XML 49 R16.htm IDEA: XBRL DOCUMENT v3.25.0.1
Revenue from Contracts with Customers
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers
2. REVENUE FROM CONTRACTS WITH CUSTOMERS

The following table summarizes revenue from contracts with customers:
Year Ended December 31,
thousands202420232022
Revenue from customers
Service revenues – fee based$3,248,262 $2,768,757 $2,602,053 
Service revenues – product based215,776 191,727 249,692 
Product sales140,100 145,024 399,023 
Total revenue from customers3,604,138 3,105,5083,250,768
Revenue from other than customers
Other1,085 968 953 
Total revenues and other$3,605,223 $3,106,476 $3,251,721 

Contract balances. Receivables from customers, which are included in Accounts receivable, net on the consolidated balance sheets were $693.9 million and $661.6 million as of December 31, 2024, and December 31, 2023, respectively.
Contract assets primarily relate to (i) revenue accrued but not yet billed under cost-of-service contracts with fixed and variable fees and (ii) accrued deficiency fees the Partnership expects to charge customers once the related performance periods are completed. The following table summarizes activity related to contract assets from contracts with customers:
Year Ended December 31,
thousands20242023
Contract assets balance at beginning of year
$39,292 $22,561 
Amounts transferred to Accounts receivable, net that were included in the contract assets balance at the beginning of the period(7,479)(6,678)
Additional estimated revenues recognized3,195 9,487 
Cumulative catch-up adjustment for change in estimated consideration8,178 13,922 
Contract assets balance at end of year
$43,186 $39,292 
December 31,
thousands20242023
Other current assets$12,358 $9,595 
Other assets30,828 29,697 
Total contract assets from contracts with customers$43,186 $39,292 
2. REVENUE FROM CONTRACTS WITH CUSTOMERS

Contract liabilities primarily relate to (i) fixed and variable fees under cost-of-service contracts that are received from customers for which revenue recognition is deferred, (ii) aid-in-construction payments received from customers that must be recognized over the expected period of customer benefit, and (iii) fees that are charged to customers for only a portion of the contract term and must be recognized as revenues over the expected period of customer benefit. The following table summarizes activity related to contract liabilities from contracts with customers:
Year Ended December 31,
thousands20242023
Contract liabilities balance at beginning of year
$445,499 $369,285 
Cash received or receivable, excluding revenues recognized during the period193,360 84,336 
Revenues recognized that were included in the contract liability balance at the beginning of the period(28,288)(15,572)
Cumulative catch-up adjustment for change in estimated consideration— (4,363)
Amounts acquired with the acquisition of Meritage (1)
— 11,813 
Contract liabilities balance at end of year
$610,571 $445,499 
December 31,
thousands20242023
Accrued liabilities$11,055 $16,866 
Other liabilities599,516 428,633 
Total contract liabilities from contracts with customers$610,571 $445,499 
_________________________________________________________________________________________
(1)See Note 3.

Transaction price allocated to remaining performance obligations. Revenues expected to be recognized from certain performance obligations that are unsatisfied (or partially unsatisfied) as of December 31, 2024, are presented in the table below. The Partnership applies the optional exemptions in Revenue from Contracts with Customers (Topic 606) and does not disclose consideration for remaining performance obligations with an original expected duration of one year or less or for variable consideration related to unsatisfied (or partially unsatisfied) performance obligations. Therefore, the following table represents only a portion of expected future revenues from existing contracts, as most future revenues from customers are dependent on future variable customer volumes and, in some cases, variable commodity prices for those volumes.
thousands
2025$1,084,323 
20261,055,027 
2027952,862 
2028776,533 
20291,277,655 
Thereafter804,132 
Total$5,950,532