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Revenue | 12 Months Ended
--- | ---
Dec. 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 Renewables sales contracts are derivatives under ASC 815, Derivatives and Hedging. The breakdown of revenues between ASC 606 and ASC 815 is as follows:
|  | Year ended December 31,
(in thousands) |  | 2021 |  | 2020 |  | 2019
Revenues under ASC 606 |  | $ | 2,211,537 |  |  | $ | 1,479,686 |  |  | $ | 1,344,359 |
Revenues under ASC 815 |  | 10,400,513 |  |  | 6,584,934 |  |  | 6,658,894 |
Total revenues |  | $ | 12,612,050 |  |  | $ | 8,064,620 |  |  | $ | 8,003,253 |
Disaggregation of revenue The following tables disaggregate revenues under ASC 606 by major product/service line:
| Year ended December 31, 2021
(in thousands) | Trade |  | Renewables |  | Plant Nutrient |  | Total
Specialty nutrients | $ | — |  |  | $ | — |  |  | $ | 270,842 |  |  | $ | 270,842 |
Primary nutrients | — |  |  | — |  |  | 500,891 |  |  | 500,891 |
Products and co-products | 313,195 |  |  | 714,120 |  |  | — |  |  | 1,027,315 |
Propane and frac sand | 270,695 |  |  | — |  |  | — |  |  | 270,695 |
Other | 39,864 |  |  | 6,768 |  |  | 95,162 |  |  | 141,794 |
Total | $ | 623,754 |  |  | $ | 720,888 |  |  | $ | 866,895 |  |  | $ | 2,211,537 |
| Year ended December 31, 2020
(in thousands) | Trade |  | Renewables |  | Plant Nutrient |  | Total
Specialty nutrients | $ | — |  |  | $ | — |  |  | $ | 234,806 |  |  | $ | 234,806 |
Primary nutrients | — |  |  | — |  |  | 396,515 |  |  | 396,515 |
Products and co-products | 234,219 |  |  | 408,677 |  |  | — |  |  | 642,896 |
Propane and frac sand | 148,175 |  |  | — |  |  | — |  |  | 148,175 |
Other | 23,599 |  |  | 2,057 |  |  | 31,638 |  |  | 57,294 |
Total | $ | 405,993 |  |  | $ | 410,734 |  |  | $ | 662,959 |  |  | $ | 1,479,686 |
| Year ended December 31, 2019
(in thousands) | Trade |  | Renewables |  | Plant Nutrient |  | Total
Specialty nutrients | $ | 46,065 |  |  | $ | — |  |  | $ | 239,051 |  |  | $ | 285,116 |
Primary nutrients | 33,612 |  |  | — |  |  | 377,648 |  |  | 411,260 |
Products and co-products | 217,297 |  |  | 131,178 |  |  | — |  |  | 348,475 |
Propane and frac sand | 238,100 |  |  | — |  |  | — |  |  | 238,100 |
Other | 21,742 |  |  | 9,635 |  |  | 30,031 |  |  | 61,408 |
Total | $ | 556,816 |  |  | $ | 140,813 |  |  | $ | 646,730 |  |  | $ | 1,344,359 |
Substantially all of the Company's revenues accounted for under ASC 606 for the years ended December 31, 2021, 2020 and 2019, respectively, are recorded as a point in time instead of over time. 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 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. Products and co-products In addition to the ethanol sales contracts that are considered derivative instruments, the Renewables 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. Propane and frac sand Propane and sand 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) | 2021 |  | 2020
Balance at January 1 | $ | 45,634 |  |  | $ | 28,467 |
Balance at December 31 | 100,847 |  |  | 45,634 |
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 application 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. The variance in contract liabilities at December 31, 2021 compared to the prior years was due to the sharp increase of fertilizer prices.

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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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 + Details
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