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REVENUES
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
As described in “Note 13 - Segment Information”, the Company’s business consists of the Refining Segment and Logistics Segment. The following table provides information relating to the Company’s revenues for each product or group of similar products or services by segment for the periods presented.
Three Months Ended June 30,
(in millions)20242023
Refining Segment:
Gasoline and distillates $7,442.9 $8,142.1 
Asphalt and blackoils 667.4 385.0 
Feedstocks and other 375.9 349.8 
Chemicals 152.7 174.2 
Lubricants 87.7 97.3 
Total Refining Revenue8,726.6 9,148.4 
Logistics Segment:
Logistics Revenue98.5 94.0 
Total revenue prior to eliminations8,825.1 9,242.4 
Elimination of intercompany revenue(89.0)(84.8)
Total Revenues$8,736.1 $9,157.6 
Six Months Ended June 30,
(in millions)20242023
Refining Segment:
Gasoline and distillates $15,041.9 $16,374.7 
Asphalt and blackoils 1,141.0 788.2 
Feedstocks and other 683.8 767.6 
Chemicals 319.7 314.4 
Lubricants 176.6 189.0 
Total Refining Revenue 17,363.0 18,433.9 
Logistics Segment:
Logistics Revenue194.6 192.5 
Total revenue prior to eliminations 17,557.6 18,626.4 
Elimination of intercompany revenue(175.9)(173.8)
Total Revenues $17,381.7 $18,452.6 
The majority of 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 ASC 606, Revenue from Contracts with Customers.
The Company’s Logistics segment revenues are generated by charging fees for crude oil and refined products terminaling, storage and pipeline services based on the greater of contractual minimum volume commitments, as applicable, or the delivery of actual volumes based on contractual rates applied to throughput or storage volumes. A majority of the Company’s logistics revenues are generated by intercompany transactions and are eliminated in consolidation.
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 $21.0 million and $64.1 million as of June 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.