Revenues

3 Months Ended

Mar. 31, 2020

(4)

Revenues

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

	Three months ended March 31,
	2020		2019
Marine transportation segment:
Inland transportation	$	318,565	$	283,085
Coastal transportation		84,692		85,036
	$	403,257	$	368,121
Distribution and services segment:
Oil and gas	$	78,678	$	223,101
Commercial and industrial		161,991		153,399
	$	240,669	$	376,500

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. Revenues recognized in the 2020 and 2019 first quarters that were included in the opening contract liability balances were $32,386,000 and $50,921,000, 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 March 31, 2020 or December 31, 2019.

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.