Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2019

Revenue from Contract with Customer [Abstract]

Disaggregated Revenue

The following tables represent a disaggregation of revenue from contracts with customers for the years ended December 31, 2019, 2018 and 2017 by segment and geographic region:



	December 31, 2019
	United States		Australia		New Zealand		Argentina		Canada		Total
	(In thousands)
Warehouse rent and storage	$	502,674	$	37,172	$	15,942	$	4,749	$	—	$	560,537
Warehouse services	653,890		124,045		13,701		3,072		—		794,708
Third-party managed	220,165		14,886		—		—		17,869		252,920
Transportation	101,976		40,638		404		1,826		—		144,844
Other	8,683		—		—		—		—		8,683
Total revenues ⁽¹⁾	1,487,388		216,741		30,047		9,647		17,869		1,761,692
Lease revenue ⁽²⁾	22,013		—		—		—		—		22,013
Total revenues from contracts with all customers	$	1,509,401	$	216,741	$	30,047	$	9,647	$	17,869	$	1,783,705



	December 31, 2018
	United States		Australia		New Zealand		Argentina		Canada		Total
	(In thousands)
Warehouse rent and storage	$	433,131	$	39,573	$	15,018	$	5,694	$	—	$	493,416
Warehouse services	522,748		119,665		16,634		3,109		—		662,156
Third-party managed	227,757		12,742		—		—		18,335		258,834
Transportation	99,736		55,394		711		2,949		—		158,790
Other	8,877		—		—		—		—		8,877
Total revenues ⁽¹⁾	1,292,249		227,374		32,363		11,752		18,335		1,582,073
Lease revenue ⁽²⁾	21,562		—		—		—		—		21,562
Total revenues from contracts with all customers	$	1,313,811	$	227,374	$	32,363	$	11,752	$	18,335	$	1,603,635



	December 31, 2017
	United States		Australia		New Zealand		Argentina		Canada		Total
	(In thousands)
Warehouse rent and storage	$	413,647	$	40,086	$	17,695	$	9,139	$	—	$	480,567
Warehouse services	508,982		116,287		14,776		4,013		—		644,058
Third-party managed	214,400		9,227		—		—		18,362		241,989
Transportation	85,947		54,138		818		5,167		—		146,070
Other	9,644		—		—		—		—		9,644
Total revenues ⁽¹⁾	1,232,620		219,738		33,289		18,319		18,362		1,522,328
Lease revenue ⁽²⁾	21,259		—		—		—		—		21,259
Total revenues from contracts with all customers	$	1,253,879	$	219,738	$	33,289	$	18,319	$	18,362	$	1,543,587


(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 Topic 842 and 840, Leases, for the applicable period.

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 equally throughout the period until the contractual term expires. Typically, revenue is recognized over time using an output measure (e.g. passage of time). Revenue is recognized at a point in time upon delivery when the customer typically obtains control, for 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.

At December 31, 2019, the Company had $658.2 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 approximately 26% of these remaining performance obligations as revenue in 2020, and the remaining 74% to be recognized over a weighted average period of 14.3 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 accompanying Consolidated Balance Sheets. Generally, billing occurs monthly, subsequent to revenue recognition, resulting in contract assets. However, the Company may bill and receive advances or deposits from customers, particularly on storage and handling services, before revenue is recognized, resulting in contract liabilities. These assets and liabilities are reported on the accompanying 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 year ended December 31, 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 $213.2 million and $192.1 million at December 31, 2019 and 2018, respectively. All other trade receivable balances relate to contracts accounted for under ASC 842 or 840, for the applicable period.

Opening and closing balances in unearned revenue related to contracts with customers were $16.4 million and $18.6 million at December 31, 2019 and 2018, respectively. Substantially all revenue that was included in the contract liability balances at the beginning of 2018 and 2017 has been recognized as of December 31, 2019 and 2018, respectively, and represents revenue from the satisfaction of monthly storage and handling services with average inventory turns of approximately 30 days.