services billed in advance.
v3.24.2.u1
Business combinations and asset acquisitions
 6 Months Ended
Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Business combinations and asset acquisitions Business combinations and asset acquisitions
2024 Acquisitions
(a)Entrepôt du Nord
On February 1, 2024, the Company acquired all of the outstanding equity of Entrepôt du Nord Inc. and 2957-8002 Quebec Inc. (collectively “EDN”) through a share purchase agreement for $60 million in cash consideration. EDN owns and operates a temperature controlled warehouse facility near Montreal in Quebec, Canada. Inclusive of measurement period adjustments, the Company has preliminarily assigned the fair values of the assets acquired and liabilities assumed, including $36 million of property, plant, and equipment, $19 million of customer relationships intangible assets, $1 million of cash, $1 million of net working capital assets, $12 million of deferred tax liabilities, and $15 million of goodwill. During the three months ended June 30, 2024, the Company recorded measurement period adjustments relating to updated fair value estimates of acquired property, plant, and equipment, customer relationships intangible assets, and deferred income tax liabilities, which resulted in a $7 million decrease to goodwill.
The goodwill associated with this acquisition is primarily attributable to the strategic benefits of strengthening the Company’s warehousing network in Canada and is attributable to the Company’s Global Warehousing segment. The goodwill associated with this acquisition is not amortizable for income tax purposes. The Company’s condensed consolidated statements of operations and comprehensive income (loss), redeemable noncontrolling interests and equity, and cash flows for the three and six months ended June 30, 2024 include the results of operations for this business since the date of acquisition.
(b)Facility in Western Australia
On May 22, 2024 the Company entered into a definitive agreement to acquire a cold storage facility in Western Australia. The transaction, which is expected to close in the fourth quarter of 2024, is subject to the receipt of regulatory approvals and satisfaction of other customary closing conditions.
(c)Eurofrigor
On June 28, 2024, the Company acquired all of the outstanding equity of Eurofrigor S.r.l. Magazzini Generali (“Eurofrigor”) through a quota purchase agreement for approximately $17 million ($14 million net of cash acquired). Eurofrigor owns and operates a temperature controlled warehouse facility in Controguerra, Italy.
Updates Relating to Prior Period Acquisitions
(a)VersaCold
On August 2, 2022, the Company acquired all the outstanding equity interests of VersaCold GP Inc., 1309266 BC ULC and VersaCold Acquireco, L.P. and its subsidiaries, including the operating entity VersaCold Logistics Services, (collectively “VersaCold”). Included in cash consideration transferred was a liability assumed by the
Company to be paid to the Canadian Revenue Agency (“CRA”) on behalf of the sellers. The amount owed to the CRA was $32 million and $43 million as of June 30, 2024 and December 31, 2023, respectively, and is included in Accounts payable and accrued liabilities in the condensed consolidated balance sheets. The Company paid $11 million to the CRA during the three and six months ended June 30, 2024.
The initial accounting for the 2024 and four of the 2023 business combinations has been completed on a preliminary basis. The primary areas of acquisition accounting that are not yet finalized relate to the valuation of all acquired real estate assets, intangible assets, and related income tax assets and liabilities. The Company’s estimates and assumptions are subject to change during the measurement period, not to exceed one year from the acquisition date, and actual values may materially differ from the preliminary estimates.
v3.24.2.u1
Property, plant, and equipment
 6 Months Ended
Jun. 30, 2024
Property, Plant and Equipment [Abstract]  
Property, plant, and equipment Property, plant, and equipment
Property, plant, and equipment, net consists of the following:
(in millions)June 30, 2024December 31, 2023Estimated Useful Life (Years)
Buildings, building improvements, and refrigeration equipment$8,568 $8,545 
1 — 40
Land and land improvements1,477 1,446 
15 — Indefinite
Machinery and equipment1,341 1,316 
5 — 20
Railcars540 535 
7 — 50
Furniture, fixtures, and equipment611 563 
1 — 7
Gross property, plant, and equipment12,537 12,405 
Less accumulated depreciation(2,541)(2,266)
Construction in progress495 432 
Property, plant, and equipment, net$10,491 $10,571 
For the three and six months ended June 30, 2024, the Company recorded impairment charges of $29 million, $24 million of which was related to losses from the warehouse fire in Kennewick, Washington (refer to Note 16, Commitments and contingencies for details) and $4 million of which was related to losses on properties classified as held for sale. For the three and six months ended June 30, 2023, the Company recorded impairment charges relating to property, plant, and equipment of $1 million and $2 million, respectively. Impairment charges are included in Restructuring, impairment, and (gain) loss on disposals in the condensed consolidated statements of operations and comprehensive income (loss).
v3.24.2.u1
Goodwill and other intangible assets, net
 6 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and other intangible assets, net Goodwill and other intangible assets, net
Changes in the carrying amount of goodwill for each reportable segment for the six months ended June 30, 2024 are as follows:
(in millions)Global WarehousingGlobal Integrated SolutionsTotal
Balance, December 31, 2023$2,750 $644 $3,394 
Goodwill acquired1
22 — 22 
Measurement period adjustments1
(7)— (7)
Foreign currency translation(42)(6)(48)
Balance, June 30, 2024$2,723 $638 $3,361 
__________________
(1) See Note 4, Business combinations and asset acquisitions for details.
The following are the Company’s total other intangible assets as of:
June 30, 2024December 31, 2023
(in millions)Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying AmountUseful Life (Years)
Customer relationships$1,500 $(389)$1,111 $1,507 $(343)$1,164 
 5 - 28
In-place leases94 (23)71 98 (21)77 
2 - 31
Technology32 (7)25 32 (5)27 10
Trade names9 (6)3 24 (21)3 
1 - 15
Other20 (12)8 20 (11)9 
4 - 17
Other intangible assets$1,655 $(437)$1,218 $1,681 $(401)$1,280 
During the three and six months ended June 30, 2024, the Company derecognized fully-amortized intangible assets and the associated accumulated amortization totaling $5 million and $20 million, respectively. During the three and six months ended June 30, 2023, the Company derecognized fully-amortized intangible assets and the associated accumulated amortization totaling $5 million and $7 million, respectively.
Customer relationships intangible assets acquired during the six months ended June 30, 2024 have a weighted-average amortization period of 13 years.
v3.24.2.u1
Prepaid expenses and other current assets
 6 Months Ended
Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Prepaid expenses and other current assets Prepaid expenses and other current assets
(in millions)June 30, 2024December 31, 2023
Prepaid expenses$81 $62 
Other current assets35 30 
Deferred equity raise costs21 9 
Prepaid expenses and other current assets$137 $101 
v3.24.2.u1
Income taxes
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Income taxes Income taxes
The Company’s provision for income taxes is based upon an estimated annual tax rate for the year applied to U.S. federal, U.S. state, and foreign income. Significant discrete items that are not consistent from period to period are recorded to Income tax expense (benefit) in the quarter in which they occur.
The Company’s effective tax rate for the three and six months ended June 30, 2024 was (9.6%) and 2.3%, respectively. The Company’s effective tax rate for the three and six months ended June 30, 2023 was 0.0% and (37.5%), respectively. The annual effective tax rates differ from the U.S. statutory rate primarily due to the Company operating as a real estate investment trust (REIT) for U.S. federal income tax purposes, the differences in tax rates at which foreign income is taxed, and certain nondeductible expenses, income tax credits, and changes in valuation allowance.
v3.24.2.u1
Debt
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Debt Debt
(in millions)June 30, 2024December 31, 2023
Unsecured Credit Facilities$5,811 $3,080 
Unsecured Notes 1,686 1,708 
Secured Debt 1,840 4,188 
Other 26 33 
Total debt9,363 9,009 
Less current portion long-term debt(39)(24)
Less deferred financing costs(19)(23)
Less below-market debt(5)(6)
Plus above-market debt2 2 
Total long-term debt, net$9,302 $8,958 
(a)Unsecured Credit Facilities
As of June 30, 2024 and December 31, 2023, the Company had an outstanding balance on Unsecured Credit Facilities of $5,811 million and $3,080 million, respectively, inclusive of the following debt instruments:
i.Credit Agreement - Revolving Credit Facility and Term Loan A
On December 22, 2020, the Company entered into a revolving credit and term loan agreement (collectively, the “Credit Agreement”) consisting of a multi-currency revolving credit facility (the “Revolving Credit Facility” or “RCF”) and a U.S. dollar (“USD”) denominated term loan (the “Term Loan A” or “TLA”) with various lenders. The Revolving Credit Facility and Term Loan A had an original maturity of December 22, 2024 and December 22, 2025, respectively. The Credit Agreement became unsecured with an amendment on August 20, 2021.
Effective February 15, 2024, the Company amended and restated the Credit Agreement, increasing the Company’s borrowing capacity under the existing Revolving Credit Facility from $2,625 million to $3,500 million. The amendment also resulted in a pay down of $875 million on the Term Loan A using funds available on the Revolving Credit Facility. After the amendment, the remaining outstanding balance on the Term Loan A is $1,000 million. Additionally, the amendment gives the Company the right to increase the size of the existing Term Loan A, add one or more incremental term loans, and/or increase commitments under the Revolving Credit Facility, up to $500 million, which would increase the total aggregate commitment amount of the existing Credit Agreement to $5,000 million. The amended maturity dates for the Revolving Credit Facility and Term Loan A are February 15, 2028 and February 15, 2029, respectively. Under the terms of the Credit Agreement, the Revolving Credit Facility may be extended through two six-month extension options that can be exercised if certain conditions are met.
In connection with the February 2024 refinancing of the Credit Agreement, the Company incurred total fees and expenses of $34 million, of which $31 million was capitalized as deferred financing costs, $2 million was recognized as an immediate loss on extinguishment of debt, and $1 million was recognized in General and administrative expense as third-party costs related to a debt modification. Of the capitalized $31 million in deferred financing costs, $26 million related to the Revolving Credit Facility and $5 million related to the Term Loan A, which are presented in Other assets and Long-term debt, net, respectively, in the condensed consolidated balance sheets. In addition, the Company
recognized an additional $5 million in loss on extinguishment of debt related to unamortized deferred financing costs for the portions of the Credit Agreement determined to be extinguished.
The following table provides the details of the Credit Agreement:
June 30, 2024December 31, 2023
(in millions)
Contractual Interest Rate (1)
Borrowing CurrencyCarrying Amount (USD)
Contractual Interest Rate (1)
Borrowing CurrencyCarrying Amount (USD)
Term Loan A
USD
SOFR+1.60%
1,000 $1,000 
SOFR+1.60%
1,875 $1,875 
Revolving Credit Facility
USD
SOFR+1.60%
1,475 1,475 
SOFR+1.60%
315 315 
CAD
CDOR+1.60%
442 323 
CDOR+1.60%
448338 
EUR
EURIBOR+1.60%
227 243 
EURIBOR+1.60%
349 238 
AUD
BBSW+1.60%
363 242 
BBSW+1.60%
175 193 
DKK
CIBOR+1.60%
487 70 
CIBOR+1.60%
498 74 
NZD
BKBM+1.60%
85 52 
BKBM+1.60%
62 39 
NOK
NIBOR+1.60%
65 6 
NIBOR+1.60%
86 8 
Total Revolving Credit Facility$2,411 $1,205 
1SOFR = for purpose of the above instruments, the term “SOFR” refers to the Term Secured Overnight Financing Rate plus 0.1% (or “Adjusted Term SOFR”), CDOR = Canadian Dollar Offered Rate, BBSW = Bank Bill Swap Rate, EURIBOR = Euro Interbank Offered Rate, CIBOR = Copenhagen Interbank Offered Rate, NIBOR = Norwegian Interbank Offered Rate, BKBM = Bank Bill Reference Rate
There were $67 million in letters of credit issued on the Company’s Revolving Credit Facility as of June 30, 2024 and December 31, 2023. Under the Credit Agreement, the Company has the ability to issue up to $100 million as letters of credit.
On June 25, 2024, the Company amended the Credit Agreement to include two new syndicate lenders. Apart from the addition of these lenders, there were no significant changes to the total loan amounts, terms, or conditions of the Credit Agreement.
ii.Delayed-draw term loan facility
On February 15, 2024, the Company entered into an unsecured delayed-draw term loan facility (“DDTL”) with a borrowing capacity of up to $2,400 million. The involved parties, in addition to the Company, included a syndicate of banks, financial institutions, and other entities, with notable participants being JPMorgan Chase Bank, N.A. (“JPMorgan”) also acting as the administrative agent, and Wells Fargo Securities LLC also acting as a syndication agent. Under this facility, the full commitment was available for borrowing in a single drawing during the period commencing on the closing date and ending on May 10, 2024. In addition, the Company has the right to increase the size of the DDTL, up to $500 million, which would increase the total aggregate commitment amount to $2,900 million.
On April 9, 2024, the Company drew $2,400 million under the DDTL.
The DDTL matures on February 14, 2025. The DDTL may be extended through a twelve-month extension option that can be exercised if certain conditions are met and an extension fee of 0.3% is paid.
The agreement permits prepayments of principal, in whole or in part, at any time, without premium or penalty. There are also additional instances outlined that would trigger a mandatory principal prepayment under specified events. The Company is required to prepay the principal using the entire aggregate net cash proceeds from any issuance or offering of common or preferred equity securities through an underwritten public offering in which the equity interests of the
Company are listed on a nationally-recognized stock exchange or a generally offered equity raise, or other specified events which had not occurred as of June 30, 2024.
On or before December 31, 2024, the Company must repay outstanding DDTL balances in an amount equal to at least 20.0% of the aggregate principal amount borrowed on the initial funding date.
Term loan borrowings under the DDTL facility will bear interest at a rate per annum equal to Term SOFR plus 0.1% (or “Adjusted Term SOFR”), plus the applicable margin ranging from 1.6% to 2.2% based on the Company’s total leverage ratio. Based on the Company’s existing total leverage ratio, the interest rate expected to be in effect for the Company’s prospective DDTL borrowing is Adjusted Term SOFR plus 1.6%. Interest is payable in arrears on a quarterly basis. In addition, the DDTL facility is subject to a commitment fee of 0.2% on the average daily unused amount of the facility commitment.
In connection with the execution of the DDTL, the Company incurred and capitalized fees and expenses of $9 million as deferred financing costs. The DDTL capitalized deferred financing costs are presented in Other assets in the condensed consolidated balance sheets.
(b)Unsecured Notes
As of June 30, 2024 and December 31, 2023, the total balance of $1,686 million and $1,708 million, respectively, was comprised of a series of USD, Euro (“EUR”), and Great British pound (“GBP”) private placement financing instruments that are fixed-rate guaranteed, unsecured senior notes. The notes bear interest at rates between 0.89% and 3.74% and have maturities between August 2026 and August 2032.
(c)Secured Debt
As of June 30, 2024, the total balance of $1,840 million was comprised of an adjustable rate multi-property loan agreement (“CMBS 5”) in the amount of $1,298 million (due in November 2024 with a one-year extension option), three secured promissory notes with MetLife Real Estate Lending LLC (the “Metlife Real Estate Notes”) totaling $473 million (due in 2026, 2028, and 2029), and $69 million of other fixed-rate real estate and equipment secured financing agreements with various lenders maturing between 2024 and 2044. As of December 31, 2023, the total balance of $4,188 million was comprised of an adjustable rate multi-property loan agreement (“CMBS 4”) in the amount of $2,344 million, CMBS 5 loan in the amount of $1,298 million, the MetLife Real Estate Notes totaling $470 million, and $76 million of other fixed-rate real estate and equipment secured financing agreements with various lenders maturing between 2024 and 2044. During 2024, the Company had the following secured debt pay down and refinancing arrangements:
i.Adjustable rate multi-property loan (CMBS 4)
On May 9, 2019, the Company entered into CMBS 4 with Column Financial, Inc., Bank of America, N.A., and Morgan Stanley Bank, N.A. in the aggregate amount of $2,350 million.
On April 9, 2024, the Company fully paid the remaining outstanding CMBS 4 principal balance of $2,344 million, along with $14 million in accrued interest and fees.
ii.MetLife Real Estate Lending LLC - Cool Port Oakland
On March 25, 2019, the Company entered into a loan agreement with MetLife Real Estate Lending LLC in the amount of $81 million.
On February 6, 2024, the Company entered into a new $81 million loan agreement with MetLife Real Estate Lending LLC, designed as a refinancing arrangement, with a maturity date of March 5, 2029. This agreement enabled the company to fully pay the outstanding balloon payment of $77 million associated with the previous loan due to mature in March 2024. After the repayment, debt issuance fees, and other closing costs, the Company received net cash proceeds
of $4 million. The loan bears interest at SOFR plus a spread of 1.8% per annum. In addition, the agreement mandates monthly interest-only payments with a balloon repayment of the outstanding principal amount due upon maturity.
As a result of the financing, the Company capitalized $1 million of incurred fees and expenses as deferred financing costs.
(d)Other Debt
As of June 30, 2024 and December 31, 2023, the total balance of $26 million and $33 million, respectively, was primarily comprised of euro denominated unsecured term loans the Company assumed as part of Transportes Fuentes Group acquisition.
(e)Deferred financing costs
During the three and six months ended June 30, 2024, the Company recognized amortization of deferred financing costs recorded to Interest expense, net of $6 million and $11 million, respectively. During the three and six months ended June 30, 2023, the Company recognized amortization of deferred financing costs recorded to Interest expense, net of $5 million and $10 million, respectively.
As of June 30, 2024 and December 31, 2023, the amount of unamortized deferred financing costs in Long-term debt, net within the condensed consolidated balance sheets was $19 million and $23 million, respectively. As of June 30, 2024 and December 31, 2023, the amount of unamortized deferred financing costs in Other assets in the condensed consolidated balance sheets was $37 million and $9 million, respectively.
(f)Collateral
CMBS 5 is secured by certain assets in which the lender has been granted a security interest pursuant to the loan documents. Other than the unsecured loan agreements noted above, all other debt instruments are secured by various other assets specific to the underlying agreement.
v3.24.2.u1
Derivative instruments and hedging activities
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative instruments and hedging activities Derivative instruments and hedging activities
(a)Risk management objective of using derivatives
The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, foreign currency, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities and with the use of derivative financial instruments.
