v3.22.1

Revenue from Contracts with Customers | 3 Months Ended
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Mar. 31, 2022
Revenue from Contract with Customer [Abstract] |
Revenue from Contracts with Customers | 2. REVENUE FROM CONTRACTS WITH CUSTOMERS The following table summarizes revenue from contracts with customers:
|  |  |  | Three Months Ended March 31, |  |
thousands |  |  |  |  |  | 2022 |  | 2021 |  |
Revenue from customers |  |  |  |  |  |  |  |  |  |
Service revenues – fee based |  |  |  |  |  | $ | 631,598 |  |  | $ | 529,413 |  |  |
Service revenues – product based |  |  |  |  |  | 40,867 |  |  | 31,652 |  |  |
Product sales |  |  |  |  |  | 85,589 |  |  | 70,805 |  |  |
Total revenue from customers |  |  |  |  |  | 758,054 |  |  | 631,870 |  |
Revenue from other than customers |  |  |  |  |  |  |  |  |  |
Lease revenue (1) |  |  |  |  |  | — |  |  | 42,862 |  |  |
Other |  |  |  |  |  | 243 |  |  | 242 |  |  |
Total revenues and other |  |  |  |  |  | $ | 758,297 |  |  | $ | 674,974 |  |  |
_________________________________________________________________________________________ (1)Includes fixed- and variable-lease revenue from an operating and maintenance agreement entered into with Occidental. See Operating leases within Note 5. Contract balances. Receivables from customers, which are included in Accounts receivable, net on the consolidated balance sheets were $589.5 million and $424.6 million as of March 31, 2022 and December 31, 2021, respectively. Contract assets primarily relate to (i) revenue accrued but not yet billed under cost-of-service contracts with fixed and variable fees and (ii) accrued deficiency fees the Partnership expects to charge customers once the related performance periods are completed. The following table summarizes activity related to contract assets from contracts with customers:
thousands |  |  |  |
Contract assets balance at December 31, 2021 |  | $ | 22,557 |  |  |
Amounts transferred to Accounts receivable, net that were included in the contract assets balance at the beginning of the period |  | (208) |  |  |
Additional estimated revenues recognized |  | 6,553 |  |  |
Contract assets balance at March 31, 2022 |  | $ | 28,902 |  |  |
Contract assets at March 31, 2022 |  |  |  |
Other current assets |  | $ | 10,897 |  |  |
Other assets |  | 18,005 |  |  |
Total contract assets from contracts with customers |  | $ | 28,902 |  |  |
2. REVENUE FROM CONTRACTS WITH CUSTOMERS Contract liabilities primarily relate to (i) fixed and variable fees under cost-of-service contracts that are received from customers for which revenue recognition is deferred, (ii) aid-in-construction payments received from customers that must be recognized over the expected period of customer benefit, and (iii) fees that are charged to customers for only a portion of the contract term and must be recognized as revenues over the expected period of customer benefit. The following table summarizes activity related to contract liabilities from contracts with customers:
thousands |  |  |  |
Contract liabilities balance at December 31, 2021 |  | $ | 313,146 |  |  |
Cash received or receivable, excluding revenues recognized during the period |  | 8,245 |  |  |
Revenues recognized that were included in the contract liability balance at the beginning of the period |  | (11,241) |  |  |
Contract liabilities balance at March 31, 2022 |  | $ | 310,150 |  |  |
Contract liabilities at March 31, 2022 |  |  |  |
Accrued liabilities |  | $ | 8,924 |  |  |
Other liabilities |  | 301,226 |  |  |
Total contract liabilities from contracts with customers |  | $ | 310,150 |  |  |
Transaction price allocated to remaining performance obligations. Revenues expected to be recognized from certain performance obligations that are unsatisfied (or partially unsatisfied) as of March 31, 2022, are presented in the following table. The Partnership applies the optional exemptions in Revenue from Contracts with Customers (Topic 606) and does not disclose consideration for remaining performance obligations with an original expected duration of one year or less or for variable consideration related to unsatisfied (or partially unsatisfied) performance obligations. Therefore, the following table represents only a portion of expected future revenues from existing contracts as most future revenues from customers are dependent on future variable customer volumes and, in some cases, variable commodity prices for those volumes.
thousands |  |
Remainder of 2022 |  | $ | 824,085 |
2023 |  | 1,047,028 |
2024 |  | 1,021,224 |
2025 |  | 937,443 |
2026 |  | 809,384 |
Thereafter |  | 2,177,567 |
Total |  | $ | 6,816,731 |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 + Details
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