Annual report [Section 13 and 15(d), not S-K Item 405]

Segment Information and Customer Concentration

v3.25.4
Segment Information and Customer Concentration
 12 Months Ended
Dec. 31, 2025
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. Also provided regularly to the CODM are changes in the fair value of our derivative instruments, which are inclusive of significant noncash items, which were $732 million, $388 million and $2.1 billion in gains for the years ended December 31, 2025, 2024 and 2023, respectively. Interest income, which is included in interest and dividend income on our Consolidated Statements of Operations, was $14 million, $31 million and $44 million for the years ended December 31, 2025, 2024 and 2023, respectively.

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 U.S. Total expenditures for additions to long-lived assets is reported on our Consolidated Statements of Cash Flows.

The following table shows the concentration of our customer credit risk with 10% or more of total revenues from contracts with external customers and/or trade receivables, net of current expected credit losses and contract assets, net of current expected credit losses. Customers under common control are considered to be a single customer.
Percentage of Total Revenues from Contracts with External Customers Percentage of Trade Receivables, Net and Contract Assets, Net from External Customers
Year Ended December 31, December 31, December 31,
2025 2024 2023 2025 2024
Customer A 22% 22% 23% 28% 20%
Customer B 15% 15% 16% 19% *
Customer C 15% 15% 16% 12% 20%
Customer D 14% 14% 15% 21% 18%
Customer E 10% 11% 11% * *
* Less than 10%
The following table shows total revenues from contracts with external customers attributable to the country in which the revenues were derived (in millions). We attribute revenues to the country in which the party to the applicable agreement has its principal place of business, with foreign countries that individually accounted for 10% or more of total revenues from contracts with external customers shown separately from the remaining countries. Revenues attributed to foreign countries exclude certain sales and other operating revenues for which attribution to a specific country is not practicable.
Total Revenues from Contracts with External Customers
Year Ended December 31,
2025 2024 2023
U.S $ 3,147  $ 2,552  $ 2,866 
South Korea 1,289  1,024  1,169 
India 1,259  1,015  1,119 
Ireland 1,173  947  1,058 
United Kingdom 949  980  718 
Other countries 583  232  259 
Total $ 8,400  $ 6,750  $ 7,189