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Revenues
 6 Months Ended
Jun. 30, 2019
Revenues [Abstract]  
Revenues
Note 9.  Revenues

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., gathering, processing, transportation, fractionation, storage and terminaling).  The following table presents our revenues by business segment, and further by revenue type, for the periods indicated:

 
  
For the Three Months
Ended June 30,
    
For the Six Months
Ended June 30,
  
 
  
2019
    
2018
    
2019
    
2018
  
NGL Pipelines & Services:
                        
Sales of NGLs and related products
  
$
2,659.4
    
$
2,610.9
    
$
5,330.6
    
$
5,426.3
  
Segment midstream services:
                                
Natural gas processing and fractionation
    
288.2
      
332.6
      
557.7
      
585.0
  
Transportation
    
243.9
      
228.3
      
519.2
      
483.7
  
Storage and terminals
    
93.2
      
101.9
      
191.6
      
192.0
  
Total segment midstream services
    
625.3
      
662.8
      
1,268.5
      
1,260.7
  
Total NGL Pipelines & Services
    
3,284.7
      
3,273.7
      
6,599.1
      
6,687.0
  
Crude Oil Pipelines & Services:
                                
Sales of crude oil
    
2,531.7
      
2,532.2
      
4,860.1
      
5,873.9
  
Segment midstream services:
                                
Transportation
    
205.3
      
161.1
      
389.0
      
302.8
  
Storage and terminals
    
129.6
      
87.9
      
224.8
      
175.4
  
Total segment midstream services
    
334.9
      
249.0
      
613.8
      
478.2
  
Total Crude Oil Pipelines & Services
    
2,866.6
      
2,781.2
      
5,473.9
      
6,352.1
  
Natural Gas Pipelines & Services:
                                
Sales of natural gas
    
531.4
      
532.5
      
1,187.1
      
1,092.5
  
Segment midstream services:
                                
Transportation
    
287.9
      
260.3
      
559.7
      
505.1
  
Total segment midstream services
    
287.9
      
260.3
      
559.7
      
505.1
  
Total Natural Gas Pipelines & Services
    
819.3
      
792.8
      
1,746.8
      
1,597.6
  
Petrochemical & Refined Products Services:
                                
Sales of petrochemicals and refined products
    
1,087.7
      
1,413.4
      
2,568.3
      
2,702.7
  
Segment midstream services:
                                
Fractionation and isomerization
    
41.5
      
45.2
      
82.3
      
100.9
  
Transportation, including marine logistics
    
132.2
      
114.2
      
258.8
      
233.8
  
Storage and terminals
    
44.3
      
47.0
      
90.6
      
91.9
  
Total segment midstream services
    
218.0
      
206.4
      
431.7
      
426.6
  
Total Petrochemical & Refined Products Services
    
1,305.7
      
1,619.8
      
3,000.0
      
3,129.3
  
Total consolidated revenues
  
$
8,276.3
    
$
8,467.5
    
$
16,819.8
    
$
17,766.0
  

Substantially all of our revenues are derived from contracts with customers.  In total, product sales and midstream services accounted for 82% and 18%, respectively, of our consolidated revenues for the three months ended June 30, 2019.  During the six months ended June 30, 2019, product sales and midstream services accounted for 83% and 17%, respectively, of our consolidated revenues.  During the three months ended June 30, 2018, product sales and midstream services accounted for 84% and 16%, respectively, of our consolidated revenues.  During the six months ended June 30, 2018, product sales and midstream services accounted for 85% and 15%, respectively, of our consolidated revenues.

Unbilled Revenue and Deferred Revenue

The following table provides information regarding our contract assets and contract liabilities at June 30, 2019:

Contract Asset
Location
  
Balance
  
Unbilled revenue (current amount)
Prepaid and other current assets
  
$
160.9
  
Total
    
$
160.9
  

Contract Liability
Location
  
Balance
  
Deferred revenue (current amount)
Other current liabilities
  
$
111.7
  
Deferred revenue (noncurrent)
Other long-term liabilities
    
198.8
  
Total
    
$
310.5
  

The following table presents significant changes in our unbilled revenue and deferred revenue balances during the six months ended June 30, 2019:


  
Unbilled
Revenue
    
Deferred
Revenue
  
Balance at December 31, 2018
  
$
13.3
    
$
291.2
  
Amount included in opening balance transferred to other accounts during period (1)
    
(3.4
)
    
(83.2
)
Amount recorded during period
    
169.3
      
277.0
  
Amounts recorded during period transferred to other accounts (1)
    
(18.3
)
    
(172.6
)
Other changes
    
–
      
(1.9
)
Balance at June 30, 2019
  
$
160.9
    
$
310.5
  

(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

The following table presents estimated fixed future consideration from contracts with customers as of June 30, 2019  that contain minimum volume commitments, deficiency and similar fees, and contract terms exceeding one year.

Remainder
of 2019
    
2020
    
2021
    
2022
    
2023
    
Thereafter
    
Total
  
$
1,910.5
    
$
3,436.4
    
$
2,925.1
    
$
2,404.1
    
$
1,990.1
    
$
8,528.7
    
$
21,194.9