v3.19.3.a.u2

REVENUE FROM CONTRACTS WITH CUSTOMERS | 12 Months Ended
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Dec. 31, 2019
Revenue from Contract with Customer [Abstract] |
Revenue from Contracts with Customers | REVENUE FROM CONTRACTS WITH CUSTOMERS Transition On January 1, 2018, we adopted ASC Topic 606 using the modified retrospective method and applied ASC Topic 606 to all revenue contracts with customers. Results for reporting periods beginning January 1, 2018 are presented under ASC Topic 606. In accordance with the modified retrospective approach, prior period amounts were not adjusted and are reported under ASC Topic 605, “Revenue Recognition.” The adoption of ASC Topic 606 affected our consolidated statements of (loss) income as follows:
| As Reported |  | Without Adoption of ASC Topic 606 |  | Effect of Change Higher/(Lower)
| (Thousands of Dollars, Except Per Unit Data)
For the year ended December 31, 2018: |  |  |  |  |
Revenues | $ | 1,520,262 |  |  | $ | 1,526,447 |  |  | $ | (6,185 | )
Operating income | $ | 335,728 |  |  | $ | 341,913 |  |  | $ | (6,185 | )
Income from continuing operations | $ | 146,375 |  |  | $ | 152,560 |  |  | $ | (6,185 | )
Basic net loss per common unit from continuing operations | $ | (3.34 | ) |  | $ | (3.27 | ) |  | $ | (0.07 | )
Contract Assets and Contract Liabilities The following table provides information about contract assets and contract liabilities from contracts with customers:
| 2019 |  | 2018
| Contract Assets |  | Contract Liabilities |  | Contract Assets |  | Contract Liabilities
| (Thousands of Dollars) |  | (Thousands of Dollars)
Balances as of January 1: |  |  |  |  |  |  |
Current portion | $ | 2,066 |  |  | $ | (21,579 | ) |  | $ | 1,956 |  |  | $ | (13,801 | )
Noncurrent portion | 539 |  |  | (38,945 | ) |  | 171 |  |  | (46,361 | )
Held for sale | — |  |  | (25,357 | ) |  | — |  |  | (302 | )
Total | 2,605 |  |  | (85,881 | ) |  | 2,127 |  |  | (60,464 | )
Activity: |  |  |  |  |  |  |
Additions | 4,890 |  |  | (52,957 | ) |  | 3,281 |  |  | (83,243 | )
Transfer to accounts receivable | (4,352 | ) |  | — |  |  | (2,803 | ) |  | — |
Transfer to revenues, including amounts reported in discontinued operations | — |  |  | 77,466 |  |  | — |  |  | 57,826 |
Total | 538 |  |  | 24,509 |  |  | 478 |  |  | (25,417 | )
Balances as of December 31: |  |  |  |  |  |  |
Current portion | 2,140 |  |  | (21,083 | ) |  | 2,066 |  |  | (21,579 | )
Noncurrent portion | 1,003 |  |  | (40,289 | ) |  | 539 |  |  | (38,945 | )
Held for sale | — |  |  | — |  |  | — |  |  | (25,357 | )
Total | $ | 3,143 |  |  | $ | (61,372 | ) |  | $ | 2,605 |  |  | $ | (85,881 | )
Contract assets relate to performance obligations satisfied in advance of scheduled billings. Current contract assets are included in “Other current assets” and noncurrent contract assets are included in “Other long-term assets, net” on the consolidated balance sheets. Contract liabilities relate to payments received in advance of satisfying performance obligations under a contract, which mainly result from contracts with an incentive pricing structure, CIAC payments and contracts with MVCs. Current contract liabilities are included in “Accrued liabilities” or “Liabilities held for sale” and noncurrent contract liabilities are included in “Other long-term liabilities” on the consolidated balance sheets. In the third quarter of 2018, we entered into an agreement whereby our customer transferred ownership of crude oil to us, and we agreed to sell the crude oil and apply the proceeds as a non-refundable, one-time payment of storage fees. At the time of the agreement, we recognized a contract liability of $37.5 million. We recognized all the revenue associated with this contract liability by the end of 2019. In the second quarter of 2018, one customer for whom we had recorded a contract liability to perform future services elected not to extend the term of its terminal storage contract, thus reducing our future performance obligation. As a result, we adjusted the related contract liability and recognized $9.0 million in revenue. Remaining Performance Obligations The following table presents our estimated revenue from contracts with customers for remaining performance obligations that has not yet been recognized, representing our contractually committed revenue as of December 31, 2019 (in thousands of dollars):
2020 |  | $ | 529,830 |
2021 |  | 376,500 |
2022 |  | 310,632 |
2023 |  | 236,853 |
2024 |  | 175,358 |
Thereafter |  | 255,808 |
Total |  | $ | 1,884,981 |
Our contractually committed revenue, for purposes of the tabular presentation above, is generally limited to customer contracts that have fixed pricing and fixed volume terms and conditions, generally including contracts with MVC payment obligations. Disaggregation of Revenues The following table disaggregates our revenues:
| Year Ended December 31,
| 2019 |  | 2018 |  | 2017
| (Thousands of Dollars)
Pipeline segment: |  |  |  |  |
Crude oil pipelines | $ | 316,417 |  |  | $ | 248,261 |  |  | $ | 187,874 |
Refined products and ammonia pipelines (excluding lessor revenues) | 376,588 |  |  | 362,750 |  |  | 328,414 |
Total pipeline segment revenues from contracts with customers | 693,005 |  |  | 611,011 |  |  | 516,288 |
Lessor revenues | 8,825 |  |  | 54 |  |  | — |
Total pipeline segment revenues | 701,830 |  |  | 611,065 |  |  | 516,288 |
Storage segment: |  |  |  |  |
Throughput terminals | 114,243 |  |  | 83,157 |  |  | 85,927 |
Storage terminals (excluding lessor revenues) | 298,984 |  |  | 320,582 |  |  | 317,963 |
Total storage segment revenues from contracts with customers | 413,227 |  |  | 403,739 |  |  | 403,890 |
Lessor revenues | 40,774 |  |  | 39,849 |  |  | 39,126 |
Total storage segment revenues | 454,001 |  |  | 443,588 |  |  | 443,016 |
Fuels marketing segment: |  |  |  |  |
Revenues from contracts with customers | 342,215 |  |  | 465,651 |  |  | 489,807 |
Consolidation and intersegment eliminations | (25 | ) |  | (42 | ) |  | (4,339 | )
Total revenues | $ | 1,498,021 |  |  | $ | 1,520,262 |  |  | $ | 1,444,772 |

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- References No definition available. + Details
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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 + Details
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