Revenue from Contracts with Customers

Disaggregated Revenue

The following tables represent a disaggregation of revenue from contracts with customers for the three and six months ended June 30, 2019 and 2018 by segment and geographic region:



	Three Months Ended June 30, 2019
	United States		Australia		New Zealand		Argentina		Canada		Total
	(In thousands)
Warehouse rent and storage	$	121,811	$	9,236	$	4,068	$	1,156	$	—	$	136,271
Warehouse services	162,529		29,497		3,407		783		—		196,216
Third-party managed	53,518		3,348		—		—		4,649		61,515
Transportation	25,160		10,771		103		458		—		36,492
Other	2,207		—		—		—		—		2,207
Total revenues ⁽¹⁾	365,225		52,852		7,578		2,397		4,649		432,701
Lease revenue ⁽²⁾	5,677		82		—		—		—		5,759
Total revenues from contracts with all customers	$	370,902	$	52,934	$	7,578	$	2,397	$	4,649	$	438,460



	Three Months Ended June 30, 2018
	United States		Australia		New Zealand		Argentina		Canada		Total
	(In thousands)
Warehouse rent and storage	$	104,977	$	9,605	$	3,955	$	1,435	$	—	$	119,972
Warehouse services	128,057		29,329		4,099		895		—		162,380
Third-party managed	57,606		3,373		—		—		4,726		65,705
Transportation	23,934		14,061		169		725		—		38,889
Other	2,305		—		—		—		—		2,305
Total revenues ⁽¹⁾	316,879		56,368		8,223		3,055		4,726		389,251
Lease revenue ⁽²⁾	5,416		—		—		—		—		5,416
Total revenues from contracts with all customers	$	322,295	$	56,368	$	8,223	$	3,055	$	4,726	$	394,667



	Six Months Ended June 30, 2019
	United States		Australia		New Zealand		Argentina		Canada		Total
	(In thousands)
Warehouse rent and storage	$	228,635	$	18,604	$	8,049	$	2,292	$	—	$	257,580
Warehouse services	291,418		59,495		6,902		1,634		—		359,449
Third-party managed	110,532		6,208		—		—		8,893		125,633
Transportation	48,808		23,598		213		969		—		73,588
Other	4,433		—		—		—		—		4,433
Total revenues ⁽¹⁾	683,826		107,905		15,164		4,895		8,893		820,683
Lease revenue ⁽²⁾	10,774		82		—		—		—		10,856
Total revenues from contracts with all customers	$	694,600	$	107,987	$	15,164	$	4,895	$	8,893	$	831,539



	Six Months Ended June 30, 2018
	United States		Australia		New Zealand		Argentina		Canada		Total
	(In thousands)
Warehouse rent and storage	$	209,337	$	19,945	$	7,827	$	2,989	$	—	$	240,098
Warehouse services	253,305		59,766		8,216		1,882		—		323,169
Third-party managed	113,622		6,622		—		—		9,288		129,532
Transportation	46,998		28,260		373		1,603		—		77,234
Other	4,703		—		—		—		—		4,703
Total revenues ⁽¹⁾	627,965		114,593		16,416		6,474		9,288		774,736
Lease revenue ⁽²⁾	11,073		—		—		—		—		11,073
Total revenues from contracts with all customers	$	639,038	$	114,593	$	16,416	$	6,474	$	9,288	$	785,809


(1)	Revenues are within the scope of ASC 606, Revenue From Contracts with Customers. Elements of contracts or arrangements that are in the scope of other standards (e.g., leases) are separated and accounted for under those standards.


(2)	Revenues are within the scope of ASC 840, Leases and ASC 842, Leases.

Performance Obligations

Substantially all our revenue for warehouse storage and handling services, and management and incentive fees earned under third-party managed and other contracts is recognized over time as the customer benefits throughout the period until the contractual term expires. Typically, revenue is recognized over time using an output measure (e.g. passage of time) to measure progress. Revenue recognized at a point in time upon delivery when the customer typically obtains control, include most accessorial services, transportation services, reimbursed costs and quarry product shipments.

For arrangements containing non-cancellable contract terms, any variable consideration related to storage renewals or incremental handling charges above stated minimums are 100% constrained and not included in aggregate amount of the transaction price allocated to the unsatisfied performance obligations disclosed below, given the degree in difficulty in estimation. Payment terms are generally 0 - 30 days upon billing, which is typically monthly, either in advance or subsequent to the performance of services. The same payment terms typically apply for arrangements containing variable consideration.

The Company has no material warranties or obligations for allowances, refunds or other similar obligations.

As of June 30, 2019, the Company had $615.4 million of remaining unsatisfied performance obligations from contracts with customers subject to non-cancellable terms and 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 approximately 12% of these remaining performance obligations as revenue in 2019, an the remaining 88% to be recognized over a weighted average period of 17.1 years through 2038.

Contract Balances

The timing of revenue recognition, billings and cash collections results in accounts receivable (contract assets), and unearned revenue (contract liabilities) on the Condensed Consolidated Balance Sheets. Generally, billing occurs monthly, subsequent to revenue recognition, resulting in contract assets. However, the Company may bill and receive advances on storage and handling services, before revenue is recognized, resulting in contract liabilities. These assets and liabilities are reported on the Condensed Consolidated Balance Sheets on a contract-by-contract basis at the end of each reporting period. Changes in the contract asset and liability balances during the three months ended June 30, 2019, were not materially impacted by any other factors.

Opening and closing receivables balances related to contracts with customers accounted for under ASC 606 were $207.3 million and $192.1 million as of June 30, 2019 and December 31, 2018, respectively, and $180.8 million and $198.3 million as of June 30, 2018 and December 31, 2017, respectively. All other trade receivable balances relate to contracts accounted for under ASC 842.

Opening and closing balances in unearned revenue related to contracts with customers were $18.8 million and $18.6 million as of June 30, 2019 and December 31, 2018, respectively, and $20.1 million and $18.8 million as of June 30, 2018 and December 31, 2017, respectively. Substantially all revenue that was included in the contract liability balances at the beginning of 2019 and 2018 has been recognized as of June 30, 2019 and June 30, 2018, respectively, and represents revenue from the satisfaction of monthly storage and handling services with inventory that turns on average every 30 days.