Revenue

6 Months Ended

Jun. 30, 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 June 30,				Six months ended June 30,
(in thousands)	2022		2021		2022		2021
Revenues under ASC 606	$	956,013	$	623,813	$	1,633,869	$	1,110,908
Revenues under ASC 815	3,494,604		2,611,992		6,794,702		4,719,616
Total revenues	$	4,450,617	$	3,235,805	$	8,428,571	$	5,830,524

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, 2022 and 2021, respectively:

	Three months ended June 30, 2022
(in thousands)	Trade		Renewables		Plant Nutrient		Total
Specialty nutrients	$	—	$	—	$	104,357	$	104,357
Primary nutrients	—		—		336,487		336,487
Products and co-products	101,195		329,224		—		430,419
Propane and frac sand	46,935		—		—		46,935
Other	6,997		1,378		29,440		37,815
Total	$	155,127	$	330,602	$	470,284	$	956,013

	Three months ended June 30, 2021
(in thousands)	Trade		Renewables		Plant Nutrient		Total
Specialty nutrients	$	—	$	—	$	84,915	$	84,915
Primary nutrients	—		—		213,604		213,604
Products and co-products	74,948		184,263		—		259,211
Propane and frac sand	36,649		—		—		36,649
Other	6,151		394		22,889		29,434
Total	$	117,748	$	184,657	$	321,408	$	623,813

	Six months ended June 30, 2022
(in thousands)	Trade		Renewables		Plant Nutrient		Total
Specialty nutrients	$	—	$	—	$	197,625	$	197,625
Primary nutrients	—		—		426,369		426,369
Products and co-products	209,066		561,918		—		770,984
Propane and frac sand	166,727		—		—		166,727
Other	13,239		2,593		56,332		72,164
Total	$	389,032	$	564,511	$	680,326	$	1,633,869

	Six months ended June 30, 2021
(in thousands)	Trade		Renewables		Plant Nutrient		Total
Specialty nutrients	$	—	$	—	$	161,721	$	161,721
Primary nutrients	—		—		285,263		285,263
Products and co-products	146,936		329,907		—		476,843
Propane and frac sand	128,714		—		—		128,714
Other	10,538		4,153		43,676		58,367
Total	$	286,188	$	334,060	$	490,660	$	1,110,908

Substantially all of the Company's revenues accounted for under ASC 606 during the three and six months ended June 30, 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 $21.7 million and $100.8 million as of June 30, 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 as of December 31, 2021, 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. As expected, the revenue recognized in the current period satisfied the contract liabilities throughout the spring application season for our Plant Nutrient segment.