Revenue Recognition

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue Recognition

As of September 30, 2023 and December 31, 2022, receivables from contracts with customers were $471.6 million and $242.5 million, respectively. Our refining segment recognizes deferred revenues when cash payments are received in advance of delivery of products to the customer. Deferred revenue was $35.1 million and $11.5 million as of September 30, 2023 and December 31, 2022, respectively. We have elected to apply a practical expedient not to disclose the value of unsatisfied performance obligations for (i) contracts with an original expected duration of less than one year and (ii) contracts where the variable consideration has been allocated entirely to our unsatisfied performance obligation.

The following table provides information about disaggregated revenue by major product line and includes a reconciliation of the disaggregated revenues to total segment revenues (in thousands):

Three Months Ended September 30, 2023	Refining		Logistics		Retail
Product or service:
Gasoline	$	952,981	$	—	$	116,629
Distillates (1)	1,016,470		—		13,848
Other refined products (2)	482,146		—		—
Merchandise	—		—		27,339
Transportation and terminalling services	—		72,839		—
Other revenue	72,558		—		696
Total segment revenues (3)	$	2,524,155	$	72,839	$	158,512

Three Months Ended September 30, 2022	Refining		Logistics		Retail
Product or service:
Gasoline	$	532,864	$	—	$	118,320
Distillates (1)	861,298		—		13,296
Other refined products (2)	577,665		—		—
Merchandise	—		—		24,800
Transportation and terminalling services	—		54,635		—
Other revenue	2,874		—		969
Total segment revenues (3)	$	1,974,701	$	54,635	$	157,385

Nine Months Ended September 30, 2023	Refining		Logistics		Retail
Product or service:
Gasoline	$	2,006,902	$	—	$	326,082
Distillates (1)	2,495,572		—		37,815
Other refined products (2)	1,272,374		—		—
Merchandise	—		—		76,059
Transportation and terminalling services	—		189,936		—
Other revenue	73,260		—		2,524
Total segment revenues (3)	$	5,848,108	$	189,936	$	442,480

Nine Months Ended September 30, 2022	Refining		Logistics		Retail
Product or service:
Gasoline	$	1,548,915	$	—	$	320,326
Distillates (1)	2,345,982		—		33,030
Other refined products (2)	1,408,126		—		—
Merchandise	—		—		68,522
Transportation and terminalling services	—		147,729		—
Other revenue	15,356		—		2,627
Total segment revenues (3)	$	5,318,379	$	147,729	$	424,505

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(1)Distillates primarily include diesel and jet fuel.

(2)Other refined products include fuel oil, vacuum gas oil, and asphalt.

(3)Refer to Note 19—Segment Information for the reconciliation of segment revenues to total consolidated revenues.