(b)Cash flow hedges of interest rate and foreign currency risk
The Company’s objectives in using interest rate derivatives are to manage its exposure to interest rate movements and to mitigate the potential volatility to interest expense. To accomplish this objective, the Company primarily uses interest rate swaps and caps as part of its interest rate risk management strategy. Interest rate swaps involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for a premium. The Company’s designated interest rate swaps and caps hedge variable-rate interest payments using a first payments approach. The first payments approach allows an entity to hedge interest payments on a designated principal amount, rather than a specific, named debt issuance. Refer to Note 9, Debt for additional information.
In addition, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future cash amounts due to changes in foreign currency rates.
(c)Designated hedges
As of June 30, 2024, the Company had the following outstanding interest rate and foreign currency derivatives that were designated as cash flow hedging instruments:
Number of InstrumentsNotional
(in millions)
Interest rate derivatives:
Interest rate swap2USD1,000 
Interest rate cap3USD1,500 
Total5USD2,500 
(in millions)Buy NotionalSell Notional
Foreign currency derivatives:
Buy EUR/Sell GBP forwardEUR24 GBP21 
Buy USD/Sell GBP forwardUSD5 GBP4 
The tables below presents the effect of the Company’s derivatives that are designated as hedging instruments on the accompanying condensed consolidated statements of operations and comprehensive income (loss) (in millions).
Derivatives in Cash Flow Hedging RelationshipsAmount of Gain (Loss) Recognized in OCI on DerivativesLocation of Gain (Loss) Reclassified from Accumulated OCI into EarningsAmount of Gain (Loss) Reclassified from Accumulated OCI into Earnings
Three Months Ended June 30,Three Months Ended June 30,
2024202320242023
Included in effectiveness testing:
Interest rate contracts$11 $54 Interest expense, net$25 $30 
Foreign exchange contracts(1)— Gain (loss) on foreign currency
transactions, net		(2)— 
Excluded from effectiveness testing and recognized in earnings based on an amortization approach:
Interest rate contracts— (4)Interest expense, net— (1)
Total$10 $50 $23 $29 
Derivatives in Cash Flow Hedging RelationshipsAmount of Gain (Loss) Recognized in OCI on DerivativesAmount of Gain (Loss) Reclassified from Accumulated OCI into EarningsAmount of Gain (Loss) Reclassified from Accumulated OCI into Earnings
Six Months Ended June 30,Six Months Ended June 30,
2024202320242023
Included in effectiveness testing:
Interest rate contracts$43 $39 Interest expense, net$51 $55 
Foreign exchange contracts(1)(1)Gain (loss) on foreign currency
transactions, net		(1)— 
Excluded from effectiveness testing and recognized in earnings based on an amortization approach:
Interest rate contracts(3)(4)Interest expense, net(1)(1)
Total$39 $34 $49 $54 
The estimated net amount of existing gains (losses) that are reported in Accumulated other comprehensive income (loss) as of June 30, 2024 that is expected to be reclassified into earnings within the next 12 months is $88 million.
(d)Non-designated hedges
As of June 30, 2024, the Company had the following outstanding derivatives that were not designated as hedging instruments:
Number of InstrumentsNotional
(in millions)
Interest Rate Derivatives
Interest rate cap7USD1,320
The tables below presents the effect of the Company’s derivative financial instruments that are not designated as hedging instruments on the condensed consolidated statements of operations and comprehensive income (loss) (in millions).
Derivatives Not Designated as Hedging InstrumentsLocation of Gain (Loss) Recognized in Earnings on DerivativesAmount of Gain (Loss) Recognized in Earnings on Derivatives
Three Months Ended June 30,
20242023
Interest rate contractsInterest expense, net$— $4 
Total$— $4 
Derivatives Not Designated as Hedging InstrumentsLocation of Gain (Loss) Recognized in Earnings on DerivativesAmount of Gain (Loss) Recognized in Earnings on Derivatives
Six Months Ended June 30,
20242023
Interest rate contractsInterest expense, net$— $3 
Total$— $3 
The table below presents the fair value of the Company’s derivative financial instruments as well as their classification in the condensed consolidated balance sheets as of:
(in millions)June 30, 2024December 31, 2023June 30, 2024December 31, 2023
Derivatives designated as hedging instruments
Balance sheet locationOther assetsOther assetsOther liabilitiesOther liabilities
Interest rate contracts$124 $135 $— $— 
Total$124 $135 $— $— 
Derivatives NOT designated as hedging instruments
Balance sheet locationOther assetsOther assetsOther liabilitiesOther liabilities
Interest rate contracts$— $3 $— $— 
Foreign exchange contracts— — — (1)
Total$— $3 $— $(1)
The notional value of the Company’s non-designated foreign currency derivatives is immaterial. Refer to Note 12, Fair value measurements for further information on the valuation of the Company’s derivatives.
v3.24.2.u1
Interest expense
 6 Months Ended
Jun. 30, 2024
Other Income and Expenses [Abstract]  
Interest expense Interest expense
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2024202320242023
Interest expense$142 $125 $280 $241 
(Gain) loss on designated and non-designated hedge instruments(25)(33)(50)(57)
Finance lease liabilities interest23 23 46 46 
Amortization of deferred financing costs6 5 11 10 
Capitalized interest(2)(4)(4)(8)
Interest income(1)(2)(2)(4)
Other financing fees5 2 6 3 
Interest expense, net$148 $116 $287 $231 
v3.24.2.u1
Fair value measurements
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair value measurements Fair value measurements
As of June 30, 2024 and December 31, 2023, the carrying amount of certain financial instruments, including cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued liabilities, were representative of their fair values due to the short-term maturity of these instruments.
The hierarchy for inputs used in measuring fair value is as follows:
Level 1 – Inputs represent unadjusted quoted prices for identical assets or liabilities exchanged in active markets.
Level 2 – Inputs include directly or indirectly observable inputs (other than Level 1 inputs), such as quoted prices for similar assets or liabilities exchanged in active or inactive markets, quoted prices for identical assets or liabilities exchanged in inactive markets, other inputs that may be considered in fair value determinations of these assets or liabilities, such as interest rates and yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default
rates, and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Pricing evaluations generally reflect discounted expected future cash flows, which incorporate yield curves for instruments with similar characteristics, such as credit ratings, estimated durations, and yields for other instruments of the issuer or entities in the same industry sector.
Level 3 – Inputs include unobservable inputs used in the measurement of assets and liabilities. Management is required to use its own assumptions regarding unobservable inputs because there is little, if any, market activity in the assets or liabilities and it may be unable to corroborate the related observable inputs. Unobservable inputs require management to make certain projections and assumptions about the information that would be used by market participants in valuing assets or liabilities.
The following table presents the fair value hierarchy levels of the Company’s assets and liabilities measured at fair value:
(in millions)Fair Value HierarchyJune 30, 2024December 31, 2023
Measured at fair value on a recurring basis:
Interest rate derivative financial instruments assetsLevel 2$124 $138 
Foreign exchange forward contracts liabilitiesLevel 2$— $1 
Acquisition related contingent considerationLevel 3$5 $5 
Measured at fair value on a non-recurring basis:
Other investments (included in Other assets)1
Level 3$14 $12 
Disclosed at fair value:
Long-term debt2
Level 3$9,124 $8,768 
__________________
(1) The investments in equity securities carried at fair value are subject to transfer restrictions and generally cannot be sold without consent.
(2) The carrying value of long-term debt is disclosed in Note 9, Debt.
The Company is required to measure certain assets and liabilities at estimated fair value from time to time. These fair value measurements typically result from the application of specific accounting pronouncements under GAAP and are considered non-recurring fair value measurements.
In accordance with GAAP, the Company has elected to remeasure investments without readily determinable fair values only when an observable transaction occurs for an identical or similar investment of the same issuer. During the six months ended June 30, 2024, the Company recorded non-recurring fair value adjustments related to certain other investments without readily determinable fair values totaling $1 million, which is included within Other nonoperating income (expense), net in the condensed consolidated statements of operations and comprehensive income (loss). No such transactions were observed during the three months ended June 30, 2024, or during the three and six months ended June 30, 2023.
The Company’s long-term debt is reported at the aggregate principal amount less unamortized deferred financing costs and any above or below market adjustments (as required in purchase accounting) in the accompanying condensed consolidated balance sheets. For instruments with no prepayment option, the fair value is estimated utilizing a discounted cash flow model where the contractual cash flows (i.e., coupon and principal repayments) were discounted at a risk-adjusted yield reflective of both the time value of money and the credit risk inherent in each instrument. For instruments that include a prior-to-maturity prepayment option, the fair value is estimated using a Black-Derman-Toy lattice model. The inputs used to estimate the fair value of the Company’s debt instruments are comprised of Level 2 inputs, including risk-free interest rates, credit ratings, and financial metrics for comparable publicly listed companies, and Level 3 inputs, such as risk-adjusted credit spreads based on adjusted yields implied at issuance, and yield volatility (used for instruments with a prepayment option).
v3.24.2.u1
Leases
 6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Leases Leases
The Company leases real estate, most significantly warehouses for use in operations, as well as equipment for use within owned and leased warehouses. The Company also leases vehicles, trailers and other equipment. The Company has not pledged any assets as collateral related to the Company’s existing leases as of June 30, 2024 and December 31, 2023.
Right-of-use asset balances are as follows:
(in millions)June 30, 2024December 31, 2023
Finance lease right-of-use assets$1,622 $1,608 
Less: accumulated amortization(403)(365)
Finance lease right-of-use assets, net$1,219 $1,243 
Operating lease right-of-use assets$894 $892 
Less: accumulated amortization(189)(168)
Operating lease right-of-use assets, net$705 $724 
Lease liabilities are presented in the following line items in the condensed consolidated balance sheets:
June 30, 2024December 31, 2023
(in millions)Finance LeasesOperating LeasesFinance LeasesOperating Leases
Accounts payable and accrued liabilities$72$53$76$60
Long-term finance lease obligations1,291—1,305—
Long-term operating lease obligations—677—692
Total lease obligations$1,363$730$1,381$752
Maturities of lease liabilities for each of the next five years and thereafter as of June 30, 2024 are as follows (in millions):
Years Ending December 31:Finance LeasesOperating Leases
2024 (six months remaining)$82$50
202515997
202615795
202715193
202814285
2029 and thereafter1,687779
Total lease payments2,3781,199
Less imputed interest(1,015)(469)
Total$1,363$730
Supplemental condensed consolidated balance sheet information related to leases is as follows:
June 30,December 31,
20242023
Weighted average remaining lease term (in years):
Finance15.916.5
Operating15.515.9
Weighted average discount rate:
Finance6.8 %6.8 %
Operating6.5 %6.5 %
The components of lease expense are as follows:
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2024202320242023
Finance lease cost:
Amortization of ROU assets$24 $23 $48 $46 
Interest on lease liabilities23 23 46 46 
Operating lease cost29 29 58 57 
Variable & short-term lease cost10 6 19 12 
Sublease income(7)(3)(11)(5)
Total lease cost$79 $78 $160 $156 
Supplemental cash flow information related to leases is as follows:
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2024202320242023
Cash paid for amounts included in the measurement of lease liability
Operating cash flows from finance leases$24 $23 $46 $45 
Finance cash flows from finance leases18 15 32 25 
Operating cash flows from operating leases27 24 50 48 
ROU assets obtained in exchange for lease obligations (excluding the effect of acquisitions)
Finance leases$22 $— $37 $3 
Operating leases8 55 12 73 
Leases Leases
The Company leases real estate, most significantly warehouses for use in operations, as well as equipment for use within owned and leased warehouses. The Company also leases vehicles, trailers and other equipment. The Company has not pledged any assets as collateral related to the Company’s existing leases as of June 30, 2024 and December 31, 2023.
Right-of-use asset balances are as follows:
(in millions)June 30, 2024December 31, 2023
Finance lease right-of-use assets$1,622 $1,608 
Less: accumulated amortization(403)(365)
Finance lease right-of-use assets, net$1,219 $1,243 
Operating lease right-of-use assets$894 $892 
Less: accumulated amortization(189)(168)
Operating lease right-of-use assets, net$705 $724 
Lease liabilities are presented in the following line items in the condensed consolidated balance sheets:
June 30, 2024December 31, 2023
(in millions)Finance LeasesOperating LeasesFinance LeasesOperating Leases
Accounts payable and accrued liabilities$72$53$76$60
Long-term finance lease obligations1,291—1,305—
Long-term operating lease obligations—677—692
Total lease obligations$1,363$730$1,381$752
Maturities of lease liabilities for each of the next five years and thereafter as of June 30, 2024 are as follows (in millions):
Years Ending December 31:Finance LeasesOperating Leases
2024 (six months remaining)$82$50
202515997
202615795
202715193
202814285
2029 and thereafter1,687779
Total lease payments2,3781,199
Less imputed interest(1,015)(469)
Total$1,363$730
Supplemental condensed consolidated balance sheet information related to leases is as follows:
June 30,December 31,
20242023
Weighted average remaining lease term (in years):
Finance15.916.5
Operating15.515.9
Weighted average discount rate:
Finance6.8 %6.8 %
Operating6.5 %6.5 %
The components of lease expense are as follows:
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2024202320242023
Finance lease cost:
Amortization of ROU assets$24 $23 $48 $46 
Interest on lease liabilities23 23 46 46 
Operating lease cost29 29 58 57 
Variable & short-term lease cost10 6 19 12 
Sublease income(7)(3)(11)(5)
Total lease cost$79 $78 $160 $156 
Supplemental cash flow information related to leases is as follows:
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2024202320242023
Cash paid for amounts included in the measurement of lease liability
Operating cash flows from finance leases$24 $23 $46 $45 
Finance cash flows from finance leases18 15 32 25 
Operating cash flows from operating leases27 24 50 48 
ROU assets obtained in exchange for lease obligations (excluding the effect of acquisitions)
Finance leases$22 $— $37 $3 
Operating leases8 55 12 73 
v3.24.2.u1
Stock-based compensation
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-based compensation Stock-based compensation
Lineage 2024 Incentive Award Plan
The Lineage 2024 Incentive Award Plan (“Pre-IPO Incentive Award Plan”) was adopted by the Company in April 2024 with the approval of BGLH. As of June 30, 2024, the maximum number of shares of common stock which can be issued under the Pre-IPO Incentive Award Plan was 1,000,000. The Pre-IPO Incentive Award Plan is administered by the Board and provides for the award of restricted stock unit awards (“RSUs”), performance share awards, Long-Term Incentive Plan unit awards of the Operating Partnership, stock options, stock appreciation rights, and other incentive awards, each as defined in the Pre-IPO Incentive Award Plan, to eligible employees, consultants, and members of the Board. See Note 20, Subsequent events for updates concerning the Company’s July 2024 IPO.
Time-based restricted stock unit awards
Under the Pre-IPO Incentive Award Plan, certain employees were granted interests in the Company in the form of time-based RSUs covering shares of the Company’s common stock. These time-based RSUs vest over a one to three year time period provided that the recipient remains employed by the Company through the applicable vesting date, subject to acceleration of vesting in the event of the recipient’s death, disability, or termination by the Company without cause. The Company measures these time-based RSUs at fair value as of the grant date based on the price of units issued to third-party investors in arms’ length transactions in connection with BGLH and Operating Partnership capital raising activities. The Company recognizes stock‑based compensation expense over the applicable vesting term. The Company accounts for these units as equity-based awards.
Stock-based compensation expense related to time-based RSUs for the three and six months ended June 30, 2024 was $1 million. There was no stock-based compensation expense related to time-based RSUs for the three and six months ended June 30, 2023. As of June 30, 2024, there was $2 million of unrecognized noncash compensation cost related to unvested time-based RSUs that is expected to be recognized over a weighted-average period of 2 years.
The following represents a summary of these RSUs:
UnitsWeighted average grant date fair value per unit
Unvested as of December 31, 2023— $— 
Awards granted in 202432,202 96.50 
Awards vested in 2024— — 
Awards forfeited in 2024(777)96.50 
Unvested as of June 30, 202431,425$96.50 
Legacy Stock-Based Compensation Plans
The Legacy Stock-Based Compensation Plans were authorized prior to the Pre-IPO Incentive Award Plan. The Legacy Stock-Based Compensation Plan include BGLH Restricted Class B units, Management Profits Interests Class C units, and LLH Value Creation Unit Plan units.
(a)BGLH Restricted Class B units
Certain members of management and certain non-employee directors were granted interests in BGLH in the form of restricted Class B Units (“BGLH Restricted Units”). The Company fair values these BGLH Restricted Units as of the grant date based on the price of substantially similar units issued to third-party investors in arms’ length transactions in connection with other BGLH capital raising activities. The Company recognizes stock‑based compensation expense over the vesting term. The Company accounts for these units as equity-based awards.
Stock-based compensation expense related to BGLH Restricted Units for the three and six months ended June 30, 2024 was $3 million and $6 million, respectively. Stock-based compensation expense related to BGLH Restricted Units for the three and six months ended June 30, 2023 was $3 million and $6 million, respectively. As of June 30, 2024, there was $5 million of unrecognized noncash compensation cost related to unvested BGLH Restricted Units that is expected to be recognized over a weighted-average period of less than one year.
The following represents a summary of these units:
UnitsWeighted average grant date fair value per unit
Unvested as of December 31, 2023151,200 $89.29 
Awards granted in 202431,088 96.50 
Awards vested in 2024(7,778)90.00 
Unvested as of June 30, 2024174,510 $90.69 
(b)Management Profits Interests Class C units
LLH MGMT and LLH MGMT II interests were issued to members of management in the form of Management Profits Interests Class C units. These profits interests generally vest over a three to five year time period, with the number of units vested based partially on meeting certain financial targets of the Company or individual performance metrics.
Stock-based compensation related to Management Profits Interests Class C units for the three and six months ended June 30, 2024 was $2 million and $4 million, respectively. Stock-based compensation related to Management Profits Interests Class C units for the three and six months ended June 30, 2023 was $2 million and $4 million, respectively. As of June 30, 2024, there was $9 million of unrecognized noncash compensation cost related to unvested Class C units to be recognized over a weighted-average period of 1 year.
The following represents a summary of these units:
UnitsWeighted average grant date fair value per unit
Unvested as of December 31, 20236,695,123 $2.31 
Awards granted in 20241,487,235 2.93 
Awards vested in 2024(3,094,024)1.78 
Awards forfeited in 2024(147,976)2.69 
Unvested as of June 30, 20244,940,358 $2.82 
(c)LLH Value Creation Unit Plan units
Certain employees have been granted notional units under the LLH Value Creation Unit Plan (the “2015 LVCP”) in the form of appreciation rights that vest over a period of four years and upon the occurrence of a liquidity event. This plan covered awards from 2015 to 2020. A new LLH Value Creation Unit Plan was established in 2021 (the “2021 LVCP”) that generally provides for the grant of similar appreciation rights that may also vest without the occurrence of a liquidity event if the Company achieves the target value as specified in the award agreements.
