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Major Customers and Credit Risk | 12 Months Ended
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Dec. 31, 2023
Risks and Uncertainties [Abstract] |
Major Customers and Credit Risk | Major Customers and Credit Risk Due to the nature of our onshore facilities and transportation operations, a disproportionate percentage of our trade receivables constitute obligations of refiners, large crude oil producers and integrated oil companies. This industry concentration has the potential to impact our overall exposure to credit risk, either positively or negatively, in that our customers could be affected by similar changes in economic, industry or other conditions. However, we believe that the credit risk posed by this industry concentration is offset by the creditworthiness of our customer base. Our portfolio of accounts receivable in this operation (as well as in our offshore pipeline transportation, marine transportation, and sulfur services businesses) is comprised in large part of accounts owed by integrated and large independent energy companies with stable payment histories. The credit risk related to contracts which are exchange-traded is limited due to daily margin requirements of the exchange. In our Alkali Business, we typically contract with similar customers year over year domestically and internationally and deliver our products to a variety of end markets. A change in supply and/or demand could adversely affect our operating results. We have established various procedures to manage our credit exposure, including initial credit approvals, credit limits, collateral requirements and rights of offset. Letters of credit, prepayments and guarantees are also utilized to limit credit risk to ensure that our established credit criteria are met. During 2022 and 2021 our largest customer was ANSAC, which accounted for 15% and 13%, respectively, of total consolidated revenues. No single customer exceeded 10% of total consolidated revenues during 2023. As discussed in Note 4, on January 1, 2023, ANSAC became a wholly owned subsidiary of Genesis. Prior to January 1, 2023, a large portion of our soda ash production was sold to ANSAC and a disproportionate amount of our trade receivables and sales in our soda and sulfur services segment were related to ANSAC.

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- Definition The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 275 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//275/tableOfContent + Details
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