v3.26.3
Revenue from Contracts with Customers
 9 Months Ended
Sep. 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 nine months ended September 30, 2026 and 2025, by segment and geographic region:
Three Months Ended September 30, 2026
North AmericaEuropeAsia-PacificSouth AmericaTotal
(In thousands)
Warehouse rent and storage
$193,139 $22,337 $22,869 $1,657 $240,002 
Warehouse services(1)
273,512 29,663 56,308 1,194 360,677 
Transportation
30,779 12,811 17,873 754 62,217 
Joint venture related management fee and reimbursed costs13,058 — — — 13,058 
Total revenues(2)
510,488 64,811 97,050 3,605 675,954 
Lease revenues(3)
14,287 684 633 — 15,604 
Total revenues
$524,775 $65,495 $97,683 $3,605 $691,558 
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(1)
276,728 29,204 47,527 1,208 354,667 
Transportation
21,851 12,538 12,822 632 47,843 
Joint venture related management fee and reimbursed costs— — — — — 
Total revenues(2)
502,596 62,030 80,413 3,934 648,973 
Lease revenues(3)
13,427 631 634 — 14,692 
Total revenues
$516,023 $62,661 $81,047 $3,934 $663,665 
(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.
Nine Months Ended September 30, 2026
North AmericaEuropeAsia-PacificSouth AmericaTotal
(In thousands)
Warehouse rent and storage
$576,034 $64,714 $64,529 $4,737 $710,014 
Warehouse services(1)
792,019 84,737 162,283 3,404 1,042,443 
Transportation
84,321 38,586 48,435 2,149 173,491 
Joint venture related management fee and reimbursed costs13,058 — — — 13,058 
Total revenues(2)
1,465,432 188,037 275,247 10,290 1,939,006 
Lease revenues(3)
41,792 1,953 1,567 — 45,312 
Total revenues
$1,507,224 $189,990 $276,814 $10,290 $1,984,318 
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(1)
812,868 79,953 134,100 4,073 1,030,994 
Transportation
68,198 35,099 34,539 2,097 139,933 
Joint venture related management fee and reimbursed costs— — — — — 
Total revenues(2)
1,488,682 171,897 225,056 12,177 1,897,812 
Lease revenues(3)
41,507 2,431 1,643 — 45,581 
Total revenues
$1,530,189 $174,328 $226,699 $12,177 $1,943,393 
(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 of 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, 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 6% of these remaining performance obligations as revenues in 2026, and the remaining 94% to be recognized over a weighted average period of 14.8 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, 2026, were not materially impacted by any other factors.
Receivable balances related to contracts with customers accounted for under ASC 606 were $380.1 million and $360.2 million as of September 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 $20.8 million and $20.2 million as of September 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 September 30, 2026, and represent revenues from the satisfaction of monthly storage and handling services with average customer inventory turns of approximately 30 days.