As of June 30, 2024 and December 31, 2023, the cumulative unrecognized stock compensation expense related to the units issued pursuant to the 2015 LVCP and 2021 LVCP was $34 million and $37 million, respectively.
v3.24.2.u1
Related-party balances
 6 Months Ended
Jun. 30, 2024
Related Party Transactions [Abstract]  
Related-party balances Related-party balances
The Company pays Bay Grove Management an operating services fee and reimburses certain expenses pursuant to an operating services agreement between Bay Grove Management and the Company. During the three and six months ended June 30, 2024, the Company recorded $3 million and $6 million of expenses in General and administrative expense for these operating services, respectively. During the three and six months ended June 30, 2023, the Company recorded $2 million and $5 million of expenses in General and administrative expense for these operating services, respectively. As of June 30, 2024 and December 31, 2023, $3 million in operating services fees were owed to Bay Grove Management and are included in Accounts payable and accrued liabilities in the condensed consolidated balance sheets.
At June 30, 2024 and December 31, 2023, the Company accrued distributions payable in the amount of $11 million and $110 million, respectively. Distributions payable as of June 30, 2024 were payable by the Operating Partnership to BG Cold in connection with Founders Equity Share, as further described in Note 2, Capital structure and noncontrolling interests. As of December 31, 2023, distributions payable consisted of $89 million payable by the Company to BGLH, $10 million payable by the Operating Partnership to Non-Company LPs, and $11 million payable by the Operating Partnership to BG Cold in connection with Founders Equity Share. All accrued distributions payable are included in Accrued distributions in the condensed consolidated balance sheets.
The Company owns an investment stake in suppliers that are accounted for under the equity method of accounting, creating related-party relationships. The Company incurred costs of $1 million and $3 million with these suppliers for the three and six months ended June 30, 2024, respectively, which were paid by the end of the period, resulting in no liability owed as of June 30, 2024. The Company incurred costs of $3 million and $7 million with these suppliers for the three and six months ended June 30, 2023, respectively. Accounts payable and accrued liabilities includes $2 million owed to these suppliers as of December 31, 2023.
At June 30, 2024 and December 31, 2023, the Company had related-party receivables, primarily with minority interest partners and equity method investees, of $3 million and $6 million, respectively. Related-party receivables are included in Accounts receivable, net in the condensed consolidated balance sheets. As of June 30, 2024 and December 31, 2023, the Company had additional related-party payables, primarily with minority interest partners, of $2 million. Related-party payables are included in Accounts payable and accrued liabilities in the condensed consolidated balance sheets.
The Operating Partnership issued notes to certain individual BGLH investors and Non-Company LPs in order to fund certain investor transactions. These notes were repaid in full during the six months ended June 30, 2024. As of December 31, 2023, these notes totaled $16 million. These notes receivable are included in Accounts receivable, net and Other assets in the condensed consolidated balance sheets.
v3.24.2.u1
Commitment and contingencies
 6 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitment and contingencies Commitments and contingencies
(a)Self‑insured risks
The Company is self‑insured for workers’ compensation costs, with the Company’s workers’ compensation plan having an individual claim stop‑loss deductible of $1 million. Self‑insurance liabilities are determined by third-party actuaries. The Company has established restricted cash accounts with banks or directly with the insurers or letters of credit that are collateral for its self‑insured workers’ compensation obligations. The combined amount included in Accounts payable and accrued liabilities and Other long-term liabilities relating to workers’ compensation liabilities as of June 30, 2024 and December 31, 2023 was $47 million and $40 million, respectively. The liability represents the gross amount excluding amounts receivable from the insurers. The total included in Prepaid expenses and other current assets and Other assets related to the receivables from insurers as of June 30, 2024 and December 31, 2023 was $12 million and $11 million, respectively.
The Company is also self‑insured for a portion of employee medical costs. The Company has a medical plan with a retained deductible. Medical self‑insurance liabilities are determined by third‑party actuaries. The total included in Accounts payable and accrued liabilities relating to medical liabilities as of June 30, 2024 and December 31, 2023 was $16 million and $15 million, respectively.
(b)Legal and regulatory proceedings
The Company, from time to time and in the normal course of business, is party to various claims, lawsuits, arbitrations, and regulatory actions (collectively, “Claims”). In particular, as the result of numerous ongoing construction activities, the Company may be a party to construction and/or contractor related liens and claims, including mechanic’s and materialmen’s liens. The Company is also party to various Claims relating to commercial disagreements with customers or suppliers. Additionally, given the Company’s substantial workforce, and, in particular, its warehouse related workforce, the Company is party to various labor and employment related Claims, including, without limitation, Claims related to workers’ compensation, wage and hour, discrimination, and related matters. Finally, given the Company’s business of warehousing refrigerated food products and its utilization of anhydrous ammonia for its refrigeration systems
(a known hazardous material), the Company is subject to the jurisdiction of various U.S. regulatory agencies, including, without limitation, the Department of Agriculture, Food and Drug Administration, Environmental Protection Agency (“EPA”), Department of Justice, Occupational Safety and Health Administration, and various other agencies in the locations in which the Company operates. Management of the Company believes the ultimate resolution of these matters will not have a material adverse effect on the condensed consolidated financial statements.
(c)Environmental matters
The Company is subject to a wide range of environmental laws and regulations in each of the locations in which the Company operates. Compliance with these requirements can involve significant capital and operating costs. Failure to comply with these requirements can result in civil or criminal fines or sanctions, claims for environmental damages, remediation obligations, the revocation of environmental permits, or restrictions on the Company’s operations.
The Company records accruals for environmental matters when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated based on current law and existing technologies. The Company adjusts these accruals periodically as assessment and remediation efforts progress or as additional technical or legal information become available. The Company has recorded nominal environmental liabilities in Accounts payable and accrued liabilities as of June 30, 2024 and December 31, 2023. The Company believes it is in compliance with applicable environmental regulations in all material respects. Under various U.S. federal, state, and local environmental laws, a current or previous owner or operator of real estate may be liable for the entire cost of investigating, removing, and/or remediating hazardous or toxic substances on such property. Such laws often impose liability, whether or not the owner or operator knew of, or was responsible for, the contamination. Even if more than one person may have been responsible for the contamination, each person covered by the environmental laws may be held responsible for the entire clean-up cost. There are no material unrecorded liabilities as of the periods ended June 30, 2024 and December 31, 2023. Most of the Company’s warehouses utilize anhydrous ammonia as a refrigerant. Anhydrous ammonia is classified as a hazardous chemical regulated by the EPA and various other agencies in the locations in which the Company operates, and an accident or significant release of anhydrous ammonia from a warehouse could result in injuries, loss of life, and property damage.
(d)Occupational Safety and Health Act (OSHA)
The Company’s warehouses located in the U.S. are subject to regulation under OSHA, which requires employers to provide employees with an environment free from hazards, such as exposure to toxic chemicals, excessive noise levels, mechanical dangers, heat or cold stress, and unsanitary conditions. The cost of complying with OSHA and similar laws enacted by states and other jurisdictions in which the Company operates can be substantial, and any failure to comply with these regulations could expose the Company to substantial penalties and/or liabilities to employees who may be injured at the Company’s warehouses. The Company records accruals for OSHA matters when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. The Company believes that it is in compliance with all OSHA regulations in all material respects and that no material unrecorded liabilities exist as of June 30, 2024 and December 31, 2023.
(e)Statesville, North Carolina
On January 10, 2020, contractors and subcontractors were working on the blast cells at the Company’s freezer warehouse in Statesville, North Carolina when an incident occurred triggering the release of anhydrous ammonia at the facility, resulting in the death of a subcontractor and injury to another subcontractor, as well as damage to customers’ goods. Litigation is ongoing with respect to this incident, and while the Company believes it has a strong defense to any potential claims, the Company could be subject to losses in unknown amounts. The Company believes the ultimate outcome of this matter will not have a material adverse impact on its condensed consolidated financial statements. No material costs have been incurred in relation to this matter.
(f)Kennewick, Washington warehouse fire
On April 21, 2024, a fire occurred at the Company’s warehouse in Kennewick, Washington, destroying the building and customer inventories. No employees or other parties were injured. The Company expects all repair, replacement, and clean-up costs to be covered by its insurance policies, excluding any deductibles and self-insured retentions. To date, the Company has not received any claims for customer inventories losses. During the three and six months ended June 30, 2024, the Company recorded income from expected insurance recoveries of $32 million, which represents the amount of insurance reimbursement up to the carrying value of the impaired assets of $24 million and $9 million of clean-up costs, net of $1 million deductible expense. The net loss of $1 million is presented in Restructuring, impairment, and (gain) loss on disposals in the Company’s condensed consolidated statements of operations and comprehensive income (loss). As of June 30, 2024, the Company recorded a $32 million insurance receivable, presented in Accounts receivable, net in the condensed consolidated balance sheets. Subsequently to June 30, 2024, the Company has collected the entire insurance receivable in cash.
v3.24.2.u1
Accumulated other comprehensive income (loss)
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Accumulated other comprehensive income (loss) Accumulated other comprehensive income (loss)
The Company reports activity in Accumulated other comprehensive income (loss) (“AOCI”) for foreign currency translation adjustments and unrealized gains and losses on interest rate and foreign currency hedges. Activity within AOCI is as follows:
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2024202320242023
Foreign currency translation adjustments:
Balance at beginning of period$(210)$(196)$(149)$(227)
Foreign currency translation adjustments(12)19 (86)49 
Amounts allocated to Noncontrolling interests and Redeemable noncontrolling interests2 (2)10 (5)
Reallocation due to change in Noncontrolling interest ownership percentage1 (1)6 3 
Balance at end of period$(219)$(180)$(219)$(180)
Derivatives:
Balance at beginning of period$113 $153 $115 $190 
Unrealized gain (loss) on foreign currency hedges10 50 39 34 
Net amount reclassified from AOCI to net income (loss)(23)(29)(49)(54)
Tax effect— (1)— 1 
Amounts allocated to Noncontrolling interests and Redeemable noncontrolling interests1 (2)1 2 
Reallocation due to change in Noncontrolling interest ownership percentage(1)1 (6)(1)
Balance at end of period$100 $172 $100 $172 
Accumulated other comprehensive income (loss)$(119)$(8)$(119)$(8)
v3.24.2.u1
Earnings (loss) per share
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Earnings (loss) per share Earnings (loss) per share
Basic earnings (loss) per share (“EPS”) is calculated by dividing net income (loss) attributable to common stockholders of the Company by the weighted average common shares outstanding during the reporting period. Diluted EPS is calculated by dividing net income (loss) attributable to common stockholders of the Company by the weighted average
common shares and common share equivalents outstanding during the reporting period. A reconciliation of the basic and diluted EPS is as follows:
Three Months Ended June 30,Six Months Ended June 30,
(in millions, except per share amounts)2024202320242023
Earnings (loss) per share - basic and diluted:
Net income (loss) attributable to Lineage, Inc.$(68)$(5)$(108)$13 
Less: Accretion of redeemable noncontrolling interests2 87 16
Less: Redeemable noncontrolling interest adjustment4 — 4 4
Net income (loss) attributable to common stockholders - basic and diluted$(74)$(13)$(119)$(7)
Weighted average common shares outstanding - basic and diluted162 162 162 162 
Net income (loss) per share attributable to common stockholders - basic and diluted$(0.46)$(0.08)$(0.73)$(0.04)
The Company’s potential dilutive securities have been excluded from the computation of diluted net earnings (loss) per share for the three and six months ended June 30, 2024 and 2023, as they are antidilutive and the effect would be to increase the net earnings (or decrease the net loss) per share. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net earnings (loss) per share attributable to common stockholders is the same.
The Company’s potential common share equivalents as of June 30, 2024 and 2023 are as follows:
•As of March 1, 2025 the sellers of MTC Logistics may elect to receive any combination of cash or Operating Partnership units that equal the excess of $34 million over the fair market value of the units issued to the sellers in the MTC Logistics acquisition. The Operating Partnership Units that could be issued in connection with this hypothetical election represent potential common share equivalents.
•The holder of the Preference Shares issued by a subsidiary of LLH in connection with the Company’s acquisition of 100.0% of the outstanding equity interests in Kloosterboer Group B.V. and its subsidiaries (“Kloosterboer”) in October 2021 has conversion rights to convert the Preference Shares to Operating Partnership units or common stock of the Company, depending on whether or not certain events have occurred. The Operating Partnership units or common stock of the Company that could be issued in connection with a hypothetical conversion represent potential common share equivalents.
•As described in Note 14, Stock-based compensation, certain members of management were granted time-based RSUs during the three months ended June 30, 2024. Time-based RSUs that are unvested as of June 30, 2024 represent potential common share equivalents because upon vesting, the Company will issue common shares to the awardee.
•As described in Note 14, Stock-based compensation, certain members of management and certain non-employees have been granted BGLH Restricted Units. BGLH Restricted Units that are unvested as of June 30, 2024 and 2023 represent potential common share equivalents because upon vesting, the Company will have outstanding common shares issued to BGLH.
•As described in Note 14, Stock-based compensation, certain members of management have been granted Management Profits Interests Class C units in LLH MGMT and LLH MGMT II. These Class C Units in LLH MGMT and LLH MGMT II that are unvested as of June 30, 2024 and 2023 represent potential common share
equivalents because upon vesting, they will be able to share in the profits of the Company, as defined in the LLH MGMT and LLH MGMT II operating agreements. Because the Class C Units do not yet share in distributions, the potential units would not be allocated any undistributed earnings for basic and diluted EPS calculations.
v3.24.2.u1
Segment information
 6 Months Ended
Jun. 30, 2024
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 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 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)2024202320242023
Global Warehousing revenues$966 $964 $1,935 $1,922 
Global Integrated Solutions revenues372 382 731 757 
Total net revenues$1,338 $1,346 $2,666 $2,679 
Global Warehousing cost of operations$582 $583 $1,166 $1,155 
Global Integrated Solutions cost of operations309 322 609 640
Total cost of operations$891 $905 $1,775 $1,795 
Global Warehousing NOI$384 $381 $769 $767 
Global Integrated Solutions NOI63 60 122 117 
Total NOI447 441 891 884 
Reconciling items:
General and administrative expense(127)(124)(251)(239)
Depreciation expense(164)(136)(322)(265)
Amortization expense(55)(52)(108)(104)
Acquisition, transaction, and other expense(12)(15)(20)(26)
Restructuring, impairment, and gain (loss) on disposals(15)(3)(15)(7)
Equity income (loss), net of tax(1)— (3)— 
Gain (loss) on foreign currency transactions, net2 (3)(9)(4)
Interest expense, net(148)(116)(287)(231)
Gain (loss) on extinguishment of debt— — (7)— 
Net income (loss) before income taxes$(73)$(8)$(131)$8 
Capital expenditures for property, plant, and equipment:
Global Warehousing capital expenditures$154 $130 $238 $276 
Global Integrated Solutions capital expenditures13 25 20 49 
Corporate capital expenditures31 28 57 55 
Total capital expenditures for property, plant, and equipment$198 $183 $315 $380 
v3.24.2.u1
Subsequent events
 6 Months Ended
Jun. 30, 2024
Subsequent Events [Abstract]  
Subsequent events Subsequent events
On July 26, 2024, the Company closed its IPO of 56,882,051 shares of its common stock at a price of $78.00 per share, with a subsequent exercise in full by the underwriters of their option to purchase from the Company an additional 8,532,307 shares of common stock that closed on July 31, 2024. The net proceeds to the Company from the IPO, after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company, were $4,875 million. Prior to and upon consummation of the offering, the Company engaged in the following formation and other transactions:
(a)Capital structure and noncontrolling interests
In exchange for cash proceeds of $1 million, Lineage, Inc. redeemed all outstanding shares of Series A Preferred Stock, which represents $1,000 per share plus all accrued and unpaid dividends thereon.
The Operating Partnership converted to a Maryland limited partnership and its Agreement of Limited Partnership was executed concurrently, along with a Unit Designation for Legacy Units of the Operating Partnership. All Class A units in the Operating Partnership held by Lineage, Inc. were reclassified into common units of the Operating Partnership (“Partnership Common Units”) and Series A Preferred Units. The pre-existing Class A, Class B, and Class C units of the Operating Partnership that were held by non-Company LPs described in Note 2, Capital structure and noncontrolling interests were reclassified into Legacy Units of the Partnership (“Legacy OP Units”). Legacy OP Units carry forward pre-existing rights of the Non-Company LPs, which enables BG Cold to continue accruing Founders Equity Share and the holders of a limited number of Class A units of the Operating Partnership with special redemption and/or top-up rights to maintain those rights. All Legacy OP Units will ultimately be exchanged for Partnership Common Units over a period of up to three years following the initial closing of the IPO, which may in turn be redeemed at the request of the holder thereof. Upon a holder’s request for such redemption, the Company has the discretion to redeem Partnership Common Units for shares of Lineage, Inc.’s common stock or cash.
The Ninth Amended and Restated Operating Agreement of LLH was executed, which created a new form of interest in LLH called an LLH Operating Partnership Equivalent Unit (“OPEU”). OPEUs are capital interests in LLH that allow their holders to share in the profits of LLH on a pari-passu basis with the Operating Partnership. BG Maverick, LLC (“BG Maverick”) held all Class D interests in LLH prior to the IPO, which entitled the holder to a formulaic distribution of profits of LLH. The payment of this distribution in respect of these interests was contingent upon the occurrence of a liquidity event, which was deemed to take place with the IPO. Upon the completion of its IPO, the Company recorded a liability of $184 million due to BG Maverick in respect of its Class D interests. Such Class D interests were subsequently reclassified as OPEUs. In addition, in connection with the termination of the operating services agreement described below, BG Maverick’s Class D distribution rights were increased by $200 million. This cumulative liability was settled partially in the form of a reimbursement to Lineage of previous Advance Distributions paid by the Company as described in Note 2, Capital structure and noncontrolling interests, which reduced the liability to $186 million. This remaining liability was reclassified into OPEUs held by BG Maverick. Following these transactions, BG Maverick held 2,447,990 OPEUs. Immediately after the reclassification of the Class D interests into the OPEUs, LLH repurchased 986,492 OPEUs in exchange for cash proceeds of $75 million. The remaining 1,461,148 OPEUs represent a noncontrolling interest in the consolidated financial statements of Lineage, Inc.
