Revenue from Contracts with Customers

3 Months Ended

Mar. 31, 2025

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 three months ended March 31, 2025 and 2024 by segment and geographic region:

	Three Months Ended March 31, 2025
	North America		Europe		Asia-Pacific		South America		Total
	(In thousands)
Warehouse rent and storage	$	202,014	$	17,562	$	17,832	$	1,891	$	239,299
Warehouse services	260,149		24,088		35,088		1,453		320,778
Transportation	23,430		10,640		9,177		746		43,993
Third-party managed	3,644		—		5,986		—		9,630
Total revenues (1)	489,237		52,290		68,083		4,090		613,700
Lease revenues (2)	14,017		871		392		—		15,280
Total revenues	$	503,254	$	53,161	$	68,475	$	4,090	$	628,980

	Three Months Ended March 31, 2024
	North America		Europe		Asia-Pacific		South America		Total
	(In thousands)
Warehouse rent and storage	$	217,395	$	17,864	$	19,062	$	1,512	$	255,833
Warehouse services	267,788		24,988		34,490		1,020		328,286
Transportation	32,895		14,896		8,558		504		56,853
Third-party managed	4,438		—		5,979		—		10,417
Total revenues (1)	522,516		57,748		68,089		3,036		651,389
Lease revenues (2)	12,077		1,514		—		—		13,591
Total revenues	$	534,593	$	59,262	$	68,089	$	3,036	$	664,980

(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 the 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, 2025, the Company had $1.3 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 20% of these remaining performance obligations as revenue in 2025, and the remaining 80% to be recognized over a weighted average period of 13.5 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 Condensed 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 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, 2025, were not materially impacted by any other factors.

Receivable balances related to contracts with customers accounted for under ASC 606 were $370.6 million and $381.0 million as of March 31, 2025 and December 31, 2024, respectively. All other trade receivable balances relate to contracts accounted for under ASC 842.

Balances in unearned revenues related to contracts with customers were $22.9 million and $22.0 million as of March 31, 2025 and December 31, 2024, respectively. Substantially all revenues that were included in the contract liability balances at the beginning of 2025 have been recognized as of March 31, 2025, and represent revenues from the satisfaction of monthly storage and handling services with average customer inventory turns of approximately 30 days.