REVENUE REVENUE (Notes)

6 Months Ended

Jun. 30, 2019

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]

REVENUES

Accounting Policies - Our revenue recognition policy is described in Note A of the Notes to Consolidated Financial Statements in our Annual Report.

Contract Assets and Contract Liabilities - The following tables set forth the balances in contract assets and contract liabilities for the periods indicated:



Contract Assets	(Millions of dollars)
Balance at January 1, 2019 (a)	$	6.2
Amounts invoiced in excess of revenue recognized	(0.9		)
Balance at June 30, 2019 (b)	$	5.3

(a) - Contract assets of $1.7 million and $4.5 million are included in other current assets and other assets, respectively, in our Consolidated Balance Sheets.

(b) - Contract assets of $1.3 million and $4.0 million are included in other current assets and other assets, respectively, in our Consolidated Balance Sheets.



Contract Liabilities	(Millions of dollars)
Balance at January 1, 2019 (a)	$	31.7
Revenue recognized included in beginning balance	(14.5		)
Net additions	33.7
Balance at June 30, 2019 (b)	$	50.9

(a) - Contract liabilities of $15.6 million and $16.1 million are included in other current liabilities and other deferred credits, respectively, in our Consolidated Balance Sheets.

(b) - Contract liabilities of $30.4 million and $20.5 million are included in other current liabilities and other deferred credits, respectively, in our Consolidated Balance Sheets.

Receivables from Customers and Revenue Disaggregation - Substantially all of the balances in accounts receivable on our Consolidated Balance Sheets at June 30, 2019, and December 31, 2018, relate to customer receivables. Revenues sources are disaggregated in Note M.

Practical Expedients - We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) variable consideration on contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed.

Transaction Price Allocated to Unsatisfied Performance Obligations - The following table presents aggregate value allocated to unsatisfied performance obligations as of June 30, 2019, and the amounts we expect to recognize in revenue in future periods, related primarily to firm transportation and storage contracts with remaining contract terms ranging from one month to 25 years:



Expected Period of Recognition in Revenue	(Millions of dollars)
Remainder of 2019	$	182.7
2020	326.9
2021	279.6
2022	226.5
2023 and beyond	937.6
Total estimated transaction price allocated to unsatisfied performance obligations	$	1,953.3

The table above excludes variable consideration allocated entirely to wholly unsatisfied performance obligations, wholly unsatisfied promises to transfer distinct goods or services that are part of a single performance obligation and consideration we determine to be fully constrained. The amounts we determined to be fully constrained relate to future sales obligations under long-term sales contracts where the transaction price is not known and minimum volume agreements, which we consider to be fully constrained until invoiced.