Revenue

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

Many of the Company’s sales and merchandising revenues are generated from contracts that are outside the scope of ASC 606. Specifically, many of the Company's Trade and Renewables sales contracts are derivatives under ASC 815, Derivatives and Hedging. The breakdown of revenues between ASC 606 and ASC 815 is as follows:

	Three months ended March 31,
(in thousands)	2023		2022
Revenues under ASC 606	$	738,978	$	677,856
Revenues under ASC 815	3,142,260		3,300,098
Total revenues	$	3,881,238	$	3,977,954

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, 2023 and 2022, respectively:

	Three months ended March 31, 2023
(in thousands)	Trade		Renewables		Nutrient & Industrial		Total
Specialty nutrients	$	—	$	—	$	69,997	$	69,997
Primary nutrients	—		—		64,750		64,750
Products and co-products	88,966		394,609		—		483,575
Propane	76,523		—		—		76,523
Other	12,590		2,348		29,195		44,133
Total	$	178,079	$	396,957	$	163,942	$	738,978

	Three months ended March 31, 2022
(in thousands)	Trade		Renewables		Nutrient & Industrial		Total
Specialty nutrients	$	—	$	—	$	93,268	$	93,268
Primary nutrients	—		—		89,882		89,882
Products and co-products	107,871		232,694		—		340,565
Propane	114,503		—		—		114,503
Other	11,531		1,215		26,892		39,638
Total	$	233,905	$	233,909	$	210,042	$	677,856

Substantially all of the Company's revenues accounted for under ASC 606 during the three months ended March 31, 2023 and 2022, respectively, are recorded at a point in time instead of over time.

Contract balances

The balances of the Company’s contract liabilities were $118.4 million and $55.4 million as of March 31, 2023 and December 31, 2022, 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 are 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 are built up through the first quarter in preparation for the spring application season.