v3.26.1
Revenue from Contracts with Customers
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers Revenue from Contracts with Customers
Disaggregated Revenues
As of January 1, 2026, the Company's former Third-Party Managed reportable segment is included under the Warehouse reportable segment. All prior period comparative financial information has been recast to reflect the revised segment structure. Refer to Note 1 - General for further details on this change.
The following tables represent a disaggregation of revenues from contracts with customers for the three and six months ended June 30, 2026 and 2025, by segment and geographic region:
Three Months Ended June 30, 2026
North AmericaEuropeAsia-PacificSouth AmericaTotal
(In thousands)
Warehouse rent and storage
$194,206 $21,598 $21,291 $1,501 $238,596 
Warehouse services(1)
267,136 27,728 53,912 1,132 349,908 
Transportation
29,033 12,829 16,689 766 59,317 
Total revenues(2)
490,375 62,155 91,892 3,399 647,821 
Lease revenues(3)
13,970 626 473 — 15,069 
Total revenues
$504,345 $62,781 $92,365 $3,399 $662,890 
Three Months Ended June 30, 2025
North AmericaEuropeAsia-PacificSouth AmericaTotal
(In thousands)
Warehouse rent and storage
$201,585 $18,995 $18,521 $2,022 $241,123 
Warehouse services(1)
272,347 26,661 45,499 1,412 345,919 
Transportation
22,917 11,921 12,540 719 48,097 
Total revenues(2)
496,849 57,577 76,560 4,153 635,139 
Lease revenues(3)
14,063 929 617 — 15,609 
Total revenues
$510,912 $58,506 $77,177 $4,153 $650,748 
(1)Prior period Warehouse segment financial results have been recast to include the Company’s former Third-Party Managed reportable segment. The former Third-Party Managed services revenues are now included within Warehouse services revenues.
(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 ASC 842: Leases.

Six Months Ended June 30, 2026
North AmericaEuropeAsia-PacificSouth AmericaTotal
(In thousands)
Warehouse rent and storage
$382,895 $42,377 $41,660 $3,080 $470,012 
Warehouse services(1)
518,507 55,074 105,975 2,210 681,766 
Transportation
53,542 25,775 30,562 1,395 111,274 
Total revenues(2)
954,944 123,226 178,197 6,685 1,263,052 
Lease revenues(3)
27,505 1,269 934 — 29,708 
Total revenues
$982,449 $124,495 $179,131 $6,685 $1,292,760 
Six Months Ended June 30, 2025
North AmericaEuropeAsia-PacificSouth AmericaTotal
(In thousands)
Warehouse rent and storage
$403,599 $36,557 $36,353 $3,913 $480,422 
Warehouse services(1)
536,140 50,749 86,573 2,865 676,327 
Transportation
46,347 22,561 21,717 1,465 92,090 
Total revenues(2)
986,086 109,867 144,643 8,243 1,248,839 
Lease revenues(3)
28,080 1,800 1,009 — 30,889 
Total revenues
$1,014,166 $111,667 $145,652 $8,243 $1,279,728 
(1)Prior period Warehouse segment financial results have been recast to include the Company’s former Third-Party Managed reportable segment. The former Third-Party Managed services revenues are now included within Warehouse services revenues.
(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 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 input 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 June 30, 2026, the Company had $1.7 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 11% of these remaining performance obligations as revenues in 2026, and the remaining 89% to be recognized over a weighted average period of 14.0 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 six months ended June 30, 2026, were not materially impacted by any other factors.
Receivable balances related to contracts with customers accounted for under ASC 606 were $389.9 million and $360.2 million as of June 30, 2026 and December 31, 2025, respectively. All other trade receivable balances relate to contracts accounted for under ASC 842.
Balances in unearned revenues related to contracts with customers were $22.7 million and $20.2 million as of June 30, 2026 and December 31, 2025, respectively. Substantially all revenues that were included in the contract liability balances at the beginning of 2026 have been recognized as of June 30, 2026, and represent revenues from the satisfaction of monthly storage and handling services with average customer inventory turns of approximately 30 days.