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Revenue
 6 Months Ended
Jun. 30, 2021
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Many of the Company’s revenues are generated from contracts that are outside the scope of Accounting Standard Codification ("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 June 30,Six months ended June 30,
(in thousands)2021202020212020
Revenues under ASC 606$640,083 $459,105 $1,146,551 $806,607 
Revenues under ASC 8152,611,981 1,406,307 4,719,603 2,886,360 
Revenues under ASC 84221,662 24,768 43,301 50,319 
Total revenues$3,273,726 $1,890,180 $5,909,455 $3,743,286 
The Company's revenues under ASC 842 are as follows:
Three months ended June 30,Six months ended June 30,
(in thousands)2021202020212020
Operating lease revenue$20,458 $23,276 $41,308 $47,332 
Sales-type lease revenue101 232 202 334 
Variable lease revenue1,103 1,260 1,791 2,653 
Total revenues$21,662 $24,768 $43,301 $50,319 


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, 2021 and 2020, respectively:
Three months ended June 30, 2021
(in thousands)TradeEthanolPlant NutrientRailTotal
Specialty nutrients$— $— $84,915 $— $84,915 
Primary nutrients— — 213,604 — 213,604 
Services2,114 — 3,869 9,233 15,216 
Products and co-products74,948 184,263 — — 259,211 
Frac sand and propane
36,649 — — — 36,649 
Other4,037 394 19,020 7,037 30,488 
Total$117,748 $184,657 $321,408 $16,270 $640,083 
Three months ended June 30, 2020
(in thousands)TradeEthanolPlant NutrientRailTotal
Specialty nutrients$— $— $82,634 $— $82,634 
Primary nutrients— — 188,463 — 188,463 
Service2,357 — 2,596 8,658 13,611 
Products and co-products63,344 75,773 — — 139,117 
Frac sand and propane21,439 — — — 21,439 
Other5,330 352 6,132 2,027 13,841 
Total$92,470 $76,125 $279,825 $10,685 $459,105 
Six months ended June 30, 2021
(in thousands)TradeEthanolPlant NutrientRailTotal
Specialty nutrients$— $— $161,721 $— $161,721 
Primary nutrients— — 285,263 — 285,263 
Service3,568 — 5,158 19,177 27,903 
Products and co-products146,936 329,907 — — 476,843 
Frac sand and propane128,714 — — — 128,714 
Other6,969 4,153 38,518 16,467 66,107 
Total$286,187 $334,060 $490,660 $35,644 $1,146,551 
Six months ended June 30, 2020
(in thousands)TradeEthanolPlant NutrientRailTotal
Specialty nutrients$— $— $155,865 $— $155,865 
Primary nutrients— — 234,153 — 234,153 
Service4,043 — 2,778 17,394 24,215 
Products and co-products116,509 177,472 — — 293,981 
Frac sand and propane71,314 — — — 71,314 
Other9,318 968 11,942 4,851 27,079 
Total$201,184 $178,440 $404,738 $22,245 $806,607 


Approximately 3% of revenues accounted for under ASC 606 during both three and six months periods ended June 30, 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 $17.0 million and $45.6 million as of June 30, 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. Due to seasonality of this business, contract liabilities were built up at year-end in preparation for the spring application season. As expected the revenue recognized in the current period satisfied the contract liabilities throughout the spring application