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Revenue from Contracts with Customers
9 Months Ended
Sep. 30, 2019
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers Revenue from Contracts with Customers
Disaggregated Revenue
The following tables represent a disaggregation of revenue from contracts with customers for the three and nine months ended September 30, 2019 and 2018 by segment and geographic region:
 
Three Months Ended September 30, 2019
 
United States
Australia
New Zealand
Argentina
Canada
Total
 
(In thousands)
Warehouse rent and storage
$
134,903

$
9,386

$
3,972

$
1,308

$

$
149,569

Warehouse services
175,008

30,521

3,328

738


209,595

Third-party managed
53,800

4,383



4,663

62,846

Transportation
26,633

8,533

102

417


35,685

Other
2,058





2,058

Total revenues (1)
392,402

52,823

7,402

2,463

4,663

459,753

Lease revenue (2)
6,429





6,429

Total revenues from contracts with all customers
$
398,831

$
52,823

$
7,402

$
2,463

$
4,663

$
466,182

 
Three Months Ended September 30, 2018
 
United States
Australia
New Zealand
Argentina
Canada
Total
 
(In thousands)
Warehouse rent and storage
$
110,351

$
9,815

$
3,598

$
1,104

$

$
124,868

Warehouse services
132,723

29,390

4,173

895


167,181

Third-party managed
54,809

3,142



4,549

62,500

Transportation
26,106

13,290

170

627


40,193

Other
2,035





2,035

Total revenues (1)
326,024

55,637

7,941

2,626

4,549

396,777

Lease revenue (2)
5,233





5,233

Total revenues from contracts with all customers
$
331,257

$
55,637

$
7,941

$
2,626

$
4,549

$
402,010

 
Nine Months Ended September 30, 2019
 
United States
Australia
New Zealand
Argentina
Canada
Total
 
(In thousands)
Warehouse rent and storage
$
363,547

$
28,071

$
12,020

$
3,600

$

$
407,238

Warehouse services
466,418

90,016

10,230

2,372


569,036

Third-party managed
164,332

10,590



13,556

188,478

Transportation
75,441

32,131

315

1,386


109,273

Other
6,496





6,496

Total revenues (1)
1,076,234

160,808

22,565

7,358

13,556

1,280,521

Lease revenue (2)
17,200





17,200

Total revenues from contracts with all customers
$
1,093,434

$
160,808

$
22,565

$
7,358

$
13,556

$
1,297,721

 
Nine Months Ended September 30, 2018
 
United States
Australia
New Zealand
Argentina
Canada
Total
 
(In thousands)
Warehouse rent and storage
$
319,690

$
29,759

$
11,425

$
4,092

$

$
364,966

Warehouse services
386,027

89,156

12,390

2,777


490,350

Third-party managed
168,431

9,764



13,837

192,032

Transportation
73,104

41,550

543

2,230


117,427

Other
6,738





6,738

Total revenues (1)
953,990

170,229

24,358

9,099

13,837

1,171,513

Lease revenue (2)
16,305





16,305

Total revenues from contracts with all customers
$
970,295

$
170,229

$
24,358

$
9,099

$
13,837

$
1,187,818

(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 September 30, 2019, the Company had $690.8 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 6% of these remaining performance obligations as revenue in 2019, an the remaining 94% to be recognized over a weighted average period of 18.0 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 September 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 $209.0 million and $192.1 million as of September 30, 2019 and December 31, 2018, respectively, and $207.7 million and $198.3 million as of September 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 $17.9 million and $18.6 million as of September 30, 2019 and December 31, 2018, respectively, and $19.5 million and $18.8 million as of September 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 September 30, 2019 and September 30, 2018, respectively, and represents revenue from the satisfaction of monthly storage and handling services with inventory that turns on average every 30 days.