XML 44 R32.htm IDEA: XBRL DOCUMENT v3.23.3
REVENUES (Tables)
 9 Months Ended
Sep. 30, 2023
Revenue from Contract with Customer [Abstract]  
Contract with Customer, Asset and Liability The following table sets forth the balances in contract liabilities for the periods indicated:
Contract Liabilities
(Millions of dollars)
Balance at December 31, 2022 (a)$52 
Revenue recognized included in beginning balance(22)
Net additions (b)141 
Balance at September 30, 2023 (c)$171 
(a) - Contract liabilities of $23 million and $29 million are included in other current liabilities and other deferred credits, respectively, in our Consolidated Balance Sheet.
(b) - Net additions include increases due to the Magellan Acquisition, which are primarily related to customer prepayments for services.
(c) - Contract liabilities of $128 million and $43 million are included in the other current liabilities and other deferred credits, respectively in our Consolidated Balance Sheet.
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
The following table presents aggregate value allocated to unsatisfied performance obligations as of September 30, 2023, 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 21 years:
Expected Period of Recognition in Revenue
(Millions of dollars)
Remainder of 2023$291 
20241,125 
2025873 
2026708 
2027 and beyond2,281 
Total $5,278