Revenue from Contracts with Customers

Statement of Income Disclosures

The following tables provide details of our revenues disaggregated by key activities that comprise our performance obligations by operating segment (in thousands):



	Three Months Ended March 31, 2018
	Refined Products			Crude Oil			Marine Storage			Intersegment Eliminations			Total
Transportation	$	166,902		$	79,123		$	—		$	—		$	246,025
Terminalling	39,348			—			712			—			40,060
Storage	25,247			29,990			34,211			(915		)	88,533
Ancillary services	25,788			5,035			7,034			—			37,857
Lease revenue	3,109			12,110			4,243			—			19,462
Transportation and terminals revenue	260,394			126,258			46,200			(915		)	431,937
Product sales revenue	232,774			6,439			2,379			—			241,592
Affiliate management fee revenue	297			4,016			937			—			5,250
Total revenue	493,465			136,713			49,516			(915		)	678,779
Revenue not under the guidance of ASC 606:
Lease revenue⁽¹⁾	(3,109		)	(12,110		)	(4,243		)	—			(19,462		)
Losses from futures contracts included in product sales revenue⁽²⁾	5,465			1,910			—			—			7,375
Affiliate management fee revenue	(297		)	(4,016		)	(937		)	—			(5,250		)
Total revenue from contracts with customers under ASC 606	$	495,524		$	122,497		$	44,336		$	(915	)	$	661,442

⁽¹⁾Lease revenue in 2018 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.



	Three Months Ended March 31, 2019
	Refined Products			Crude Oil			Marine Storage			Intersegment Eliminations			Total
Transportation	$	171,027		$	85,158		$	—		$	—		$	256,185
Terminalling	40,398			5,246			899			—			46,543
Storage	26,439			34,318			35,218			(938		)	95,037
Ancillary services	25,896			6,021			6,885			—			38,802
Lease revenue	3,245			16,865			4,115			—			24,225
Transportation and terminals revenue	267,005			147,608			47,117			(938		)	460,792
Product sales revenue	155,156			5,713			2,126			—			162,995
Affiliate management fee revenue	412			3,486			1,250			—			5,148
Total revenue	422,573			156,807			50,493			(938		)	628,935
Revenue not under the guidance of ASC 606:
Lease revenue⁽¹⁾	(3,245		)	(16,865		)	(4,115		)	—			(24,225		)
Losses from futures contracts included in product sales revenue⁽²⁾	52,109			2,402			—			—			54,511
Affiliate management fee revenue	(412		)	(3,486		)	(1,250		)	—			(5,148		)
Total revenue from contracts with customers under ASC 606	$	471,025		$	138,858		$	45,128		$	(938	)	$	654,073

⁽¹⁾Lease revenue in 2019 is accounted for under ASC 842, Leases.

⁽²⁾ The impact on product sales revenue from futures contracts falls under the guidance of ASC 815, Derivatives and Hedging.

Balance Sheet Disclosures

The following table summarizes our accounts receivable, contract assets and contract liabilities resulting from contracts with customers (in thousands):



	December 31, 2018		March 31, 2019
Accounts receivable from contracts with customers	$	102,684	$	130,257
Contract assets	$	8,487	$	8,618
Contract liabilities	$	122,129	$	124,439

For the three months ended March 31, 2019, we recognized $70.2 million of transportation and terminals revenue that was recorded in deferred revenue as of December 31, 2018.

Unfulfilled Performance Obligations

The following table provides the aggregate amount of the transaction price allocated to our unfulfilled performance obligations (“UPOs”) as of March 31, 2019 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 3/31/2019	$	2,082,007	$	1,270,411	$	239,820	$	3,592,238
Remaining terms	1 - 19 years		1 - 10 years		1 - 5 years
Estimated revenues from UPOs to be recognized in the next 12 months	$	289,218	$	327,365	$	115,727	$	732,310