In connection with the IPO, the seller in the Kloosterboer acquisition (“Kloosterboer Co-Investor”) (holders of Convertible Redeemable Noncontrolling Interests - Preference Shares) had the right to convert the preference shares into securities that track the economic performance of certain Operating Partnership interests. The Kloosterboer Co-Investor did not exercise this right. As a result, upon the completion of the IPO, the redeemable noncontrolling interest recognized in the consolidated financial statements of Lineage, Inc. was reclassified into a liability.
The Company and the Operating Partnership exchanged all outstanding vested Management Profits Interests Class C units for a combination of less than 80,950 shares of Lineage, Inc. common stock and 2,204,162 Legacy Class B Units of the Operating Partnership.
(b)Debt
On July 26, 2024, the Company used a portion of the net proceeds from the IPO to repay in full the remaining outstanding DDTL principal balance of $2,400 million, along with $7 million in accrued interest and fees. As a result of the full repayment, the Company will record a $6 million loss on extinguishment of debt related to the write-off of unamortized deferred financing costs previously capitalized for the DDTL.
On July 30, 2024, Moody’s Ratings assigned a first-time Baa2 issuer rating to the Company, with a stable outlook. On August 6, 2024, Fitch Ratings assigned a first-time BBB+ issuer rating to the Company, with a stable outlook. These assigned ratings qualified as an investment grade rating event under the terms of the Credit Agreement and allowed the Company to elect the contractual interest rate margin to be based on the Company’s debt rating instead of the total leverage ratio, effective August 1, 2024, which reduced the RCF and TLA interest rate from Adjusted Term SOFR + 1.60% to Adjusted Term SOFR +1.05%. Upon receipt of the Fitch Rating, the RCF and TLA interest rate was further reduced to Adjusted Term SOFR + 0.925%.
On August 9, 2024, the Company used a portion of the net proceeds from the IPO to repay in full the remaining outstanding CMBS 5 principal balance of $1,298 million, along with $8 million in accrued interest and fees. As a result of the full repayment, the Company will record a $4 million loss on extinguishment of debt related to the write-off of unamortized deferred financing costs previously capitalized for the CMBS 5.
Through August 9, 2024, the Company used a portion of the net proceeds from the IPO to make net repayments on the RCF of $822 million.
(c)Stock-based compensation
The Pre-IPO Incentive Award Plan described in further detail in Note 14, Stock-based compensation was amended and restated in connection with the IPO (the “Incentive Award Plan”). The Incentive Award Plan increased the maximum number of shares of common stock which can be issued under the plan from 1,000,000 to 12,500,000, and specifies that awards of Long-Term Incentive Plan units (“LTIP Units”) count as shares for the purpose of the share limit under the Incentive Award Plan. LTIP Units are a special class of partnership interests in the Operating Partnership which may be issued to eligible participants.
Upon the adoption of the Incentive Award Plan, the Company granted the following awards to plan participants:
(1)Stock payment awards of 215,149 shares of the Company’s common stock as one-time bonuses in connection with the IPO.
(2)Stock payment awards of 179,838 shares of the Company’s common stock in settlement of their vested LVCP units.
(3)654,690 time-vesting RSUs as replacements of unvested LLH Value Creation Plan units that were unvested at the IPO and LLH Value Creation Plan units that did not have any value.
(4)291,511 time-vesting RSUs as part of the annual equity award program.
(5)1,066,763 time-vesting RSUs or LTIP Units as replacements of unvested Management Profits Interest Class C units and vested Management Profits Interest Class C units that held no intrinsic value.
(6)498,691 time-based LTIP Units as annual equity awards.
Stock payment awards contain no ongoing vesting requirements and stock-based compensation expense for such awards is recorded immediately. The Company will recognize stock-based compensation expense for time-based RSUs and time-based LTIP Units over their respective vesting terms.
Vesting for all unvested BGLH Restricted Units was accelerated in connection with the IPO, resulting in stock-based compensation expense of $5 million.
All unvested Management Profits Interest Class C units were canceled, and holders of such awards were granted replacement time-based RSUs, or time-based LTIP Unit awards. Holders of unvested Management Profits Interest Class C units and Management Profits Interest Class C units that were vested but held no intrinsic value were replaced with time-based RSUs.
As described in Note 14, Stock-based compensation, no stock-based compensation expense was recorded associated with the outstanding LLH Value Creation Plan units prior to the IPO. Upon the consummation of the IPO, the qualifying liquidity event vesting criteria was met for certain awards and such awards fully vested, resulting in stock-based compensation expense and a corresponding liability of $26 million. This liability was immediately settled by either issuing stock payment awards or paying cash to the holders of such vested LLH Value Creation Plan units. All unvested LLH Value Creation Plan units were canceled upon the consummation of the IPO, and holders of such awards received time-based RSUs as replacement awards. Additionally, holders of vested LLH Value Creation Plan units that did not have any value because the Lineage, Inc. stock price was not greater than the threshold specified in their award also received time-based RSU awards.
(d)Related-party balances
The Company terminated the operating services agreement (i.e., operating, consulting, strategic development, and financial services) it had between LLH and Bay Grove Management. Additionally, LLH entered into a transition services agreement with Bay Grove Management. Under this agreement, Bay Grove Management will provide certain transition services to support capital deployment and mergers and acquisitions activity for the three years following the IPO in exchange for annual consideration of $8 million, paid in equal quarterly installments.
(e)Rollover Holder Put Option
Rollover equity in the form of BGLH units was previously issued as consideration in various business combinations. Some of those sellers who received rollover equity in BGLH were provided with separate classes of equity of BGLH that included special one-time redemption features with minimum value guarantees and/or the alternative option to elect cash or equity top-up rights to achieve a certain minimum equity valuation at a specified date (collectively, the “BGLH Guarantee Rights”). Prior to the IPO, the obligations in respect of the BGLH Guarantee Rights resided with BGLH.
In connection with the IPO, Lineage, Inc. has agreed to provide successive repurchase rights and cash and equity top-up rights to the rollover equity holders that mirror those given by BGLH to its investors (the “Rollover Holder Put Option”). Pursuant to the Rollover Holder Put Option, BGLH has the right to (i) distribute (in various installments from September 2024 through December 2025 (the “Rollover Holder Put Exercise Window”) up to 2,036,738 shares of our common stock to its investors holding BGLH Guarantee Rights, and such investors have the individual right to cause Lineage to purchase any or all of such shares of our common stock distributed to such persons by BGLH for an amount equal to the guaranteed minimum value intrinsic to the BGLH Guarantee Rights (at a guaranteed minimum price or, in some cases, if greater, the then-current fair market value of the shares of our common stock), which amounts differ for different such investors, or (ii) in some cases demand a top-up, through a cash payment or through the issuance of additional shares of our common stock without
payment therefor, or any combination thereof, in the amount by which the guaranteed minimum value exceeds the then current fair market value of the shares of our common stock (if at all) at various specified times during the Rollover Holder Put Exercise Window.
The Rollover Holder Put Option represents a written put option on shares of Lineage, Inc. common stock, which the Company will account for as a separate, freestanding financial instrument from the shares of common stock underlying the option (the “Rollover Holder Put Option Liability”). Upon execution of the IPO, the Company recorded the Rollover Holder Put Option Liability at its fair value of $103 million, with a corresponding reduction in Retained earnings (accumulated deficit) attributable to BGLH.
On July 31, 2024, the Company purchased Luik Natie in Belgium for estimated maximum purchase price of $52 million, inclusive of possible contingent earn-out payments. The purpose of this acquisition is to expand the Company’s warehousing network in the port city of Antwerp-Bruges, Belgium and grow the related transportation and freight forwarding services in the region.
v3.24.2.u1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Pay vs Performance Disclosure        
Net income (loss) attributable to Lineage, Inc. $ (68) $ (5) $ (108) $ 13
v3.24.2.u1
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.2.u1
Significant accounting policies and practices (Policies)
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Basis of presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with the accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commissions (“SEC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These financial statements include all adjustments, which consist of normal, recurring adjustments and transactions or events discretely impacting the interim periods, considered necessary for a fair statement of the financial position, results of operations, and cash flows of the Company. Certain prior period amounts have been reclassified to conform to current period presentation. The accompanying condensed consolidated financial statements include the accounts of Lineage, Inc. consolidated with the accounts of all subsidiaries and affiliates in which the Company holds a controlling financial interest as of the financial statement date. The operating results for the interim periods ended June 30, 2024 and 2023 are not necessarily indicative of results for the full year and should be read in conjunction with the Company’s consolidated financial statements and notes thereto for the year ended December 31, 2023 included in the Company’s prospectus dated July 24, 2024, filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended, on July 26, 2024 (the “Prospectus”) in connection with the Company’s IPO.
Principles of consolidation
The Company consolidates a voting interest entity (“VOE”) in which it has a controlling financial interest and a variable interest entity (“VIE”) if it possesses both the power to direct the activities of the VIE that most significantly affect its economic performance, and (a) is obligated to absorb the losses that could be significant to the VIE or (b) holds the right to receive benefits from the VIE that could be significant to the VIE. As of June 30, 2024, the Company did not have any VIEs.
Use of estimates in preparation of financial statements
The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the financial statement date and the reported amounts of revenues and expenses during the period. The Company bases its estimates on various factors and information which may include, but are not limited to, history and prior experience, expected future results, new related events, and economic conditions, which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from
other sources. Actual results may differ from the estimates used in preparing the Company’s condensed consolidated financial statements.
Recently adopted accounting pronouncements and Recently issued accounting pronouncements not yet adopted
In June 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this ASU clarify that a contractual restriction on sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The ASU also requires additional disclosures surrounding equity securities subject to contractual sale restrictions. The Company adopted this ASU on January 1, 2024. The adoption of the new standard did not have a material impact on the condensed consolidated financial statements.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this ASU require that an entity disclose significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, disclose an amount for other segment items by reportable segment and a description of the amount’s composition, and provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by Accounting Standards Codification (“ASC”) 280, Segment Reporting, in interim periods. The amendments also require that an entity disclose the title and position of the CODM with an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and making resource allocation decisions. This ASU is effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024. The Company is still evaluating the impact this guidance will have on its consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU amends existing income tax disclosure guidance, primarily requiring more detailed disclosure for income taxes paid and the effective tax rate reconciliation. This ASU is effective for fiscal years beginning after December 15, 2024. The Company is still evaluating the impact this guidance will have on its consolidated financial statements.
In March 2024, the SEC adopted new rules that will require registrants to provide certain climate-related information in their registration statements and annual reports. The rules require information about a registrant's climate-related risks that are reasonably likely to have a material impact on its business, results of operations, or financial condition. The required information about climate-related risks will also include disclosure of a registrant's greenhouse gas emissions. Additionally, the rules will require registrants to present certain climate-related financial metrics in their audited financial statements. Some portions of the new rules will be effective for annual reporting periods beginning in calendar year 2025 and some in 2026. In April 2024, the SEC voluntarily stayed the implementation of these rules, pending resolution of judicial review. The Company is currently evaluating the impact of the rule changes on its consolidated financial statements.
In March 2024, the FASB issued ASU 2024-01, Compensation — Stock Compensation (Topic 718): Scope Application of Profits Interests and Similar Awards. This ASU clarifies the application of ASC 718, Compensation — Stock Compensation, to profits interests and similar instruments by providing illustrative examples of the proper accounting for such awards. The ASU does not contain changes to the application of the previously existing accounting guidance. This ASU is effective for fiscal years beginning after December 15, 2024. The Company does not expect this ASU to have an effect on the Company’s consolidated financial statements because the Company’s accounting for profits interests and similar instruments conforms to the clarified guidance.
Accounts receivable and Notes receivable Accounts receivable are recorded at the invoiced amount and are stated net of estimated allowances for uncollectible balances. Notes receivable primarily consist of amounts that are due and payable related to a variety of unique Company transactions. The current portion of notes receivable is recorded in Accounts receivable, net and the non-current portion is recorded in Other assets in the condensed consolidated balance sheets. The current portion of notes receivable was $5 million and $6 million as of June 30, 2024 and December 31, 2023, respectively. The non-current portion of notes receivable was $3 million and $20 million as of June 30, 2024 and December 31, 2023, respectively. Allowances for uncollectible balances are reserved based on expected credit losses. Management exercises judgement in establishing these allowances and considers the balance outstanding and payment history. The Company writes off receivables against the allowances after all reasonable collection efforts are exhausted.
Investments in partially owned entities
The Company accounts for its investments in partially owned entities where the Company does not have a controlling interest but has significant influence using the equity method of accounting, under which the net income of the entity is recognized in income and presented in Equity method investments in the condensed consolidated balance sheets. Allocations of profits and losses are made per the terms of the organizational documents. The Company’s ownership percentages in such investments range from 9.0% to 50.0%.
The Company has committed to invest up to a total of $108 million in its equity method investment Emergent Cold LatAm Holdings, LLC (“LatAm”). The Company has contributed a total of $83 million to date, of which the Company invested $8 million and $13 million during the three and six months ended June 30, 2024, respectively, and $6 million and $21 million during the three and six months ended June 30, 2023, respectively. The Company has an option to purchase the remaining equity interests in LatAm during a period beginning on the third anniversary and expiring on the sixth anniversary of its initial investment date, which was July 2021.
The Company has interests in partially owned entities where the Company does not have a controlling interest or significant influence. These investments do not have readily determinable fair values, and the Company has elected the measurement alternative to measure these investments at cost less impairment, adjusted by observable price changes, with any fair value changes recognized in earnings.
v3.24.2.u1
Capital structure and noncontrolling interests (Tables)
 6 Months Ended
Jun. 30, 2024
Noncontrolling Interest [Abstract]  
Schedule of Capital Units A summary of these ownership interests as of June 30, 2024 and December 31, 2023 is as follows:
June 30, 2024December 31, 2023
Class A units owned by Lineage, Inc.161,749,791 162,017,515 
Class A & B units owned by Non-Company LPs19,709,540 18,829,959 
Redeemable Class A units owned by Non-Company LPs319,006 1,260,182 
Total181,778,337 182,107,656 
Schedule of Ownership Interests Third parties own the following interests in the below Other Consolidated Subsidiaries:
June 30, 2024December 31, 2023
Cool Port Oakland Holdings, LLC13.3 %13.3 %
Lineage Jiuheng Logistics (HK) Group Company Ltd.40.0 %40.0 %
Kloosterboer BLG Coldstore GmbH49.0 %49.0 %
Turvo India Pvt. Ltd.1.0 %1.0 %
Redeemable Noncontrolling Interest
Below is a summary of all activity for the Company’s redeemable noncontrolling interests during the six months ended June 30, 2024 and 2023, which are discussed in further detail above.
(in millions)Redeemable Noncontrolling Interests - Operating Partnership UnitsConvertible Redeemable Noncontrolling Interests - Preference SharesRedeemable Noncontrolling Interest - Operating SubsidiariesTotal Redeemable Noncontrolling Interests
Balance as of December 31, 2023$120 $221 $8 $349 
Distributions(1)— — (1)
Redemption of redeemable noncontrolling interests (6)— — (6)
Expiration of redemption option(92)— — (92)
Accretion of redeemable noncontrolling interests6 — — 6 
Balance as of March 31, 2024$27 $221 $8 $256 
Redeemable noncontrolling interest adjustment— 4 — 4 
Accretion of redeemable noncontrolling interests1 — 1 2 
Balance as of June 30, 2024$28 $225 $9 $262 
(in millions)Redeemable Noncontrolling Interests - Operating Partnership UnitsConvertible Redeemable Noncontrolling Interests - Preference SharesTotal Redeemable Noncontrolling Interests
Balance as of December 31, 2022$85 $213 $298 
Redeemable noncontrolling interest adjustment— 4 4 
Accretion of redeemable noncontrolling interests9 — 9 
Balance as of March 31, 2023$94 $217 $311 
Accretion of redeemable noncontrolling interests9 — 9 
Balance as of June 30, 2023$103 $217 $320 
Below is a summary of all activity for the Company’s noncontrolling interests during the six months ended June 30, 2024 and 2023, which are discussed in further detail above.
(in millions)Operating Partnership Units - Class A, B, & CNoncontrolling Interests in Other Consolidated SubsidiariesManagement Profits Interests Class C UnitsTotal Noncontrolling Interests
Balance as of December 31, 2023$598 $15 $9 $622 
Distributions(11)(1)— (12)
Stock-based compensation— — 2 2 
Other comprehensive income (loss)(8)— — (8)
Expiration of redemption option27 — — 27 
Net income (loss)(5)1 (4)(8)
Reallocation of noncontrolling interests7 — — 7 
Balance as of March 31, 2024$608 $15 $7 $630 
Distributions(12)— — (12)
Stock-based compensation— — 2 2 
Other comprehensive income (loss)(3)— — (3)
Net income (loss)(8)— (4)(12)
Reallocation of noncontrolling interests9 — — 9 
Balance as of June 30, 2024$594 $15 $5 $614 
(in millions)Operating Partnership Units - Class A, B, & CNoncontrolling Interests in Other Consolidated SubsidiariesManagement Profits Interests Class C UnitsTotal Noncontrolling Interests
Balance as of December 31, 2022$608 $21 $12 $641 
Contributions from noncontrolling interests2 — — 2 
Distributions(12)— — (12)
Stock-based compensation— — 2 2 
Other comprehensive income (loss)(1)— — (1)
Redemption of units issued as stock compensation— — (1)(1)
Net income (loss)2 — (1)1 
Reallocation of noncontrolling interests19 — — 19 
Balance as of March 31, 2023$618 $21 $12 $651 
Distributions(12)— — (12)
Stock-based compensation— — 2 2 
Other comprehensive income (loss)4 — — 4 
Net income (loss)— (1)(2)(3)
Reallocation of noncontrolling interests11 — — 11 
Balance as of June 30, 2023$621 $20 $12 $653 
v3.24.2.u1
Revenue (Tables)
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table disaggregates the Company’s net revenues by major stream and reportable segment for the three months ended June 30, 2024 and 2023 and for the six months ended June 30, 2024 and 2023.
