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Revenue
 12 Months Ended
Dec. 31, 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. 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:
Year Ended December 31,
(in thousands)202320222021
Revenues under ASC 606$3,201,901 $3,036,852 $2,211,537 
Revenues under ASC 81511,548,211 14,288,532 10,400,513 
Total revenues$14,750,112 $17,325,384 $12,612,050 
Disaggregation of revenue

The following tables disaggregate revenues under ASC 606 by major product line:
Year Ended December 31, 2023
(in thousands)TradeRenewablesNutrient & IndustrialTotal
Specialty nutrients$— $— $249,396 $249,396 
Primary nutrients— — 572,906 572,906 
Products and co-products434,304 1,562,074 — 1,996,378 
Propane190,221 — — 190,221 
Other64,284 7,621 121,095 193,000 
Total$688,809 $1,569,695 $943,397 $3,201,901 
Year Ended December 31, 2022
(in thousands)TradeRenewablesNutrient & IndustrialTotal
Specialty nutrients$— $— $355,636 $355,636 
Primary nutrients— — 625,134 625,134 
Products and co-products396,613 1,219,972 — 1,616,585 
Propane264,072 — — 264,072 
Other50,966 5,921 118,538 175,425 
Total$711,651 $1,225,893 $1,099,308 $3,036,852 

Year Ended December 31, 2021
(in thousands)TradeRenewablesNutrient & IndustrialTotal
Specialty nutrients$— $— $270,842 $270,842 
Primary nutrients— — 500,891 500,891 
Products and co-products313,195 714,120 — 1,027,315 
Propane246,002 — — 246,002 
Other64,557 6,768 95,162 166,487 
Total$623,754 $720,888 $866,895 $2,211,537 
Substantially all of the Company's revenues accounted for under ASC 606 are recorded at a point in time instead of over time for each of the periods above.

Specialty and primary nutrients

The Company sells several different types of specialty nutrient products, including: low-salt liquid starter fertilizers, micro-nutrients and other specialty lawn products. These products can be sold through the wholesale distribution channels as well as directly to end users at the farm center locations. Similarly, the Company sells several different types of primary nutrient products, including: nitrogen, phosphorus and potassium. These products may be purchased and re-sold as is or sold as finished goods resulting from a blending and manufacturing process. The contracts associated with specialty and primary nutrients generally have a single performance obligation, as the Company has elected the accounting policy to consider shipping and handling costs as fulfillment costs. Revenue is recognized when control of the product has passed to the customer. Payment terms generally range from 0 - 30 days.
Products and co-products

The Renewables segment sells several co-products through the production of ethanol that remain subject to ASC 606, including E-85, dried distillers grains, syrups and renewable identification numbers (“RINs”). RINs are credits for compliance with the Environmental Protection Agency's Renewable Fuel Standard program and are created by renewable fuel producers. The Trade segment also sells several products that are subject to ASC 606, such as pulses, organics and pet food ingredients. Contracts for these products and co-products generally have a single performance obligation, as the Company has elected the accounting policy to consider shipping and handling costs as fulfillment costs. Revenue is recognized when control of the product has passed to the customer which follows shipping terms on the contract. Payment terms for Renewables generally range from 10 - 15 days. Payment terms for Trade generally range from 30 - 120 days.

Propane

Propane products are primarily sold to United States customers in the energy industry. Revenue is recognized at a point in time when obligations under the terms of a contract with the customer are satisfied. This occurs with the transfer of control of our products to customers when products are shipped for direct sales to customers or when the product is picked up by a customer at a transload location. Contracts contain one performance obligation which is the delivery to the customer at a point in time. Revenue is measured as the amount of consideration received in exchange for transferring products. The Company recognizes the cost for shipping as an expense in Cost of sales and merchandising revenues when control over the product has transferred to the customer. Payment terms generally range from 0 - 30 days.

Contract balances

The opening and closing balances of the Company’s contract liabilities are as follows:
(in thousands)20232022
Balance at January 1$55,408 $100,847 
Balance at December 3130,686 55,408 

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 contract liabilities covered in the table above relate to the Nutrient & Industrial business for payments received in advance of fulfilling our performance obligations under our customer contracts. Contract liabilities are built up at year-end and through the first quarter as a result of payments in advance of fulfilling our performance obligations under our customer contracts in preparation for the spring application season. The contract liabilities are then relieved as obligations are met through the year. The variance in contract liabilities at December 31, 2023, compared to the prior years was due to tight supplies and a sharp increase of fertilizer prices towards the end of 2021 and the beginning of 2022 and customers were more willing to prepay for fertilizer to ensure supply and fix their input costs for the following spring application season. At December 31, 2022, and 2023, there was much less volatility in the fertilizer market leading customers to not prepay as significantly as customers were willing to do at December 31, 2021.