v3.20.2
Revenue from Contract with Customers (Tables)
 6 Months Ended
Jun. 30, 2020
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, 2019
 
 
Refined Products
 
Crude Oil
 
Intersegment Eliminations
 
Total
Transportation
 
$
201,175

 
$
91,532

 
$
—

 
$
292,707

Terminalling
 
49,243

 
4,724

 
—

 
53,967

Storage
 
55,717

 
39,211

 
(1,341
)
 
93,587

Ancillary services
 
34,401

 
6,919

 
—

 
41,320

Lease revenue
 
7,094

 
17,730

 
—

 
24,824

Transportation and terminals revenue
 
347,630

 
160,116

 
(1,341
)
 
506,405

Product sales revenue
 
184,695

 
5,294

 
—

 
189,989

Affiliate management fee revenue
 
1,659

 
3,646

 
—

 
5,305

Total revenue
 
533,984

 
169,056

 
(1,341
)
 
701,699

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

 

 
 
 

Lease revenue(1)
 
(7,094
)
 
(17,730
)
 
—

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

 
(95
)
 
—

 
4,618

Affiliate management fee revenue
 
(1,659
)
 
(3,646
)
 
—

 
(5,305
)
Total revenue from contracts with customers under ASC 606
 
$
529,944

 
$
147,585

 
$
(1,341
)
 
$
676,188


(1) Lease revenue is accounted for under Accounting Standards Codification (“ASC”) 842, 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, 2020
 
 
Refined Products
 
Crude Oil
 
Intersegment Eliminations
 
Total
Transportation
 
$
160,282

 
$
57,550

 
$
—

 
$
217,832

Terminalling
 
36,303

 
480

 
—

 
36,783

Storage
 
50,726

 
44,709

 
(1,581
)
 
93,854

Ancillary services
 
28,678

 
12,105

 
—

 
40,783

Lease revenue
 
3,770

 
18,793

 
—

 
22,563

Transportation and terminals revenue
 
279,759

 
133,637

 
(1,581
)
 
411,815

Product sales revenue
 
34,463

 
8,814

 
—

 
43,277

Affiliate management fee revenue
 
1,513

 
3,803

 
—

 
5,316

Total revenue
 
315,735

 
146,254

 
(1,581
)
 
460,408

Revenue not under the guidance of ASC 606, Revenue from Contracts with Customers:
 
 
 
 
 
 
 
 
Lease revenue(1)
 
(3,770
)
 
(18,793
)
 
—

 
(22,563
)
(Gains) losses from futures contracts included in product sales revenue(2)
 
24,434

 
2,321

 
—

 
26,755

Affiliate management fee revenue
 
(1,513
)
 
(3,803
)
 
—

 
(5,316
)
Total revenue from contracts with customers under ASC 606
 
$
334,886

 
$
125,979

 
$
(1,581
)
 
$
459,284


(1) Lease revenue 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, 2019
 
 
Refined Products
 
Crude Oil
 
Intersegment Eliminations
 
Total
Transportation
 
$
372,202

 
$
176,690

 
$
—

 
$
548,892

Terminalling
 
90,540

 
9,970

 
—

 
100,510

Storage
 
113,093

 
77,810

 
(2,279
)
 
188,624

Ancillary services
 
66,912

 
13,210

 
—

 
80,122

Lease revenue
 
14,454

 
34,595

 
—

 
49,049

Transportation and terminals revenue
 
657,201

 
312,275

 
(2,279
)
 
967,197

Product sales revenue
 
341,977

 
11,007

 
—

 
352,984

Affiliate management fee revenue
 
3,321

 
7,132

 
—

 
10,453

Total revenue
 
1,002,499

 
330,414

 
(2,279
)
 
1,330,634

Revenue not under the guidance of ASC 606, Revenue from Contracts with Customers:
 
 
 
 
 
 
 
 
Lease revenue(1)
 
(14,454
)
 
(34,595
)
 
—

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

 
2,307

 
—

 
59,129

Affiliate management fee revenue
 
(3,321
)
 
(7,132
)
 
—

 
(10,453
)
Total revenue from contracts with customers under ASC 606
 
$
1,041,546

 
$
290,994

 
$
(2,279
)
 
$
1,330,261

 
 
 
 
 
 
 
 
 
(1) Lease revenue 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, 2020
 
 
Refined Products
 
Crude Oil
 
Intersegment Eliminations
 
Total
Transportation
 
$
336,287

 
$
134,665

 
$
—

 
$
470,952

Terminalling
 
76,689

 
3,019

 
—

 
79,708

Storage
 
108,252

 
83,560

 
(3,163
)
 
188,649

Ancillary services
 
60,918

 
19,950

 
—

 
80,868

Lease revenue
 
11,932

 
38,101

 
—

 
50,033

Transportation and terminals revenue
 
594,078

 
279,295

 
(3,163
)
 
870,210

Product sales revenue
 
347,449

 
14,948

 
—

 
362,397

Affiliate management fee revenue
 
3,097

 
7,510

 
—

 
10,607

Total revenue
 
944,624

 
301,753

 
(3,163
)
 
1,243,214

Revenue not under the guidance of ASC 606, Revenue from Contracts with Customers:
 
 
 
 
 
 
 
 
Lease revenue(1)
 
(11,932
)
 
(38,101
)
 
—

 
(50,033
)
(Gains) losses from futures contracts included in product sales revenue(2)
 
(96,613
)
 
(401
)
 
—

 
(97,014
)
Affiliate management fee revenue
 
(3,097
)
 
(7,510
)
 
—

 
(10,607
)
Total revenue from contracts with customers under ASC 606
 
$
832,982

 
$
255,741

 
$
(3,163
)
 
$
1,085,560

 
 
 
 
 
 
 
 
 
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, 2019
 
June 30, 2020
Accounts receivable from contracts with customers
 
$
124,701

 
$
92,745

Contract assets
 
$
8,071

 
$
15,166

Contract liabilities
 
$
111,670

 
$
112,064
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, 2020 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
 
Total
Balances at June 30, 2020
 
$
2,136,926

 
$
1,292,941

 
$
3,429,867

Remaining terms
 
1 - 18 years

 
1 - 12 years

 
 
Estimated revenues from UPOs to be recognized in the next 12 months
 
$
375,549

 
$
279,881

 
$
655,430