Quarterly report [Sections 13 or 15(d)]

Segment Information and Customer Concentration

v3.25.3
Segment Information and Customer Concentration
 9 Months Ended
Sep. 30, 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. The measure of profit and loss regularly provided to the chief operating decision maker (“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 $16 million in losses and $147 million in gains for the three months ended September 30, 2025 and 2024, respectively, and $103 million and $293 million in gains for the nine months ended September 30, 2025 and 2024, respectively. Interest income, which is included in interest and dividend income
on our Consolidated Statements of Operations, was $5 million and $7 million for the three months ended September 30, 2025 and 2024, respectively, and $11 million and $25 million for the nine months ended September 30, 2025 and 2024, 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 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
Three Months Ended September 30, Nine Months Ended September 30, September 30, December 31,
2025 2024 2025 2024 2025 2024
Customer A 17% 17% 22% 22% 20% 19%
Customer B 14% 18% 15% 15% 12% *
Customer C 17% 15% 15% 15% 19% 20%
Customer D 16% 16% 14% 14% 14% 18%
Customer E * * 10% 11% * *
Customer F * * * * 12% *
* Less than 10%