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Revenue | 6 Months Ended
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Jun. 30, 2022
Revenue from Contract with Customer [Abstract] |
Revenue | Revenue Many of the Company’s revenues are generated from contracts that are outside the scope of Accounting Standard Codification ("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 the two standards are as follows:
| Three months ended June 30, |  | Six months ended June 30,
(in thousands) | 2022 |  | 2021 |  | 2022 |  | 2021
Revenues under ASC 606 | $ | 956,013 |  |  | $ | 623,813 |  |  | $ | 1,633,869 |  |  | $ | 1,110,908 |
Revenues under ASC 815 | 3,494,604 |  |  | 2,611,992 |  |  | 6,794,702 |  |  | 4,719,616 |
Total revenues | $ | 4,450,617 |  |  | $ | 3,235,805 |  |  | $ | 8,428,571 |  |  | $ | 5,830,524 |
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 six months ended June 30, 2022 and 2021, respectively:
| Three months ended June 30, 2022
(in thousands) | Trade |  | Renewables |  | Plant Nutrient |  | Total
Specialty nutrients | $ | — |  |  | $ | — |  |  | $ | 104,357 |  |  | $ | 104,357 |
Primary nutrients | — |  |  | — |  |  | 336,487 |  |  | 336,487 |
Products and co-products | 101,195 |  |  | 329,224 |  |  | — |  |  | 430,419 |
Propane and frac sand | 46,935 |  |  | — |  |  | — |  |  | 46,935 |
Other | 6,997 |  |  | 1,378 |  |  | 29,440 |  |  | 37,815 |
Total | $ | 155,127 |  |  | $ | 330,602 |  |  | $ | 470,284 |  |  | $ | 956,013 |
| Three months ended June 30, 2021
(in thousands) | Trade |  | Renewables |  | Plant Nutrient |  | Total
Specialty nutrients | $ | — |  |  | $ | — |  |  | $ | 84,915 |  |  | $ | 84,915 |
Primary nutrients | — |  |  | — |  |  | 213,604 |  |  | 213,604 |
Products and co-products | 74,948 |  |  | 184,263 |  |  | — |  |  | 259,211 |
Propane and frac sand | 36,649 |  |  | — |  |  | — |  |  | 36,649 |
Other | 6,151 |  |  | 394 |  |  | 22,889 |  |  | 29,434 |
Total | $ | 117,748 |  |  | $ | 184,657 |  |  | $ | 321,408 |  |  | $ | 623,813 |
| Six months ended June 30, 2022
(in thousands) | Trade |  | Renewables |  | Plant Nutrient |  | Total
Specialty nutrients | $ | — |  |  | $ | — |  |  | $ | 197,625 |  |  | $ | 197,625 |
Primary nutrients | — |  |  | — |  |  | 426,369 |  |  | 426,369 |
Products and co-products | 209,066 |  |  | 561,918 |  |  | — |  |  | 770,984 |
Propane and frac sand | 166,727 |  |  | — |  |  | — |  |  | 166,727 |
Other | 13,239 |  |  | 2,593 |  |  | 56,332 |  |  | 72,164 |
Total | $ | 389,032 |  |  | $ | 564,511 |  |  | $ | 680,326 |  |  | $ | 1,633,869 |
| Six months ended June 30, 2021
(in thousands) | Trade |  | Renewables |  | Plant Nutrient |  | Total
Specialty nutrients | $ | — |  |  | $ | — |  |  | $ | 161,721 |  |  | $ | 161,721 |
Primary nutrients | — |  |  | — |  |  | 285,263 |  |  | 285,263 |
Products and co-products | 146,936 |  |  | 329,907 |  |  | — |  |  | 476,843 |
Propane and frac sand | 128,714 |  |  | — |  |  | — |  |  | 128,714 |
Other | 10,538 |  |  | 4,153 |  |  | 43,676 |  |  | 58,367 |
Total | $ | 286,188 |  |  | $ | 334,060 |  |  | $ | 490,660 |  |  | $ | 1,110,908 |
Substantially all of the Company's revenues accounted for under ASC 606 during the three and six months ended June 30, 2022 and 2021, respectively, are recorded at a point in time instead of over time. Contract balances The balances of the Company’s contract liabilities were $21.7 million and $100.8 million as of June 30, 2022 and December 31, 2021, 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 as of December 31, 2021, is 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 were built up at year-end and through the first quarter in preparation for the spring application season. As expected, the revenue recognized in the current period satisfied the contract liabilities throughout the spring application season for our Plant Nutrient segment.

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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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