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REVENUES
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
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)20242023
Gasoline and distillates$7,295.3 $9,623.1 
Feedstocks and other393.7 489.0 
Asphalt and blackoils379.0 388.1 
Chemicals199.9 158.7 
Lubricants104.9 66.4 
Total Revenues$8,372.8 $10,725.3 
Nine Months Ended September 30,
(in millions)20242023
Gasoline and distillates $22,337.2 $25,997.8 
Asphalt and blackoils1,520.0 1,176.3 
Feedstocks and other1,077.5 1,256.6 
Chemicals 519.6 473.1 
Lubricants 281.5 255.4 
Total Revenues$25,735.8 $29,159.2 
The Company’s revenues are generated from the sale of refined 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 the Company’s 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 Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers.
Deferred Revenue
The Company records deferred revenue when cash payments are received or are due in advance of performance, including amounts which are refundable. Deferred revenue was $40.0 million and $63.6 million as of September 30, 2024 and December 31, 2023, 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.