XML 52 R38.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Revenues (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2018
Revenues [Abstract] |
Revenues by Business Segment and Revenue Type | We classify our revenues into sales of products and midstream services. Product sales relate primarily to our various marketing activities whereas midstream services represent our other integrated businesses (i.e., processing, fractionation, transportation, storage and terminaling). The following table presents our revenues by business segment, and further by revenue type, for the years indicated:
|  | For the Year Ended December 31, |
|  | 2018 (1) |  |  | 2017 (2) |  |  | 2016 (2) |
NGL Pipelines & Services: |  |  |  |  |  |  |  |  |
Sales of NGLs and related products |  | $ | 12,920.9 |  |  | $ | 10,521.3 |  |  | $ | 8,380.5 |
Segment midstream services: |  |  |  |  |  |  |  |  |  |  |  |
Natural gas processing and fractionation |  |  | 1,341.0 |  |  |  | 719.1 |  |  |  | 714.6 |
Transportation |  |  | 1,007.0 |  |  |  | 891.7 |  |  |  | 885.6 |
Storage and terminals |  |  | 380.0 |  |  |  | 335.9 |  |  |  | 261.8 |
Total segment midstream services |  |  | 2,728.0 |  |  |  | 1,946.7 |  |  |  | 1,862.0 |
Total NGL Pipelines & Services |  |  | 15,648.9 |  |  |  | 12,468.0 |  |  |  | 10,242.5 |
Crude Oil Pipelines & Services: |  |  |  |  |  |  |  |  |  |  |  |
Sales of crude oil |  |  | 10,001.2 |  |  |  | 7,365.2 |  |  |  | 5,802.5 |
Segment midstream services: |  |  |  |  |  |  |  |  |  |  |  |
Transportation |  |  | 676.5 |  |  |  | 473.9 |  |  |  | 411.1 |
Storage and terminals |  |  | 364.9 |  |  |  | 317.7 |  |  |  | 301.4 |
Total segment midstream services |  |  | 1,041.4 |  |  |  | 791.6 |  |  |  | 712.5 |
Total Crude Oil Pipelines & Services |  |  | 11,042.6 |  |  |  | 8,156.8 |  |  |  | 6,515.0 |
Natural Gas Pipelines & Services: |  |  |  |  |  |  |  |  |  |  |  |
Sales of natural gas |  |  | 2,411.7 |  |  |  | 2,238.5 |  |  |  | 1,591.9 |
Segment midstream services: |  |  |  |  |  |  |  |  |  |  |  |
Transportation |  |  | 1,042.7 |  |  |  | 907.1 |  |  |  | 951.1 |
Total segment midstream services |  |  | 1,042.7 |  |  |  | 907.1 |  |  |  | 951.1 |
Total Natural Gas Pipelines & Services |  |  | 3,454.4 |  |  |  | 3,145.6 |  |  |  | 2,543.0 |
Petrochemical & Refined Products Services: |  |  |  |  |  |  |  |  |  |  |  |
Sales of petrochemicals and refined products |  |  | 5,535.4 |  |  |  | 4,696.3 |  |  |  | 2,921.9 |
Segment midstream services: |  |  |  |  |  |  |  |  |  |  |  |
Fractionation and isomerization |  |  | 188.3 |  |  |  | 156.3 |  |  |  | 142.6 |
Transportation, including marine logistics |  |  | 481.8 |  |  |  | 430.7 |  |  |  | 456.2 |
Storage and terminals |  |  | 182.8 |  |  |  | 187.8 |  |  |  | 201.1 |
Total segment midstream services |  |  | 852.9 |  |  |  | 774.8 |  |  |  | 799.9 |
Total Petrochemical & Refined Products Services |  |  | 6,388.3 |  |  |  | 5,471.1 |  |  |  | 3,721.8 |
Total consolidated revenues |  | $ | 36,534.2 |  |  | $ | 29,241.5 |  |  | $ | 23,022.3 |
(1) Revenues are accounted for under ASC 606 upon implementation at January 1, 2018. (2) Revenues are accounted for under ASC 605 for historical periods prior to January 1, 2018. |
Unbilled Revenue and Deferred Revenue | The following table provides information regarding our contract assets and contract liabilities at December 31, 2018:
Contract Asset | Location |  | Balance |
Unbilled revenue (current amount) | Prepaid and other current assets |  | $ | 13.3 |
Total |  |  | $ | 13.3 |
Contract Liability | Location |  | Balance |
Deferred revenue (current amount) | Other current liabilities |  | $ | 80.9 |
Deferred revenue (noncurrent) | Other long-term liabilities |  |  | 210.3 |
Total |  |  | $ | 291.2 |
The following table presents significant changes in our unbilled revenue and deferred revenue balances during the year ended December 31, 2018:
|  | Unbilled Revenue |  |  | Deferred Revenue |
