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Revenues

9 Months Ended

Sep. 30, 2019

Note 9. Revenues

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., gathering, processing, transportation, fractionation, storage and terminaling). The following table presents our revenues by business segment, and further by revenue type, for the periods indicated:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2019		2018		2019		2018
NGL Pipelines & Services:
Sales of NGLs and related products	$	2,624.9	$	3,898.2	$	7,955.5	$	9,324.5
Segment midstream services:
Natural gas processing and fractionation		279.6		397.2		837.3		982.2
Transportation		248.2		241.8		767.4		725.5
Storage and terminals		99.4		85.7		291.0		277.7
Total segment midstream services		627.2		724.7		1,895.7		1,985.4
Total NGL Pipelines & Services		3,252.1		4,622.9		9,851.2		11,309.9
Crude Oil Pipelines & Services:
Sales of crude oil		2,130.0		2,209.0		6,990.1		8,082.9
Segment midstream services:
Transportation		209.1		187.9		598.1		490.7
Storage and terminals		139.2		98.0		364.0		273.4
Total segment midstream services		348.3		285.9		962.1		764.1
Total Crude Oil Pipelines & Services		2,478.3		2,494.9		7,952.2		8,847.0
Natural Gas Pipelines & Services:
Sales of natural gas		440.0		589.0		1,627.1		1,681.5
Segment midstream services:
Transportation		275.5		261.2		835.2		766.3
Total segment midstream services		275.5		261.2		835.2		766.3
Total Natural Gas Pipelines & Services		715.5		850.2		2,462.3		2,447.8
Petrochemical & Refined Products Services:
Sales of petrochemicals and refined products		1,299.0		1,408.9		3,867.3		4,111.6
Segment midstream services:
Fractionation and isomerization		43.2		45.9		125.5		146.8
Transportation, including marine logistics		134.4		119.2		393.2		353.0
Storage and terminals		41.6		43.9		132.2		135.8
Total segment midstream services		219.2		209.0		650.9		635.6
Total Petrochemical & Refined Products Services		1,518.2		1,617.9		4,518.2		4,747.2
Total consolidated revenues	$	7,964.1	$	9,585.9	$	24,783.9	$	27,351.9

Substantially all of our revenues are derived from contracts with customers. In total, product sales and midstream services accounted for 82% and 18%, respectively, of our consolidated revenues for the three and nine months ended September 30, 2019. During the three and nine months ended September 30, 2018, product sales and midstream services accounted for 85% and 15%, respectively, of our consolidated revenues.

Unbilled Revenue and Deferred Revenue

The following table provides information regarding our contract assets and contract liabilities at September 30, 2019:

Contract Asset	Location	Balance
Unbilled revenue (current amount)	Prepaid and other current assets	$	223.8
Total		$	223.8

Contract Liability	Location	Balance
Deferred revenue (current amount)	Other current liabilities	$	137.4
Deferred revenue (noncurrent)	Other long-term liabilities		192.2
Total		$	329.6

The following table presents significant changes in our unbilled revenue and deferred revenue balances during the nine months ended September 30, 2019:

	Unbilled Revenue			Deferred Revenue
Balance at December 31, 2018	$	13.3		$	291.2
Amount included in opening balance transferred to other accounts during period (1)		(13.3	)		(110.9	)
Amount recorded during period		270.5			430.7
Amounts recorded during period transferred to other accounts (1)		(46.7	)		(278.7	)
Other changes		–			(2.7	)
Balance at September 30, 2019	$	223.8		$	329.6

(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

The following table presents estimated fixed future consideration from contracts with customers as of September 30, 2019 that contain minimum volume commitments, deficiency and similar fees, and contract terms exceeding one year.

Period	Fixed Consideration
Three Months Ended December 31, 2019	$	945.0
One Year Ended December 31, 2020		3,505.7
One Year Ended December 31, 2021		3,075.3
One Year Ended December 31, 2022		2,636.9
One Year Ended December 31, 2023		2,203.9
Thereafter		10,576.7
Total	$	22,943.5