v3.20.4
REVENUE FROM CONTRACTS WITH CUSTOMERS
 12 Months Ended
Dec. 31, 2020
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers REVENUE FROM CONTRACTS WITH CUSTOMERS
Contract Assets and Contract Liabilities
The following table provides information about contract assets and contract liabilities from contracts with customers:
202020192018
Contract AssetsContract LiabilitiesContract AssetsContract LiabilitiesContract AssetsContract Liabilities
(Thousands of Dollars)
Balances as of January 1:
Current portion$2,140 $(21,083)$2,066 $(21,579)$1,956 $(13,801)
Noncurrent portion1,003 (40,289)539 (38,945)171 (46,361)
Held for sale— — — (25,357)— (302)
Total3,143 (61,372)2,605 (85,881)2,127 (60,464)
Activity:
Additions5,686 (69,830)4,890 (52,957)3,281 (83,243)
Transfer to accounts receivable(4,828)— (4,352)— (2,803)— 
Transfer to revenues, including amounts reported in discontinued operations
(375)61,646 — 77,466 — 57,826 
Total483 (8,184)538 24,509 478 (25,417)
Balances as of December 31:
Current portion2,694 (22,019)2,140 (21,083)2,066 (21,579)
Noncurrent portion932 (47,537)1,003 (40,289)539 (38,945)
Held for sale— — — — — (25,357)
Total$3,626 $(69,556)$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, 2020 (in thousands of dollars):
2021$486,339 
2022354,666 
2023261,205 
2024184,862 
2025128,279 
Thereafter173,917 
Total$1,589,268 

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,
202020192018
(Thousands of Dollars)
Pipeline segment:
Crude oil pipelines$329,105 $316,417 $248,261 
Refined products and ammonia pipelines (excluding lessor revenues)387,793 376,588 362,750 
Total pipeline segment revenues from contracts with customers
716,898 693,005 611,011 
Lessor revenues1,925 8,825 54 
Total pipeline segment revenues718,823 701,830 611,065 
Storage segment:
Throughput terminals136,632 114,243 83,157 
Storage terminals (excluding lessor revenues)316,496 298,984 320,582 
Total storage segment revenues from contracts with customers
453,128 413,227 403,739 
Lessor revenues41,314 40,774 39,849 
Total storage segment revenues494,442 454,001 443,588 
Fuels marketing segment:
Revenues from contracts with customers
268,345 342,215 465,651 
Consolidation and intersegment eliminations(46)(25)(42)
Total revenues$1,481,564 $1,498,021 $1,520,262