Revenue Recognition

6 Months Ended

Jun. 30, 2024

Revenue Recognition [Abstract]

Revenue Recognition

Revenue Recognition

Revenue from Contracts with Customers

The following tables reflect the disaggregation of our revenues by major category for the three months ended June 30, 2024 and 2023, respectively:

	Three Months Ended June 30, 2024
	Offshore Pipeline Transportation		Soda and Sulfur Services		Marine Transportation		Onshore Facilities and Transportation		Consolidated
Fee-based revenues	$	99,024	$	—	$	81,871	$	18,430	$	199,325
Product Sales	—		369,568		—		166,942		536,510
Refinery Services	—		20,426		—		—		20,426
	$	99,024	$	389,994	$	81,871	$	185,372	$	756,261

	Three Months Ended June 30, 2023
	Offshore Pipeline Transportation		Soda and Sulfur Services		Marine Transportation		Onshore Facilities & Transportation		Consolidated
Fee-based revenues	$	91,459	$	—	$	77,343	$	13,897	$	182,699
Product Sales	—		440,301		—		159,108		599,409
Refinery Services	—		22,554		—		—		22,554
	$	91,459	$	462,855	$	77,343	$	173,005	$	804,662

The following tables reflect the disaggregation of our revenues by major category for the six months ended June 30, 2024 and 2023, respectively:

	Six Months Ended June 30, 2024
	Offshore Pipeline Transportation		Soda and Sulfur Services		Marine Transportation		Onshore Facilities and Transportation		Consolidated
Fee-based revenues	$	201,014	$	—	$	165,445	$	33,723	$	400,182
Product Sales	—		747,629		—		335,242		1,082,871
Refinery Services	—		43,313		—		—		43,313
	$	201,014	$	790,942	$	165,445	$	368,965	$	1,526,366

	Six Months Ended June 30, 2023
	Offshore Pipeline Transportation		Soda and Sulfur Services		Marine Transportation		Onshore Facilities and Transportation		Consolidated
Fee-based revenues	$	182,854	$	—	$	160,569	$	28,081	$	371,504
Product Sales	—		863,125		—		316,267		1,179,392
Refinery Services	—		44,378		—		—		44,378
	$	182,854	$	907,503	$	160,569	$	344,348	$	1,595,274

The Company recognizes revenue upon the satisfaction of its performance obligations under its contracts. The timing of revenue recognition varies for our different revenue streams. In general, the timing includes recognition of revenue over time as services are being performed as well as recognition of revenue at a point in time for delivery of products.

Contract Assets and Liabilities

The table below depicts our contract asset and liability balances at December 31, 2023 and June 30, 2024:

	Contract Assets		Contract Liabilities
	Other Assets, net of amortization		Accrued Liabilities		Other Long-Term Liabilities
Balance at December 31, 2023	$	859	$	11,460	$	112,734
Balance at June 30, 2024	1,631		34,378		104,216

Transaction Price Allocations to Remaining Performance Obligations

We are required to disclose the aggregate amount of our transaction prices that are allocated to unsatisfied performance obligations as of June 30, 2024. However, we are permitted to utilize the following exemptions:

1)Performance obligations that are part of a contract with an expected duration of one year or less;

2)Revenue recognized from the satisfaction of performance obligations where we have a right to consideration in an amount that corresponds directly with the value provided to customers; and

3)Contracts that contain variable consideration, such as index-based pricing or variable volumes, that is allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct good or service that is part of a series.

The majority of our contracts qualify for one of these exemptions. For the remaining contract types that involve revenue recognition over a long-term period and include long-term fixed consideration (adjusted for indexing as required), we determined our allocations of transaction price that relate to unsatisfied performance obligations. For our tiered pricing offshore transportation contracts, we provide firm capacity for both fixed and variable consideration over a long-term period. Therefore, we have allocated the remaining contract value to future periods.

The following chart depicts how we expect to recognize revenues for future periods related to these contracts:

	Offshore Pipeline Transportation		Onshore Facilities and Transportation
Remainder of 2024	$	70,508	$	12,912
2025	151,333		25,853
2026	122,603		26,170
2027	77,482		13,864
2028	45,453		10,000
Thereafter	124,184		2,500
Total	$	591,563	$	91,299