Revenues

9 Months Ended

Sep. 30, 2020

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 September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
NGL Pipelines & Services:
Sales of NGLs and related products	$	2,048.4	$	2,624.9	$	6,401.7	$	7,955.5
Segment midstream services:
Natural gas processing and fractionation		205.4		279.6		575.8		837.3
Transportation		254.7		248.2		769.6		767.4
Storage and terminals		105.5		99.4		311.3		291.0
Total segment midstream services		565.6		627.2		1,656.7		1,895.7
Total NGL Pipelines & Services		2,614.0		3,252.1		8,058.4		9,851.2
Crude Oil Pipelines & Services:
Sales of crude oil		1,216.1		2,130.0		4,059.7		6,990.1
Segment midstream services:
Transportation		189.3		209.1		603.5		598.1
Storage and terminals		116.2		139.2		360.5		364.0
Total segment midstream services		305.5		348.3		964.0		962.1
Total Crude Oil Pipelines & Services		1,521.6		2,478.3		5,023.7		7,952.2
Natural Gas Pipelines & Services:
Sales of natural gas		350.7		440.0		1,097.6		1,627.1
Segment midstream services:
Transportation		256.2		275.5		765.1		835.2
Total segment midstream services		256.2		275.5		765.1		835.2
Total Natural Gas Pipelines & Services		606.9		715.5		1,862.7		2,462.3
Petrochemical & Refined Products Services:
Sales of petrochemicals and refined products		1,966.2		1,299.0		4,593.7		3,867.3
Segment midstream services:
Fractionation and isomerization		54.6		43.2		129.0		125.5
Transportation, including marine logistics		115.2		134.4		365.5		393.2
Storage and terminals		43.5		41.6		122.5		132.2
Total segment midstream services		213.3		219.2		617.0		650.9
Total Petrochemical & Refined Products Services		2,179.5		1,518.2		5,210.7		4,518.2
Total consolidated revenues	$	6,922.0	$	7,964.1	$	20,155.5	$	24,783.9

Substantially all of our revenues are derived from contracts with customers as defined within ASC 606, Revenue from Contracts with Customers.

Unbilled Revenue and Deferred Revenue

The following table provides information regarding our contract assets and contract liabilities at September 30, 2020:

Contract Asset	Location	Balance
Unbilled revenue (current amount)	Prepaid and other current assets	$	173.1
Total		$	173.1

Contract Liability	Location	Balance
Deferred revenue (current amount)	Other current liabilities	$	162.0
Deferred revenue (noncurrent)	Other long-term liabilities		206.4
Total		$	368.4

The following table presents significant changes in our unbilled revenue and deferred revenue balances for the nine months ended September 30, 2020:

	Unbilled Revenue			Deferred Revenue
Balance at December 31, 2019	$	17.6		$	314.9
Amount included in opening balance transferred to other accounts during period (1)		(17.6	)		(101.7	)
Amount recorded during period (2)		253.0			486.7
Amounts recorded during period transferred to other accounts (1)		(79.9	)		(325.5	)
Other changes		–			(6.0	)
Balance at September 30, 2020	$	173.1		$	368.4

(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.
(2)	Unbilled revenue represents revenue that has been recognized upon satisfaction of a performance obligation, but cannot be contractually invoiced (or billed) to the customer at the balance sheet date until a future period.  Deferred revenue is recorded when payment is received from a customer prior to our satisfaction of the associated performance obligation.

The increase in unbilled revenue since December 31, 2019 is primarily due to the recognition of deficiency fee revenues on our EFS Midstream System that are not billable to the customer until the end of 2020.

Remaining Performance Obligations

The following table presents estimated fixed future consideration from revenue contracts that contain minimum volume commitments, deficiency and similar fees and the term of the contracts exceeds one year.  These amounts represent the revenues we expect to recognize in future periods from these contracts as of September 30, 2020.

Period	Fixed Consideration
Three Months Ended December 31, 2020	$	988.5
One Year Ended December 31, 2021		3,804.7
One Year Ended December 31, 2022		3,375.9
One Year Ended December 31, 2023		3,016.8
One Year Ended December 31, 2024		2,848.3
Thereafter		15,315.9
Total	$	29,350.1