Revenue from Contract with Customers (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
|---|
| Revenue from Contract with Customer [Abstract] |
|
| Schedule of Prospective Adoption of New Accounting Pronouncements |
The table below provides the amount by which financial statement line items are affected in the current reporting period by the application of the new revenue standard, as compared with the guidance that was in effect before the change (in thousands): | | | | | | | | | | | | | | | | As Reported | | Amounts without adoption of ASC 606 | | Effect of Change Higher/(Lower) | Statements of Income: | | | | | | | | | Year Ended December 31, 2018 | Transportation and terminals revenue | | $ | 1,878,988 |
| | $ | 1,871,471 |
| | $ | 7,517 |
| Depreciation, amortization and impairment | | $ | 265,077 |
| | $ | 264,733 |
| | $ | 344 |
| | | | | | | | Balance Sheet: | | | | | | | | | As of December 31, 2018 | Assets: | | | | | | | Property, plant and equipment | | $ | 7,628,592 |
| | $ | 7,610,591 |
| | $ | 18,001 |
| Accumulated depreciation | | 1,830,411 |
| | 1,829,742 |
| | 669 |
| Net property, plant and equipment | | $ | 5,798,181 |
| | $ | 5,780,849 |
| | $ | 17,332 |
| Investments in non-controlled entities | | $ | 1,076,306 |
| | $ | 1,075,805 |
| | $ | 501 |
| Liabilities: | | | |
| | | Deferred revenue | | $ | 121,085 |
| | $ | 125,717 |
| | $ | (4,632 | ) | Other noncurrent liabilities | | $ | 82,240 |
| | $ | 72,922 |
| | $ | 9,318 |
| Partners’ capital: | | | |
| | | Limited partner unitholders | | $ | 2,763,925 |
| | $ | 2,750,778 |
| | $ | 13,147 |
|
|
| Revenue |
The following tables provide details of our revenues disaggregated by key activities that comprise our performance obligations by operating segment (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2018 | | | Refined Products | | Crude Oil | | Marine Storage | | Intersegment Eliminations | | Total | Transportation | | $ | 749,266 |
| | $ | 337,690 |
| | $ | — |
| | $ | — |
| | $ | 1,086,956 |
| Terminalling | | 179,999 |
| | 6,365 |
| | 2,649 |
| | — |
| | 189,013 |
| Storage | | 100,564 |
| | 119,606 |
| | 135,963 |
| | (3,691 | ) | | 352,442 |
| Ancillary services | | 111,009 |
| | 25,590 |
| | 25,674 |
| | — |
| | 162,273 |
| Lease revenue | | 11,142 |
| | 60,598 |
| | 16,564 |
| | — |
| | 88,304 |
| Transportation and terminals revenue | | 1,151,980 |
| | 549,849 |
| | 180,850 |
| | (3,691 | ) | | 1,878,988 |
| Product sales revenue | | 872,144 |
| | 46,767 |
| | 8,309 |
| | — |
| | 927,220 |
| Affiliate management fee revenue | | 1,512 |
| | 14,832 |
| | 4,021 |
| | — |
| | 20,365 |
| Total revenue | | 2,025,636 |
| | 611,448 |
| | 193,180 |
| | (3,691 | ) | | 2,826,573 |
| Revenue not under the guidance of ASC 606: | | | | | | | | | | | Lease revenue(1) | | (11,142 | ) | | (60,598 | ) | | (16,564 | ) | | — |
| | (88,304 | ) | (Gains) losses from futures contracts included in product sales revenue(2) | | (85,643 | ) | | 632 |
| | — |
| | — |
| | (85,011 | ) | Affiliate management fee revenue | | (1,512 | ) | | (14,832 | ) | | (4,021 | ) | | — |
| | (20,365 | ) | Total revenue from contracts with customers under ASC 606 | | $ | 1,927,339 |
| | $ | 536,650 |
| | $ | 172,595 |
| | $ | (3,691 | ) | | $ | 2,632,893 |
|
(1) Lease revenue is accounted for under ASC 840, Leases. (2) The impact on product sales revenue from futures contracts falls under the guidance of ASC 815, Derivatives and Hedging.
|
| Contract with Customer, Asset and Liability |
The following table summarizes our accounts receivable, contract assets and contract liabilities resulting from contracts with customers (in thousands): | | | | | | | | | | | | January 1, 2018 | | December 31, 2018 | Accounts receivable from contracts with customers | | $ | 133,084 |
| | $ | 102,684 |
| Contract assets | | $ | 8,615 |
| | $ | 8,487 |
| Contract liabilities | | $ | 106,933 |
| | $ | 122,129 |
|
|
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction |
The following table provides the aggregate amount of the transaction price allocated to our UPOs as of December 31, 2018 by operating segment, including the range of years remaining on our contracts with customers and an estimate of revenues expected to be recognized over the next 12 months (dollars in thousands): | | | | | | | | | | | | | | | | | | | | Refined Products | | Crude Oil | | Marine Storage | | Total | Balances at December 31, 2018 | | $ | 2,116,460 |
| | $ | 1,310,734 |
| | $ | 323,627 |
| | $ | 3,750,821 |
| Remaining terms | | 1 - 20 years |
| | 1 - 10 years |
| | 1 - 6 years |
| | | Estimated revenues from UPOs to be recognized in the next 12 months | | $ | 286,224 |
| | $ | 318,919 |
| | $ | 150,171 |
| | $ | 755,314 |
|
|