Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Revenue from Contracts with Customers

Disaggregated Revenues

The following tables represent a disaggregation of revenues from contracts with customers for the years ended December 31, 2024, 2023 and 2022 by segment and geographic region:

	December 31, 2024
	North America		Europe		Asia-Pacific		South America		Total
	(In thousands)
Warehouse rent and storage	$	840,571	$	73,719	$	75,037	$	8,380	$	997,707
Warehouse services	1,104,680		102,731		144,118		5,706		1,357,235
Transportation	108,015		59,122		39,169		2,823		209,129
Third-party managed	16,138		—		24,531		—		40,669
Total revenues (1)	2,069,404		235,572		282,855		16,909		2,604,740
Lease revenues (2)	54,107		5,320		2,374		—		61,801
Total revenues	$	2,123,511	$	240,892	$	285,229	$	16,909	$	2,666,541

	December 31, 2023
	North America		Europe		Asia-Pacific		South America		Total
	(In thousands)
Warehouse rent and storage	$	889,285	$	81,176	$	71,438	$	7,758	$	1,049,657
Warehouse services	1,046,910		100,966		136,496		4,975		1,289,347
Transportation	125,755		76,631		34,718		2,566		239,670
Third-party managed	19,837		—		22,733		—		42,570
Total revenues (1)	2,081,787		258,773		265,385		15,299		2,621,244
Lease revenues (2)	43,672		5,850		2,563		—		52,085
Total revenues	$	2,125,459	$	264,623	$	267,948	$	15,299	$	2,673,329

	December 31, 2022
	North America		Europe		Asia-Pacific		South America		Total
	(In thousands)
Warehouse rent and storage	$	800,763	$	77,017	$	67,622	$	9,587	$	954,989
Warehouse services	1,038,145		118,152		141,557		5,729		1,303,583
Transportation	154,669		125,055		31,551		2,083		313,358
Third-party managed	277,010		—		21,396		—		298,406
Total revenues (1)	2,270,587		320,224		262,126		17,399		2,870,336
Lease revenues (2)	38,909		5,490		—		—		44,399
Total revenues	$	2,309,496	$	325,714	$	262,126	$	17,399	$	2,914,735

(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 842: Leases.

Performance Obligations

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

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, 2024, the Company had $1.4 billion 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 24% of these remaining performance obligations as revenues in 2025, and the remaining 76% to be recognized over a weighted average period of 13.6 years through 2042.

Contract Balances

The timing of revenue recognition, billings and cash collections results in accounts receivable (contract assets), and unearned revenues (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, 2024, were not materially impacted by any other factors.

Receivables balances related to contracts with customers accounted for under ASC 606 were $381.0 million and $420.2 million at December 31, 2024 and 2023, respectively. All other trade receivable balances relate to contracts accounted for under ASC 842.

Balances in unearned revenues related to contracts with customers were $22.0 million and $28.4 million at December 31, 2024 and 2023, respectively. Substantially all revenues that was included in the contract liability balances at the beginning of 2023 and 2022 has been recognized as of December 31, 2024 and 2023, respectively, and represents revenues from the satisfaction of monthly storage and handling services with average inventory turns of approximately 30 days.