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Revenue from Contract with Customers (Tables)
 3 Months Ended
Mar. 31, 2020
Revenue from Contract with Customer [Abstract]  
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, 2019
 
 
Refined Products
 
Crude Oil
 
Intersegment Eliminations
 
Total
Transportation
 
$
171,027

 
$
85,158

 
$
—

 
$
256,185

Terminalling
 
41,297

 
5,246

 
—

 
46,543

Storage
 
57,376

 
38,599

 
(938
)
 
95,037

Ancillary services
 
32,511

 
6,291

 
—

 
38,802

Lease revenue
 
7,360

 
16,865

 
—

 
24,225

Transportation and terminals revenue
 
309,571

 
152,159

 
(938
)
 
460,792

Product sales revenue
 
157,282

 
5,713

 
—

 
162,995

Affiliate management fee revenue
 
1,662

 
3,486

 
—

 
5,148

Total revenue
 
468,515

 
161,358

 
(938
)
 
628,935

Revenue not under the guidance of ASC 606, Revenue from Contracts with Customers:
 

 

 
 
 

Lease revenue(1)
 
(7,360
)
 
(16,865
)
 
—

 
(24,225
)
Losses from futures contracts included in product sales revenue(2)
 
52,109

 
2,402

 
—

 
54,511

Affiliate management fee revenue
 
(1,662
)
 
(3,486
)
 
—

 
(5,148
)
Total revenue from contracts with customers under ASC 606
 
$
511,602

 
$
143,409

 
$
(938
)
 
$
654,073


(1) Lease revenue is accounted for under Accounting Standards Codification (“ASC”) 842, Leases.
(2) The impact on product sales revenue from futures contracts falls under the guidance of ASC 815, Derivatives and Hedging.
 
 
Three Months Ended March 31, 2020
 
 
Refined Products
 
Crude Oil
 
Intersegment Eliminations
 
Total
Transportation
 
$
176,005

 
$
77,115

 
$
—

 
$
253,120

Terminalling
 
40,386

 
2,539

 
—

 
42,925

Storage
 
57,526

 
38,851

 
(1,582
)
 
94,795

Ancillary services
 
32,240

 
7,845

 
—

 
40,085

Lease revenue
 
8,162

 
19,308

 
—

 
27,470

Transportation and terminals revenue
 
314,319

 
145,658

 
(1,582
)
 
458,395

Product sales revenue
 
312,986

 
6,134

 
—

 
319,120

Affiliate management fee revenue
 
1,584

 
3,707

 
—

 
5,291

Total revenue
 
628,889

 
155,499

 
(1,582
)
 
782,806

Revenue not under the guidance of ASC 606, Revenue from Contracts with Customers:
 
 
 
 
 
 
 
 
Lease revenue(1)
 
(8,162
)
 
(19,308
)
 
—

 
(27,470
)
Gains from futures contracts included in product sales revenue(2)
 
(121,047
)
 
(2,722
)
 
—

 
(123,769
)
Affiliate management fee revenue
 
(1,584
)
 
(3,707
)
 
—

 
(5,291
)
Total revenue from contracts with customers under ASC 606
 
$
498,096

 
$
129,762

 
$
(1,582
)
 
$
626,276


(1) Lease revenue is accounted for under ASC 842, 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, 2019
 
March 31, 2020
Accounts receivable from contracts with customers
 
$
124,701

 
$
94,885

Contract assets
 
$
8,071

 
$
15,489

Contract liabilities
 
$
111,670

 
$
112,540
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
The following table provides the aggregate amount of the transaction price allocated to our unfulfilled performance obligations (“UPOs”) as of March 31, 2020 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
 
Total
Balances at March 31, 2020
 
$
2,058,298

 
$
1,119,359

 
$
3,177,657

Remaining terms
 
1 - 19 years

 
1 - 12 years

 
 
Estimated revenues from UPOs to be recognized in the next 12 months
 
$
374,304

 
$
257,602

 
$
631,906