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Revenues (Tables)
 12 Months Ended
Dec. 31, 2018
Revenues [Abstract]  
Revenues by Business Segment and Revenue Type
We classify our revenues into sales of products and midstream services.  Product sales relate primarily to our various marketing activities whereas midstream services represent our other integrated businesses (i.e., processing, fractionation, transportation, storage and terminaling).  The following table presents our revenues by business segment, and further by revenue type, for the years indicated:

 
 
For the Year Ended December 31,
 
 
 
2018 (1)
  
2017 (2)
  
2016 (2)
 
NGL Pipelines & Services:
         
Sales of NGLs and related products
 
$
12,920.9
  
$
10,521.3
  
$
8,380.5
 
Segment midstream services:
            
Natural gas processing and fractionation
  
1,341.0
   
719.1
   
714.6
 
Transportation
  
1,007.0
   
891.7
   
885.6
 
Storage and terminals
  
380.0
   
335.9
   
261.8
 
Total segment midstream services
  
2,728.0
   
1,946.7
   
1,862.0
 
Total NGL Pipelines & Services
  
15,648.9
   
12,468.0
   
10,242.5
 
Crude Oil Pipelines & Services:
            
Sales of crude oil
  
10,001.2
   
7,365.2
   
5,802.5
 
Segment midstream services:
            
Transportation
  
676.5
   
473.9
   
411.1
 
Storage and terminals
  
364.9
   
317.7
   
301.4
 
Total segment midstream services
  
1,041.4
   
791.6
   
712.5
 
Total Crude Oil Pipelines & Services
  
11,042.6
   
8,156.8
   
6,515.0
 
Natural Gas Pipelines & Services:
            
Sales of natural gas
  
2,411.7
   
2,238.5
   
1,591.9
 
Segment midstream services:
            
Transportation
  
1,042.7
   
907.1
   
951.1
 
Total segment midstream services
  
1,042.7
   
907.1
   
951.1
 
Total Natural Gas Pipelines & Services
  
3,454.4
   
3,145.6
   
2,543.0
 
Petrochemical & Refined Products Services:
            
Sales of petrochemicals and refined products
  
5,535.4
   
4,696.3
   
2,921.9
 
Segment midstream services:
            
Fractionation and isomerization
  
188.3
   
156.3
   
142.6
 
Transportation, including marine logistics
  
481.8
   
430.7
   
456.2
 
Storage and terminals
  
182.8
   
187.8
   
201.1
 
Total segment midstream services
  
852.9
   
774.8
   
799.9
 
Total Petrochemical & Refined Products Services
  
6,388.3
   
5,471.1
   
3,721.8
 
Total consolidated revenues
 
$
36,534.2
  
$
29,241.5
  
$
23,022.3
 
             
(1)    Revenues are accounted for under ASC 606 upon implementation at January 1, 2018.
(2)    Revenues are accounted for under ASC 605 for historical periods prior to January 1, 2018.
 
Unbilled Revenue and Deferred Revenue
The following table provides information regarding our contract assets and contract liabilities at December 31, 2018:

Contract Asset
Location
 
Balance
 
Unbilled revenue (current amount)
Prepaid and other current assets
 
$
13.3
 
Total
  
$
13.3
 

Contract Liability
Location
 
Balance
 
Deferred revenue (current amount)
Other current liabilities
 
$
80.9
 
Deferred revenue (noncurrent)
Other long-term liabilities
  
210.3
 
Total
  
$
291.2
 

The following table presents significant changes in our unbilled revenue and deferred revenue balances during the year ended December 31, 2018:

  
Unbilled
Revenue
  
Deferred
Revenue
 
Balance at January 1, 2018 (upon adoption of ASC 606)
 
$
--
  
$
224.7
 
Amount included in opening balance transferred to other accounts during period (1)
  
--
   
(90.8
)
Amount recorded during period
  
321.7
   
432.5
 
Amounts recorded during period transferred to other accounts (1)
  
(310.6
)
  
(274.8
)
Amount recorded in connection with business combination
  
2.2
   
--
 
Other changes
  
--
   
(0.4
)
Balance at December 31, 2018
 
$
13.3
  
$
291.2
 
         
(1)Unbilled revenues are transferred to accounts receivable once we have an unconditional right to consideration from the customer. Deferred revenues are recognized as revenue upon satisfaction of our performance obligation to the customer.
 
Remaining Performance Obligations

2019
  
2020
  
2021
  
2022
  
2023
  
Thereafter
  
Total
 
$
3,530.6
  
$
3,187.3
  
$
2,641.4
  
$
2,145.0
  
$
1,798.7
  
$
7,289.9
  
$
20,592.9
 
Impact of Change in Accounting Policy
Consolidated Balance Sheet Information at December 31, 2018

  
Impact of change in accounting policy
 
 
 
Balances without
adoption of
ASC 606
  
Impact of
adoption of
ASC 606
  
As
Reported
 
Assets
         
Accounts receivable – trade, net
 
$
3,672.4
  
$
(13.3
)
 
$
3,659.1
 
Prepaid and other current assets
  
298.2
   
13.3
   
311.5
 
Property, plant and equipment, net
  
38,639.3
   
98.3
   
38,737.6
 
Liabilities and Equity
            
Other current liabilities
  
404.3
   
0.5
   
404.8
 
Other long-term liabilities
  
664.8
   
86.8
   
751.6
 
Partners' equity
  
23,842.5
   
11.0
   
23,853.5
 


Consolidated Statement of Operations Information for the Year Ended December 31, 2018

 
 
Impact of change in accounting policy
 
 
 
Balances without
adoption of
ASC 606
  
Impact of
adoption of
ASC 606
  
As
Reported
 
Revenues
 
$
35,901.5
  
$
632.7
  
$
36,534.2
 
Costs and expenses:
            
Operating costs and expenses:
  
30,775.6
   
621.7
   
31,397.3
 


Consolidated Statement of Cash Flows Information for the Year Ended December 31, 2018

 
 
Impact of change in accounting policy
 
 
 
Balances without
adoption of
ASC 606
  
Impact of
adoption of
ASC 606
  
As
Reported
 
Operating activities:
         
   Net income
 
$
4,227.5
  
$
11.0
  
$
4,238.5
 
   Net effect of changes in operating accounts
  
(71.1
)
  
87.3
   
16.2
 
Investing activities:
            
   Contributions in aid of construction costs
  
87.3
   
(87.3
)
  
--