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Revenue | 12 Months Ended
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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) |  | 2020 |  | 2019 |  | 2018
Revenues under ASC 606 |  | $ | 1,527,141 |  |  | $ | 1,391,848 |  |  | $ | 898,885 |
Revenues under ASC 815 |  | 6,584,909 |  |  | 6,659,932 |  |  | 2,040,866 |
Revenues under ASC 842 |  | 96,386 |  |  | 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) | Trade |  | Ethanol |  | Plant Nutrient |  | Rail |  | Total
Specialty nutrients | $ | — |  |  | $ | — |  |  | $ | 234,806 |  |  | $ | — |  |  | $ | 234,806 |
Primary nutrients | — |  |  | — |  |  | 396,515 |  |  | — |  |  | 396,515 |
Service | 9,030 |  |  | — |  |  | 5,108 |  |  | 36,852 |  |  | 50,990 |
Products and co-products | 234,219 |  |  | 408,677 |  |  | — |  |  | — |  |  | 642,896 |
Frac sand and propane | 148,175 |  |  | — |  |  | — |  |  | — |  |  | 148,175 |
Other | 14,569 |  |  | 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) | Trade |  | Ethanol |  | Plant Nutrient |  | Rail |  | Total
Specialty nutrients | $ | 46,065 |  |  | $ | — |  |  | $ | 239,051 |  |  | $ | — |  |  | $ | 285,116 |
Primary nutrients | 33,612 |  |  | — |  |  | 377,648 |  |  | — |  |  | 411,260 |
Service | 13,108 |  |  | 8,775 |  |  | 4,202 |  |  | 36,926 |  |  | 63,011 |
Products and co-products | 217,297 |  |  | 131,178 |  |  | — |  |  | — |  |  | 348,475 |
Frac sand and propane | 238,100 |  |  | — |  |  | — |  |  | — |  |  | 238,100 |
Other | 8,634 |  |  | 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) | Trade |  | Ethanol |  | Plant Nutrient |  | Rail |  | Total
Specialty nutrients | $ | — |  |  | $ | — |  |  | $ | 260,821 |  |  | $ | — |  |  | $ | 260,821 |
Primary nutrients | — |  |  | — |  |  | 399,566 |  |  | — |  |  | 399,566 |
Service | 11,347 |  |  | 14,105 |  |  | 4,411 |  |  | 35,179 |  |  | 65,042 |
Products and co-products | — |  |  | 114,489 |  |  | — |  |  | — |  |  | 114,489 |
Other | 1,035 |  |  | — |  |  | 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) | 2020 |  | 2019
Balance at January 1 | $ | 28,467 |  |  | $ | 28,858 |
Balance at December 31 | 45,634 |  |  | 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) |  | 2020 |  | 2019
Operating lease revenue |  | $ | 90,672 |  |  | $ | 105,124 |
Sales-type lease revenue |  | 538 |  |  | 8,014 |
Variable lease revenue |  | 5,176 |  |  | 5,273 |
Total revenues |  | $ | 96,386 |  |  | $ | 118,411 |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 + Details
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