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2024202320242023
Warehousing operations$866 $867 $1,738 $1,730 
Warehouse lease revenues69 64 136 128 
Managed services26 23 51 45 
Other5 10 10 19 
Total Global Warehousing966 964 1,935 1,922 
Transportation205 211 409 439 
Food sales60 71 108 126 
Redistribution revenues51 49 99 93 
E-commerce and other38 32 78 62 
Railcar lease revenues18 19 37 37 
Total Global Integrated Solutions372 382 731 757 
Total net revenues$1,338 $1,346 $2,666 $2,679 
v3.24.2.u1
Property, plant, and equipment (Tables)
 6 Months Ended
Jun. 30, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment
Property, plant, and equipment, net consists of the following:
(in millions)June 30, 2024December 31, 2023Estimated Useful Life (Years)
Buildings, building improvements, and refrigeration equipment$8,568 $8,545 
1 — 40
Land and land improvements1,477 1,446 
15 — Indefinite
Machinery and equipment1,341 1,316 
5 — 20
Railcars540 535 
7 — 50
Furniture, fixtures, and equipment611 563 
1 — 7
Gross property, plant, and equipment12,537 12,405 
Less accumulated depreciation(2,541)(2,266)
Construction in progress495 432 
Property, plant, and equipment, net$10,491 $10,571 
v3.24.2.u1
Goodwill and other intangible assets, net (Tables)
 6 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
Changes in the carrying amount of goodwill for each reportable segment for the six months ended June 30, 2024 are as follows:
(in millions)Global WarehousingGlobal Integrated SolutionsTotal
Balance, December 31, 2023$2,750 $644 $3,394 
Goodwill acquired1
22 — 22 
Measurement period adjustments1
(7)— (7)
Foreign currency translation(42)(6)(48)
Balance, June 30, 2024$2,723 $638 $3,361 
__________________
(1) See Note 4, Business combinations and asset acquisitions for details.
Schedule of Finite-Lived Intangible Assets
The following are the Company’s total other intangible assets as of:
June 30, 2024December 31, 2023
(in millions)Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying AmountUseful Life (Years)
Customer relationships$1,500 $(389)$1,111 $1,507 $(343)$1,164 
 5 - 28
In-place leases94 (23)71 98 (21)77 
2 - 31
Technology32 (7)25 32 (5)27 10
Trade names9 (6)3 24 (21)3 
1 - 15
Other20 (12)8 20 (11)9 
4 - 17
Other intangible assets$1,655 $(437)$1,218 $1,681 $(401)$1,280 
Schedule of Indefinite-Lived Intangible Assets
The following are the Company’s total other intangible assets as of:
June 30, 2024December 31, 2023
(in millions)Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying AmountUseful Life (Years)
Customer relationships$1,500 $(389)$1,111 $1,507 $(343)$1,164 
 5 - 28
In-place leases94 (23)71 98 (21)77 
2 - 31
Technology32 (7)25 32 (5)27 10
Trade names9 (6)3 24 (21)3 
1 - 15
Other20 (12)8 20 (11)9 
4 - 17
Other intangible assets$1,655 $(437)$1,218 $1,681 $(401)$1,280 
v3.24.2.u1
Prepaid expenses and other current assets (Tables)
 6 Months Ended
Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Prepaid Expenses and Other Current Assets
(in millions)June 30, 2024December 31, 2023
Prepaid expenses$81 $62 
Other current assets35 30 
Deferred equity raise costs21 9 
Prepaid expenses and other current assets$137 $101 
v3.24.2.u1
Debt (Tables)
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Debt
(in millions)June 30, 2024December 31, 2023
Unsecured Credit Facilities$5,811 $3,080 
Unsecured Notes 1,686 1,708 
Secured Debt 1,840 4,188 
Other 26 33 
Total debt9,363 9,009 
Less current portion long-term debt(39)(24)
Less deferred financing costs(19)(23)
Less below-market debt(5)(6)
Plus above-market debt2 2 
Total long-term debt, net$9,302 $8,958 
Summary of Credit Agreement
The following table provides the details of the Credit Agreement:
June 30, 2024December 31, 2023
(in millions)
Contractual Interest Rate (1)
Borrowing CurrencyCarrying Amount (USD)
Contractual Interest Rate (1)
Borrowing CurrencyCarrying Amount (USD)
Term Loan A
USD
SOFR+1.60%
1,000 $1,000 
SOFR+1.60%
1,875 $1,875 
Revolving Credit Facility
USD
SOFR+1.60%
1,475 1,475 
SOFR+1.60%
315 315 
CAD
CDOR+1.60%
442 323 
CDOR+1.60%
448338 
EUR
EURIBOR+1.60%
227 243 
EURIBOR+1.60%
349 238 
AUD
BBSW+1.60%
363 242 
BBSW+1.60%
175 193 
DKK
CIBOR+1.60%
487 70 
CIBOR+1.60%
498 74 
NZD
BKBM+1.60%
85 52 
BKBM+1.60%
62 39 
NOK
NIBOR+1.60%
65 6 
NIBOR+1.60%
86 8 
Total Revolving Credit Facility$2,411 $1,205 
1SOFR = for purpose of the above instruments, the term “SOFR” refers to the Term Secured Overnight Financing Rate plus 0.1% (or “Adjusted Term SOFR”), CDOR = Canadian Dollar Offered Rate, BBSW = Bank Bill Swap Rate, EURIBOR = Euro Interbank Offered Rate, CIBOR = Copenhagen Interbank Offered Rate, NIBOR = Norwegian Interbank Offered Rate, BKBM = Bank Bill Reference Rate
v3.24.2.u1
Derivative instruments and hedging activities (Tables)
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Derivatives
As of June 30, 2024, the Company had the following outstanding interest rate and foreign currency derivatives that were designated as cash flow hedging instruments:
Number of InstrumentsNotional
(in millions)
Interest rate derivatives:
Interest rate swap2USD1,000 
Interest rate cap3USD1,500 
Total5USD2,500 
(in millions)Buy NotionalSell Notional
Foreign currency derivatives:
Buy EUR/Sell GBP forwardEUR24 GBP21 
Buy USD/Sell GBP forwardUSD5 GBP4 
As of June 30, 2024, the Company had the following outstanding derivatives that were not designated as hedging instruments:
Number of InstrumentsNotional
(in millions)
Interest Rate Derivatives
Interest rate cap7USD1,320
Derivative Instruments, Gain (Loss)
The tables below presents the effect of the Company’s derivatives that are designated as hedging instruments on the accompanying condensed consolidated statements of operations and comprehensive income (loss) (in millions).
Derivatives in Cash Flow Hedging RelationshipsAmount of Gain (Loss) Recognized in OCI on DerivativesLocation of Gain (Loss) Reclassified from Accumulated OCI into EarningsAmount of Gain (Loss) Reclassified from Accumulated OCI into Earnings
Three Months Ended June 30,Three Months Ended June 30,
2024202320242023
Included in effectiveness testing:
Interest rate contracts$11 $54 Interest expense, net$25 $30 
Foreign exchange contracts(1)— Gain (loss) on foreign currency
transactions, net		(2)— 
Excluded from effectiveness testing and recognized in earnings based on an amortization approach:
Interest rate contracts— (4)Interest expense, net— (1)
Total$10 $50 $23 $29 
Derivatives in Cash Flow Hedging RelationshipsAmount of Gain (Loss) Recognized in OCI on DerivativesAmount of Gain (Loss) Reclassified from Accumulated OCI into EarningsAmount of Gain (Loss) Reclassified from Accumulated OCI into Earnings
Six Months Ended June 30,Six Months Ended June 30,
2024202320242023
Included in effectiveness testing:
Interest rate contracts$43 $39 Interest expense, net$51 $55 
Foreign exchange contracts(1)(1)Gain (loss) on foreign currency
transactions, net		(1)— 
Excluded from effectiveness testing and recognized in earnings based on an amortization approach:
Interest rate contracts(3)(4)Interest expense, net(1)(1)
Total$39 $34 $49 $54 
Derivatives Not Designated as Hedging Instruments
The tables below presents the effect of the Company’s derivative financial instruments that are not designated as hedging instruments on the condensed consolidated statements of operations and comprehensive income (loss) (in millions).
Derivatives Not Designated as Hedging InstrumentsLocation of Gain (Loss) Recognized in Earnings on DerivativesAmount of Gain (Loss) Recognized in Earnings on Derivatives
Three Months Ended June 30,
20242023
Interest rate contractsInterest expense, net$— $4 
Total$— $4 
Derivatives Not Designated as Hedging InstrumentsLocation of Gain (Loss) Recognized in Earnings on DerivativesAmount of Gain (Loss) Recognized in Earnings on Derivatives
Six Months Ended June 30,
20242023
Interest rate contractsInterest expense, net$— $3 
Total$— $3 
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location
The table below presents the fair value of the Company’s derivative financial instruments as well as their classification in the condensed consolidated balance sheets as of:
(in millions)June 30, 2024December 31, 2023June 30, 2024December 31, 2023
Derivatives designated as hedging instruments
Balance sheet locationOther assetsOther assetsOther liabilitiesOther liabilities
Interest rate contracts$124 $135 $— $— 
Total$124 $135 $— $— 
Derivatives NOT designated as hedging instruments
Balance sheet locationOther assetsOther assetsOther liabilitiesOther liabilities
Interest rate contracts$— $3 $— $— 
Foreign exchange contracts— — — (1)
Total$— $3 $— $(1)
v3.24.2.u1
Interest expense (Tables)
 6 Months Ended
Jun. 30, 2024
Other Income and Expenses [Abstract]  
Summary of interest expense
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2024202320242023
Interest expense$142 $125 $280 $241 
(Gain) loss on designated and non-designated hedge instruments(25)(33)(50)(57)
Finance lease liabilities interest23 23 46 46 
Amortization of deferred financing costs6 5 11 10 
Capitalized interest(2)(4)(4)(8)
Interest income(1)(2)(2)(4)
Other financing fees5 2 6 3 
Interest expense, net$148 $116 $287 $231 
v3.24.2.u1
Fair value measurements (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements, Recurring and Nonrecurring
The following table presents the fair value hierarchy levels of the Company’s assets and liabilities measured at fair value:
(in millions)Fair Value HierarchyJune 30, 2024December 31, 2023
Measured at fair value on a recurring basis:
Interest rate derivative financial instruments assetsLevel 2$124 $138 
Foreign exchange forward contracts liabilitiesLevel 2$— $1 
Acquisition related contingent considerationLevel 3$5 $5 
Measured at fair value on a non-recurring basis:
Other investments (included in Other assets)1
Level 3$14 $12 
Disclosed at fair value:
Long-term debt2
Level 3$9,124 $8,768 
__________________
(1) The investments in equity securities carried at fair value are subject to transfer restrictions and generally cannot be sold without consent.
(2) The carrying value of long-term debt is disclosed in Note 9, Debt.
v3.24.2.u1
Leases (Tables)
 6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Assets And Liabilities, Lessee
Right-of-use asset balances are as follows:
(in millions)June 30, 2024December 31, 2023
Finance lease right-of-use assets$1,622 $1,608 
Less: accumulated amortization(403)(365)
Finance lease right-of-use assets, net$1,219 $1,243 
Operating lease right-of-use assets$894 $892 
Less: accumulated amortization(189)(168)
Operating lease right-of-use assets, net$705 $724 
Lease liabilities are presented in the following line items in the condensed consolidated balance sheets:
June 30, 2024December 31, 2023
(in millions)Finance LeasesOperating LeasesFinance LeasesOperating Leases
Accounts payable and accrued liabilities$72$53$76$60
Long-term finance lease obligations1,291—1,305—
Long-term operating lease obligations—677—692
Total lease obligations$1,363$730$1,381$752
Supplemental condensed consolidated balance sheet information related to leases is as follows:
June 30,December 31,
20242023
Weighted average remaining lease term (in years):
Finance15.916.5
Operating15.515.9
Weighted average discount rate:
Finance6.8 %6.8 %
Operating6.5 %6.5 %
Finance Lease, Liability, to be Paid, Maturity
Maturities of lease liabilities for each of the next five years and thereafter as of June 30, 2024 are as follows (in millions):
Years Ending December 31:Finance LeasesOperating Leases
2024 (six months remaining)$82$50
202515997
202615795
202715193
202814285
2029 and thereafter1,687779
Total lease payments2,3781,199
Less imputed interest(1,015)(469)
Total$1,363$730
Lessee, Operating Lease, Liability, to be Paid, Maturity
Maturities of lease liabilities for each of the next five years and thereafter as of June 30, 2024 are as follows (in millions):
Years Ending December 31:Finance LeasesOperating Leases
2024 (six months remaining)$82$50
202515997
202615795
202715193
202814285
2029 and thereafter1,687779
Total lease payments2,3781,199
Less imputed interest(1,015)(469)
Total$1,363$730
Lease, Cost
The components of lease expense are as follows:
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2024202320242023
Finance lease cost:
Amortization of ROU assets$24 $23 $48 $46 
Interest on lease liabilities23 23 46 46 
Operating lease cost29 29 58 57 
Variable & short-term lease cost10 6 19 12 
Sublease income(7)(3)(11)(5)
Total lease cost$79 $78 $160 $156 
Supplemental cash flow information related to leases is as follows:
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2024202320242023
Cash paid for amounts included in the measurement of lease liability
Operating cash flows from finance leases$24 $23 $46 $45 
Finance cash flows from finance leases18 15 32 25 
Operating cash flows from operating leases27 24 50 48 
ROU assets obtained in exchange for lease obligations (excluding the effect of acquisitions)
Finance leases$22 $— $37 $3 
Operating leases8 55 12 73 
v3.24.2.u1
Stock-based compensation (Tables)
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Share-Based Payment Arrangement, Restricted Stock Unit, Activity
The following represents a summary of these RSUs:
UnitsWeighted average grant date fair value per unit
Unvested as of December 31, 2023— $— 
Awards granted in 202432,202 96.50 
Awards vested in 2024— — 
Awards forfeited in 2024(777)96.50 
Unvested as of June 30, 202431,425$96.50 
The following represents a summary of these units:
UnitsWeighted average grant date fair value per unit
Unvested as of December 31, 2023151,200 $89.29 
Awards granted in 202431,088 96.50 
Awards vested in 2024(7,778)90.00 
Unvested as of June 30, 2024174,510 $90.69 
Share-Based Payment Arrangement, Activity
The following represents a summary of these units:
UnitsWeighted average grant date fair value per unit
Unvested as of December 31, 20236,695,123 $2.31 
Awards granted in 20241,487,235 2.93 
Awards vested in 2024(3,094,024)1.78 
Awards forfeited in 2024(147,976)2.69 
Unvested as of June 30, 20244,940,358 $2.82 
v3.24.2.u1
Accumulated other comprehensive income (loss) (Tables)
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Schedule of accumulated other comprehensive income (loss) Activity within AOCI is as follows:
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2024202320242023
Foreign currency translation adjustments:
Balance at beginning of period$(210)$(196)$(149)$(227)
Foreign currency translation adjustments(12)19 (86)49 
Amounts allocated to Noncontrolling interests and Redeemable noncontrolling interests2 (2)10 (5)
Reallocation due to change in Noncontrolling interest ownership percentage1 (1)6 3 
Balance at end of period$(219)$(180)$(219)$(180)
Derivatives:
Balance at beginning of period$113 $153 $115 $190 
Unrealized gain (loss) on foreign currency hedges10 50 39 34 
Net amount reclassified from AOCI to net income (loss)(23)(29)(49)(54)
Tax effect— (1)— 1 
Amounts allocated to Noncontrolling interests and Redeemable noncontrolling interests1 (2)1 2 
Reallocation due to change in Noncontrolling interest ownership percentage(1)1 (6)(1)
Balance at end of period$100 $172 $100 $172 
Accumulated other comprehensive income (loss)$(119)$(8)$(119)$(8)
v3.24.2.u1
Earnings (loss) per share (Tables)
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Reconciliation of basic and diluted EPS A reconciliation of the basic and diluted EPS is as follows:
Three Months Ended June 30,Six Months Ended June 30,
(in millions, except per share amounts)2024202320242023
Earnings (loss) per share - basic and diluted:
Net income (loss) attributable to Lineage, Inc.$(68)$(5)$(108)$13 
Less: Accretion of redeemable noncontrolling interests2 87 16
Less: Redeemable noncontrolling interest adjustment4 — 4 4
Net income (loss) attributable to common stockholders - basic and diluted$(74)$(13)$(119)$(7)
Weighted average common shares outstanding - basic and diluted162 162 162 162 
Net income (loss) per share attributable to common stockholders - basic and diluted$(0.46)$(0.08)$(0.73)$(0.04)
v3.24.2.u1
Segment information (Tables)
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Capital expenditures by segment 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)2024202320242023
Global Warehousing revenues$966 $964 $1,935 $1,922 
Global Integrated Solutions revenues372 382 731 757 
Total net revenues$1,338 $1,346 $2,666 $2,679 
Global Warehousing cost of operations$582 $583 $1,166 $1,155 
Global Integrated Solutions cost of operations309 322 609 640
Total cost of operations$891 $905 $1,775 $1,795 
Global Warehousing NOI$384 $381 $769 $767 
Global Integrated Solutions NOI63 60 122 117 
Total NOI447 441 891 884 
Reconciling items:
General and administrative expense(127)(124)(251)(239)
Depreciation expense(164)(136)(322)(265)
Amortization expense(55)(52)(108)(104)
Acquisition, transaction, and other expense(12)(15)(20)(26)
Restructuring, impairment, and gain (loss) on disposals(15)(3)(15)(7)
Equity income (loss), net of tax(1)— (3)— 
Gain (loss) on foreign currency transactions, net2 (3)(9)(4)
Interest expense, net(148)(116)(287)(231)
Gain (loss) on extinguishment of debt— — (7)— 
Net income (loss) before income taxes$(73)$(8)$(131)$8 
Capital expenditures for property, plant, and equipment:
Global Warehousing capital expenditures$154 $130 $238 $276 
Global Integrated Solutions capital expenditures13 25 20 49 
Corporate capital expenditures31 28 57 55 
Total capital expenditures for property, plant, and equipment$198 $183 $315 $380 
v3.24.2.u1
Significant accounting policies and practices (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended 36 Months Ended
Jul. 31, 2024
Jul. 26, 2024
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]                
Financing receivable, after allowance for credit loss, current     $ 5   $ 5   $ 5 $ 6
Financing receivable, after allowance for credit loss, noncurrent     3   3   3 20
Accounts receivable, allowance for credit loss, current     7   7   7 7
Equity securities without readily determinable fair value     30   30   30 $ 30
Emergent Cold LatAm Holdings, LLC (LatAm)                
Schedule of Equity Method Investments [Line Items]                
Equity method investments, commitment     108   108   108  
Payments to acquire equity method investments     $ 8 $ 6 $ 13 $ 21 $ 83  
Minimum | Various Equity Method Investments                
Schedule of Equity Method Investments [Line Items]                
Equity method investment, ownership percentage     9.00%   9.00%   9.00%  
Maximum | Various Equity Method Investments                
Schedule of Equity Method Investments [Line Items]                
Equity method investment, ownership percentage     50.00%   50.00%   50.00%  
IPO | Subsequent Event                
Schedule of Equity Method Investments [Line Items]                
Sale of stock, number of shares issued in transaction (in shares)   56,882,051            
Sale of stock, price per share (in dollars per share)   $ 78.00            
Over-Allotment Option | Subsequent Event                
Schedule of Equity Method Investments [Line Items]                
Sale of stock, number of shares issued in transaction (in shares) 8,532,307              
v3.24.2.u1
Capital structure and noncontrolling interests - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Feb. 01, 2024
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2021
Dec. 31, 2023
Dec. 31, 2022
Noncontrolling Interest [Line Items]                    
Common stock, shares, issued (in shares)   161,749,791       161,749,791     162,017,515  
Common stock, shares, outstanding (in shares)   161,749,791       161,749,791     162,017,515  
Redemption of common stock (in shares)   0   0   254,680 37,037      
Shares acquired, average cost per share           $ 98.37 $ 90.00      
Redemption of common stock     $ 25,000   $ 3,000 $ 25,000 $ 3,000      
Distributions     1,000              
Preferred stock, liquidation preference, value (in dollars per share)   $ 1,000       $ 1,000     $ 1,000  
Preferred stock, shares outstanding (in shares)   1,000,000       1,000,000     1,000,000  
Temporary equity, shares outstanding (in shares)   2,214,553       2,214,553     2,214,553  
Redeemable noncontrolling interest   $ 262,000 256,000 $ 320,000 311,000 $ 262,000 320,000   $ 349,000 $ 298,000
Operating Partnership, Class A and B                    
Noncontrolling Interest [Line Items]                    
Subsidiary, ownership percentage, noncontrolling owner   10.80%       10.80%     10.30%  
REIT Subsidiaries                    
Noncontrolling Interest [Line Items]                    
Preferred stock, liquidation preference, value (in dollars per share)   $ 1       $ 1        
Preferred Stock, Dividend Rate, Percentage           12.00%        
Preferred stock, redemption price (in dollars per share)   $ 1,000       $ 1,000        
BG Cold, LLC                    
Noncontrolling Interest [Line Items]                    
Proceeds from contributions from affiliates   $ 12,000   12,000   $ 23,000 23,000      
Management Profits Interests Class C Units                    
Noncontrolling Interest [Line Items]                    
Redemption of common stock   0   0   0 10,000      
Capital Unit, Redeemable Class A | JCS                    
Noncontrolling Interest [Line Items]                    
Sale of stock, number of shares issued in transaction (in shares)               941,176    
Redeemable Noncontrolling Interest, Redemption Value, Floor Price               $ 97,000    
Preference Shares                    
Noncontrolling Interest [Line Items]                    
Distributions     0              
Redeemable noncontrolling interest   $ 225,000 $ 221,000 $ 217,000 $ 217,000 $ 225,000 $ 217,000   $ 221,000 $ 213,000
Series A preferred stock | JCS                    
Noncontrolling Interest [Line Items]                    
Redemption of common stock (in shares) 61,593                  
Redemption of common stock $ 6,000                  
Preferred units outstanding (in shares) 879,583                  
Series A preferred stock | REIT Subsidiaries                    
Noncontrolling Interest [Line Items]                    
Preferred stock, shares outstanding (in shares)   373       373     373  
v3.24.2.u1
Capital structure and noncontrolling interests - Summary of Operating Partnership Ownership Interests (Details) - Lineage OP, LLC - shares
Jun. 30, 2024
Dec. 31, 2023
Noncontrolling Interest [Line Items]    
Units of partnership interest, amount (in shares) 181,778,337 182,107,656
Capital Unit, Class A    
Noncontrolling Interest [Line Items]    
Units of partnership interest, amount (in shares) 161,749,791 162,017,515
Capital Unit, Class A And Class B    
Noncontrolling Interest [Line Items]    
Units of partnership interest, amount (in shares) 19,709,540 18,829,959
Capital Unit, Redeemable Class A    
Noncontrolling Interest [Line Items]    
Units of partnership interest, amount (in shares) 319,006 1,260,182
v3.24.2.u1
Capital structure and noncontrolling interests - Summary of Third Party Ownership Interests (Details)
Jun. 30, 2024
Dec. 31, 2023
Cool Port Oakland Holdings, LLC    
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]    
Subsidiary, ownership percentage, noncontrolling owner 13.30% 13.30%
Lineage Jiuheng Logistics (HK) Group Company Ltd.    
