Revenue

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

Many of the Company’s sales and merchandising revenues are generated from contracts that are outside the scope of ASC 606, Revenue from Contracts with Customers. Specifically, many of the Company's Trade and Renewables sales contracts are derivatives under ASC 815, Derivatives and Hedging. The breakdown of revenues between ASC 606 and ASC 815 is as follows:

	Three months ended June 30,				Six months ended June 30,
(in thousands)	2023		2022		2023		2022
Revenues under ASC 606	$	975,269	$	956,013	$	1,714,247	$	1,633,869
Revenues under ASC 815	3,044,914		3,494,604		6,187,174		6,794,702
Total revenues	$	4,020,183	$	4,450,617	$	7,901,421	$	8,428,571

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, 2023 and 2022, respectively:

	Three months ended June 30, 2023
(in thousands)	Trade		Renewables		Nutrient & Industrial		Total
Specialty nutrients	$	—	$	—	$	98,335	$	98,335
Primary nutrients	—		—		315,101		315,101
Products and co-products	114,289		368,646		—		482,935
Propane	30,155		—		—		30,155
Other	14,782		1,804		32,157		48,743
Total	$	159,226	$	370,450	$	445,593	$	975,269

	Three months ended June 30, 2022
(in thousands)	Trade		Renewables		Nutrient & Industrial		Total
Specialty nutrients	$	—	$	—	$	104,357	$	104,357
Primary nutrients	—		—		336,487		336,487
Products and co-products	101,195		329,224		—		430,419
Propane	41,088		—		—		41,088
Other	12,844		1,378		29,440		43,662
Total	$	155,127	$	330,602	$	470,284	$	956,013

	Six months ended June 30, 2023
(in thousands)	Trade		Renewables		Nutrient & Industrial		Total
Specialty nutrients	$	—	$	—	$	168,332	$	168,332
Primary nutrients	—		—		379,851		379,851
Products and co-products	203,256		763,255		—		966,511
Propane	106,678		—		—		106,678
Other	27,372		4,152		61,351		92,875
Total	$	337,306	$	767,407	$	609,534	$	1,714,247

	Six months ended June 30, 2022
(in thousands)	Trade		Renewables		Nutrient & Industrial		Total
Specialty nutrients	$	—	$	—	$	197,625	$	197,625
Primary nutrients	—		—		426,369		426,369
Products and co-products	209,066		561,918		—		770,984
Propane	155,591		—		—		155,591
Other	24,375		2,593		56,332		83,300
Total	$	389,032	$	564,511	$	680,326	$	1,633,869

Substantially all of the Company's revenues accounted for under ASC 606 during the three and six months ended June 30, 2023 and 2022, respectively, are recorded at a point in time instead of over time.

Contract balances

The balances of the Company’s contract liabilities were $15.9 million and $55.4 million as of June 30, 2023 and December 31, 2022, 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 are 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 are built up 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 Nutrient & Industrial segment.