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	)



	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.

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):

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.



	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