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]    
Subsidiary, ownership percentage, noncontrolling owner 40.00% 40.00%
Kloosterboer BLG Coldstore GmbH    
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]    
Subsidiary, ownership percentage, noncontrolling owner 49.00% 49.00%
Turvo India Pvt. Ltd.    
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]    
Subsidiary, ownership percentage, noncontrolling owner 1.00% 1.00%
v3.24.2.u1
Capital structure and noncontrolling interests - Summary of Redeemable Noncontrolling Interests (Details) - USD ($)
$ in Millions
 3 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Increase (Decrease) in Temporary Equity [Roll Forward]        
Balance, beginning of period $ 256 $ 349 $ 311 $ 298
Distributions   (1)    
Redemption of redeemable noncontrolling interests   (6)    
Expiration of redemption option   (92)    
Redeemable noncontrolling interest adjustment 4     4
Accretion of redeemable noncontrolling interests 2 6 9 9
Balance, end of period 262 256 320 311
Operating Partnership Units        
Increase (Decrease) in Temporary Equity [Roll Forward]        
Balance, beginning of period 27 120 94 85
Distributions   (1)    
Redemption of redeemable noncontrolling interests   (6)    
Expiration of redemption option   (92)    
Redeemable noncontrolling interest adjustment 0     0
Accretion of redeemable noncontrolling interests 1 6 9 9
Balance, end of period 28 27 103 94
Preference Shares        
Increase (Decrease) in Temporary Equity [Roll Forward]        
Balance, beginning of period 221 221 217 213
Distributions   0    
Redemption of redeemable noncontrolling interests   0    
Expiration of redemption option   0    
Redeemable noncontrolling interest adjustment 4     4
Accretion of redeemable noncontrolling interests 0 0 0 0
Balance, end of period 225 221 $ 217 $ 217
Operating Subsidiaries        
Increase (Decrease) in Temporary Equity [Roll Forward]        
Balance, beginning of period 8 8    
Distributions   0    
Redemption of redeemable noncontrolling interests   0    
Expiration of redemption option   0    
Redeemable noncontrolling interest adjustment 0      
Accretion of redeemable noncontrolling interests 1 0    
Balance, end of period $ 9 $ 8    
v3.24.2.u1
Capital structure and noncontrolling interests - Summary of Noncontrolling Interests (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Equity, Attributable to Noncontrolling Interest [Roll Forward]            
Balance, beginning of period   $ 622     $ 622  
Contributions from noncontrolling interests       $ 5    
Distributions $ (12) (12) $ (12) (12)    
Stock-based compensation 6 5 6 5    
Other comprehensive income (loss) (25) (71) 39 (9)    
Expiration of redemption option   92        
Redemption of units issued as stock compensation       (10)    
Net income (loss) (80) (48) (8) 19 (128) $ 11
Balance, end of period 614       614  
Noncontrolling interests            
Equity, Attributable to Noncontrolling Interest [Roll Forward]            
Balance, beginning of period 630 622 651 641 622 641
Contributions from noncontrolling interests       2    
Distributions (12) (12) (12) (12)    
Stock-based compensation 2 2 2 2    
Other comprehensive income (loss) (3) (8) 4 (1)    
Expiration of redemption option   27        
Redemption of units issued as stock compensation       (1)    
Net income (loss) (12) (8) (3) 1    
Reallocation of noncontrolling interests 9 7 11 19    
Balance, end of period 614 630 653 651 614 653
Noncontrolling Interest, Operating Partnership Units            
Equity, Attributable to Noncontrolling Interest [Roll Forward]            
Balance, beginning of period 608 598 618 608 598 608
Contributions from noncontrolling interests       2    
Distributions (12) (11) (12) (12)    
Stock-based compensation 0 0 0 0    
Other comprehensive income (loss) (3) (8) 4 (1)    
Expiration of redemption option   27        
Redemption of units issued as stock compensation       0    
Net income (loss) (8) (5) 0 2    
Reallocation of noncontrolling interests 9 7 11 19    
Balance, end of period 594 608 621 618 594 621
Noncontrolling Interest, Other Consolidated Subsidiaries            
Equity, Attributable to Noncontrolling Interest [Roll Forward]            
Balance, beginning of period 15 15 21 21 15 21
Contributions from noncontrolling interests       0    
Distributions 0 (1) 0 0    
Stock-based compensation 0 0 0 0    
Other comprehensive income (loss) 0 0 0 0    
Expiration of redemption option   0        
Redemption of units issued as stock compensation       0    
Net income (loss) 0 1 (1) 0    
Reallocation of noncontrolling interests 0 0 0 0    
Balance, end of period 15 15 20 21 15 20
Noncontrolling Interest, Management Profits Interests Units            
Equity, Attributable to Noncontrolling Interest [Roll Forward]            
Balance, beginning of period 7 9 12 12 9 12
Contributions from noncontrolling interests       0    
Distributions 0 0 0 0    
Stock-based compensation 2 2 2 2    
Other comprehensive income (loss) 0 0 0 0    
Expiration of redemption option   0        
Redemption of units issued as stock compensation       (1)    
Net income (loss) (4) (4) (2) (1)    
Reallocation of noncontrolling interests 0 0 0 0    
Balance, end of period $ 5 $ 7 $ 12 $ 12 $ 5 $ 12
v3.24.2.u1
Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Disaggregation of Revenue [Line Items]        
Net revenues $ 1,338.0 $ 1,346.0 $ 2,666.0 $ 2,679.0
Global Warehousing        
Disaggregation of Revenue [Line Items]        
Net revenues 966.0 964.0 1,935.0 1,922.0
Global Warehousing | Warehousing operations        
Disaggregation of Revenue [Line Items]        
Net revenues 866.0 867.0 1,738.0 1,730.0
Global Warehousing | Warehouse lease revenues        
Disaggregation of Revenue [Line Items]        
Net revenues 69.0 64.0 136.0 128.0
Global Warehousing | Managed services        
Disaggregation of Revenue [Line Items]        
Net revenues 26.0 23.0 51.0 45.0
Global Warehousing | Other        
Disaggregation of Revenue [Line Items]        
Net revenues 5.0 10.0 10.0 19.0
Global Integrated Solutions        
Disaggregation of Revenue [Line Items]        
Net revenues 372.0 382.0 731.0 757.0
Global Integrated Solutions | Transportation        
Disaggregation of Revenue [Line Items]        
Net revenues 205.0 211.0 409.0 439.0
Global Integrated Solutions | Food sales        
Disaggregation of Revenue [Line Items]        
Net revenues 60.0 71.0 108.0 126.0
Global Integrated Solutions | Redistribution revenues        
Disaggregation of Revenue [Line Items]        
Net revenues 51.0 49.0 99.0 93.0
Global Integrated Solutions | E-commerce and other        
Disaggregation of Revenue [Line Items]        
Net revenues 38.0 32.0 78.0 62.0
Global Integrated Solutions | Railcar lease revenues        
Disaggregation of Revenue [Line Items]        
Net revenues $ 18.0 $ 19.0 $ 37.0 $ 37.0
v3.24.2.u1
Revenue - Additional Information (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenue, remaining performance obligation, amount $ 984  
Contract with customer, receivable, after allowance for credit loss, current 818 $ 805
Deferred revenue $ 82 $ 93
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenue, remaining performance obligation, percentage 20.90%  
Revenue, remaining performance obligation, expected timing of satisfaction, period 12 months  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenue, remaining performance obligation, percentage 79.10%  
Revenue, remaining performance obligation, expected timing of satisfaction, period 9 years 10 months 24 days  
v3.24.2.u1
Business combinations and asset acquisitions - Additional Information (Details)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 28, 2024
USD ($)
Feb. 01, 2024
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
business_combination
Business Acquisition [Line Items]            
Goodwill     $ 3,361.0 $ 3,361.0   $ 3,394.0
Measurement period adjustments       7.0    
Acquisitions, net of cash acquired       73.0 $ 16.0  
Number of businesses acquired, within the measurement period | business_combination           4
Entrepot du Nord Inc. [Member]            
Business Acquisition [Line Items]            
Payments to acquire businesses, gross   $ 60.0        
Property, plant, and equipment acquired   36.0        
Cash acquired   1.0        
Net working capital assets   1.0        
Deferred tax liabilities acquired   12.0        
Goodwill   15.0        
Measurement period adjustments     7.0      
Entrepot du Nord Inc. [Member] | Customer relationships            
Business Acquisition [Line Items]            
Intangible assets acquired   $ 19.0        
Eurofrigor S.r.l Magazzini Generali            
Business Acquisition [Line Items]            
Business combination, consideration transferred $ 17.0          
Acquisitions, net of cash acquired $ 14.0          
VersaCold | Canada Revenue Agency            
Business Acquisition [Line Items]            
Business combination, consideration transferred, income taxes incurred     32.0 32.0   $ 43.0
Payments for taxes on acquisition of business     $ 11.0 $ 11.0    
v3.24.2.u1
Property, plant, and equipment - Schedule of property, plant, and equipment (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Gross property, plant, and equipment $ 12,537 $ 12,405
Less accumulated depreciation (2,541) (2,266)
Property, plant, and equipment, net 10,491 10,571
Buildings, building improvements, and refrigeration equipment    
Property, Plant and Equipment [Line Items]    
Gross property, plant, and equipment $ 8,568 8,545
Buildings, building improvements, and refrigeration equipment | Minimum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Life (Years) 1 year  
Buildings, building improvements, and refrigeration equipment | Maximum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Life (Years) 40 years  
Land and land improvements    
Property, Plant and Equipment [Line Items]    
Gross property, plant, and equipment $ 1,477 1,446
Land and land improvements | Minimum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Life (Years) 15 years  
Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Gross property, plant, and equipment $ 1,341 1,316
Machinery and equipment | Minimum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Life (Years) 5 years  
Machinery and equipment | Maximum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Life (Years) 20 years  
Railcars    
Property, Plant and Equipment [Line Items]    
Gross property, plant, and equipment $ 540 535
Railcars | Minimum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Life (Years) 7 years  
Railcars | Maximum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Life (Years) 50 years  
Furniture, fixtures, and equipment    
Property, Plant and Equipment [Line Items]    
Gross property, plant, and equipment $ 611 563
Furniture, fixtures, and equipment | Minimum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Life (Years) 1 year  
Furniture, fixtures, and equipment | Maximum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Life (Years) 7 years  
Construction in progress    
Property, Plant and Equipment [Line Items]    
Gross property, plant, and equipment $ 495 $ 432
v3.24.2.u1
Property, plant, and equipment - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Property, Plant and Equipment [Line Items]        
Tangible asset impairment charges $ 29.0 $ 1.0 $ 29.0 $ 2.0
Impairment of assets held-for-sale 4.0   4.0  
Kennewick, Washington Warehouse Fire        
Property, Plant and Equipment [Line Items]        
Tangible asset impairment charges $ 24.0   $ 24.0  
v3.24.2.u1
Goodwill and other intangible assets, net - Change in Goodwill Carrying Value (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2024
USD ($)
Goodwill [Roll Forward]  
Goodwill, beginning balance $ 3,394
Goodwill acquired 22
Measurement period adjustments (7)
Foreign currency translation (48)
Goodwill, ending balance 3,361
Global Warehousing  
Goodwill [Roll Forward]  
Goodwill, beginning balance 2,750
Goodwill acquired 22
Measurement period adjustments (7)
Foreign currency translation (42)
Goodwill, ending balance 2,723
Global Integrated Solutions  
Goodwill [Roll Forward]  
Goodwill, beginning balance 644
Goodwill acquired 0
Measurement period adjustments 0
Foreign currency translation (6)
Goodwill, ending balance $ 638
v3.24.2.u1
Goodwill and other intangible assets, net - Schedule of Intangible Assets (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible assets, gross carrying amount $ 1,655 $ 1,681
Finite-lived intangible assets, accumulated amortization (437) (401)
Finite-lived intangible assets, net carrying amount 1,218 1,280
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible assets, gross carrying amount 1,500 1,507
Finite-lived intangible assets, accumulated amortization (389) (343)
Finite-lived intangible assets, net carrying amount $ 1,111 1,164
Customer relationships | Minimum    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible asset, useful life 5 years  
Customer relationships | Maximum    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible asset, useful life 28 years  
In-place leases    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible assets, gross carrying amount $ 94 98
Finite-lived intangible assets, accumulated amortization (23) (21)
Finite-lived intangible assets, net carrying amount $ 71 77
In-place leases | Minimum    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible asset, useful life 2 years  
In-place leases | Maximum    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible asset, useful life 31 years  
Technology    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible assets, gross carrying amount $ 32 32
Finite-lived intangible assets, accumulated amortization (7) (5)
Finite-lived intangible assets, net carrying amount $ 25 27
Finite-lived intangible asset, useful life 10 years  
Trade names    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible assets, gross carrying amount $ 9 24
Finite-lived intangible assets, accumulated amortization (6) (21)
Finite-lived intangible assets, net carrying amount $ 3 3
Trade names | Minimum    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible asset, useful life 1 year  
Trade names | Maximum    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible asset, useful life 15 years  
Other    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible assets, gross carrying amount $ 20 20
Finite-lived intangible assets, accumulated amortization (12) (11)
Finite-lived intangible assets, net carrying amount $ 8 $ 9
Other | Minimum    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible asset, useful life 4 years  
Other | Maximum    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible asset, useful life 17 years  
v3.24.2.u1
Goodwill and other intangible assets, net - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Finite-Lived Intangible Assets [Line Items]        
Finite-lived intangible assets, fully amortized and written off $ 5 $ 5 $ 5 $ 5
Finite-lived intangible assets, accumulated amortization, written off $ 20 $ 7 $ 20 $ 7
Customer relationships        
Finite-Lived Intangible Assets [Line Items]        
Acquired finite-lived intangible assets, weighted average useful life     13 years  
v3.24.2.u1
Prepaid expenses and other current assets (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Prepaid expenses $ 81 $ 62
Other current assets 21 30
Deferred equity raise costs 35 9
Prepaid expenses and other current assets $ 137 $ 101
v3.24.2.u1
Income taxes (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Tax Disclosure [Abstract]        
Effective income tax rate reconciliation, percent (9.60%) 0.00% 2.30% (37.50%)
v3.24.2.u1
Debt - Schedule of Debt (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Long-term debt, gross $ 9,363 $ 9,009
Less current portion long-term debt (39) (24)
Less deferred financing costs (19) (23)
Less below-market debt (5) (6)
Plus above-market debt 2 2
Long-term debt, net 9,302 8,958
Line of Credit    
Debt Instrument [Line Items]    
Long-term debt, gross 5,811 3,080
Senior Notes    
Debt Instrument [Line Items]    
Long-term debt, gross 1,686 1,708
Secured Debt    
Debt Instrument [Line Items]    
Long-term debt, gross 1,840 4,188
Other Debt    
Debt Instrument [Line Items]    
Long-term debt, gross $ 26 $ 33
v3.24.2.u1
Debt - Narrative (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Apr. 09, 2024
USD ($)
Feb. 15, 2024
USD ($)
reportable_segment
Feb. 06, 2024
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Dec. 22, 2020
USD ($)
May 19, 2019
USD ($)
Mar. 25, 2019
USD ($)
Debt Instrument [Line Items]                      
Less deferred financing costs       $ 19.0   $ 19.0   $ 23.0      
Gain (loss) on extinguishment of debt       0.0 $ 0.0 (7.0) $ 0.0        
Long-term debt, gross       9,363.0   9,363.0   9,009.0      
Amortization of deferred financing costs and above/below market debt       6.0 $ 5.0 11.0 $ 10.0        
Long-Term Debt                      
Debt Instrument [Line Items]                      
Less deferred financing costs       19.0   19.0          
Other Assets                      
Debt Instrument [Line Items]                      
Less deferred financing costs       37.0   37.0   9.0      
Line of Credit                      
Debt Instrument [Line Items]                      
Long-term debt, gross       5,811.0   5,811.0   3,080.0      
Secured Debt                      
Debt Instrument [Line Items]                      
Long-term debt, gross       1,840.0   1,840.0   4,188.0      
Senior Notes                      
Debt Instrument [Line Items]                      
Long-term debt, gross       $ 1,686.0   $ 1,686.0   1,708.0      
Senior Notes | Minimum                      
Debt Instrument [Line Items]                      
Interest rate       0.89%   0.89%          
Senior Notes | Maximum                      
Debt Instrument [Line Items]                      
Interest rate       3.74%   3.74%          
Credit Agreement                      
Debt Instrument [Line Items]                      
