Revenues (Tables)

3 Months Ended

Mar. 31, 2020

The following table presents our revenues by business segment, and further by revenue type, for the periods indicated:

	For the Three Months Ended March 31,
	2020		2019
NGL Pipelines & Services:
Sales of NGLs and related products	$	2,419.2	$	2,671.2
Segment midstream services:
Natural gas processing and fractionation		188.5		269.5
Transportation		265.0		275.3
Storage and terminals		95.4		98.4
Total segment midstream services		548.9		643.2
Total NGL Pipelines & Services		2,968.1		3,314.4
Crude Oil Pipelines & Services:
Sales of crude oil		1,696.9		2,328.4
Segment midstream services:
Transportation		218.4		183.7
Storage and terminals		123.6		95.2
Total segment midstream services		342.0		278.9
Total Crude Oil Pipelines & Services		2,038.9		2,607.3
Natural Gas Pipelines & Services:
Sales of natural gas		399.2		655.7
Segment midstream services:
Transportation		271.4		271.8
Total segment midstream services		271.4		271.8
Total Natural Gas Pipelines & Services		670.6		927.5
Petrochemical & Refined Products Services:
Sales of petrochemicals and refined products		1,597.5		1,480.6
Segment midstream services:
Fractionation and isomerization		35.8		40.8
Transportation, including marine logistics		134.9		126.6
Storage and terminals		36.7		46.3
Total segment midstream services		207.4		213.7
Total Petrochemical & Refined Products Services		1,804.9		1,694.3
Total consolidated revenues	$	7,482.5	$	8,543.5

The following table provides information regarding our contract assets and contract liabilities at March 31, 2020:

Contract Asset	Location	Balance
Unbilled revenue (current amount)	Prepaid and other current assets	$	70.5
Total		$	70.5

Contract Liability	Location	Balance
Deferred revenue (current amount)	Other current liabilities	$	134.0
Deferred revenue (noncurrent)	Other long-term liabilities		208.7
Total		$	342.7

The following table presents significant changes in our unbilled revenue and deferred revenue balances during the three months ended March 31, 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)		(4.2	)		(64.8	)
Amount recorded during period		65.6			170.9
Amounts recorded during period transferred to other accounts (1)		(8.5	)		(75.8	)
Other changes		–			(2.5	)
Balance at March 31, 2020	$	70.5		$	342.7

(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.