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Revenue from Contracts with Customers | 12 Months Ended
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Dec. 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 years ended December 31, 2025, 2024 and 2023 by segment and geographic region:
| December 31, 2025
| North America |  | Europe |  | Asia-Pacific |  | South America |  | Total
| (In thousands)
Warehouse rent and storage | $ | 807,545 |  |  | $ | 77,915 |  |  | $ | 76,879 |  |  | $ | 8,208 |  |  | $ | 970,547 |
Warehouse services | 1,073,633 |  |  | 107,944 |  |  | 158,916 |  |  | 5,136 |  |  | 1,345,629 |
Transportation | 90,151 |  |  | 47,277 |  |  | 48,054 |  |  | 2,748 |  |  | 188,230 |
Third-party managed | 10,649 |  |  | — |  |  | 25,851 |  |  | — |  |  | 36,500 |
Total revenues (1) | 1,981,978 |  |  | 233,136 |  |  | 309,700 |  |  | 16,092 |  |  | 2,540,906 |
Lease revenues (2) | 55,850 |  |  | 3,034 |  |  | 2,056 |  |  | — |  |  | 60,940 |
Total revenues | $ | 2,037,828 |  |  | $ | 236,170 |  |  | $ | 311,756 |  |  | $ | 16,092 |  |  | $ | 2,601,846 |
| 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 |
(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 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. At December 31, 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 26% of these remaining performance obligations as revenues in 2026, and the remaining 74% to be recognized over a weighted average period of 12.4 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, 2025, were not materially impacted by any other factors. Receivables balances related to contracts with customers accounted for under ASC 606 were $360.2 million and $381.0 million at December 31, 2025 and 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 $20.2 million and $22.0 million at December 31, 2025 and 2024, respectively. Substantially all revenues that were included in the contract liability balances at the beginning of 2025 and 2024 have been recognized as of December 31, 2025 and 2024, respectively, and represents revenues from the satisfaction of monthly storage and handling services with average inventory turns of approximately 30 days.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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