XML 24 R38.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Revenues (Tables)
 12 Months Ended
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