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Revenue | 3 Months Ended
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Mar. 31, 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 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.

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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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