On January 1, 2018, the company adopted the amended guidance in ASC 606, Revenue from Contracts with Customers, and all related amendments and applied it to all contracts using the modified retrospective transition method. As such, comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. There was no adjustments to the consolidated January 1, 2018 balance sheet for the adoption of the new revenue standard, and there was no impact of adoption on the consolidated statements of operations for the year ended December 31, 2018.

Revenue is recognized when obligations under the terms of a contract with a customer are satisfied. Generally this occurs with the transfer of control of products or services. Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods or providing services. Sales, value add, and other taxes the company collects concurrent with revenue-producing activities are excluded from revenue.

The following tables disaggregate revenue by major source for the years ended December 31, 2019 and 2018 (in thousands):


	Twelve Months Ended December 31, 2019 ⁽¹⁾
	Ethanol Production		Agribusiness & Energy Services		Food & Ingredients		Partnership		Eliminations		Total
Revenues:
Revenues from contracts with customers under ASC 606:
Ethanol	$	620	$	-	$	-	$	-	$	-	$	620
Distillers grains		70,729		-		-		-		-		70,729
Service revenues		-		-		-		6,422		-		6,422
Other		2,589		3,684		-		-		-		6,273
Intersegment revenues		100		-		-		7,126		(7,226)		-
Total revenues from contracts with customers		74,038		3,684		-		13,548		(7,226)		84,044
Revenues from contracts accounted for as derivatives under ASC 815 ⁽²⁾:
Ethanol		1,338,093		522,572		-		-		-		1,860,665
Distillers grains		228,849		42,445		-		-		-		271,294
Corn oil		50,290		28,034		1,451		-		-		79,775
Grain		175		63,233		-		-		-		63,408
Other		9,270		48,348		-		-		-		57,618
Intersegment revenues		-		27,184		-		-		(27,184)		-
Total revenues from contracts accounted for as derivatives		1,626,677		731,816		1,451		-		(27,184)		2,332,760
Leasing revenues under ASC 842 ⁽³⁾		-		-		-		68,839		(68,405)		434
Total Revenues	$	1,700,715	$	735,500	$	1,451	$	82,387	$	(102,815)	$	2,417,238

	Twelve Months Ended December 31, 2018⁽¹⁾
	Ethanol Production		Agribusiness & Energy Services		Food & Ingredients		Partnership		Eliminations		Total
Revenues:
Revenues from contracts with customers under ASC 606:
Ethanol	$	3,803	$	-	$	-	$	-	$	-	$	3,803
Distillers grains		206,905		-		-		-		-		206,905
Vinegar		-		-		108,011		-		-		108,011
Service revenues		-		-		-		5,180		-		5,180
Other		5,369		3,014		-		-		-		8,383
Intersegment revenues		186		24		-		9,030		(9,240)		-
Total revenues from contracts with customers		216,263		3,038		108,011		14,210		(9,240)		332,282
Revenues from contracts accounted for as derivatives under ASC 815 ⁽²⁾:
Ethanol		1,618,319		418,956		-		-		-		2,037,275
Distillers grains		198,738		141,140		-		-		-		339,878
Corn oil		66,567		22,623		13,110		-		-		102,300
Grain		520		81,742		-		-		-		82,262
Other		20,254		68,380		-		-		-		88,634
Intersegment revenues		-		33,077		-		-		(33,077)		-
Total revenues from contracts accounted for as derivatives		1,904,398		765,918		13,110		-		(33,077)		2,650,349
Leasing revenues under ASC 840 ⁽³⁾		-		-		-		86,538		(85,237)		1,301
Total Revenues	$	2,120,661	$	768,956	$	121,121	$	100,748	$	(127,554)	$	2,983,932

(1)Revenues include certain items which were previously considered intercompany transactions prior to the disposition of GPCC and therefore eliminated upon consolidation. These revenue transactions are now presented on a gross basis in product revenues. These revenue transactions total $14.5 million and $24.6 million for the years ended December 31, 2019 and 2018, respectively.

(2)Revenues from contracts accounted for as derivatives represent physically settled derivative sales that are outside the scope of ASC 606, where the company recognizes revenue when control of the inventory is transferred within the meaning of ASC 606 as required by ASC 610-20, Gains and Losses from Derecognition of Nonfinancial Assets.

(3)Leasing revenues do not represent revenues recognized from contracts with customers under ASC 606, and are accounted for under ASC 842, Leases for 2019 and ASC 840, Leases for 2018.

For the year ended December 31, 2019, revenues from one customer represented 11% of total revenues. Revenues from this customer are reported in the ethanol production segment. There were no third party customers that accounted for more than 10% of total revenues for the years ended December 31, 2018 or 2017.

The company has standard payment terms, which vary depending upon the nature of the services provided, with the majority falling within 10 to 30 days after transfer of control or completion of services. In instances where the timing of revenue recognition differs from the timing of invoicing, the company has determined that contracts generally do not include a significant financing component.

The company records unearned revenue when consideration is received, or such consideration is unconditionally due, from a customer prior to transferring goods or services to the customer under the terms of service and lease agreements. Unearned revenue from service agreements, which represents a contract liability, is recorded for fees that have been charged to the customer prior to the completion of performance obligations. Unearned revenue is generally recognized in the subsequent quarter and is not material to the company. The company expects to recognize all of the unearned revenue associated with service agreements as of December 31, 2019, in the subsequent quarter when the inventory is withdrawn from the partnership’s tank storage.