XML 26 R14.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Revenue
 3 Months Ended
Mar. 31, 2024
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 March 31,
(in thousands)20242023
Revenues under ASC 606$648,843 $738,978 
Revenues under ASC 8152,069,374 3,142,260 
Total revenues$2,718,217 $3,881,238 

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:
Three months ended March 31, 2024
(in thousands)TradeRenewablesNutrient & IndustrialTotal
Specialty nutrients$— $— $69,724 $69,724 
Primary nutrients— — 67,312 67,312 
Products and co-products102,344 306,165 — 408,509 
Propane69,796 — — 69,796 
Other1,973 1,247 30,282 33,502 
Total$174,113 $307,412 $167,318 $648,843 

Three months ended March 31, 2023
(in thousands)TradeRenewablesNutrient & IndustrialTotal
Specialty nutrients$— $— $69,997 $69,997 
Primary nutrients— — 64,750 64,750 
Products and co-products88,966 394,609 — 483,575 
Propane76,523 — — 76,523 
Other12,590 2,348 29,195 44,133 
Total$178,079 $396,957 $163,942 $738,978 

Substantially all of the Company's revenues accounted for under ASC 606 during the periods presented in the preceding tables are recorded at a point in time instead of over time.

Contract balances

The balances of the Company’s contract liabilities were $80.5 million and $30.7 million as of March 31, 2024 and December 31, 2023, respectively. The difference between the opening and closing balances of the Company’s contract liabilities is primarily a result of timing differences 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 within the Nutrient & Industrial segment 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. Revenue is then recognized in the Nutrient & Industrial segment throughout the spring application season as the Company fulfills its contract obligations.