Revenue

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

Many of the Company’s revenues are generated from contracts that are outside the scope of Accounting Standard Codification ("ASC") 606 and thus are accounted for under other accounting standards. Specifically, many of the Company's Trade and Renewables sales contracts are derivatives under ASC 815, Derivatives and Hedging. The breakdown of revenues between the two standards are as follows:

	Three months ended March 31,
(in thousands)	2022		2021
Revenues under ASC 606	$	677,856	$	487,094
Revenues under ASC 815	3,300,098		2,107,625
Total revenues	$	3,977,954	$	2,594,719

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 months ended March 31, 2022 and 2021, respectively:

	Three months ended March 31, 2022
(in thousands)	Trade		Renewables		Plant Nutrient		Total
Specialty nutrients	$	—	$	—	$	93,268	$	93,268
Primary nutrients	—		—		89,882		89,882
Products and co-products	107,871		232,694		—		340,565
Propane and frac sand	119,792		—		—		119,792
Other	6,242		1,215		26,892		34,349
Total	$	233,905	$	233,909	$	210,042	$	677,856

	Three months ended March 31, 2021
(in thousands)	Trade		Renewables		Plant Nutrient		Total
Specialty nutrients	$	—	$	—	$	76,806	$	76,806
Primary nutrients	—		—		71,659		71,659
Products and co-products	71,988		145,644		—		217,632
Propane and frac sand	92,065		—		—		92,065
Other	4,386		3,759		20,787		28,932
Total	$	168,439	$	149,403	$	169,252	$	487,094

Substantially all of the Company's revenues accounted for under ASC 606 during the three months ended March 31, 2022 and 2021, respectively, are recorded at a point in time instead of over time.

Contract balances

The balances of the Company’s contract liabilities were $185.5 million and $100.8 million as of March 31, 2022 and December 31, 2021, 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. Due to seasonality of this business, contract liabilities were built up at year-end and through the first quarter in preparation for the spring application season.