XML 25 R14.htm IDEA: XBRL DOCUMENT
v3.23.2

Revenue | 6 Months Ended
--- | ---
Jun. 30, 2023
Revenue from Contract with Customer [Abstract] |
Revenue | Revenue Many of the Company’s sales and merchandising revenues are generated from contracts that are outside the scope of ASC 606, Revenue from Contracts with Customers. 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:
| Three months ended June 30, |  | Six months ended June 30,
(in thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Revenues under ASC 606 | $ | 975,269 |  |  | $ | 956,013 |  |  | $ | 1,714,247 |  |  | $ | 1,633,869 |
Revenues under ASC 815 | 3,044,914 |  |  | 3,494,604 |  |  | 6,187,174 |  |  | 6,794,702 |
Total revenues | $ | 4,020,183 |  |  | $ | 4,450,617 |  |  | $ | 7,901,421 |  |  | $ | 8,428,571 |
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, 2023 and 2022, respectively:
| Three months ended June 30, 2023
(in thousands) | Trade |  | Renewables |  | Nutrient & Industrial |  | Total
Specialty nutrients | $ | — |  |  | $ | — |  |  | $ | 98,335 |  |  | $ | 98,335 |
Primary nutrients | — |  |  | — |  |  | 315,101 |  |  | 315,101 |
Products and co-products | 114,289 |  |  | 368,646 |  |  | — |  |  | 482,935 |
Propane | 30,155 |  |  | — |  |  | — |  |  | 30,155 |
Other | 14,782 |  |  | 1,804 |  |  | 32,157 |  |  | 48,743 |
Total | $ | 159,226 |  |  | $ | 370,450 |  |  | $ | 445,593 |  |  | $ | 975,269 |
| Three months ended June 30, 2022
(in thousands) | Trade |  | Renewables |  | Nutrient & Industrial |  | Total
Specialty nutrients | $ | — |  |  | $ | — |  |  | $ | 104,357 |  |  | $ | 104,357 |
Primary nutrients | — |  |  | — |  |  | 336,487 |  |  | 336,487 |
Products and co-products | 101,195 |  |  | 329,224 |  |  | — |  |  | 430,419 |
Propane | 41,088 |  |  | — |  |  | — |  |  | 41,088 |
Other | 12,844 |  |  | 1,378 |  |  | 29,440 |  |  | 43,662 |
Total | $ | 155,127 |  |  | $ | 330,602 |  |  | $ | 470,284 |  |  | $ | 956,013 |
| Six months ended June 30, 2023
(in thousands) | Trade |  | Renewables |  | Nutrient & Industrial |  | Total
Specialty nutrients | $ | — |  |  | $ | — |  |  | $ | 168,332 |  |  | $ | 168,332 |
Primary nutrients | — |  |  | — |  |  | 379,851 |  |  | 379,851 |
Products and co-products | 203,256 |  |  | 763,255 |  |  | — |  |  | 966,511 |
Propane | 106,678 |  |  | — |  |  | — |  |  | 106,678 |
Other | 27,372 |  |  | 4,152 |  |  | 61,351 |  |  | 92,875 |
Total | $ | 337,306 |  |  | $ | 767,407 |  |  | $ | 609,534 |  |  | $ | 1,714,247 |
| Six months ended June 30, 2022
(in thousands) | Trade |  | Renewables |  | Nutrient & Industrial |  | Total
Specialty nutrients | $ | — |  |  | $ | — |  |  | $ | 197,625 |  |  | $ | 197,625 |
Primary nutrients | — |  |  | — |  |  | 426,369 |  |  | 426,369 |
Products and co-products | 209,066 |  |  | 561,918 |  |  | — |  |  | 770,984 |
Propane | 155,591 |  |  | — |  |  | — |  |  | 155,591 |
Other | 24,375 |  |  | 2,593 |  |  | 56,332 |  |  | 83,300 |
Total | $ | 389,032 |  |  | $ | 564,511 |  |  | $ | 680,326 |  |  | $ | 1,633,869 |
Substantially all of the Company's revenues accounted for under ASC 606 during the three and six months ended June 30, 2023 and 2022, respectively, are recorded at a point in time instead of over time. Contract balances The balances of the Company’s contract liabilities were $15.9 million and $55.4 million as of June 30, 2023 and December 31, 2022, 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 are 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 are built up 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 Nutrient & Industrial segment.

X
- References No definition available. + Details
Name: | us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org//606/tableOfContent + Details
Name: | us-gaap_RevenueFromContractWithCustomerTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration