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Revenue | 12 Months Ended
--- | ---
Dec. 31, 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. 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) |  | 2023 |  | 2022 |  | 2021
Revenues under ASC 606 |  | $ | 3,201,901 |  |  | $ | 3,036,852 |  |  | $ | 2,211,537 |
Revenues under ASC 815 |  | 11,548,211 |  |  | 14,288,532 |  |  | 10,400,513 |
Total revenues |  | $ | 14,750,112 |  |  | $ | 17,325,384 |  |  | $ | 12,612,050 |
Disaggregation of revenue The following tables disaggregate revenues under ASC 606 by major product line:
| Year Ended December 31, 2023
(in thousands) | Trade |  | Renewables |  | Nutrient & Industrial |  | Total
Specialty nutrients | $ | — |  |  | $ | — |  |  | $ | 249,396 |  |  | $ | 249,396 |
Primary nutrients | — |  |  | — |  |  | 572,906 |  |  | 572,906 |
Products and co-products | 434,304 |  |  | 1,562,074 |  |  | — |  |  | 1,996,378 |
Propane | 190,221 |  |  | — |  |  | — |  |  | 190,221 |
Other | 64,284 |  |  | 7,621 |  |  | 121,095 |  |  | 193,000 |
Total | $ | 688,809 |  |  | $ | 1,569,695 |  |  | $ | 943,397 |  |  | $ | 3,201,901 |
| Year Ended December 31, 2022
(in thousands) | Trade |  | Renewables |  | Nutrient & Industrial |  | Total
Specialty nutrients | $ | — |  |  | $ | — |  |  | $ | 355,636 |  |  | $ | 355,636 |
Primary nutrients | — |  |  | — |  |  | 625,134 |  |  | 625,134 |
Products and co-products | 396,613 |  |  | 1,219,972 |  |  | — |  |  | 1,616,585 |
Propane | 264,072 |  |  | — |  |  | — |  |  | 264,072 |
Other | 50,966 |  |  | 5,921 |  |  | 118,538 |  |  | 175,425 |
Total | $ | 711,651 |  |  | $ | 1,225,893 |  |  | $ | 1,099,308 |  |  | $ | 3,036,852 |
| Year Ended December 31, 2021
(in thousands) | Trade |  | Renewables |  | Nutrient & Industrial |  | 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 | 246,002 |  |  | — |  |  | — |  |  | 246,002 |
Other | 64,557 |  |  | 6,768 |  |  | 95,162 |  |  | 166,487 |
Total | $ | 623,754 |  |  | $ | 720,888 |  |  | $ | 866,895 |  |  | $ | 2,211,537 |
Substantially all of the Company's revenues accounted for under ASC 606 are recorded at a point in time instead of over time for each of the periods 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 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 The Renewables segment sells several co-products through the production of ethanol that remain subject to ASC 606, including E-85, dried distillers grains, 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. The Trade segment also sells several products that are subject to ASC 606, such as pulses, organics and pet food ingredients. Contracts for these products and 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 for Renewables generally range from 10 - 15 days. Payment terms for Trade generally range from 30 - 120 days. Propane 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 at a 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) | 2023 |  | 2022
Balance at January 1 | $ | 55,408 |  |  | $ | 100,847 |
Balance at December 31 | 30,686 |  |  | 55,408 |
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 contract liabilities covered in the table above relate to the Nutrient & Industrial 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. The variance in contract liabilities at December 31, 2023, compared to the prior years was due to tight supplies and a sharp increase of fertilizer prices towards the end of 2021 and the beginning of 2022 and customers were more willing to prepay for fertilizer to ensure supply and fix their input costs for the following spring application season. At December 31, 2022, and 2023, there was much less volatility in the fertilizer market leading customers to not prepay as significantly as customers were willing to do at December 31, 2021.

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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 -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
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