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Revenue from Contracts with Customers
 12 Months Ended
Dec. 31, 2021
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 years ended December 31, 2021, 2020 and 2019 by segment and geographic region:
December 31, 2021
North AmericaEuropeAsia-PacificSouth AmericaTotal
(In thousands)
Warehouse rent and storage
$691,174 $69,997 $64,469 $11,911 $837,551 
Warehouse services(1)
919,692 110,517 172,701 6,324 1,209,234 
Third-party managed
295,878 — 21,433 — 317,311 
Transportation
152,826 135,065 22,561 1,640 312,092 
Total revenues (2)
2,059,570 315,579 281,164 19,875 2,676,188 
Lease revenue (3)
32,476 6,126 — — 38,602 
Total revenues from contracts with all customers
$2,092,046 $321,705 $281,164 $19,875 $2,714,790 
December 31, 2020
North AmericaEuropeAsia-PacificSouth AmericaTotal
(In thousands)
Warehouse rent and storage
$581,421 $— $53,860 $5,120 $640,401 
Warehouse services(1)
727,994 — 152,561 2,610 883,165 
Third-party managed
273,465 — 18,286 — 291,751 
Transportation
116,570 — 23,787 1,846 142,203 
Other
4,448 — — — 4,448 
Total revenues (2)
1,703,898 — 248,494 9,576 1,961,968 
Lease revenue (3)
25,759 — — — 25,759 
Total revenues from contracts with all customers
$1,729,657 $— $248,494 $9,576 $1,987,727 
December 31, 2019
North AmericaEuropeAsia-PacificSouth AmericaTotal
(In thousands)
Warehouse rent and storage
$502,674 $— $53,114 $4,749 $560,537 
Warehouse services(1)
653,890 — 137,746 3,072 794,708 
Third-party managed
238,034 — 14,886 — 252,920 
Transportation
101,976 — 41,042 1,826 144,844 
Other
8,683 — — — 8,683 
Total revenues (2)
1,505,257 — 246,788 9,647 1,761,692 
Lease revenue (3)
22,013 — — — 22,013 
Total revenues from contracts with all customers
$1,527,270 $— $246,788 $9,647 $1,783,705 
(1)Warehouse services revenue includes sales of product that Americold purchases on the spot market, repackages, and sells to customers. Such revenues totaled $13.5 million for the year ended December 31, 2021. This revenue is generated by a facility acquired on December 30, 2020, therefore there was no related revenue during the year ended December 31, 2020.
(2)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.
(3)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 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, 2021, the Company had $671.7 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 31% of these remaining performance obligations as revenue in 2022, and the remaining 69% to be recognized over a weighted average period of 11.5 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, 2021, were not materially impacted by any other factors.
Receivables balances related to contracts with customers accounted for under ASC 606 were $375.1 million and $321.5 million at December 31, 2021 and 2020, respectively. All other trade receivable balances relate to contracts accounted for under ASC 842.
Balances in unearned revenue related to contracts with customers were $26.1 million and $19.2 million at December 31, 2021 and 2020, respectively. Substantially all revenue that was included in the contract liability balances at the beginning of 2020 and 2019 has been recognized as of December 31, 2021 and 2020, respectively, and represents revenue from the satisfaction of monthly storage and handling services with average inventory turns of approximately 30 days.