XML 28 R15.htm IDEA: XBRL DOCUMENT v3.20.2
Revenue
 9 Months Ended
Sep. 30, 2020
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
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 September 30,Nine months ended September 30,
(in thousands)2020201920202019
Revenues under ASC 606$295,850 $273,945 $1,102,457 $1,083,383 
Revenues under ASC 84223,056 26,418 73,375 87,122 
Revenues under ASC 8151,603,327 1,682,392 4,489,687 5,114,083 
Total Revenues$1,922,233 $1,982,755 $5,665,519 $6,284,588 
The remainder of this note applies only to those revenues that are accounted for under ASC 606.
Disaggregation of revenue
The following tables disaggregate revenues under ASC 606 by major product/service line for the three and nine months ended September 30, 2020 and 2019, respectively:
Three months ended September 30, 2020
(in thousands)TradeEthanolPlant NutrientRailTotal
Specialty nutrients$— $— $31,835 $— $31,835 
Primary nutrients— — 62,094 — 62,094 
Services2,010 — 975 10,134 13,119 
Products and co-products55,235 97,703 — — 152,938 
Frac sand and propane
21,676 — — — 21,676 
Other2,414 513 7,803 3,458 14,188 
Total$81,335 $98,216 $102,707 $13,592 $295,850 
Three months ended September 30, 2019
(in thousands)TradeEthanolPlant NutrientRailTotal
Specialty nutrients$9,840 $— $35,182 $— $45,022 
Primary nutrients4,610 — 66,733 — 71,343 
Service2,507 3,187 1,275 9,719 16,688 
Products and co-products48,158 34,655 — — 82,813 
Frac sand and propane47,188 — — — 47,188 
Other2,159 163 6,256 2,313 10,891 
Total$114,462 $38,005 $109,446 $12,032 $273,945 

Nine months ended September 30, 2020
(in thousands)TradeEthanolPlant NutrientRailTotal
Specialty nutrients$— $— $187,700 $— $187,700 
Primary nutrients— — 296,247 — 296,247 
Service6,053 — 3,753 27,528 37,334 
Products and co-products171,744 275,175 — — 446,919 
Frac sand and propane92,990 — — — 92,990 
Other11,732 1,481 19,745 8,309 41,267 
Total$282,519 $276,656 $507,445 $35,837 $1,102,457 

Nine months ended September 30, 2019
(in thousands)TradeEthanolPlant NutrientRailTotal
Specialty nutrients$45,648 $— $191,247 $— $236,895 
Primary nutrients27,401 — 294,729 — 322,130 
Service11,077 10,170 3,133 28,944 53,324 
Products and co-products166,859 88,170 — — 255,029 
Frac sand and propane184,418 — — — 184,418 
Other5,860 198 19,439 6,090 31,587 
Total$441,263 $98,538 $508,548 $35,034 $1,083,383 
Approximately 4% and 5% of revenues accounted for under ASC 606 during both three months periods ended September 30, 2020 and 2019, respectively, are recorded over time which primarily relates to service revenues noted above. Additionally, during the nine months ended September 30, 2020 and 2019, approximately 4% and 5% of revenues were accounted for under ASC 606, respectively.

Contract balances
The balances of the Company’s contract liabilities were $18.6 million and $28.5 million as of September 30, 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. Further, due to seasonality of this business, contract liabilities were built-up at year-end and through the first quarter of the year in preparation for the spring planting season. The decrease in liabilities from December 31, 2019 is due to the revenue recognized in the current period as the built up liabilities were relieved as obligations were met