Revenue from Contracts with Customers

3 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

Disaggregated Revenue

The following tables represent a disaggregation of revenue from contracts with customers for the three months ended March 31, 2020 and 2019 by segment and geographic region:



	Three Months Ended March 31, 2020
	United States		Australia		New Zealand		Argentina		Canada		Total
	(In thousands)
Warehouse rent and storage	$	138,617	$	9,190	$	3,811	$	1,033	$	3,747	$	156,398
Warehouse services	178,755		32,704		3,426		631		3,245		218,761
Third-party managed	56,304		4,195		—		—		4,422		64,921
Transportation	27,483		7,870		79		485		—		35,917
Other	2,158		—		—		—		—		2,158
Total revenues ⁽¹⁾	403,317		53,959		7,316		2,149		11,414		478,155
Lease revenue ⁽²⁾	5,914		—		—		—		—		5,914
Total revenues from contracts with all customers	$	409,231	$	53,959	$	7,316	$	2,149	$	11,414	$	484,069



	Three Months Ended March 31, 2019
	United States		Australia		New Zealand		Argentina		Canada		Total
	(In thousands)
Warehouse rent and storage	$	106,823	$	9,368	$	3,980	$	1,137	$	—	$	121,308
Warehouse services	128,891		29,998		3,495		851		—		163,235
Third-party managed	57,013		2,860		—		—		4,245		64,118
Transportation	23,648		12,828		109		511		—		37,096
Other	2,226		—		—		—		—		2,226
Total revenues ⁽¹⁾	318,601		55,054		7,584		2,499		4,245		387,983
Lease revenue ⁽²⁾	5,096		—		—		—		—		5,096
Total revenues from contracts with all customers	$	323,697	$	55,054	$	7,584	$	2,499	$	4,245	$	393,079


(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, 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 March 31, 2020, the Company had $635.2 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 21% of these remaining performance obligations as revenue in 2020, an the remaining 79% to be recognized over a weighted average period of 15.3 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 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 accompanying 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 March 31, 2020, were not materially impacted by any other factors.

Opening and closing receivables balances related to contracts with customers accounted for under ASC 606 were $214.8 million and $213.2 million as of March 31, 2020 and December 31, 2019, respectively, and $191.8 million and $192.1 million as of March 31, 2019 and December 31, 2018, 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 $17.1 million and $16.4 million as of March 31, 2020 and December 31, 2019, respectively, and $18.0 million and $18.6 million as of March 31, 2019 and December 31, 2018, respectively. Substantially all revenue that was included in the contract liability balances at the beginning of 2020 and 2019 has been recognized as of March 31, 2020 and March 31, 2019, respectively, and represents revenue from the satisfaction of monthly storage and handling services with inventory that turns on average every 30 days.