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Revenue
 12 Months Ended
Dec. 31, 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 segment leasing revenue is accounted for under ASC 842, Leases. The breakdown of revenues between ASC 606 and other standards is as follows:
Year ended December 31,
(in thousands)202020192018
Revenues under ASC 606$1,527,141 $1,391,848 $898,885 
Revenues under ASC 8156,584,909 6,659,932 2,040,866 
Revenues under ASC 84296,386 118,411 105,631 
Total revenues$8,208,436 $8,170,191 $3,045,382 
Disaggregation of revenue

The following tables disaggregate revenues under ASC 606 by major product/service line:
Year ended December 31, 2020
(in thousands)TradeEthanolPlant NutrientRailTotal
Specialty nutrients$— $— $234,806 $— $234,806 
Primary nutrients— — 396,515 — 396,515 
Service9,030 — 5,108 36,852 50,990 
Products and co-products234,219 408,677 — — 642,896 
Frac sand and propane148,175 — — — 148,175 
Other14,569 2,057 26,530 10,603 53,759 
Total$405,993 $410,734 $662,959 $47,455 $1,527,141 
Year ended December 31, 2019
(in thousands)TradeEthanolPlant NutrientRailTotal
Specialty nutrients$46,065 $— $239,051 $— $285,116 
Primary nutrients33,612 — 377,648 — 411,260 
Service13,108 8,775 4,202 36,926 63,011 
Products and co-products217,297 131,178 — — 348,475 
Frac sand and propane238,100 — — — 238,100 
Other8,634 860 25,829 10,563 45,886 
Total$556,816 $140,813 $646,730 $47,489 $1,391,848 

Year ended December 31, 2018
(in thousands)TradeEthanolPlant NutrientRailTotal
Specialty nutrients$— $— $260,821 $— $260,821 
Primary nutrients— — 399,566 — 399,566 
Service11,347 14,105 4,411 35,179 65,042 
Products and co-products— 114,489 — — 114,489 
Other1,035 — 25,738 32,194 58,967 
Total$12,382 $128,594 $690,536 $67,373 $898,885 

For the years ended December 31, 2020, 2019 and 2018 approximately 3%, 4% and 7% of revenues, respectively, are accounted for under ASC 606 are recorded over time which primarily relate to service revenues noted 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 just 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.
Service

Service revenues primarily relate to the railcar repair business. The Company owns several railcar repair shops which repair railcars through specific contracts with customers or by operating as an agent for a particular railroad to repair cars that are on its rail line per Association of American Railroads standards. These contracts contain a single performance obligation which is to complete the requested and/or required repairs on the railcars. As the customer simultaneously receives and consumes the benefit of the repair work performed, revenue for these contracts is recognized over time. The Company uses an input-based measure of progress using costs incurred to total expected costs as that is the measure that most faithfully depicts progress towards satisfying the performance obligation. Upon completion of the work, the invoice is sent to the customer, with payment terms that generally range from 0 - 30 days.

Products and co-products

In addition to the ethanol sales contracts that are considered derivative instruments, the Ethanol Group sells several other co-products that remain subject to ASC 606, including E-85, DDGs, 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. Contracts for these 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 generally range from 5 - 15 days.

Frac sand and propane

Sand products and 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 either at the plant location or 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)20202019
Balance at January 1$28,467 $28,858 
Balance at December 3145,634 28,467 

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. Contract liabilities relate to the Plant Nutrient 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 planting season. The contract liabilities are then relieved as obligations are met through the year and begin to build in preparation for a new season as we approach year-end.
Leasing

We lease railcars and other operating assets under full-service and net operating leases. We price full-service leases as an integrated service that includes amounts related to maintenance, insurance, and ad valorem taxes. In accordance with applicable guidance, we do not separate lease and non-lease components when reporting revenue for our full-service operating leases. In some cases, we lease railcars that, at commencement, are classified as sales-type leases. For certain operating leases, revenue is based on equipment usage and is recognized when earned. Typically, our leases do not provide customers with renewal options or options to purchase the asset, however, a portion of our leases do contain month-to-month provisions upon expiration of the initial lease period. Our lease agreements do not generally have residual value guarantees. We collect reimbursements from customers for damage to our railcars, as well as additional rental payments for usage above specified levels, as provided in the lease agreements.

The Company's revenues under ASC 842 are as follows:
Year ended December 31,
(in thousands)20202019
Operating lease revenue$90,672 $105,124 
Sales-type lease revenue538 8,014 
Variable lease revenue5,176 5,273 
Total revenues$96,386 $118,411