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Revenues (Tables) | 12 Months Ended
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Dec. 31, 2019
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., gathering, processing, transportation, fractionation, 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, |
|  | 2019 (1) |  |  | 2018 (1) |  |  | 2017 (2) |
NGL Pipelines & Services: |  |  |  |  |  |  |  |  |
Sales of NGLs and related products |  | $ | 10,934.3 |  |  | $ | 12,920.9 |  |  | $ | 10,521.3 |
Segment midstream services: |  |  |  |  |  |  |  |  |  |  |  |
Natural gas processing and fractionation |  |  | 1,069.9 |  |  |  | 1,341.0 |  |  |  | 719.1 |
Transportation |  |  | 1,054.3 |  |  |  | 1,007.0 |  |  |  | 891.7 |
Storage and terminals |  |  | 412.2 |  |  |  | 380.0 |  |  |  | 335.9 |
Total segment midstream services |  |  | 2,536.4 |  |  |  | 2,728.0 |  |  |  | 1,946.7 |
Total NGL Pipelines & Services |  |  | 13,470.7 |  |  |  | 15,648.9 |  |  |  | 12,468.0 |
Crude Oil Pipelines & Services: |  |  |  |  |  |  |  |  |  |  |  |
Sales of crude oil |  |  | 9,007.8 |  |  |  | 10,001.2 |  |  |  | 7,365.2 |
Segment midstream services: |  |  |  |  |  |  |  |  |  |  |  |
Transportation |  |  | 801.8 |  |  |  | 676.5 |  |  |  | 473.9 |
Storage and terminals |  |  | 477.7 |  |  |  | 364.9 |  |  |  | 317.7 |
Total segment midstream services |  |  | 1,279.5 |  |  |  | 1,041.4 |  |  |  | 791.6 |
Total Crude Oil Pipelines & Services |  |  | 10,287.3 |  |  |  | 11,042.6 |  |  |  | 8,156.8 |
Natural Gas Pipelines & Services: |  |  |  |  |  |  |  |  |  |  |  |
Sales of natural gas |  |  | 2,075.4 |  |  |  | 2,411.7 |  |  |  | 2,238.5 |
Segment midstream services: |  |  |  |  |  |  |  |  |  |  |  |
Transportation |  |  | 1,094.0 |  |  |  | 1,042.7 |  |  |  | 907.1 |
Total segment midstream services |  |  | 1,094.0 |  |  |  | 1,042.7 |  |  |  | 907.1 |
Total Natural Gas Pipelines & Services |  |  | 3,169.4 |  |  |  | 3,454.4 |  |  |  | 3,145.6 |
Petrochemical & Refined Products Services: |  |  |  |  |  |  |  |  |  |  |  |
Sales of petrochemicals and refined products |  |  | 4,985.2 |  |  |  | 5,535.4 |  |  |  | 4,696.3 |
Segment midstream services: |  |  |  |  |  |  |  |  |  |  |  |
Fractionation and isomerization |  |  | 166.6 |  |  |  | 188.3 |  |  |  | 156.3 |
Transportation, including marine logistics |  |  | 539.4 |  |  |  | 481.8 |  |  |  | 430.7 |
Storage and terminals |  |  | 170.6 |  |  |  | 182.8 |  |  |  | 187.8 |
Total segment midstream services |  |  | 876.6 |  |  |  | 852.9 |  |  |  | 774.8 |
Total Petrochemical & Refined Products Services |  |  | 5,861.8 |  |  |  | 6,388.3 |  |  |  | 5,471.1 |
Total consolidated revenues |  | $ | 32,789.2 |  |  | $ | 36,534.2 |  |  | $ | 29,241.5 |
(1) | Revenues are accounted for under ASC 606.
(2) | Revenues are accounted for under ASC 605.
Unbilled Revenue and Deferred Revenue | The following table provides information regarding our contract assets and contract liabilities at the dates indicated:
|  |  | December 31, |
Contract Asset | Location |  | 2019 |  |  | 2018 |
Unbilled revenue (current amount) | Prepaid and other current assets |  | $ | 17.6 |  |  | $ | 13.3 |
Total |  |  | $ | 17.6 |  |  | $ | 13.3 |
|  |  | December 31, |
Contract Liability | Location |  | 2019 |  |  | 2018 |
Deferred revenue (current amount) | Other current liabilities |  | $ | 117.9 |  |  | $ | 80.9 |
Deferred revenue (noncurrent) | Other long-term liabilities |  |  | 197.0 |  |  |  | 210.3 |
Total |  |  | $ | 314.9 |  |  | $ | 291.2 |
The following table presents significant changes in our unbilled revenue and deferred revenue balances during the years indicated:
|  | 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 |
Amount included in opening balance transferred to other accounts during period (1) |  |  | (13.3 | ) |  |  | (126.4 | )
Amount recorded during period |  |  | 340.0 |  |  |  | 539.8 |
Amounts recorded during period transferred to other accounts (1) |  |  | (322.4 | ) |  |  | (384.8 | )
Amount recorded in connection with business combination |  |  | – |  |  |  | – |
Other changes |  |  | – |  |  |  | (4.9 | )
Balance at December 31, 2019 |  | $ | 17.6 |  |  | $ | 314.9 |
(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 |
Period |  | Fixed Consideration |
One Year Ended December 31, 2020 |  | $ | 3,654.6 |
One Year Ended December 31, 2021 |  |  | 3,363.9 |
One Year Ended December 31, 2022 |  |  | 3,062.7 |
One Year Ended December 31, 2023 |  |  | 2,857.8 |
One Year Ended December 31, 2024 |  |  | 2,743.8 |
Thereafter |  |  | 14,106.7 |
Total |  | $ | 29,789.5 |

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