Revenue from Contracts with Customers

9 Months Ended

Sep. 30, 2025

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:

	Three Months Ended September 30,				Nine Months Ended September 30,
thousands	2025		2024		2025		2024
Revenue from customers
Service revenues – fee based	$	868,253	$	814,319	$	2,542,869	$	2,389,366
Service revenues – product based	33,919		49,115		143,613		177,321
Product sales	50,129		19,673		124,878		109,076
Total revenue from customers	952,301		883,107		2,811,360		2,675,763
Revenue from other than customers
Other	183		255		562		957
Total revenues and other	$	952,484	$	883,362	$	2,811,922	$	2,676,720

2. REVENUE FROM CONTRACTS WITH CUSTOMERS

Contract balances. Receivables from customers, which are included in Accounts receivable, net on the consolidated balance sheets, were $671.4 million and $693.9 million as of September 30, 2025, and December 31, 2024, 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:

thousands
Contract assets balance at December 31, 2024	$	43,186
Amounts transferred to Accounts receivable, net that were included in the contract assets balance at the beginning of the period (1)	(5,378)
Additional estimated revenues recognized (2)	3,533
Contract assets balance at September 30, 2025	$	41,341
Contract assets at September 30, 2025
Other current assets	$	17,511
Other assets	23,830
Total contract assets from contracts with customers	$	41,341

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(1)Includes $(1.8) million for the three months ended September 30, 2025.

(2)Includes $0.6 million for the three months ended September 30, 2025.

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:

thousands
Contract liabilities balance at December 31, 2024	$	610,571
Cash received or receivable, excluding revenues recognized during the period (1)	103,846
Revenues recognized that were included in the contract liability balance at the beginning of the period (2)	(9,722)
Contract liabilities balance at September 30, 2025	$	704,695
Contract liabilities at September 30, 2025
Accrued liabilities	$	10,929
Other liabilities	693,766
Total contract liabilities from contracts with customers	$	704,695

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(1)Includes $34.1 million for the three months ended September 30, 2025.

(2)Includes $(3.0) million for the three months ended September 30, 2025.

2. REVENUE FROM CONTRACTS WITH CUSTOMERS

Transaction price allocated to remaining performance obligations. Revenues expected to be recognized from certain performance obligations that are unsatisfied (or partially unsatisfied) as of September 30, 2025, 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
Remainder of 2025	$	251,545
2026	1,131,557
2027	1,153,720
2028	995,627
2029	685,667
Thereafter	2,586,102
Total	$	6,804,218