Revenue

6 Months Ended

Jun. 30, 2019

Revenue from Contract with Customer [Abstract]

Many of the Company’s revenues are generated from contracts that are outside the scope of ASC 606 and thus are accounted for under other accounting standards. Specifically, many of the Company's Trade and Ethanol sales contracts are derivatives under ASC 815, Derivatives and Hedging and the Rail Group's leasing revenue is accounted for under ASC 842, Leases. The breakdown of revenues between ASC 606 and other standards is as follows:



	Three months ended June 30,				Six months ended June 30,
(in thousands)	2019		2018		2019		2018
Revenues under ASC 606	$	494,266	$	356,883	$	809,438	$	550,533
Revenues under ASC 842	31,836		26,228		60,704		52,257
Revenues under ASC 815	1,798,939		528,291		3,431,691		944,351
Total Revenues	$	2,325,041	$	911,402	$	4,301,833	$	1,547,141

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, 2019 and 2018, respectively:



	Three months ended June 30, 2019
(in thousands)	Trade		Ethanol		Plant Nutrient		Rail		Total
Specialty nutrients	$	31,870	$	—	$	87,665	$	—	$	119,535
Primary nutrients	22,364		—		174,907		—		197,271
Services	7,745		3,547		1,696		9,278		22,266
Products and co-products	55,943		32,047		—		—		87,990
Frac sand and propane	56,767		—		—		—		56,767
Other	2,537		35		6,309		1,556		10,437
Total	$	177,226	$	35,629	$	270,577	$	10,834	$	494,266



	Three months ended June 30, 2018
(in thousands)	Trade		Ethanol		Plant Nutrient		Rail		Total
Specialty nutrients	$	—	$	—	$	94,281	$	—	$	94,281
Primary nutrients	—		—		200,288		—		200,288
Service	3,381		2,760		2,412		9,308		17,861
Co-products	—		32,462		—		—		32,462
Other	292		—		6,124		5,575		11,991
Total	$	3,673	$	35,222	$	303,105	$	14,883	$	356,883



	Six months ended June 30, 2019
(in thousands)	Trade		Ethanol		Plant Nutrient		Rail		Total
Specialty nutrients	$	35,808	$	—	$	156,065	$	—	$	191,873
Primary nutrients	22,791		—		227,996		—		250,787
Service	8,570		6,983		1,858		19,225		36,636
Co-products	118,701		53,517		—		—		172,218
Frac sand and propane	137,230		—		—		—		137,230
Other	3,697		35		13,183		3,779		20,694
Total	$	326,797	$	60,535	$	399,102	$	23,004	$	809,438



	Six months ended June 30, 2018
(in thousands)	Trade		Ethanol		Plant Nutrient		Rail		Total
Specialty nutrients	$	—	$	—	$	169,359	$	—	$	169,359
Primary nutrients	—		—		253,507		—		253,507
Service	7,799		5,305		2,621		17,425		33,150
Co-products	—		59,108		—		—		59,108
Other	502		—		13,235		21,672		35,409
Total	$	8,301	$	64,413	$	438,722	$	39,097	$	550,533

Approximately 4% and 5% of revenues accounted for under ASC 606 during each of the three and months ended June 30, 2019 and 2018, are recorded over time which primarily relates to service revenues noted above. Additionally, during the six months ended June 30, 2019 and 2018, approximately 4% and 6% of revenues were accounted for under ASC 606, respectively.

Contract balances

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



(in thousands)	2019		2018
Balance at January 1,	$	28,858	$	25,520
Balance at March 31,	146,824		67,715
Balance at June 30,	48,225		10,047

Exclusive of acquisition related impacts, the residual 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 have two main drivers, including Trade prepayments by counter parties and payments for primary and specialty nutrients received in advance of fulfilling our performance obligations under our customer contracts. The primary and specialty business records contract liabilities for payments received in advance of fulfilling our performance obligations under our customer contracts. Further, due to seasonality of this business, contract liabilities were built up in the

first quarter of the year. In the second quarter, the decrease in liabilities is due to the revenue recognized in the current period relating to the liability built up in the first quarter.