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Revenue from Contract with Customers (Tables)
 3 Months Ended
Mar. 31, 2018
Revenue from Contract with Customer [Abstract]  
Schedule of Prospective Adoption of New Accounting Pronouncements
The table below provides the amount by which financial statement line items are affected in the current reporting period by the application of the new revenue standard, as compared with the guidance that was in effect before the change (in thousands):
 
 
As Reported
 
Amounts without adoption of ASC 606
 
Effect of Change 
Higher/(Lower)
 
 
Three Months Ended March 31, 2018
Statement of Income:
 
 
 
 
 
 
Transportation and terminals revenue
 
$
431,937

 
$
431,524

 
$
413

Depreciation and amortization
 
$
51,879

 
$
51,823

 
$
56

 
 
 
 
 
 
 
 
 
As of March 31, 2018
Balance Sheet:
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
Property, plant and equipment
 
$
7,346,495

 
$
7,336,491

 
$
10,004

Accumulated depreciation
 
1,732,486

 
1,732,105

 
381

Net property, plant and equipment
 
$
5,614,009

 
$
5,604,386

 
$
9,623

Investments in non-controlled entities
 
$
1,126,773

 
$
1,126,271

 
$
502

Liabilities:
 
 
 
 
 
 
Deferred revenue
 
$
119,258

 
$
120,814

 
$
(1,556
)
Other noncurrent liabilities
 
$
34,764

 
$
29,415

 
$
5,349

Partners’ capital:
 
 
 
 
 
 
Limited partner unitholders
 
$
2,271,486

 
$
2,265,511

 
$
5,975
Revenue from External Customers by Products and Services
The following tables provide details of our revenues disaggregated by key activities that comprise our performance obligations by operating segment (in thousands):
 
 
Three Months Ended March 31, 2018
 
 
Refined Products
 
Crude Oil
 
Marine Storage
 
Intersegment Eliminations
 
Total
Transportation
 
$
166,902

 
$
79,123

 
$
—

 
$
—

 
$
246,025

Terminalling
 
39,348

 
—

 
712

 
—

 
40,060

Storage
 
25,247

 
29,990

 
34,211

 
(915
)
 
88,533

Ancillary services
 
25,788

 
5,035

 
7,034

 
—

 
37,857

Lease revenue
 
3,109

 
12,110

 
4,243

 
—

 
19,462

Transportation and terminals revenue
 
260,394

 
126,258

 
46,200

 
(915
)
 
431,937

Product sales revenue
 
232,774

 
6,439

 
2,379

 
—

 
241,592

Affiliate management fee revenue
 
297

 
4,016

 
937

 
—

 
5,250

Total revenue
 
493,465

 
136,713

 
49,516

 
(915
)
 
678,779

Revenue not under the guidance of ASC 606:
 

 

 

 
 
 

Lease revenue(1)
 
(3,109
)
 
(12,110
)
 
(4,243
)
 
—

 
(19,462
)
Losses from futures contracts included in product sales revenue(2)
 
5,465

 
1,910

 
—

 
—

 
7,375

Affiliate management fee revenue
 
(297
)
 
(4,016
)
 
(937
)
 
—

 
(5,250
)
Total revenue from contracts with customers under ASC 606
 
$
495,524

 
$
122,497

 
$
44,336

 
$
(915
)
 
$
661,442


(1) Lease revenue is accounted for under ASC 840, Leases.
(2) The impact on product sales revenue from futures contracts falls under the guidance of ASC 815, Derivatives and Hedging.
Contract with Customer, Asset and Liability
The following table summarizes our accounts receivable, contract assets and contract liabilities resulting from contracts with customers (in thousands):
 
 
December 31, 2017
 
March 31, 2018
Accounts receivable from contracts with customers
 
$
133,084

 
$
101,064

Contract assets
 
$
8,615

 
$
9,285

Contract liabilities
 
$
104,215

 
$
112,217
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
The following table provides the aggregate amount of the transaction price allocated to our UPOs as of March 31, 2018 by operating segment, including the range of years remaining on our contracts with customers and an estimate of revenues expected to be recognized over the next 12 months (dollars in thousands):
 
 
Refined Products
 
Crude Oil
 
Marine Storage
 
Total
Balances at March 31, 2018
 
$
1,345,763

 
$
726,432

 
$
295,845

 
$
2,368,040

Remaining terms
 
1 - 20 years

 
1 - 8 years

 
1 - 6 years

 
 
Estimated revenues from UPOs to be recognized in the next 12 months
 
$
237,444

 
$
224,078

 
$
136,383

 
$
597,905