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Revenue Recognition | 6 Months Ended
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Jun. 30, 2024
Revenue Recognition [Abstract] |
Revenue Recognition | Revenue Recognition Revenue from Contracts with Customers The following tables reflect the disaggregation of our revenues by major category for the three months ended June 30, 2024 and 2023, respectively:
| Three Months Ended June 30, 2024
| Offshore Pipeline Transportation |  | Soda and Sulfur Services |  | Marine Transportation |  | Onshore Facilities and Transportation |  | Consolidated
Fee-based revenues | $ | 99,024 |  |  | $ | — |  |  | $ | 81,871 |  |  | $ | 18,430 |  |  | $ | 199,325 |
Product Sales | — |  |  | 369,568 |  |  | — |  |  | 166,942 |  |  | 536,510 |
Refinery Services | — |  |  | 20,426 |  |  | — |  |  | — |  |  | 20,426 |
| $ | 99,024 |  |  | $ | 389,994 |  |  | $ | 81,871 |  |  | $ | 185,372 |  |  | $ | 756,261 |
| Three Months Ended June 30, 2023
| Offshore Pipeline Transportation |  | Soda and Sulfur Services |  | Marine Transportation |  | Onshore Facilities & Transportation |  | Consolidated
Fee-based revenues | $ | 91,459 |  |  | $ | — |  |  | $ | 77,343 |  |  | $ | 13,897 |  |  | $ | 182,699 |
Product Sales | — |  |  | 440,301 |  |  | — |  |  | 159,108 |  |  | 599,409 |
Refinery Services | — |  |  | 22,554 |  |  | — |  |  | — |  |  | 22,554 |
| $ | 91,459 |  |  | $ | 462,855 |  |  | $ | 77,343 |  |  | $ | 173,005 |  |  | $ | 804,662 |
The following tables reflect the disaggregation of our revenues by major category for the six months ended June 30, 2024 and 2023, respectively:
| Six Months Ended June 30, 2024
| Offshore Pipeline Transportation |  | Soda and Sulfur Services |  | Marine Transportation |  | Onshore Facilities and Transportation |  | Consolidated
Fee-based revenues | $ | 201,014 |  |  | $ | — |  |  | $ | 165,445 |  |  | $ | 33,723 |  |  | $ | 400,182 |
Product Sales | — |  |  | 747,629 |  |  | — |  |  | 335,242 |  |  | 1,082,871 |
Refinery Services | — |  |  | 43,313 |  |  | — |  |  | — |  |  | 43,313 |
| $ | 201,014 |  |  | $ | 790,942 |  |  | $ | 165,445 |  |  | $ | 368,965 |  |  | $ | 1,526,366 |
| Six Months Ended June 30, 2023
| Offshore Pipeline Transportation |  | Soda and Sulfur Services |  | Marine Transportation |  | Onshore Facilities and Transportation |  | Consolidated
Fee-based revenues | $ | 182,854 |  |  | $ | — |  |  | $ | 160,569 |  |  | $ | 28,081 |  |  | $ | 371,504 |
Product Sales | — |  |  | 863,125 |  |  | — |  |  | 316,267 |  |  | 1,179,392 |
Refinery Services | — |  |  | 44,378 |  |  | — |  |  | — |  |  | 44,378 |
| $ | 182,854 |  |  | $ | 907,503 |  |  | $ | 160,569 |  |  | $ | 344,348 |  |  | $ | 1,595,274 |
The Company recognizes revenue upon the satisfaction of its performance obligations under its contracts. The timing of revenue recognition varies for our different revenue streams. In general, the timing includes recognition of revenue over time as services are being performed as well as recognition of revenue at a point in time for delivery of products. Contract Assets and Liabilities The table below depicts our contract asset and liability balances at December 31, 2023 and June 30, 2024:
|  |  |  | Contract Assets |  | Contract Liabilities
|  |  |  | Other Assets, net of amortization |  | Accrued Liabilities |  | Other Long-Term Liabilities
Balance at December 31, 2023 |  |  |  | $ | 859 |  |  | $ | 11,460 |  |  | $ | 112,734 |
Balance at June 30, 2024 |  |  |  | 1,631 |  |  | 34,378 |  |  | 104,216 |
Transaction Price Allocations to Remaining Performance Obligations We are required to disclose the aggregate amount of our transaction prices that are allocated to unsatisfied performance obligations as of June 30, 2024. However, we are permitted to utilize the following exemptions: 1)Performance obligations that are part of a contract with an expected duration of one year or less; 2)Revenue recognized from the satisfaction of performance obligations where we have a right to consideration in an amount that corresponds directly with the value provided to customers; and 3)Contracts that contain variable consideration, such as index-based pricing or variable volumes, that is allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct good or service that is part of a series. The majority of our contracts qualify for one of these exemptions. For the remaining contract types that involve revenue recognition over a long-term period and include long-term fixed consideration (adjusted for indexing as required), we determined our allocations of transaction price that relate to unsatisfied performance obligations. For our tiered pricing offshore transportation contracts, we provide firm capacity for both fixed and variable consideration over a long-term period. Therefore, we have allocated the remaining contract value to future periods. The following chart depicts how we expect to recognize revenues for future periods related to these contracts:
| Offshore Pipeline Transportation |  |  | Onshore Facilities and Transportation
Remainder of 2024 | $ | 70,508 |  |  |  | $ | 12,912 |
2025 | 151,333 |  |  |  | 25,853 |
2026 | 122,603 |  |  |  | 26,170 |
2027 | 77,482 |  |  |  | 13,864 |
2028 | 45,453 |  |  |  | 10,000 |
Thereafter | 124,184 |  |  |  | 2,500 |
Total | $ | 591,563 |  |  |  | $ | 91,299 |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org//606/tableOfContent + Details
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