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Revenue from Contract with Customers (Tables)
 6 Months Ended
Jun. 30, 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)
Statements of Income:
 
 
 
 
 
 
 
 
Three Months Ended June 30, 2018
Transportation and terminals revenue
 
$
472,248

 
$
465,079

 
$
7,169

Depreciation and amortization
 
$
53,619

 
$
53,555

 
$
64

 
 
 
 
 
 
 
 
 
Six Months Ended June 30, 2018
Transportation and terminals revenue
 
$
904,185

 
$
896,603

 
$
7,582

Depreciation and amortization
 
$
105,498

 
$
105,378

 
$
120

 
 
 
 
 
 
 
Balance Sheet:
 
 
 
 
 
 
 
 
As of June 30, 2018
Assets:
 
 
 
 
 
 
Property, plant and equipment
 
$
7,443,095

 
$
7,433,091

 
$
10,004

Accumulated depreciation
 
1,783,036

 
1,782,591

 
445

Net property, plant and equipment
 
$
5,660,059

 
$
5,650,500

 
$
9,559

Investments in non-controlled entities
 
$
1,210,259

 
$
1,209,757

 
$
502

Liabilities:
 
 
 
 
 
 
Deferred revenue
 
$
120,134

 
$
128,349

 
$
(8,215
)
Other noncurrent liabilities
 
$
69,526

 
$
64,687

 
$
4,839

Partners’ capital:
 
 
 
 
 
 
Limited partner unitholders
 
$
2,281,845

 
$
2,268,408

 
$
13,437
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 June 30, 2018
 
 
Refined Products
 
Crude Oil
 
Marine Storage
 
Intersegment Eliminations
 
Total
Transportation
 
$
184,596

 
$
84,755

 
$
—

 
$
—

 
$
269,351

Terminalling
 
50,574

 
—

 
592

 
—

 
51,166

Storage
 
24,969

 
28,536

 
33,319

 
(915
)
 
85,909

Ancillary services
 
28,459

 
8,199

 
6,037

 
—

 
42,695

Lease revenue
 
2,466

 
16,463

 
4,198

 
—

 
23,127

Transportation and terminals revenue
 
291,064

 
137,953

 
44,146

 
(915
)
 
472,248

Product sales revenue
 
150,934

 
13,282

 
2,581

 
—

 
166,797

Affiliate management fee revenue
 
352

 
3,849

 
845

 
—

 
5,046

Total revenue
 
442,350

 
155,084

 
47,572

 
(915
)
 
644,091

Revenue not under the guidance of ASC 606:
 

 

 

 
 
 

Lease revenue(1)
 
(2,466
)
 
(16,463
)
 
(4,198
)
 
—

 
(23,127
)
Losses from futures contracts included in product sales revenue(2)
 
34,840

 
3,570

 
—

 
—

 
38,410

Affiliate management fee revenue
 
(352
)
 
(3,849
)
 
(845
)
 
—

 
(5,046
)
Total revenue from contracts with customers under ASC 606
 
$
474,372

 
$
138,342

 
$
42,529

 
$
(915
)
 
$
654,328


(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.
 
 
Six Months Ended June 30, 2018
 
 
Refined Products
 
Crude Oil
 
Marine Storage
 
Intersegment Eliminations
 
Total
Transportation
 
$
351,498

 
$
163,878

 
$
—

 
$
—

 
$
515,376

Terminalling
 
89,922

 
—

 
1,304

 
—

 
91,226

Storage
 
50,216

 
58,526

 
67,530

 
(1,830
)
 
174,442

Ancillary services
 
54,247

 
13,234

 
13,071

 
—

 
80,552

Lease revenue
 
5,575

 
28,573

 
8,441

 
—

 
42,589

Transportation and terminals revenue
 
551,458

 
264,211

 
90,346

 
(1,830
)
 
904,185

Product sales revenue
 
383,708

 
19,721

 
4,960

 
—

 
408,389

Affiliate management fee revenue
 
649

 
7,865

 
1,782

 
—

 
10,296

Total revenue
 
935,815

 
291,797

 
97,088

 
(1,830
)
 
1,322,870

Revenue not under the guidance of ASC 606:
 
 
 
 
 
 
 
 
 
 
Lease revenue(1)
 
(5,575
)
 
(28,573
)
 
(8,441
)
 
—

 
(42,589
)
Losses from futures contracts included in product sales revenue(2)
 
40,305

 
5,480

 
—

 
—

 
45,785

Affiliate management fee revenue
 
(649
)
 
(7,865
)
 
(1,782
)
 
—

 
(10,296
)
Total revenue from contracts with customers under ASC 606
 
$
969,896

 
$
260,839

 
$
86,865

 
$
(1,830
)
 
$
1,315,770


(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):
 
 
January 1, 2018
 
June 30, 2018
Accounts receivable from contracts with customers
 
$
133,084

 
$
102,837

Contract assets
 
$
8,615

 
$
8,916

Contract liabilities
 
$
106,933

 
$
113,207
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 June 30, 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 June 30, 2018
 
$
1,439,706

 
$
1,210,098

 
$
359,935

 
$
3,009,739

Remaining terms
 
1 - 20 years

 
1 - 10 years

 
1 - 6 years

 
 
Estimated revenues from UPOs to be recognized in the next 12 months
 
$
287,311

 
$
333,215

 
$
152,248

 
$
772,774