Revenue Recognition

3 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

Revenue Disaggregation

The following table disaggregates our revenue by segment and by major source for the periods indicated (in thousands):


	Reporting Segments
	Marketing		Transportation		Total

Three Months Ended March 31, 2020
Revenues from contracts with customers	$	319,717	$	16,256	$	335,973
Other ⁽¹⁾	17,504		—		17,504
Total revenues	$	337,221	$	16,256	$	353,477

Timing of revenue recognition:
Goods transferred at a point in time	$	319,717	$	—	$	319,717
Services transferred over time	—		16,256		16,256
Total revenues from contracts with customers	$	319,717	$	16,256	$	335,973

Three Months Ended March 31, 2019
Revenues from contracts with customers	$	360,731	$	15,407	$	376,138
Other ⁽¹⁾	69,030		—		69,030
Total revenues	$	429,761	$	15,407	$	445,168

Timing of revenue recognition:
Goods transferred at a point in time	$	360,731	$	—	$	360,731
Services transferred over time	—		15,407		15,407
Total revenues from contracts with customers	$	360,731	$	15,407	$	376,138

_______________

(1)Other marketing revenues are recognized under Accounting Standards Board (“ASC”) 815, Derivatives and Hedging, and ASC 845, Nonmonetary Transactions – Purchases and Sales of Inventory with the Same Counterparty.

Other Crude Oil Marketing Revenue

Certain of the commodity purchase and sale contracts utilized by our crude oil marketing business qualify as derivative instruments with certain specifically identified contracts also designated as trading activity. From the time of contract origination, these contracts are marked-to-market and recorded on a net revenue basis in the accompanying consolidated financial statements.

Certain of our crude oil contracts may be with a single counterparty to provide for similar quantities of crude oil to be bought and sold at different locations. These contracts are entered into for a variety of reasons, including effecting the transportation of the commodity, to minimize credit exposure, and/or to meet the competitive demands of the customer. These buy/sell arrangements are reflected on a net revenue basis in the accompanying consolidated financial statements.

Reporting these crude oil contracts on a gross revenue basis would increase our reported revenues as follows for the periods indicated (in thousands):


	Three Months Ended
	March 31,
	2020		2019

Revenue gross-up	$	157,439	$	242,123