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Revenues (Tables)

12 Months Ended

Dec. 31, 2021

	For the Year Ended December 31,
	2021		2020		2019
NGL Pipelines & Services:
Sales of NGLs and related products	$	13,716.5	$	8,970.7	$	10,934.3
Segment midstream services:
Natural gas processing and fractionation		1,036.2		757.3		1,069.9
Transportation		975.8		1,036.8		1,054.3
Storage and terminals		574.1		412.4		412.2
Total segment midstream services		2,586.1		2,206.5		2,536.4
Total NGL Pipelines & Services		16,302.6		11,177.2		13,470.7
Crude Oil Pipelines & Services:
Sales of crude oil		9,519.0		5,410.8		9,007.8
Segment midstream services:
Transportation		929.4		804.9		801.8
Storage and terminals		453.8		473.3		477.7
Total segment midstream services		1,383.2		1,278.2		1,279.5
Total Crude Oil Pipelines & Services		10,902.2		6,689.0		10,287.3
Natural Gas Pipelines & Services:
Sales of natural gas		3,412.7		1,530.5		2,075.4
Segment midstream services:
Transportation		986.9		1,022.6		1,094.0
Total segment midstream services		986.9		1,022.6		1,094.0
Total Natural Gas Pipelines & Services		4,399.6		2,553.1		3,169.4
Petrochemical & Refined Products Services:
Sales of petrochemicals and refined products		8,195.7		5,942.6		4,985.2
Segment midstream services:
Fractionation and isomerization		275.2		187.7		166.6
Transportation, including marine logistics		484.8		482.9		539.4
Storage and terminals		246.8		167.2		170.6
Total segment midstream services		1,006.8		837.8		876.6
Total Petrochemical & Refined Products Services		9,202.5		6,780.4		5,861.8
Total consolidated revenues	$	40,806.9	$	27,199.7	$	32,789.2

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

		December 31,
Contract Asset	Location	2021		2020
Unbilled revenue (current amount)	Prepaid and other current assets	$	15.0	$	18.8
Total		$	15.0	$	18.8

		December 31,
Contract Liability	Location	2021		2020
Deferred revenue (current amount)	Other current liabilities	$	196.1	$	145.3
Deferred revenue (noncurrent)	Other long-term liabilities		249.5		198.2
Total		$	445.6	$	343.5

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, 2018	$	13.3		$	291.2
Amount included in opening balance transferred to other accounts during period (1)		(13.3	)		(126.4	)
Amount recorded during period (2)		340.0			539.8
Amounts recorded during period transferred to other accounts (1)		(322.4	)		(384.8	)
Other changes		–			(4.9	)
Balance at December 31, 2019	$	17.6		$	314.9
Amount included in opening balance transferred to other accounts during period (1)		(17.6	)		(114.5	)
Amount recorded during period (2)		323.0			661.2
Amounts recorded during period transferred to other accounts (1)		(304.2	)		(496.7	)
Other changes		–			(21.4	)
Balance at December 31, 2020	$	18.8		$	343.5
Amount included in opening balance transferred to other accounts during period (1)		(18.8	)		(147.6	)
Amount recorded during period (2)		276.9			954.3
Amounts recorded during period transferred to other accounts (1)		(261.9	)		(700.4	)
Other changes		–			(4.2	)
Balance at December 31, 2021	$	15.0		$	445.6

(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.