Balance at January 1, 2018 (upon adoption of ASC 606) |  | $ | -- |  |  | $ | 224.7 |
Amount included in opening balance transferred to other accounts during period (1) |  |  | -- |  |  |  | (90.8 | )
Amount recorded during period |  |  | 321.7 |  |  |  | 432.5 |
Amounts recorded during period transferred to other accounts (1) |  |  | (310.6 | ) |  |  | (274.8 | )
Amount recorded in connection with business combination |  |  | 2.2 |  |  |  | -- |
Other changes |  |  | -- |  |  |  | (0.4 | )
Balance at December 31, 2018 |  | $ | 13.3 |  |  | $ | 291.2 |
(1)Unbilled revenues are transferred to accounts receivable once we have an unconditional right to consideration from the customer. Deferred revenues are recognized as revenue upon satisfaction of our performance obligation to the customer. |
Remaining Performance Obligations |
2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |  |  | 2023 |  |  | Thereafter |  |  | Total |
$ | 3,530.6 |  |  | $ | 3,187.3 |  |  | $ | 2,641.4 |  |  | $ | 2,145.0 |  |  | $ | 1,798.7 |  |  | $ | 7,289.9 |  |  | $ | 20,592.9 |
Impact of Change in Accounting Policy | Consolidated Balance Sheet Information at December 31, 2018
|  | Impact of change in accounting policy |
|  | Balances without adoption of ASC 606 |  |  | Impact of adoption of ASC 606 |  |  | As Reported |
Assets |  |  |  |  |  |  |  |  |
Accounts receivable – trade, net |  | $ | 3,672.4 |  |  | $ | (13.3 | ) |  | $ | 3,659.1 |
Prepaid and other current assets |  |  | 298.2 |  |  |  | 13.3 |  |  |  | 311.5 |
Property, plant and equipment, net |  |  | 38,639.3 |  |  |  | 98.3 |  |  |  | 38,737.6 |
Liabilities and Equity |  |  |  |  |  |  |  |  |  |  |  |
Other current liabilities |  |  | 404.3 |  |  |  | 0.5 |  |  |  | 404.8 |
Other long-term liabilities |  |  | 664.8 |  |  |  | 86.8 |  |  |  | 751.6 |
Partners' equity |  |  | 23,842.5 |  |  |  | 11.0 |  |  |  | 23,853.5 |
Consolidated Statement of Operations Information for the Year Ended December 31, 2018
|  | Impact of change in accounting policy |
|  | Balances without adoption of ASC 606 |  |  | Impact of adoption of ASC 606 |  |  | As Reported |
Revenues |  | $ | 35,901.5 |  |  | $ | 632.7 |  |  | $ | 36,534.2 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |
Operating costs and expenses: |  |  | 30,775.6 |  |  |  | 621.7 |  |  |  | 31,397.3 |
Consolidated Statement of Cash Flows Information for the Year Ended December 31, 2018
|  | Impact of change in accounting policy |
|  | Balances without adoption of ASC 606 |  |  | Impact of adoption of ASC 606 |  |  | As Reported |
Operating activities: |  |  |  |  |  |  |  |  |
Net income |  | $ | 4,227.5 |  |  | $ | 11.0 |  |  | $ | 4,238.5 |
Net effect of changes in operating accounts |  |  | (71.1 | ) |  |  | 87.3 |  |  |  | 16.2 |
Investing activities: |  |  |  |  |  |  |  |  |  |  |  |
Contributions in aid of construction costs |  |  | 87.3 |  |  |  | (87.3 | ) |  |  | -- |

X
- Definition Tabular disclosure of contract balances and changes in contract balances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=109196051&loc=SL49130551-203045 + Details
Name: | us-gaap_ContractWithCustomerAssetAndLiabilityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=109196051&loc=SL49130545-203045 + Details
Name: | us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of expected timing for satisfying remaining performance obligation. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(1) -URI http://asc.fasb.org/extlink&oid=109196051&loc=SL49130556-203045 + Details
Name: | us-gaap_RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=109236672&loc=d3e765-108305 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.10-01.(b)(6)) -URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22580-107794 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=109236672&loc=d3e725-108305 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794 + Details
Name: | us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration