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Revenue from Contracts with Customers
 3 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customer Revenue from Contracts with Customers
We recognize revenue for services and products under revenue contracts as our obligations to either perform services or deliver or sell products under the contracts are satisfied. Our revenue contracts in scope under ASC 606 primarily have a single performance obligation and we do not receive material amounts of non-cash consideration. Our costs to obtain or fulfill our revenue contracts were not material as of June 30, 2024.

The majority of our revenue agreements are in scope under ASC 606 and the remainder of our revenue comes from contracts that are accounted for as derivatives under ASC 815 or that contain nonmonetary exchanges or leases in the scope of ASC 845 and ASC 842, respectively. See Note 10 for a detail of disaggregated revenue. Revenue from contracts accounted for as derivatives under ASC 815 within our Liquids Logistics segment includes net losses of $32.8 million and net gains of $1.7 million, respectively, during the three months ended June 30, 2024 and 2023, related to changes in the mark-to-market value of these contracts recorded

Remaining Performance Obligations

Most of our service contracts are such that we have the right to consideration from a customer in an amount that corresponds directly with the value to the customer of our performance completed to date. Therefore, we utilized the practical expedient in ASC 606-10-55-18 under which we recognize revenue in the amount to which we have the right to invoice. Applying this practical expedient, we are not required to disclose the transaction price allocated to remaining performance obligations under these contracts. The following table summarizes the amount and timing of revenue recognition for such contracts at June 30, 2024 (in thousands):
Year Ending March 31,
2025 (nine months)$102,107 
202678,128 
202759,781 
202847,179 
202945,173 
203032,537 
Thereafter22,509 
Total $387,414 
Contract Assets and Liabilities

The following tables summarize the balances of our contract assets and liabilities at the dates indicated:
June 30, 2024March 31, 2024
(in thousands)
Accounts receivable from contracts with customers$386,656 $415,961 
Contract assets (current)$3,831 $— 

Contract liabilities at March 31, 2024$16,933 
Payment received and deferred20,589 
Payment recognized in revenue(12,466)
Contract liabilities at June 30, 2024$25,056