Revenue from Contract Customers

9 Months Ended

Sep. 30, 2022

Revenue from Contract Customers

Revenue from Contract Customers

Note 3.     Revenue from Contract Customers

Disaggregation of Revenue

The following table provides the disaggregation of revenue from contracts with customers and other sales by segment for the periods presented (in thousands):

	Three Months Ended September 30, 2022
Revenue from contracts with customers:	Wholesale		GDSO		Commercial		Total
Refined petroleum products, renewable fuels and crude oil	$	752,652	$	1,631,078	$	199,386	$	2,583,116
Station operations		—		138,978		—		138,978
Total revenue from contracts with customers		752,652		1,770,056		199,386		2,722,094
Other sales:
Revenue originating as physical forward contracts and exchanges		1,757,406		—		126,764		1,884,170
Revenue from leases		508		19,975		—		20,483
Total other sales		1,757,914		19,975		126,764		1,904,653
Total sales	$	2,510,566	$	1,790,031	$	326,150	$	4,626,747

	Three Months Ended September 30, 2021
Revenue from contracts with customers:	Wholesale		GDSO		Commercial		Total
Refined petroleum products, renewable fuels and crude oil	$	586,951	$	1,151,251	$	133,011	$	1,871,213
Station operations		—		114,807		—		114,807
Total revenue from contracts with customers		586,951		1,266,058		133,011		1,986,020
Other sales:
Revenue originating as physical forward contracts and exchanges		1,248,474		—		69,535		1,318,009
Revenue from leases		562		19,319		—		19,881
Total other sales		1,249,036		19,319		69,535		1,337,890
Total sales	$	1,835,987	$	1,285,377	$	202,546	$	3,323,910

	Nine Months Ended September 30, 2022
Revenue from contracts with customers:	Wholesale		GDSO		Commercial		Total
Refined petroleum products, renewable fuels and crude oil	$	2,778,837	$	4,721,475	$	665,143	$	8,165,455
Station operations		—		360,211		—		360,211
Total revenue from contracts with customers		2,778,837		5,081,686		665,143		8,525,666
Other sales:
Revenue originating as physical forward contracts and exchanges		5,509,881		—		354,398		5,864,279
Revenue from leases		2,042		58,948		—		60,990
Total other sales		5,511,923		58,948		354,398		5,925,269
Total sales	$	8,290,760	$	5,140,634	$	1,019,541	$	14,450,935

	Nine Months Ended September 30, 2021
Revenue from contracts with customers:	Wholesale		GDSO		Commercial		Total
Refined petroleum products, renewable fuels and crude oil	$	1,890,838	$	2,930,446	$	228,895	$	5,050,179
Station operations		—		301,459		—		301,459
Total revenue from contracts with customers		1,890,838		3,231,905		228,895		5,351,638
Other sales:
Revenue originating as physical forward contracts and exchanges		3,492,524		—		254,534		3,747,058
Revenue from leases		1,693		55,993		—		57,686
Total other sales		3,494,217		55,993		254,534		3,804,744
Total sales	$	5,385,055	$	3,287,898	$	483,429	$	9,156,382

Contract Balances

A receivable, which is included in accounts receivable, net in the accompanying consolidated balance sheets, is recognized in the period the Partnership provides services when its right to consideration is unconditional. In contrast, a contract asset will be recognized when the Partnership has fulfilled a contract obligation but must perform other obligations before being entitled to payment.

The nature of the receivables related to revenue from contracts with customers and other revenue, as well as contract assets, are the same, given they are related to the same customers and have the same risk profile and securitization. Payment terms on invoiced amounts are typically 2 to 30 days.

A contract liability is recognized when the Partnership has an obligation to transfer goods or services to a customer for which the Partnership has received consideration (or the amount is due) from the customer. The Partnership had no significant contract liabilities at both September 30, 2022 and December 31, 2021.