(4)

REVENUES

The following table sets forth the Company’s revenues by major source for the three months ended March 31, 2019 and 2018 (in thousands):

	Three months ended March 31,
	2019		2018
Marine transportation segment:
Inland transportation	$	283,085	$	252,355
Coastal transportation		85,036		88,048
	$	368,121	$	340,403
Distribution and services segment:
Oil and gas	$	223,101	$	274,491
Commercial and industrial		153,399		126,794
	$	376,500	$	401,285

Contract Assets and Liabilities. Contract liabilities represent advance consideration received from customers, and are recognized as revenue over time as the related performance obligation is satisfied. The amount of revenue recognized in the first quarter of 2019 that was included in the opening contract liability balance was $50,921,000. 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 March 31, 2019 or December 31, 2018.

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.