REVENUES

Revenues are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services.

The following table provides information relating to the Company’s revenues from external customers for each product or group of similar products for the periods presented:



	Three Months Ended September 30,
(in millions)	2019		2018
Gasoline and distillates	$	5,658.6	$	6,227.5
Asphalt and blackoils	321.3		544.9
Feedstocks and other	188.1		552.8
Chemicals	183.0		243.1
Lubricants	71.1		74.1
Total Revenues	$	6,422.1	$	7,642.4



	Nine Months Ended September 30,
(in millions)	2019		2018
Gasoline and distillates	$	15,662.3	$	17,563.6
Asphalt and blackoils	1,206.1		1,251.0
Feedstocks and other	592.7		1,195.6
Chemicals	512.3		621.8
Lubricants	209.3		250.5
Total Revenues	$	18,182.7	$	20,882.5

The Company’s revenues are generated from the sale of refined petroleum products. These revenues are largely based on the current spot market prices of the products sold, which represent consideration specifically allocable to the products being sold on a given day, and the Company recognizes those revenues upon delivery and transfer of title to the products to our customers. The time at which delivery and transfer of title occurs is the point when the Company’s control of the products is transferred to the Company’s customers and when its performance obligation to its customers is fulfilled. Delivery and transfer of title are specifically agreed to between the Company and customers within the contracts. The Company also has contracts which contain fixed pricing, tiered pricing, minimum volume features with makeup periods, or other factors that have not materially been affected by ASC 606.

Deferred Revenues

The Company records deferred revenues when cash payments are received or are due in advance of performance, including amounts which are refundable. Deferred revenue was $10.1 million and $17.1 million as of September 30, 2019 and December 31, 2018, respectively. Fluctuations in the deferred revenue balance are primarily driven by the timing and extent of cash payments received or due in advance of satisfying the Company’s performance obligations.

The Company’s payment terms vary by type and location of customers and the products offered. The period between invoicing and when payment is due is not significant (i.e. generally within two months). For certain products or services and customer types, the Company requires payment before the products or services are delivered to the customer.