Revenue Recognition

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue Recognition

Revenue Disaggregation

The following table disaggregates our revenue by segment and by major source for the periods indicated (in thousands):

	Reporting Segments
	Marketing		Transportation		Total
Three Months Ended September 30, 2020
Revenues from contracts with customers	$	242,267	$	21,720	$	263,987
Other (1)	2,917		—		2,917
Total revenues	$	245,184	$	21,720	$	266,904
Timing of revenue recognition:
Goods transferred at a point in time	$	242,267	$	—	$	242,267
Services transferred over time	—		21,720		21,720
Total revenues from contracts with customers	$	242,267	$	21,720	$	263,987
Three Months Ended September 30, 2019
Revenues from contracts with customers	$	396,001	$	15,698	$	411,699
Other (1)	38,608		—		38,608
Total revenues	$	434,609	$	15,698	$	450,307
Timing of revenue recognition:
Goods transferred at a point in time	$	396,001	$	—	$	396,001
Services transferred over time	—		15,698		15,698
Total revenues from contracts with customers	$	396,001	$	15,698	$	411,699
Nine Months Ended September 30, 2020
Revenues from contracts with customers	$	693,513	$	50,121	$	743,634
Other (1)	29,033		—		29,033
Total revenues	$	722,546	$	50,121	$	772,667
Timing of revenue recognition:
Goods transferred at a point in time	$	693,513	$	—	$	693,513
Services transferred over time	—		50,121		50,121
Total revenues from contracts with customers	$	693,513	$	50,121	$	743,634
Nine Months Ended September 30, 2019
Revenues from contracts with customers	$	1,147,139	$	48,498	$	1,195,637
Other (1)	184,271		—		184,271
Total revenues	$	1,331,410	$	48,498	$	1,379,908
Timing of revenue recognition:
Goods transferred at a point in time	$	1,147,139	$	—	$	1,147,139
Services transferred over time	—		48,498		48,498
Total revenues from contracts with customers	$	1,147,139	$	48,498	$	1,195,637

_______________

(1)Other marketing revenues are recognized under ASC 815, Derivatives and Hedging, and ASC 845, Nonmonetary Transactions – Purchases and Sales of Inventory with the Same Counterparty.

Other Crude Oil Marketing Revenue

Certain of the commodity purchase and sale contracts utilized by our crude oil marketing business qualify as derivative instruments with certain specifically identified contracts also designated as trading activity. From the time of contract origination, these contracts are marked-to-market and recorded on a net revenue basis in the accompanying consolidated financial statements.

Certain of our crude oil contracts may be with a single counterparty to provide for similar quantities of crude oil to be bought and sold at different locations. These contracts are entered into for a variety of reasons, including effecting the transportation of the commodity, to minimize credit exposure, and/or to meet the competitive demands of the customer. These buy/sell arrangements are reflected on a net revenue basis in the accompanying consolidated financial statements.

Reporting these crude oil contracts on a gross revenue basis would increase our reported revenues as follows for the periods indicated (in thousands):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Revenue gross-up	$	97,566	$	193,440	$	315,049	$	658,606