Revenue

3 Months Ended

Mar. 31, 2021

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 leasing revenue is accounted for under ASC 842, Leases. The breakdown of revenues between ASC 606 and other standards are as follows:


	Three months ended March 31,
(in thousands)		2021		2020
Revenues under ASC 606		$	506,468	$	347,502
Revenues under ASC 815		2,107,622		1,480,052
Revenues under ASC 842		21,639		25,551
Total Revenues		$	2,635,729	$	1,853,105

The Company's revenues under ASC 842 are as follows:


	Three months ended March 31,
(in thousands)	2021		2020
Operating lease revenue	$	20,850	$	24,056
Sales-type lease revenue	101		102
Variable lease revenue	688		1,393
Total revenues	$	21,639	$	25,551

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, 2021 and 2020, respectively:


	Three months ended March 31, 2021
(in thousands)	Trade		Ethanol		Plant Nutrient		Rail		Total
Specialty nutrients	$	—	$	—	$	76,806	$	—	$	76,806
Primary nutrients	—		—		71,659		—		71,659
Service	1,454		—		1,289		9,944		12,687
Products and co-products	71,988		145,644		—		—		217,632
Frac sand and propane	92,065		—		—		—		92,065
Other	2,932		3,759		19,498		9,430		35,619
Total	$	168,439	$	149,403	$	169,252	$	19,374	$	506,468


	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
Service	1,686		—		182		8,736		10,604
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

Approximately 3% of revenues accounted for under ASC 606 during both three months periods ended March 31, 2021 and 2020, respectively, are recorded over time which primarily relates to service revenues noted above.

Contract balances

The balances of the Company’s contract liabilities were $105.4 million and $45.6 million as of March 31, 2021 and December 31, 2020, 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.