Revenues

6 Months Ended

Jun. 30, 2019

Revenue from Contract with Customer [Abstract]

Revenues

The Company operates in one reportable segment and contracts directly with producers of natural gas and with end-use customers, including local distribution companies, marketers, electric power generators, industrial users and interstate and intrastate

pipelines, who, in turn, provide transportation and storage services for end-users. The following table presents the Company's revenues disaggregated by type of service for the three and six months ended June 30, 2019 (in millions):



	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2019		2018		2019		2018
Revenues from Contracts with Customers
Firm Service ⁽¹⁾	$	315.1	$	267.5	$	643.9	$	586.4
Interruptible Service	5.4		7.8		11.2		17.3
Other revenues	0.2		5.8		5.1		8.5
Total revenues from contracts with customers	320.7		281.1		660.2		612.2

Other operating revenues⁽²⁾	6.6		4.2		13.0		8.5
Total Operating Revenues	$	327.3	$	285.3	$	673.2	$	620.7

(1) Revenues earned from contracts with minimum volume commitments (MVCs) are included in firm service given the stand-ready nature of the performance obligation and the guaranteed nature of the fees over the contract term. The three and six months ended June 30, 2019, contain $26.2 million of proceeds received related to the bankruptcy of a customer as discussed in Note 7.

(2) Other operating revenues include certain revenues earned from operating leases, pipeline management fees and other activities that are not considered central and ongoing major business operations of the Company and do not represent revenues earned from contracts with customers.

Contract Balances

As of June 30, 2019, and December 31, 2018, the Company had receivables recorded in Trade Receivables from contracts with customers of $106.5 million and $139.2 million and contract liabilities recorded in Other liabilities from contracts with customers of $10.9 million and $9.2 million. The Company did not have any contract assets as of June 30, 2019, and December 31, 2018.

Contract liabilities are expected to be recognized through 2024. Significant changes in the contract liabilities balances during the six months ended June 30, 2019, are as follows (in millions):



	Contract Liabilities
Balance as of December 31, 2018	$	9.2
Revenues recognized that were included in the contract liability balance at the beginning of the period	(0.8		)
Increases due to cash received, excluding amounts recognized as revenues during the period	2.5
Balance as of June 30, 2019	$	10.9

Significant changes in the contract liabilities balances during the six months ended June 30, 2018, are as follows (in millions):



	Contract Liabilities
Balance as of December 31, 2017	$	1.9
Cumulative effect adjustment from the implementation of ASC 606	6.4
Revenues recognized that were included in the contract liability balance at the beginning of the period	(1.2		)
Increases due to cash received, excluding amounts recognized as revenues during the period	2.2
Balance as of June 30, 2018	$	9.3

Performance Obligations

The following table includes estimated operating revenues expected to be recognized in the future related to agreements that contain performance obligations that were unsatisfied as of June 30, 2019. The amounts presented primarily consist of fixed fees or MVCs which are typically recognized over time as the performance obligation is satisfied, as in accordance with firm service contracts. Additionally, for the Company’s customers that are charged maximum tariff rates related to its Federal Energy Regulatory Commission regulated operating subsidiaries, the amounts below reflect the current tariff rate for such services for the term of the agreements; however, the tariff rates may be subject to future adjustment. The Company has elected to exclude the following from the table: (a) unsatisfied performance obligations from usage fees associated with its firm services because of the stand-ready nature of such services; (b) consideration in contracts that are recognized in revenue as invoiced, such as for interruptible services; and (c) consideration that was received prior to June 30, 2019, that will be recognized in future periods, such as recorded in contract liabilities. The estimated revenues reflected in the table may include estimated revenues that are anticipated under executed precedent transportation agreements for projects that are subject to regulatory approvals.



	In millions
	2019		2020		Thereafter		Total

Estimated revenues from contracts with customers from unsatisfied performance obligations as of June 30, 2019 ⁽¹⁾	$	1,123.0	$	989.5	$	7,879.5	$	9,992.0
Operating revenues which are fixed and determinable (operating leases) ⁽¹⁾	20.0		20.5		187.5		228.0
Total projected operating revenues under committed firm agreements as of June 30, 2019 ⁽¹⁾	$	1,143.0	$	1,010.0	$	8,067.0	$	10,220.0

(1) For the 2019 period, $607.1 million represents actual fixed fee revenues recognized for the fulfillment of performance obligations during the six months ended June 30, 2019.