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REVENUES (Tables)
 12 Months Ended
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 additions37 
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 
2025920 
2026764 
2027671 
2028 and beyond1,912 
Total estimated transaction price allocated to unsatisfied performance obligations$5,441