Revenue

9 Months Ended

Sep. 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 September 30,				Nine months ended September 30,
(in thousands)	2023		2022		2023		2022
Revenues under ASC 606	$	688,111	$	635,445	$	2,402,358	$	2,269,314
Revenues under ASC 815	2,947,580		3,583,880		9,134,754		10,378,582
Total revenues	$	3,635,691	$	4,219,325	$	11,537,112	$	12,647,896

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:

	Three months ended September 30, 2023
(in thousands)	Trade		Renewables		Nutrient & Industrial		Total
Specialty nutrients	$	—	$	—	$	27,651	$	27,651
Primary nutrients	—		—		74,565		74,565
Products and co-products	114,962		399,643		—		514,605
Propane	29,572		—		—		29,572
Other	13,455		1,946		26,317		41,718
Total	$	157,989	$	401,589	$	128,533	$	688,111

	Three months ended September 30, 2022
(in thousands)	Trade		Renewables		Nutrient & Industrial		Total
Specialty nutrients	$	—	$	—	$	44,957	$	44,957
Primary nutrients	—		—		92,071		92,071
Products and co-products	88,201		323,676		—		411,877
Propane	47,867		—		—		47,867
Other	10,179		1,646		26,848		38,673
Total	$	146,247	$	325,322	$	163,876	$	635,445

	Nine months ended September 30, 2023
(in thousands)	Trade		Renewables		Nutrient & Industrial		Total
Specialty nutrients	$	—	$	—	$	195,982	$	195,982
Primary nutrients	—		—		454,416		454,416
Products and co-products	318,217		1,162,898		—		1,481,115
Propane	136,250		—		—		136,250
Other	40,828		6,098		87,669		134,595
Total	$	495,295	$	1,168,996	$	738,067	$	2,402,358

	Nine months ended September 30, 2022
(in thousands)	Trade		Renewables		Nutrient & Industrial		Total
Specialty nutrients	$	—	$	—	$	242,582	$	242,582
Primary nutrients	—		—		518,439		518,439
Products and co-products	297,267		885,595		—		1,182,862
Propane	203,459		—		—		203,459
Other	34,554		4,239		83,179		121,972
Total	$	535,280	$	889,834	$	844,200	$	2,269,314

Substantially all of the Company's revenues accounted for under ASC 606 during the periods presented in the preceding tables, are recorded at a point in time instead of over time.

Contract balances

The balances of the Company’s contract liabilities were $28.6 million and $55.4 million as of September 30, 2023 and December 31, 2022, respectively. The difference between the opening and closing balances of the Company’s contract liabilities is primarily a result of timing differences 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 second and third quarters satisfied the contract liabilities throughout the spring application season for our Nutrient & Industrial segment.