Debt issuance costs, gross   $ 34.0                  
Less deferred financing costs   31.0                  
Gain (loss) on extinguishment of debt   (2.0)                  
Deferred debt issuance cost, writeoff   1.0                  
Modification fee   5.0                  
Credit Agreement | Secured Debt                      
Debt Instrument [Line Items]                      
Repayments of long-term debt   875.0                  
Long-term debt   1,000.0                  
Less deferred financing costs   5.0                  
Credit Agreement | Letter of Credit                      
Debt Instrument [Line Items]                      
Line of credit facility, maximum borrowing capacity       $ 100.0   $ 100.0          
Multi-Property Loan, Due November 2024 | Loans Payable                      
Debt Instrument [Line Items]                      
Extension period (in months)       1 year   1 year          
Long-term debt, gross       $ 1,298.0   $ 1,298.0   1,298.0      
MetLife Real Estate Lending, LLC, Notes Due 2026, 2028, and 2029 | Loans Payable                      
Debt Instrument [Line Items]                      
Long-term debt, gross       473.0   473.0   470.0      
Other Fixed-Rate Real Estate And Equipment Secured Financing Agreements | Loans Payable                      
Debt Instrument [Line Items]                      
Long-term debt, gross       69.0   69.0   76.0      
Multi-Property Loan, Due May 2024                      
Debt Instrument [Line Items]                      
Payment of accrued interest and fees $ 14.0                    
Multi-Property Loan, Due May 2024 | Loans Payable                      
Debt Instrument [Line Items]                      
Repayments of long-term debt 2,344.0                    
Long-term debt, gross               2,344.0      
Debt instrument, face amount                   $ 2,350.0  
Cool Port Oakland, Due March 2024 | Loans Payable                      
Debt Instrument [Line Items]                      
Debt instrument, face amount                     $ 81.0
Repayments of debt     $ 77.0                
Cool Port Oakland, Due March 2029 | Loans Payable                      
Debt Instrument [Line Items]                      
Debt issuance costs, gross     $ 1.0                
Debt instrument, basis spread on variable rate     1.80%                
Debt instrument, face amount     $ 81.0                
Proceeds from issuance of debt     $ 4.0                
Revolving Credit Facility | Line of Credit                      
Debt Instrument [Line Items]                      
Long-term debt, gross       2,411.0   2,411.0   $ 1,205.0      
Revolving Credit Facility | Credit Agreement | Line of Credit                      
Debt Instrument [Line Items]                      
Line of credit facility, maximum borrowing capacity   3,500.0             $ 2,625.0    
Increase limit   500.0                  
Higher borrowing capacity option   $ 5,000.0                  
Renewal options | reportable_segment   2                  
Extension period (in months)   6 months                  
Less deferred financing costs   $ 26.0                  
Letters of credit, outstanding amount       $ 67.0   $ 67.0          
Unsecured Debt | Delayed-Draw Term Loan, Due February 2025 | Line of Credit                      
Debt Instrument [Line Items]                      
Line of credit facility, maximum borrowing capacity   2,400.0                  
Increase limit   500.0                  
Higher borrowing capacity option   2,900.0                  
Debt issuance costs, gross   $ 9.0                  
Proceeds from long-term lines of credit $ 2,400.0                    
Extended term (in months)   12 months                  
Extension fee percentage   0.003                  
Debt instrument, prepayment terms, percentage of initial principal borrowed   20.00%                  
Debt instrument, basis spread adjustment on variable rate   0.001                  
Debt instrument, basis spread on variable rate   1.60%                  
Line of credit, unused capacity, commitment fee, percent   0.20%                  
Unsecured Debt | Delayed-Draw Term Loan, Due February 2025 | Line of Credit | Minimum                      
Debt Instrument [Line Items]                      
Debt instrument, basis spread on variable rate   1.60%                  
Unsecured Debt | Delayed-Draw Term Loan, Due February 2025 | Line of Credit | Maximum                      
Debt Instrument [Line Items]                      
Debt instrument, basis spread on variable rate   2.20%                  
v3.24.2.u1
Debt - Summary of Credit Agreement (Details)
€ in Millions, kr in Millions, kr in Millions, $ in Millions, $ in Millions, $ in Millions, $ in Millions
 6 Months Ended 12 Months Ended
Feb. 15, 2024
Jun. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
Jun. 30, 2024
CAD ($)
Jun. 30, 2024
EUR (€)
Jun. 30, 2024
AUD ($)
Jun. 30, 2024
DKK (kr)
Jun. 30, 2024
NZD ($)
Jun. 30, 2024
NOK (kr)
Dec. 31, 2023
CAD ($)
Dec. 31, 2023
EUR (€)
Dec. 31, 2023
AUD ($)
Dec. 31, 2023
DKK (kr)
Dec. 31, 2023
NZD ($)
Dec. 31, 2023
NOK (kr)
Debt Instrument [Line Items]                              
Long-term debt, gross   $ 9,363 $ 9,009                        
Secured Debt                              
Debt Instrument [Line Items]                              
Long-term debt, gross   $ 1,840 $ 4,188                        
Secured Debt | Credit Agreement | Secured Overnight Financing Rate (SOFR)                              
Debt Instrument [Line Items]                              
Debt instrument, basis spread on variable rate   1.60% 1.60%                        
Long-term debt, gross   $ 1,000 $ 1,875                        
Line of Credit                              
Debt Instrument [Line Items]                              
Long-term debt, gross   5,811 3,080                        
Line of Credit | Revolving Credit Facility                              
Debt Instrument [Line Items]                              
Long-term debt, gross   $ 2,411 $ 1,205                        
Line of Credit | Revolving Credit Facility | Credit Agreement | Secured Overnight Financing Rate (SOFR)                              
Debt Instrument [Line Items]                              
Debt instrument, basis spread on variable rate   1.60% 1.60%                        
Long-term debt, gross   $ 1,475 $ 315                        
Line of Credit | Revolving Credit Facility | Credit Agreement | Canadian Dollar Offered Rate (CDOR)                              
Debt Instrument [Line Items]                              
Debt instrument, basis spread on variable rate   1.60% 1.60%                        
Long-term debt, gross   $ 323 $ 338 $ 442           $ 448          
Line of Credit | Revolving Credit Facility | Credit Agreement | Euro Interbank Offered Rate (EURIBOR)                              
Debt Instrument [Line Items]                              
Debt instrument, basis spread on variable rate   1.60% 1.60%                        
Long-term debt, gross   $ 243 $ 238   € 227           € 349        
Line of Credit | Revolving Credit Facility | Credit Agreement | Bank Bill Swap Rate (BBSW)                              
Debt Instrument [Line Items]                              
Debt instrument, basis spread on variable rate   1.60% 1.60%                        
Long-term debt, gross   $ 242 $ 193     $ 363           $ 175      
Line of Credit | Revolving Credit Facility | Credit Agreement | Copenhagen Interbank Offered Rate (CIBOR)                              
Debt Instrument [Line Items]                              
Debt instrument, basis spread on variable rate   1.60% 1.60%                        
Long-term debt, gross   $ 70 $ 74       kr 487           kr 498    
Line of Credit | Revolving Credit Facility | Credit Agreement | Bank Bill Reference Rate (BKBM)                              
Debt Instrument [Line Items]                              
Debt instrument, basis spread on variable rate   1.60% 1.60%                        
Long-term debt, gross   $ 52 $ 39         $ 85           $ 62  
Line of Credit | Revolving Credit Facility | Credit Agreement | Norwegian Interbank Offered Rate (NIBOR)                              
Debt Instrument [Line Items]                              
Debt instrument, basis spread on variable rate   1.60% 1.60%                        
Long-term debt, gross   $ 6 $ 8           kr 65           kr 86
Line of Credit | Unsecured Debt | Delayed-Draw Term Loan, Due February 2025                              
Debt Instrument [Line Items]                              
Debt instrument, basis spread on variable rate 1.60%                            
Debt instrument, basis spread adjustment on variable rate 0.001                            
v3.24.2.u1
Derivative instruments and hedging activities - Notional Amounts (Details)
€ in Millions, £ in Millions, $ in Millions
Jun. 30, 2024
USD ($)
derivative
Jun. 30, 2024
EUR (€)
derivative
Jun. 30, 2024
GBP (£)
derivative
Derivatives designated as hedging instruments | Cash Flow Hedging      
Derivative [Line Items]      
Derivative, number of instruments | derivative 5 5 5
Derivative, notional amount | $ $ 2,500    
Interest rate swap | Derivatives designated as hedging instruments | Cash Flow Hedging      
Derivative [Line Items]      
Derivative, number of instruments | derivative 2 2 2
Derivative, notional amount | $ $ 1,000    
Interest rate cap | Derivatives designated as hedging instruments | Cash Flow Hedging      
Derivative [Line Items]      
Derivative, number of instruments | derivative 3 3 3
Derivative, notional amount | $ $ 1,500    
Interest rate cap | Derivatives NOT designated as hedging instruments      
Derivative [Line Items]      
Derivative, number of instruments | derivative 7 7 7
Derivative, notional amount | $ $ 1,320    
Buy EUR/Sell GBP forward | Derivatives designated as hedging instruments | Cash Flow Hedging      
Derivative [Line Items]      
Derivative, notional amount   € 24 £ 21
Buy USD/Sell GBP forward | Derivatives designated as hedging instruments | Cash Flow Hedging      
Derivative [Line Items]      
Derivative, notional amount $ 5   £ 4
v3.24.2.u1
Derivative instruments and hedging activities - Effect of Derivatives on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Amount of Gain (Loss) Recognized in OCI on Derivatives $ 10 $ 50 $ 39 $ 34
Amount of Gain (Loss) Reclassified from Accumulated OCI into Earnings 23 29 49 54
Derivatives not designated as hedging instruments, amount of gain (loss) recognized in earnings on derivatives 0 4 0 3
Interest rate contracts | Interest expense, net        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Derivatives not designated as hedging instruments, amount of gain (loss) recognized in earnings on derivatives 0 4 0 3
Interest rate contracts | Cash Flow Hedging        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Amount of gain (loss) recognized in OCI on derivatives, included component 11 54 43 39
Amount of gain (loss) recognized in OCI on derivatives, excluded component 0 (4) (3) (4)
Interest rate contracts | Cash Flow Hedging | Interest expense, net        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Amount of gain (loss) reclassified from accumulated OCI into earnings, included component 25 30 51 55
Amount of gain (loss) reclassified from accumulated OCI into earnings, excluded component 0 (1) (1) (1)
Foreign exchange contracts | Cash Flow Hedging        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Amount of gain (loss) recognized in OCI on derivatives, included component (1) 0 (1) (1)
Foreign exchange contracts | Cash Flow Hedging | Gain (loss) on foreign currency transactions, net        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Amount of gain (loss) reclassified from accumulated OCI into earnings, included component $ (2) $ 0 $ (1) $ 0
v3.24.2.u1
Derivative instruments and hedging activities - Narrative (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2024
USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Cash flow hedge gain (loss) to be reclassified within 12 months $ 88
v3.24.2.u1
Derivative instruments and hedging activities - Fair Values by Balance Sheet Location (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Derivatives designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Derivative assets $ 124 $ 135
Derivative liabilities 0 0
Derivatives NOT designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Derivative assets 0 3
Derivative liabilities 0 (1)
Interest rate contracts | Derivatives designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Derivative assets 124 135
Derivative liabilities 0 0
Interest rate contracts | Derivatives NOT designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Derivative assets 0 3
Derivative liabilities 0 0
Foreign exchange contracts | Derivatives NOT designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Derivative assets 0 0
Derivative liabilities $ 0 $ (1)
v3.24.2.u1
Interest expense (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Other Income and Expenses [Abstract]        
Interest expense $ 142 $ 125 $ 280 $ 241
(Gain) loss on designated and non-designated hedge instruments (25) (33) (50) (57)
Finance lease liabilities interest 23 23 46 46
Amortization of deferred financing costs and above/below market debt 6 5 11 10
Capitalized interest (2) (4) (4) (8)
Interest income (1) (2) (2) (4)
Other financing fees 5 2 6 3
Interest expense, net $ 148 $ 116 $ 287 $ 231
v3.24.2.u1
Fair value measurements (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Fair Value, Inputs, Level 2 | Fair Value, Recurring | Interest rate contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets $ 124 $ 138
Fair Value, Inputs, Level 2 | Fair Value, Recurring | Foreign exchange contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities 0 1
Fair Value, Inputs, Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt 9,124 8,768
Fair Value, Inputs, Level 3 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Acquisition related contingent consideration 5 5
Fair Value, Inputs, Level 3 | Fair Value, Nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other investments (included in other assets) $ 14 $ 12
v3.24.2.u1
Fair value measurements - Narrative (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2024
USD ($)
Fair Value Disclosures [Abstract]  
Equity securities, upward adjustments $ (1)
v3.24.2.u1
Leases - Schedule of Right-of-Use Asset Balances (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Leases [Abstract]    
Finance lease right-of-use assets $ 1,622.0 $ 1,608.0
Less: accumulated amortization (403.0) (365.0)
Finance lease right-of-use assets, net 1,219.0 1,243.0
Operating lease right-of-use assets 894.0 892.0
Less: accumulated amortization (189.0) (168.0)
Operating lease right-of-use assets, net $ 705.0 $ 724.0
v3.24.2.u1
Leases - Schedule of Lease Liabilities (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Finance Leases    
Accounts payable and accrued liabilities $ 72 $ 76
Long-term finance lease obligations 1,291 1,305
Total lease obligations 1,363 1,381
Operating Leases    
Accounts payable and accrued liabilities 53 60
Long-term operating lease obligations 677 692
Total lease obligations $ 730 $ 752
v3.24.2.u1
Leases - Lease Maturity Schedule (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Finance Leases    
2024 (six months remaining) $ 82  
2025 159  
2026 157  
2027 151  
2028 142  
2029 and thereafter 1,687  
Total lease payments 2,378  
Less imputed interest (1,015)  
Total 1,363 $ 1,381
Operating Leases    
2024 (six months remaining) 50  
2025 97  
2026 95  
2027 93  
2028 85  
2029 and thereafter 779  
Total lease payments 1,199  
Less imputed interest (469)  
Total $ 730 $ 752
v3.24.2.u1
Leases - Supplemental Balance Sheet Lease Information (Details)
Jun. 30, 2024
Dec. 31, 2023
Weighted average remaining lease term (in years):    
Finance 15 years 10 months 24 days 16 years 6 months
Operating 15 years 6 months 15 years 10 months 24 days
Weighted average discount rate:    
Finance 6.80% 6.80%
Operating 6.50% 6.50%
v3.24.2.u1
Leases - Schedule of Lease Costs (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Finance lease cost:        
Amortization of ROU assets $ 24 $ 23 $ 48 $ 46
Interest on lease liabilities 23 23 46 46
Operating lease cost 29 29 58 57
Variable & short-term lease cost 10 6 19 12
Sublease income (7) (3) (11) (5)
Total lease cost $ 79 $ 78 $ 160 $ 156
v3.24.2.u1
Leases - Supplemental Cash Flow Information From Leases (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Cash paid for amounts included in the measurement of lease liability        
Operating cash flows from finance leases $ 24 $ 23 $ 46 $ 45
Finance cash flows from finance leases 18 15 32 25
Operating cash flows from operating leases 27 24 50 48
ROU assets obtained in exchange for lease obligations (excluding the effect of acquisitions)        
Finance leases 22 0 37 3
Operating leases $ 8 $ 55 $ 12 $ 73
v3.24.2.u1
Stock-based compensation - Narrative (Details) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Pre-IPO Incentive Award Plan          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Shares authorized (in shares) 1   1    
Time-Based Restricted Stock Unit Awards          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Stock-based compensation expense $ 1 $ 0 $ 1 $ 0  
Unrecognized noncash compensation cost 2   $ 2    
Unrecognized noncash compensation cost, weighted-average period to be recognized     2 years    
Time-Based Restricted Stock Unit Awards | Minimum          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Award vesting period (in years)     1 year    
Time-Based Restricted Stock Unit Awards | Maximum          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Award vesting period (in years)     3 years    
BGLH Restricted Class B Units          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Stock-based compensation expense 3 3 $ 6 6  
Unrecognized noncash compensation cost 5   $ 5    
Unrecognized noncash compensation cost, weighted-average period to be recognized     1 year    
