XML 52 R37.htm IDEA: XBRL DOCUMENT

Revenues (Tables)

12 Months Ended

Dec. 31, 2023

	For the Year Ended December 31,
	2023		2022		2021
NGL Pipelines & Services:
Sales of NGLs and related products	$	14,846	$	21,307	$	13,716
Segment midstream services:
Natural gas processing and fractionation		1,278		1,431		1,036
Transportation		1,090		987		976
Storage and terminals		431		534		574
Total segment midstream services		2,799		2,952		2,586
Total NGL Pipelines & Services		17,645		24,259		16,302
Crude Oil Pipelines & Services:
Sales of crude oil		18,185		17,301		9,519
Segment midstream services:
Transportation		744		807		929
Storage and terminals		407		453		454
Total segment midstream services		1,151		1,260		1,383
Total Crude Oil Pipelines & Services		19,336		18,561		10,902
Natural Gas Pipelines & Services:
Sales of natural gas		2,373		5,019		3,413
Segment midstream services:
Transportation		1,403		1,241		987
Total segment midstream services		1,403		1,241		987
Total Natural Gas Pipelines & Services		3,776		6,260		4,400
Petrochemical & Refined Products Services:
Sales of petrochemicals and refined products		7,689		8,003		8,196
Segment midstream services:
Fractionation and isomerization		282		222		275
Transportation, including marine logistics		660		585		485
Storage and terminals		327		296		247
Total segment midstream services		1,269		1,103		1,007
Total Petrochemical & Refined Products Services		8,958		9,106		9,203
Total consolidated revenues	$	49,715	$	58,186	$	40,807

The following table provides information regarding our contract assets and contract liabilities at the dates indicated:

		December 31,
Contract Asset	Location	2023		2022
Unbilled revenue (current amount)	Prepaid and other current assets	$	11	$	6
Total		$	11	$	6

		December 31,
Contract Liability	Location	2023		2022
Deferred revenue (current amount)	Other current liabilities	$	193	$	181
Deferred revenue (noncurrent)	Other long-term liabilities		326		320
Total		$	519	$	501

The following table presents significant changes in our unbilled revenue and deferred revenue balances during the years indicated:

	Unbilled Revenue			Deferred Revenue
Balance at December 31, 2020	$	19		$	344
Amount included in opening balance transferred to other accounts during period (1)		(19	)		(148	)
Amount recorded during period (2)		277			954
Amounts recorded during period transferred to other accounts (1)		(262	)		(700	)
Other changes		–			(4	)
Balance at December 31, 2021	$	15		$	446
Amount included in opening balance transferred to other accounts during period (1)		(15	)		(203	)
Amount recorded during period (2)		155			950
Amounts recorded during period transferred to other accounts (1)		(149	)		(687	)
Other changes		–			(5	)
Balance at December 31, 2022	$	6		$	501
Amount included in opening balance transferred to other accounts during period (1)		(6	)		(271	)
Amount recorded during period (2)		81			956
Amounts recorded during period transferred to other accounts (1)		(70	)		(656	)
Other changes		–			(11	)
Balance at December 31, 2023	$	11		$	519

(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.