Revenues

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenues

(3) Revenues

The following table sets forth the Company’s revenues by major source (in thousands):

	Year Ended December 31,
	2023		2022		2021
Marine transportation segment:
Inland transportation	$	1,416,483	$	1,277,010	$	1,005,145
Coastal transportation		305,454		339,957		317,773
	$	1,721,937	$	1,616,967	$	1,322,918
Distribution and services segment:
Commercial and industrial	$	802,474	$	651,566	$	578,011
Oil and gas		567,229		516,221		345,731
	$	1,369,703	$	1,167,787	$	923,742

The Company’s revenue is measured based on consideration specified in its contracts with its customers. The Company recognizes revenue over time as it provides services to its customers, or at the point in time that control over a part or product transfers to its customer.

Contract Assets and Liabilities. Contract liabilities represent advance consideration received from customers, and are recognized as revenue over time or at a point in time as the related performance obligation is satisfied. Revenues recognized during the years ended December 31, 2023, 2022, and 2021, that were included in the opening contract liability balances were $84.0 million, $61.7 million and $40.9 million, respectively. The Company has recognized all contract liabilities within the deferred revenues financial statement caption on the balance sheet. The Company did not have any contract assets at December 31, 2023 or December 31, 2022. The Company applies the practical expedient that allows non-disclosure of information about remaining performance obligations that have original expected durations of one year or less.