Management Profits Interests Class C Units          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Stock-based compensation expense 2 $ 2 $ 4 $ 4  
Unrecognized noncash compensation cost 9   $ 9    
Management Profits Interests Class C Units | Minimum          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Award vesting period (in years)     3 years    
Management Profits Interests Class C Units | Maximum          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Award vesting period (in years)     5 years    
LLH Value Creation Unit Plan Units          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Award vesting period (in years)     4 years    
Unrecognized noncash compensation cost $ 34   $ 34   $ 37
v3.24.2.u1
Stock-based compensation - Summary of Incentive Award Plans (Details)
 6 Months Ended
Jun. 30, 2024
$ / shares
shares
Time-Based Restricted Stock Unit Awards  
Units  
Unvested as of December 31, 2023 (in shares) | shares 0
Awards granted in 2024 (in shares) | shares 32,202
Awards vested in 2024 (in shares) | shares 0
Awards forfeited in 2024 (in shares) | shares (777)
Unvested as of June 30, 2024 (in shares) | shares 31,425
Weighted average grant date fair value per unit  
Unvested as of December 31, 2023 (in dollars per share) | $ / shares $ 0
Awards granted in 2024 (in dollars per share) | $ / shares 96.50
Awards vested in 2024 (in dollars per share) | $ / shares 0
Awards forfeited in 2024 (in dollars per share) | $ / shares 96.50
Unvested as of June 30, 2024 (in dollars per share) | $ / shares $ 96.50
BGLH Restricted Class B Units  
Units  
Unvested as of December 31, 2023 (in shares) | shares 151,200
Awards granted in 2024 (in shares) | shares 31,088
Awards vested in 2024 (in shares) | shares (7,778)
Unvested as of June 30, 2024 (in shares) | shares 174,510
Weighted average grant date fair value per unit  
Unvested as of December 31, 2023 (in dollars per share) | $ / shares $ 89.29
Awards granted in 2024 (in dollars per share) | $ / shares 96.50
Awards vested in 2024 (in dollars per share) | $ / shares 90.00
Unvested as of June 30, 2024 (in dollars per share) | $ / shares $ 90.69
Management Profits Interests Class C Units  
Units  
Unvested as of December 31, 2023 (in shares) | shares 6,695,123
Awards granted in 2024 (in shares) | shares 1,487,235
Awards vested in 2024 (in shares) | shares (3,094,024)
Awards forfeited in 2024 (in shares) | shares (147,976)
Unvested as of June 30, 2024 (in shares) | shares 4,940,358
Weighted average grant date fair value per unit  
Unvested as of December 31, 2023 (in dollars per share) | $ / shares $ 2.31
Awards granted in 2024 (in dollars per share) | $ / shares 2.93
Awards vested in 2024 (in dollars per share) | $ / shares 1.78
Awards forfeited in 2024 (in dollars per share) | $ / shares 2.69
Unvested as of June 30, 2024 (in dollars per share) | $ / shares $ 2.82
v3.24.2.u1
Related-party balances - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Related Party Transaction [Line Items]          
General and administrative expense $ 127 $ 124 $ 251 $ 239  
Accounts payable and accrued liabilities 1,088   1,088   $ 1,137
Accrued distributions 11   11   110
Accounts receivable, net 954   954   913
Related Party          
Related Party Transaction [Line Items]          
Accrued distributions 11   11   110
Notes issued to investors, value         16
Related Party | Bay Grove Management          
Related Party Transaction [Line Items]          
General and administrative expense 3 2 6 5  
Accounts payable and accrued liabilities 3   3   3
Related Party | BGLH          
Related Party Transaction [Line Items]          
Accrued distributions         89
Related Party | Non-Company LPs          
Related Party Transaction [Line Items]          
Accrued distributions         10
Related Party | BG Cold          
Related Party Transaction [Line Items]          
Accrued distributions         11
Related Party | Minority Interest Partners          
Related Party Transaction [Line Items]          
Accounts payable and accrued liabilities 2   2   2
Accounts receivable, net 3   3   6
Related Party | Suppliers          
Related Party Transaction [Line Items]          
Accounts payable and accrued liabilities 2   2   $ 2
Amount paid to suppliers $ 1 $ 3 $ 3 $ 7  
v3.24.2.u1
Commitment and contingencies - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Unusual or Infrequent Item, or Both [Line Items]          
Individual claim stop-loss deductible amount $ 1.0   $ 1.0    
Workers' compensation liability 47.0   47.0   $ 40.0
Receivables from insurers 12.0   12.0   11.0
Medical self-insurance liabilities 16.0   16.0   $ 15.0
Tangible asset impairment charges 29.0 $ 1.0 29.0 $ 2.0  
Kennewick, Washington Warehouse Fire          
Unusual or Infrequent Item, or Both [Line Items]          
Insurance recoveries 32.0   32.0    
Tangible asset impairment charges 24.0   24.0    
Clean up costs 9.0   9.0    
Insurance deductibles 1.0   1.0    
Net loss 1.0   1.0    
Loss contingency, receivable $ 32.0   $ 32.0    
v3.24.2.u1
Accumulated other comprehensive income (loss) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]            
Balance, beginning of period $ 5,608 $ 5,673 $ 5,931 $ 5,809 $ 5,673 $ 5,809
Other comprehensive income (loss) (25) (71) 39 (9)    
Balance, end of period 5,492 5,608 5,949 5,931 5,492 5,949
Accumulated other comprehensive income (loss)            
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]            
Balance, beginning of period (97) (34) (43) (37) (34) (37)
Other comprehensive income (loss) (22) (63) 35 (8)    
Balance, end of period (119) (97) (8) (43) (119) (8)
Foreign currency translation adjustments            
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]            
Balance, beginning of period (210) (149) (196) (227) (149) (227)
Other comprehensive income (loss) (12)   19   (86) 49
Amounts allocated to Noncontrolling interests and Redeemable noncontrolling interests 2   (2)   10 (5)
Reallocation due to change in Noncontrolling interest ownership percentage 1   (1)   6 3
Balance, end of period (219) (210) (180) (196) (219) (180)
Derivatives            
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]            
Balance, beginning of period 113 115 153 190 115 190
Unrealized gain (loss) on foreign currency hedges 10   50   39 34
Net amount reclassified from AOCI to net income (loss) (23)   (29)   (49) (54)
Tax effect 0   (1)   0 1
Amounts allocated to Noncontrolling interests and Redeemable noncontrolling interests 1   (2)   1 2
Reallocation due to change in Noncontrolling interest ownership percentage (1)   1   (6) (1)
Balance, end of period $ 100 $ 113 $ 172 $ 153 $ 100 $ 172
v3.24.2.u1
Earnings (loss) per share - Reconciliation of basic and diluted EPS (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Earnings Per Share [Abstract]        
Net income (loss) attributable to Lineage, Inc. $ (68) $ (5) $ (108) $ 13
Accretion of redeemable noncontrolling interests 2 8 7 16
Less: Redeemable noncontrolling interest adjustment 4 0 4 4
Net income (loss) attributable to common stockholders - basic (74) (13) (119) (7)
Net income (loss) attributable to common stockholders - diluted $ (74) $ (13) $ (119) $ (7)
Weighted average common shares outstanding, basic (in shares) 162,000,000 162,000,000 162,000,000 162,000,000
Weighted average common shares outstanding, diluted (in shares) 162,000,000 162,000,000 162,000,000 162,000,000
Net income (loss) per share attributable to common stockholders - basic $ (0.46) $ (0.08) $ (0.73) $ (0.04)
Net income (loss) per share attributable to common stockholders - diluted $ (0.46) $ (0.08) $ (0.73) $ (0.04)
v3.24.2.u1
Earnings (loss) per share - Narrative (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Jun. 30, 2023
Oct. 31, 2021
Business Acquisition [Line Items]      
Common stock equivalents, amount in excess of fair market value $ 34 $ 34  
Kloosterboer Group B.V.      
Business Acquisition [Line Items]      
Business acquisition, percentage of voting interests acquired     100.00%
v3.24.2.u1
Segment information - Narrative (Details)
 6 Months Ended
Jun. 30, 2024
segment
Segment Reporting [Abstract]  
Number of reportable segments 2
v3.24.2.u1
Segment information - Reportable Segment Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Segment Reporting Information [Line Items]        
Net revenues $ 1,338.0 $ 1,346.0 $ 2,666.0 $ 2,679.0
Cost of operations 891.0 905.0 1,775.0 1,795.0
General and administrative expense (127.0) (124.0) (251.0) (239.0)
Depreciation expense (164.0) (136.0) (322.0) (265.0)
Amortization expense (55.0) (52.0) (108.0) (104.0)
Acquisition, transaction, and other expense (12.0) (15.0) (20.0) (26.0)
Restructuring, impairment, and gain (loss) on disposals (15.0) (3.0) (15.0) (7.0)
Equity income (loss), net of tax (1.0) 0.0 (3.0) 0.0
Gain (loss) on foreign currency transactions, net 2.0 (3.0) (9.0) (4.0)
Interest expense, net (148.0) (116.0) (287.0) (231.0)
Gain (loss) on extinguishment of debt 0.0 0.0 (7.0) 0.0
Net income (loss) before income taxes (73.0) (8.0) (131.0) 8.0
Total capital expenditures for property, plant, and equipment 198.0 183.0 315.0 380.0
Operating segments        
Segment Reporting Information [Line Items]        
Net revenues 1,338.0 1,346.0 2,666.0 2,679.0
Cost of operations 891.0 905.0 1,775.0 1,795.0
Income from operations 447.0 441.0 891.0 884.0
Reconciling items        
Segment Reporting Information [Line Items]        
General and administrative expense (127.0) (124.0) (251.0) (239.0)
Depreciation expense (164.0) (136.0) (322.0) (265.0)
Amortization expense (55.0) (52.0) (108.0) (104.0)
Acquisition, transaction, and other expense (12.0) (15.0) (20.0) (26.0)
Restructuring, impairment, and gain (loss) on disposals (15.0) (3.0) (15.0) (7.0)
Equity income (loss), net of tax (1.0) 0.0 (3.0) 0.0
Gain (loss) on foreign currency transactions, net 2.0 (3.0) (9.0) (4.0)
Interest expense, net (148.0) (116.0) (287.0) (231.0)
Gain (loss) on extinguishment of debt 0.0 0.0 (7.0) 0.0
Corporate activities        
Segment Reporting Information [Line Items]        
Total capital expenditures for property, plant, and equipment 31.0 28.0 57.0 55.0
Global Warehousing        
Segment Reporting Information [Line Items]        
Net revenues 966.0 964.0 1,935.0 1,922.0
Global Warehousing | Operating segments        
Segment Reporting Information [Line Items]        
Net revenues 966.0 964.0 1,935.0 1,922.0
Cost of operations 582.0 583.0 1,166.0 1,155.0
Income from operations 384.0 381.0 769.0 767.0
Total capital expenditures for property, plant, and equipment 154.0 130.0 238.0 276.0
Global Integrated Solutions        
Segment Reporting Information [Line Items]        
Net revenues 372.0 382.0 731.0 757.0
Global Integrated Solutions | Operating segments        
Segment Reporting Information [Line Items]        
Net revenues 372.0 382.0 731.0 757.0
Cost of operations 309.0 322.0 609.0 640.0
Income from operations 63.0 60.0 122.0 117.0
Total capital expenditures for property, plant, and equipment $ 13.0 $ 25.0 $ 20.0 $ 49.0
v3.24.2.u1
Subsequent events - Additional Information (Details) - Subsequent Event - USD ($)
$ / shares in Units, $ in Millions
Jul. 31, 2024
Jul. 31, 2024
Jul. 26, 2024
Luik Natie      
Subsequent Event [Line Items]      
Business combination, consideration transferred $ 52    
IPO      
Subsequent Event [Line Items]      
Sale of stock, number of shares issued in transaction (in shares)     56,882,051
Sale of stock, price per share (in dollars per share)     $ 78.00
Sale of stock, consideration received     $ 4,875
Over-Allotment Option      
Subsequent Event [Line Items]      
Sale of stock, number of shares issued in transaction (in shares)   8,532,307  
v3.24.2.u1
Subsequent events - Capital Structure and Noncontrolling Interests - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Jul. 26, 2024
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Aug. 21, 2024
Subsequent Event [Line Items]                
Redemption of common stock (in shares)   0   0   254,680 37,037  
Redemption of common stock     $ 25.0   $ 3.0 $ 25.0 $ 3.0  
Subsequent Event                
Subsequent Event [Line Items]                
Preferred stock, redemption amount $ 1.0              
Preferred stock, redemption price (in dollars per share) $ 1,000              
Subsequent Event | Common Stock                
Subsequent Event [Line Items]                
Shares issued upon conversion (in shares) 80,950              
Subsequent Event | Operating Partnership, Legacy Class B Units                
Subsequent Event [Line Items]                
Shares issued upon conversion (in shares) 2,204,162              
Subsequent Event | BG Maverick | Lineage Logistics Holdings, LLC                
Subsequent Event [Line Items]                
Distribution right liability $ 184.0              
Distribution right liability, increase $ 200.0              
Distribution right liability, after partial settlement               $ 186.0
Subsequent Event | BG Maverick | Lineage Logistics Holdings, LLC | Operating Partnership Equivalent Unit (OPEU)                
Subsequent Event [Line Items]                
common unit outstanding (in shares) 2,447,990             1,461,148
Redemption of common stock (in shares) 986,492              
Redemption of common stock $ 75.0              
v3.24.2.u1
Subsequent events - Debt - Narrative (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
Aug. 09, 2024
Aug. 06, 2024
Aug. 01, 2024
Jul. 30, 2024
Jul. 26, 2024
Feb. 15, 2024
Aug. 09, 2024
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Subsequent Event [Line Items]                      
Repayments on revolving line of credit                   $ 1,127 $ 442
(Gain) loss on extinguishment of debt, net               $ 0 $ 0 $ 7 $ 0
Credit Agreement                      
Subsequent Event [Line Items]                      
(Gain) loss on extinguishment of debt, net           $ 2          
Credit Agreement | Line of Credit | Subsequent Event                      
Subsequent Event [Line Items]                      
Debt instrument, basis spread on variable rate   0.925%   1.60%              
Credit Agreement | Secured Debt | Subsequent Event                      
Subsequent Event [Line Items]                      
Debt instrument, basis spread on variable rate     1.05%                
Multi-Property Loan, Due November 2024 | Loans Payable | Subsequent Event                      
Subsequent Event [Line Items]                      
Payment of accrued interest and fees $ 8                    
(Gain) loss on extinguishment of debt, net 4                    
Repayments of debt $ 1,298                    
Unsecured Debt | Delayed-Draw Term Loan, Due February 2025 | Line of Credit                      
Subsequent Event [Line Items]                      
Debt instrument, basis spread on variable rate           1.60%          
Unsecured Debt | Delayed-Draw Term Loan, Due February 2025 | Line of Credit | Subsequent Event                      
Subsequent Event [Line Items]                      
Repayments on revolving line of credit         $ 2,400            
Payment of accrued interest and fees         7            
(Gain) loss on extinguishment of debt, net         $ 6            
Revolving Credit Facility | Credit Agreement | Line of Credit | Subsequent Event                      
Subsequent Event [Line Items]                      
Repayments on revolving line of credit             $ 822        
v3.24.2.u1
Subsequent events - Stock-based Compensation - Narrative (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
Jul. 26, 2024
Jul. 25, 2024
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
BGLH Restricted Class B Units            
Subsequent Event [Line Items]            
Awards granted in 2024 (in shares)         31,088  
Stock-based compensation expense     $ 3 $ 3 $ 6 $ 6
Subsequent Event | IPO Stock Payment Awards            
Subsequent Event [Line Items]            
Awards granted in 2024 (in shares) 215,149          
Subsequent Event | LVCP Units            
Subsequent Event [Line Items]            
Awards granted in 2024 (in shares) 179,838          
Subsequent Event | Long-Term Incentive Plan Units            
Subsequent Event [Line Items]            
Awards granted in 2024 (in shares) 498,691          
Subsequent Event | BGLH Restricted Class B Units            
Subsequent Event [Line Items]            
Share-based payment arrangement, accelerated cost $ 5          
Subsequent Event | LLH Value Creation Unit Plan Units            
Subsequent Event [Line Items]            
Stock-based compensation expense $ 26 $ 0        
Pre-IPO Incentive Award Plan            
Subsequent Event [Line Items]            
Shares authorized (in shares)     1,000,000   1,000,000  
Pre-IPO Incentive Award Plan | Subsequent Event            
Subsequent Event [Line Items]            
Shares authorized (in shares) 12,500,000          
LHH Value Creation Plan | Subsequent Event | Restricted Stock Units (RSUs)            
Subsequent Event [Line Items]            
Awards granted in 2024 (in shares) 654,690          
Equity Award Program | Subsequent Event | Restricted Stock Units (RSUs)            
Subsequent Event [Line Items]            
Awards granted in 2024 (in shares) 291,511          
Management Profit Interest Class C Unit Replacement Plan | Subsequent Event | Restricted Stock Units And LTIP Units            
Subsequent Event [Line Items]            
Awards granted in 2024 (in shares) 1,066,763          
v3.24.2.u1
Subsequent events - Related Party Balances - Narrative (Details) - Bay Grove Management - Related Party - Subsequent Event
$ in Millions
Jul. 26, 2024
USD ($)
Subsequent Event [Line Items]  
Transition services agreement, term (in years) 3 years
Transition services agreement, annual consideration $ 8
v3.24.2.u1
Subsequent events - Rollover Holder Put Option - Narrative (Details) - Put Option - Subsequent Event
$ in Millions
Jul. 26, 2024
USD ($)
shares
Subsequent Event [Line Items]  
Option indexed to equity (in shares) | shares 2,036,738
Option contract indexed to equity, fair value | $ $ 103