Revenues

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenues

(3) Revenues

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Marine transportation segment:
Inland transportation	$	392,617	$	353,635	$	1,170,459	$	1,043,330
Coastal transportation		93,437		76,250		275,815		226,012
	$	486,054	$	429,885	$	1,446,274	$	1,269,342
Distribution and services segment:
Commercial and industrial	$	162,285	$	156,060	$	470,567	$	461,159
Power generation		111,573		119,004		355,025		308,319
Oil and gas		71,237		59,823		191,695		253,644
	$	345,095	$	334,887	$	1,017,287	$	1,023,122

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 nine months ended September 30, 2024 and 2023 that were included in the opening contract liability balances were $101.8 million and $76.8 million, respectively. The Company presents all contract liabilities within the deferred revenues financial statement caption on the balance sheets. The Company did not have any contract assets at September 30, 2024 or December 31, 2023. 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.