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REVENUES (Tables) | 12 Months Ended
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Dec. 31, 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 January 1, 2022 |  | $ | 51 |
Revenue recognized included in beginning balance |  | (36) |
Net additions |  | 37 |
Balance at December 31, 2022 (a) |  | 52 |
Revenue recognized included in beginning balance |  | (23) |
Net additions (b) |  | 121 |
Balance at December 31, 2023 (c) |  | $ | 150 |
(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 $104 million and $46 million are included in 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 December 31, 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 20 years:
Expected Period of Recognition in Revenue |  | (Millions of dollars)
2024 |  | $ | 1,174 |
2025 |  | 920 |
2026 |  | 764 |
2027 |  | 671 |
2028 and beyond |  | 1,912 |
Total estimated transaction price allocated to unsatisfied performance obligations |  | $ | 5,441 |

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- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-10 + Details
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- Definition Tabular disclosure of expected timing for satisfying remaining performance obligation. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(1) -SubTopic 10 -Topic 606 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-13 + Details
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