Revenue

9 Months Ended

Sep. 30, 2019

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 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)	2019		2018		2019		2018
Revenues under ASC 606	$	273,945	$	156,394	$	1,083,383	$	706,927
Revenues under ASC 842	26,418		25,853		87,122		78,110
Revenues under ASC 815	1,682,392		503,332		5,114,083		1,447,683
Total Revenues	$	1,982,755	$	685,579	$	6,284,588	$	2,232,720

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, 2019 and 2018, respectively:



	Three months ended September 30, 2019
(in thousands)	Trade		Ethanol		Plant Nutrient		Rail		Total
Specialty nutrients	$	9,840	$	—	$	35,182	$	—	$	45,022
Primary nutrients	4,610		—		66,733		—		71,343
Services	2,507		3,187		1,275		9,719		16,688
Products and co-products	48,158		34,655		—		—		82,813
Frac sand and propane	47,188		—		—		—		47,188
Other	2,159		163		6,256		2,313		10,891
Total	$	114,462	$	38,005	$	109,446	$	12,032	$	273,945



	Three months ended September 30, 2018
(in thousands)	Trade		Ethanol		Plant Nutrient		Rail		Total
Specialty nutrients	$	—	$	—	$	36,856	$	—	$	36,856
Primary nutrients	—		—		60,460		—		60,460
Service	2,232		3,533		877		8,925		15,567
Co-products	—		29,282		—		—		29,282
Other	245		—		5,996		7,988		14,229
Total	$	2,477	$	32,815	$	104,189	$	16,913	$	156,394



	Nine months ended September 30, 2019
(in thousands)	Trade		Ethanol		Plant Nutrient		Rail		Total
Specialty nutrients	$	45,648	$	—	$	191,247	$	—	$	236,895
Primary nutrients	27,401		—		294,729		—		322,130
Service	11,077		10,170		3,133		28,944		53,324
Products and Co-products	166,859		88,170		—		—		255,029
Frac sand and propane	184,418		—		—		—		184,418
Other	5,860		198		19,439		6,090		31,587
Total	$	441,263	$	98,538	$	508,548	$	35,034	$	1,083,383



	Nine months ended September 30, 2018
(in thousands)	Trade		Ethanol		Plant Nutrient		Rail		Total
Specialty nutrients	$	—	$	—	$	206,215	$	—	$	206,215
Primary nutrients	—		—		313,967		—		313,967
Service	8,386		10,483		3,498		26,350		48,717
Co-products	—		88,390		—		—		88,390
Other	747		—		19,231		29,660		49,638
Total	$	9,133	$	98,873	$	542,911	$	56,010	$	706,927

Approximately 5% and 10% of revenues accounted for under ASC 606 during each of the three months ended September 30, 2019 and 2018, are recorded over time which primarily relates to service revenues noted above. Additionally, during the nine months ended September 30, 2019 and 2018, approximately 5% and 7% of revenues were accounted for under ASC 606, respectively.

Contract balances

The opening and closing balances of the Company’s contract liabilities are as follows:



(in thousands)	2019		2018
Balance at January 1,	$	28,858	$	25,520
Balance at March 31,	146,824		67,715
Balance at June 30,	48,225		10,047
Balance at September 30,	34,306		29,836

Exclusive of acquisition related impacts, the residual 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 contract liabilities have two main drivers, including Trade prepayments by counter parties and payments for primary and specialty nutrients received in advance of fulfilling our performance obligations under our customer contracts. The primary and specialty business records contract liabilities for payments received in advance of fulfilling our performance obligations under our customer contracts. Further, due to seasonality of this business, contract liabilities were built up in the first quarter of the year. In the third quarter, the decrease in liabilities is due to the revenue recognized in the current period relating to the liability built up in the first quarter.