v3.19.2
Revenue from Contract with Customers (Tables)
 6 Months Ended
Jun. 30, 2019
Revenue from Contract with Customer [Abstract]  
Revenue from External Customers by Products and Services
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 June 30, 2018
 
 
Refined Products
 
Crude Oil
 
Marine Storage
 
Intersegment Eliminations
 
Total
Transportation
 
$
184,596

 
$
84,755

 
$
—

 
$
—

 
$
269,351

Terminalling
 
50,574

 
—

 
592

 
—

 
51,166

Storage
 
24,969

 
28,536

 
33,319

 
(915
)
 
85,909

Ancillary services
 
28,459

 
8,199

 
6,037

 
—

 
42,695

Lease revenue
 
2,466

 
16,463

 
4,198

 
—

 
23,127

Transportation and terminals revenue
 
291,064

 
137,953

 
44,146

 
(915
)
 
472,248

Product sales revenue
 
150,934

 
13,282

 
2,581

 
—

 
166,797

Affiliate management fee revenue
 
352

 
3,849

 
845

 
—

 
5,046

Total revenue
 
442,350

 
155,084

 
47,572

 
(915
)
 
644,091

Revenue not under the guidance of ASC 606, Revenue from Contracts with Customers:
 

 

 

 
 
 

Lease revenue(1)
 
(2,466
)
 
(16,463
)
 
(4,198
)
 
—

 
(23,127
)
Losses from futures contracts included in product sales revenue(2)
 
34,840

 
3,570

 
—

 
—

 
38,410

Affiliate management fee revenue
 
(352
)
 
(3,849
)
 
(845
)
 
—

 
(5,046
)
Total revenue from contracts with customers under ASC 606
 
$
474,372

 
$
138,342

 
$
42,529

 
$
(915
)
 
$
654,328


(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 June 30, 2019
 
 
Refined Products
 
Crude Oil
 
Marine Storage
 
Intersegment Eliminations
 
Total
Transportation
 
$
201,173

 
$
91,534

 
$
—

 
$
—

 
$
292,707

Terminalling
 
48,554

 
4,723

 
690

 
—

 
53,967

Storage
 
25,471

 
34,972

 
34,485

 
(1,341
)
 
93,587

Ancillary services
 
28,128

 
6,611

 
6,581

 
—

 
41,320

Lease revenue
 
2,889

 
17,729

 
4,206

 
—

 
24,824

Transportation and terminals revenue
 
306,215

 
155,569

 
45,962

 
(1,341
)
 
506,405

Product sales revenue
 
183,211

 
5,295

 
1,483

 
—

 
189,989

Affiliate management fee revenue
 
470

 
3,646

 
1,189

 
—

 
5,305

Total revenue
 
489,896

 
164,510

 
48,634

 
(1,341
)
 
701,699

Revenue not under the guidance of ASC 606, Revenue from Contracts with Customers:
 
 
 
 
 
 
 
 
 
 
Lease revenue(1)
 
(2,889
)
 
(17,729
)
 
(4,206
)
 
—

 
(24,824
)
(Gains) losses from futures contracts included in product sales revenue(2)
 
4,713

 
(95
)
 
—

 
—

 
4,618

Affiliate management fee revenue
 
(470
)
 
(3,646
)
 
(1,189
)
 
—

 
(5,305
)
Total revenue from contracts with customers under ASC 606
 
$
491,250

 
$
143,040

 
$
43,239

 
$
(1,341
)
 
$
676,188


(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.
 
 
Six Months Ended June 30, 2018
 
 
Refined Products
 
Crude Oil
 
Marine Storage
 
Intersegment Eliminations
 
Total
Transportation
 
$
351,498

 
$
163,878

 
$
—

 
$
—

 
$
515,376

Terminalling
 
89,922

 
—

 
1,304

 
—

 
91,226

Storage
 
50,216

 
58,526

 
67,530

 
(1,830
)
 
174,442

Ancillary services
 
54,247

 
13,234

 
13,071

 
—

 
80,552

Lease revenue
 
5,575

 
28,573

 
8,441

 
—

 
42,589

Transportation and terminals revenue
 
551,458

 
264,211

 
90,346

 
(1,830
)
 
904,185

Product sales revenue
 
383,708

 
19,721

 
4,960

 
—

 
408,389

Affiliate management fee revenue
 
649

 
7,865

 
1,782

 
—

 
10,296

Total revenue
 
935,815

 
291,797

 
97,088

 
(1,830
)
 
1,322,870

Revenue not under the guidance of ASC 606, Revenue from Contracts with Customers:
 
 
 
 
 
 
 
 
 
 
Lease revenue(1)
 
(5,575
)
 
(28,573
)
 
(8,441
)
 
—

 
(42,589
)
Losses from futures contracts included in product sales revenue(2)
 
40,305

 
5,480

 
—

 
—

 
45,785

Affiliate management fee revenue
 
(649
)
 
(7,865
)
 
(1,782
)
 
—

 
(10,296
)
Total revenue from contracts with customers under ASC 606
 
$
969,896

 
$
260,839

 
$
86,865

 
$
(1,830
)
 
$
1,315,770


(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.

 
 
Six Months Ended June 30, 2019
 
 
Refined Products
 
Crude Oil
 
Marine Storage
 
Intersegment Eliminations
 
Total
Transportation
 
$
372,200

 
$
176,692

 
$
—

 
$
—

 
$
548,892

Terminalling
 
88,952

 
9,969

 
1,589

 
—

 
100,510

Storage
 
51,910

 
69,290

 
69,703

 
(2,279
)
 
188,624

Ancillary services
 
54,024

 
12,632

 
13,466

 
—

 
80,122

Lease revenue
 
6,134

 
34,594

 
8,321

 
—

 
49,049

Transportation and terminals revenue
 
573,220

 
303,177

 
93,079

 
(2,279
)
 
967,197

Product sales revenue
 
338,367

 
11,008

 
3,609

 
—

 
352,984

Affiliate management fee revenue
 
882

 
7,132

 
2,439

 
—

 
10,453

Total revenue
 
912,469

 
321,317

 
99,127

 
(2,279
)
 
1,330,634

Revenue not under the guidance of ASC 606, Revenue from Contracts with Customers:
 
 
 
 
 
 
 
 
 
 
Lease revenue(1)
 
(6,134
)
 
(34,594
)
 
(8,321
)
 
—

 
(49,049
)
Losses from futures contracts included in product sales revenue(2)
 
56,822

 
2,307

 
—

 
—

 
59,129

Affiliate management fee revenue
 
(882
)
 
(7,132
)
 
(2,439
)
 
—

 
(10,453
)
Total revenue from contracts with customers under ASC 606
 
$
962,275

 
$
281,898

 
$
88,367

 
$
(2,279
)
 
$
1,330,261


(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.
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):
 
 
December 31, 2018
 
June 30, 2019
Accounts receivable from contracts with customers
 
$
102,684

 
$
134,506

Contract assets
 
$
8,487

 
$
8,226

Contract liabilities
 
$
122,129

 
$
115,692
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
The following table provides the aggregate amount of the transaction price allocated to our unfulfilled performance obligations (“UPOs”) as of June 30, 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 June 30, 2019
 
$
2,052,375

 
$
1,244,128

 
$
221,848

 
$
3,518,351

Remaining terms
 
1 - 19 years

 
1 - 10 years

 
1 - 5 years

 
 
Estimated revenues from UPOs to be recognized in the next 12 months
 
$
273,714

 
$
330,830

 
$
114,166

 
$
718,710