Annual report pursuant to Section 13 and 15(d)

Segment Information and Customer Concentration

v3.25.0.1
Segment Information and Customer Concentration
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information and Customer Concentration SEGMENT INFORMATION AND CUSTOMER CONCENTRATION
  
We have determined that we operate as a single operating and reportable segment. We are managed by our general partner, and the executive team of our general partner is organized by function, rather than legal entity or discrete financial data oversight, with no business component managers reporting to the chief operating decision maker (“CODM”), who is the president and chief executive officer of our general partner. The CODM regularly analyzes financial and operational data on a single basis of segmentation at the consolidated level, consistent with our integrated service offering, in order to allocate resources and assess performance.

The measure of profit and loss regularly provided to the CODM that is most consistent with GAAP is net income, as presented in our Consolidated Statements of Operations. This measure contributes to the CODM’s assessment of performance and resource allocation, which includes monitoring of budget versus actual results, establishing compensation and deciding on capital allocation priorities. Significant expenses regularly provided to the CODM, and included in the measure of profit and loss, are cost of sales, operating and maintenance expense and general and administrative expense, as reported in our Consolidated Statements of Operations. Included in the measure of profit and loss is a significant noncash item of changes in the fair value of our derivative instruments, which was $388 million in gains, $2.1 billion in gains and $1.1 billion in losses for the years ended December 31, 2024, 2023 and 2022, respectively. Interest income was $31 million, $44 million and $16 million for the years ended December 31, 2024, 2023 and 2022, respectively, which is included in interest and dividend income on our Consolidated Statements of Operations.

The measure of segment assets is reported on our Consolidated Balance Sheets as total assets. Substantially all of our tangible long-lived assets, which consist of property, plant and equipment, are located in the United States. Total expenditures for additions to long-lived assets is reported on our Consolidated Statements of Cash Flows.
The concentration of our customer credit risk in excess of 10% of total revenues and/or trade and other receivables, net of current expected credit losses and contract assets, net of current expected credit losses was as follows:
Percentage of Total Revenues from External Customers Percentage of Trade and Other Receivables, Net and Contract Assets, Net from External Customers
Year Ended December 31, December 31,
2024 2023 2022 2024 2023
Customer A 22% 23% 22% 19% 22%
Customer B 15% 16% 15% * 16%
Customer C 15% 16% 15% 20% 12%
Customer D 14% 15% 15% 18% 15%
Customer E 11% 11% 10% * 12%
* Less than 10%
The following table shows revenues from external customers attributable to the country in which the revenues were derived (in millions). We attribute revenues from external customers to the country in which the party to the applicable agreement has its principal place of business. Substantially all of our long-lived assets are located in the United States.
Revenues from External Customers
Year Ended December 31,
2024 2023 2022
United States $ 2,329  $ 2,601  $ 5,278 
South Korea 1,024  1,169  1,932 
India 1,015  1,119  1,951 
United Kingdom 976  717  1,026 
Ireland 947  1,058  1,858 
Other countries 459  525  593 
Total $ 6,750  $ 7,189  $ 12,638