Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Summary of Revenue from Contracts with Customers Table

The following table summarizes revenue from contracts with customers:

	Three Months Ended  March 31,
thousands	2024		2023
Revenue from customers
Service revenues – fee based	$	781,262	$	647,867
Service revenues – product based	66,740		46,810
Product sales	39,292		39,025
Total revenue from customers	887,294		733,702
Revenue from other than customers
Other	435		280
Total revenues and other	$	887,729	$	733,982

Contract Balances Tables

The following table summarizes activity related to contract assets from contracts with customers:

thousands
Contract assets balance at December 31, 2023	$	39,292
Amounts transferred to Accounts receivable, net that were included in the contract assets balance at the beginning of the period	(1,928)
Additional estimated revenues recognized	1,974
Contract assets balance at March 31, 2024	$	39,338
Contract assets at March 31, 2024
Other current assets	$	8,708
Other assets	30,630
Total contract assets from contracts with customers	$	39,338

The following table summarizes activity related to contract liabilities from contracts with customers:

thousands
Contract liabilities balance at December 31, 2023	$	445,499
Cash received or receivable, excluding revenues recognized during the period	36,960
Revenues recognized that were included in the contract liability balance at the beginning of the period	(11,715)
Contract liabilities balance at March 31, 2024	$	470,744
Contract liabilities at March 31, 2024
Accrued liabilities	$	11,875
Other liabilities	458,869
Total contract liabilities from contracts with customers	$	470,744

Expected Revenue Recognition from Satisfaction of Performance Obligations Table

Therefore, the following table represents only a portion of expected future revenues from existing contracts as most future revenues from customers are dependent on future variable customer volumes and, in some cases, variable commodity prices for those volumes.

thousands
Remainder of 2024	$	881,845
2025	1,113,716
2026	1,029,954
2027	919,010
2028	712,825
Thereafter	2,001,043
Total	$	6,658,393