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Revenue from Contracts with Customers
 9 Months Ended
Sep. 30, 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 and nine month ended September 30, 2025 and 2024 by segment and geographic region:
Three Months Ended September 30, 2025
North AmericaEuropeAsia-PacificSouth AmericaTotal
(In thousands)
Warehouse rent and storage
$204,017 $20,288 $20,064 $2,094 $246,463 
Warehouse services
274,542 29,204 40,905 1,208 345,859 
Transportation
21,851 12,538 12,822 632 47,843 
Third-party managed
2,186 — 6,622 — 8,808 
Total revenues (1)
502,596 62,030 80,413 3,934 648,973 
Lease revenues (2)
13,427 631 634 — 14,692 
Total revenues
$516,023 $62,661 $81,047 $3,934 $663,665 
Three Months Ended September 30, 2024
North AmericaEuropeAsia-PacificSouth AmericaTotal
(In thousands)
Warehouse rent and storage
$209,121 $18,929 $18,230 $2,465 $248,745 
Warehouse services
283,046 27,001 37,867 1,743 349,657 
Transportation
25,121 15,239 10,566 838 51,764 
Third-party managed
4,010 — 6,216 — 10,226 
Total revenues (1)
521,298 61,169 72,879 5,046 660,392 
Lease revenues (2)
12,230 1,083 466 — 13,779 
Total revenues
$533,528 $62,252 $73,345 $5,046 $674,171 
(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.
Nine Months Ended September 30, 2025
North AmericaEuropeAsia-PacificSouth AmericaTotal
(In thousands)
Warehouse rent and storage
$607,616 $56,845 $56,417 $6,007 $726,885 
Warehouse services
804,643 79,953 115,306 4,073 1,003,975 
Transportation
68,198 35,099 34,539 2,097 139,933 
Third-party managed
8,225 — 18,794 — 27,019 
Total revenues (1)
1,488,682 171,897 225,056 12,177 1,897,812 
Lease revenues (2)
41,507 2,431 1,643 — 45,581 
Total revenues
$1,530,189 $174,328 $226,699 $12,177 $1,943,393 
Nine Months Ended September 30, 2024
North AmericaEuropeAsia-PacificSouth AmericaTotal
(In thousands)
Warehouse rent and storage
$640,078 $55,174 $55,593 $6,042 $756,887 
Warehouse services
823,532 77,202 105,723 4,202 1,010,659 
Transportation
82,847 45,743 28,655 2,009 159,254 
Third-party managed
12,596 — 17,978 — 30,574 
Total revenues (1)
1,559,053 178,119 207,949 12,253 1,957,374 
Lease revenues (2)
36,975 3,826 1,931 — 42,732 
Total revenues
$1,596,028 $181,945 $209,880 $12,253 $2,000,106 
(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 September 30, 2025, 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 7% of these remaining performance obligations as revenue in 2025, and the remaining 93% to be recognized over a weighted average period of 15.6 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 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 and nine months ended September 30, 2025, were not materially impacted by any other factors.
Receivable balances related to contracts with customers accounted for under ASC 606 were $361.8 million and $381.0 million as of September 30, 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 $23.3 million and $22.0 million as of September 30, 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 September 30, 2025, and represent revenues from the satisfaction of monthly storage and handling services with average customer inventory turns of approximately 30 days.