Revenue

12 Months Ended

Dec. 31, 2024

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, the vast majority of the Company's Trade and Renewables sales contracts are derivatives within the scope of ASC 815, Derivatives and Hedging. Of the sales and merchandising revenues within the scope of ASC 606 in the Trade and Renewables segments, substantially all of the activity occurs at a point in time and outstanding contract liabilities are de minimis.

In the Company's Nutrient & Industrial segment, all sales and merchandising revenues are within the scope of ASC 606. Therefore, a further disaggregation of revenues and detail of outstanding contract balances is provided below:

	Year Ended December 31,
(in thousands)	2024		2023		2022
Ag Supply Chain	$	482,492	$	586,873	$	691,696
Specialty Liquids	178,223		206,477		261,964
Engineered Granules	172,426		150,047		145,648
Total sales and merchandising revenues	$	833,141	$	943,397	$	1,099,308

Substantially all of the Nutrient & Industrial segment revenues presented in the preceding table occurred within the United States and are recorded at a point in time instead of over time.

Ag Supply Chain

The Ag Supply Chain division sells different types of primary nutrients including nitrogen, phosphorus, and potassium. These products can be sold through wholesale distribution channels as well as directly to end users at the farm center locations. These products may be purchased and re-sold as is or sold as finished goods resulting from blending and manufacturing processes. Additionally, the farm centers sell a variety of essential crop nutrients, crop protection chemicals and seed products in addition to application and agronomic services to commercial and family farmers.

Specialty Liquids

The Specialty Liquids division sells a broad range of fertilizers, micronutrients, and soil amendments. The division is also a manufacturer and distributor of industrial products throughout the U.S. and Puerto Rico including nitrogen reagents, calcium nitrate, deicers, and dust abatement products.

Engineered Granules

The Engineered Granules division sells proprietary professional lawn care products that are primarily sold into the golf course and professional turf care markets, serving both U.S. and international customers. Corncob-based products are manufactured and sold for a variety of uses including laboratory animal bedding and private-label cat litter, as well as absorbents, blast cleaners, carriers and polishers. The division also performs contract manufacturing services to formulated and package fertilizer and weed and pest control products to various markets.

The contracts associated with the Nutrient & Industrial segment 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.

Contract balances

The opening and closing balances of the Company’s contract liabilities are as follows:

(in thousands)	2024		2023
Balance at January 1	$	30,686	$	55,408
Balance at December 31	24,812		30,686

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. The variance in contract liabilities at December 31, 2024, compared to the prior years was due to tight supplies and higher fertilizer prices towards the end of 2022 and the beginning of 2023, causing more customers to prepay for fertilizer to ensure supply and fix their input costs for the following spring application season. At December 31, 2024, and 2023, fertilizer prices were stable and in a higher interest rate environment customers are not as willing to prepay for fertilizer as they were at December 31, 2022.