Revenue

3 Months Ended

Mar. 31, 2020

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 March 31,
(in thousands)	2020		2019
Revenues under ASC 606	$	347,502	$	315,172
Revenues under ASC 842	25,551		28,868
Revenues under ASC 815	1,480,052		1,632,752
Total Revenues	$	1,853,105	$	1,976,792

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 months ended March 31, 2020 and 2019, respectively:



	Three months ended March 31, 2020
(in thousands)	Trade		Ethanol		Plant Nutrient		Rail		Total
Specialty nutrients	$	—	$	—	$	73,231	$	—	$	73,231
Primary nutrients	—		—		45,690		—		45,690
Services	1,686		—		182		8,736		10,604
Ethanol products and co-products	53,165		101,698		—		—		154,863
Frac sand and propane	49,875		—		—		—		49,875
Other	3,989		616		5,810		2,824		13,239
Total	$	108,715	$	102,314	$	124,913	$	11,560	$	347,502



	Three months ended March 31, 2019
(in thousands)	Trade		Ethanol		Plant Nutrient		Rail		Total
Specialty nutrients	$	3,938	$	—	$	68,400	$	—	$	72,338
Primary nutrients	427		—		53,089		—		53,516
Service	825		3,436		162		9,947		14,370
Ethanol products and co-products	62,758		21,472		—		—		84,230
Frac sand and propane	80,463		—		—		—		80,463
Other	1,157		—		6,874		2,224		10,255
Total	$	149,568	$	24,908	$	128,525	$	12,171	$	315,172

Approximately 3% and 5% of revenues accounted for under ASC 606 during the three months ended March 31, 2020 and 2019, respectively, and are recorded over time which primarily relates to service revenues noted above.

Contract balances

The balances of the Company’s contract liabilities were $65.8 million and $28.5 million as of March 31, 2020 and December 31, 2019, 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 is 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.