Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

9. Revenue from Contracts with Customers

The majority of our consolidated revenues are generated through the sale of fuel and fuel-related products. Our contracts with customers, which are primarily master sales agreements in combination with different types of nominations or standalone agreements, generally require us to deliver fuel and fuel-related products, while other arrangements require us to complete agreed-upon services. As our contracts go through a formal credit approval process, we only enter into contracts when we determine the amount we expect to be entitled to is probable of collection. Our billing and payment terms generally include monthly invoicing with average payment terms of one to three months.

We have concluded that each gallon or barrel represents a separate performance obligation, and revenue is recognized at the point in time when control of each gallon or barrel transfers to our customer. We may incur costs for the transportation of products to the delivery points. Reimbursements of such costs are normally included in the transaction price.

Our contracts may contain fixed pricing, variable pricing, or a combination. The pricing structures of our fuel sales that involve variable prices, such as market or index-based pricing or reimbursements of costs, typically correspond to our efforts to transfer the promised fuel, and we recognize revenue based on those variable prices for the related gallons or barrels that we have delivered.

Our contracts with customers may include multi-year sales contracts, which are priced at market-based indices and require minimum volume purchase commitments from our customers. The consideration expected from these contracts is considered variable due to the market-based pricing and the variability is not resolved until delivery is made to our customers. We also have fixed price fuel and fuel-related product sale contracts with a contract term of less than one year (typically one month).

We also earn an immaterial amount of revenue from contracts to provide services, including energy procurement advisory services, international trip planning support, and transaction and payment management processing, which typically represent a single performance obligation for the series of daily services.

Disaggregated revenue

The following table presents our revenues from contracts with customers disaggregated by major geographic areas in which we conduct business (in millions):

	For the Year Ended December 31,
	2022		2021		2020
Aviation	$	1,200.9	$	682.8	$	542.1
Land	9.9		36.8		10.6
Marine	5,851.6		3,419.5		2,436.8
Asia Pacific	7,062.4		4,139.2		2,989.4
Aviation	4,481.0		1,903.1		1,403.4
Land	4,141.1		2,491.8		1,744.5
Marine	3,739.7		2,364.6		1,630.8
EMEA	12,361.8		6,759.5		4,778.7
Aviation	4,703.5		2,092.4		1,069.9
Land	907.1		590.6		440.1
Marine	1,099.7		621.3		483.5
LATAM	6,710.3		3,304.3		1,993.5
Aviation	16,689.0		8,533.1		4,618.4
Land	14,028.8		7,251.5		4,359.6
Marine	2,263.7		1,220.0		851.6
North America	32,981.6		17,004.7		9,829.6
Other revenues (excluded from ASC 606) (1)	(72.9)		129.2		767.1
Total revenue	$	59,043.1	$	31,337.0	$	20,358.3

(1)Includes revenue from derivatives, leases, and other transactions that we account for under separate guidance.

Accounts receivable, contract assets and contract liabilities

The nature of the receivables related to revenue from contracts with customers and other revenues (excluded from ASC 606) are substantially similar, as they are both generated from transactions with the same type of counterparties (e.g., separate fuel sales and storage lease with the same counterparty) and are entered into utilizing the same credit approval and monitoring procedures for all customers. As such, we believe the risk associated with the cash flows from the different types of receivables is not meaningful to separately disaggregate the accounts receivable balance presented on our Consolidated Balance Sheets. As of December 31, 2022 and 2021, the contract assets and contracts liabilities recognized by the Company were not material.