Revenue

6 Months Ended

Jun. 30, 2020

Revenue from Contract with Customer [Abstract]

Many of the Company’s revenues are generated from contracts that are outside the scope of ASC 606 and thus are accounted for under other accounting standards. Specifically, many of the Company's Trade and Ethanol sales contracts are derivatives under ASC 815, Derivatives and Hedging and the Rail Group's leasing revenue is accounted for under ASC 842, Leases. The breakdown of revenues between ASC 606 and other standards is as follows:


	Three months ended June 30,						Six months ended June 30,
(in thousands)	2020		2019		2020		2019
Revenues under ASC 606	$	459,105	$	494,266	$	806,607	$	809,438
Revenues under ASC 842	24,768		31,836		50,319		60,704
Revenues under ASC 815	1,406,307		1,798,939		2,886,360		3,431,691
Total Revenues	$	1,890,180	$	2,325,041	$	3,743,286	$	4,301,833

The remainder of this note applies only to those revenues that are accounted for under ASC 606.

Disaggregation of revenue

The following tables disaggregate revenues under ASC 606 by major product/service line for the three and six months ended June 30, 2020 and 2019, respectively:


	Three months ended June 30, 2020
(in thousands)	Trade		Ethanol		Plant Nutrient		Rail		Total
Specialty nutrients	$	—	$	—	$	82,634	$	—	$	82,634
Primary nutrients	—		—		188,463		—		188,463
Services	2,357		—		2,596		8,658		13,611
Products and co-products	63,344		75,773		—		—		139,117
Frac sand and propane	21,439		—		—		—		21,439
Other	5,330		352		6,132		2,027		13,841
Total	$	92,470	$	76,125	$	279,825	$	10,685	$	459,105


	Three months ended June 30, 2019
(in thousands)	Trade		Ethanol		Plant Nutrient		Rail		Total
Specialty nutrients	$	31,870	$	—	$	87,665	$	—	$	119,535
Primary nutrients	22,364		—		174,907		—		197,271
Service	7,745		3,547		1,696		9,278		22,266
Products and co-products	55,943		32,047		—		—		87,990
Frac sand and propane	56,767		—		—		—		56,767
Other	2,537		35		6,309		1,556		10,437
Total	$	177,226	$	35,629	$	270,577	$	10,834	$	494,266


	Six months ended June 30, 2020
(in thousands)	Trade		Ethanol		Plant Nutrient		Rail		Total
Specialty nutrients	$	—	$	—	$	155,865	$	—	$	155,865
Primary nutrients	—		—		234,153		—		234,153
Service	4,043		—		2,778		17,394		24,215
Products and co-products	116,509		177,472		—		—		293,981
Frac sand and propane	71,314		—		—		—		71,314
Other	9,318		968		11,942		4,851		27,079
Total	$	201,184	$	178,440	$	404,738	$	22,245	$	806,607


	Six months ended June 30, 2019
(in thousands)	Trade		Ethanol		Plant Nutrient		Rail		Total
Specialty nutrients	$	35,808	$	—	$	156,065	$	—	$	191,873
Primary nutrients	22,791		—		227,996		—		250,787
Service	8,570		6,983		1,858		19,225		36,636
Products and co-products	118,701		53,517		—		—		172,218
Frac sand and propane	137,230		—		—		—		137,230
Other	3,697		35		13,183		3,779		20,694
Total	$	326,797	$	60,535	$	399,102	$	23,004	$	809,438

Approximately 3% and 4% of revenues accounted for under ASC 606 during both three months periods ended June 30, 2020 and 2019, respectively, are recorded over time which primarily relates to service revenues noted above. Additionally, during the six months ended June 30, 2020 and 2019, approximately 3% and 4% of revenues were accounted for under ASC 606, respectively.

Contract balances

The balances of the Company’s contract liabilities were $9.7 million and $28.5 million as of June 30, 2020 and December 31, 2019, respectively. The difference between the opening and closing balances of the Company’s contract liabilities primarily results from the timing difference between the Company’s performance and the customer’s payment. The main driver of the contract liabilities balance is payments for primary and specialty nutrients received in advance of fulfilling our performance obligations under our customer contracts. Further, due to seasonality of this business, contract liabilities were built up at year-end and through the first quarter of the year in preparation for the spring planting season. In the second quarter, the decrease in liabilities is due to the revenue recognized in the current period as the built up liabilities were relieved as obligations were met.