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Revenue
 12 Months Ended
Dec. 31, 2020
Revenue [Abstract]  
Revenue 4. REVENUE

Revenue Recognition

Revenue is recognized when obligations under the terms of a contract with a customer are satisfied. Generally this occurs with the transfer of control of products or services. Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods or providing services. Sales, value add, and other taxes the company collects concurrent with revenue-producing activities are excluded from revenue.


‎

Revenue by Source

The following tables disaggregate revenue by major source (in thousands):

Twelve Months Ended December 31, 2020

Ethanol Production

Agribusiness & Energy Services

Food & Ingredients

Partnership

Eliminations

Total

Revenues:

Revenues from contracts with customers under ASC 606:

Ethanol

$

-

$

-

$

-

$

-

$

-

$

-

Distillers grains

32,032 

-

-

-

-

32,032 

Corn oil

-

2,938 

-

-

-

2,938 

Service revenues

-

-

-

4,434 

-

4,434 

Other

4,306 

6,423 

-

-

-

10,729 

Intersegment revenues

100 

4,463 

-

8,411 

(12,974)

-

Total revenues from contracts with customers

36,438 

13,824 

-

12,845 

(12,974)

50,133 

Revenues from contracts accounted for as derivatives under ASC 815 (1):

Ethanol

1,150,018 

287,261 

-

-

-

1,437,279 

Distillers grains

261,554 

41,184 

-

-

-

302,738 

Corn oil

49,666 

33,563 

-

-

-

83,229 

Grain

42 

32,833 

-

-

-

32,875 

Other

4,863 

12,201 

-

-

-

17,064 

Intersegment revenues

-

23,005 

-

-

(23,005)

-

Total revenues from contracts accounted for as derivatives

1,466,143 

430,047 

-

-

(23,005)

1,873,185 

Leasing revenues under ASC 842 (2)

-

-

-

70,500 

(70,099)

401 

Total Revenues

$

1,502,581 

$

443,871 

$

-

$

83,345 

$

(106,078)

$

1,923,719 

Twelve Months Ended December 31, 2019

Ethanol Production

Agribusiness & Energy Services

Food & Ingredients

Partnership

Eliminations

Total

Revenues:

Revenues from contracts with customers under ASC 606:

Ethanol

$

620 

$

-

$

-

$

-

$

-

$

620 

Distillers grains

70,729 

-

-

-

-

70,729 

Service revenues

-

-

-

6,422 

-

6,422 

Other

2,589 

3,684 

-

-

-

6,273 

Intersegment revenues

100 

-

-

7,126 

(7,226)

-

Total revenues from contracts with customers

74,038 

3,684 

-

13,548 

(7,226)

84,044 

Revenues from contracts accounted for as derivatives under ASC 815 (1):

Ethanol

1,338,093 

522,572 

-

-

-

1,860,665 

Distillers grains

228,849 

42,445 

-

-

-

271,294 

Corn oil

50,290 

28,034 

1,451 

-

-

79,775 

Grain

175 

63,233 

-

-

-

63,408 

Other

9,270 

48,348 

-

-

-

57,618 

Intersegment revenues

-

27,184 

-

-

(27,184)

-

Total revenues from contracts accounted for as derivatives

1,626,677 

731,816 

1,451 

-

(27,184)

2,332,760 

Leasing revenues under ASC 842 (2)

-

-

-

68,839 

(68,405)

434 

Total Revenues

$

1,700,715 

$

735,500 

$

1,451 

$

82,387 

$

(102,815)

$

2,417,238 


‎

Twelve Months Ended December 31, 2018

Ethanol Production

Agribusiness & Energy Services

Food & Ingredients

Partnership

Eliminations

Total

Revenues:

Revenues from contracts with customers under ASC 606:

Ethanol

$

3,803 

$

-

$

-

$

-

$

-

$

3,803 

Distillers grains

206,905 

-

-

-

-

206,905 

Vinegar

-

-

108,011 

-

-

108,011 

Service revenues

-

-

-

5,180 

-

5,180 

Other

5,369 

3,014 

-

-

-

8,383 

Intersegment revenues

186 

24 

-

9,030 

(9,240)

-

Total revenues from contracts with customers

216,263 

3,038 

108,011 

14,210 

(9,240)

332,282 

Revenues from contracts accounted for as derivatives under ASC 815 (1):

Ethanol

1,618,319 

418,956 

-

-

-

2,037,275 

Distillers grains

198,738 

141,140 

-

-

-

339,878 

Corn oil

66,567 

22,623 

13,110 

-

-

102,300 

Grain

520 

81,742 

-

-

-

82,262 

Other

20,254 

68,380 

-

-

-

88,634 

Intersegment revenues

-

33,077 

-

-

(33,077)

-

Total revenues from contracts accounted for as derivatives

1,904,398 

765,918 

13,110 

-

(33,077)

2,650,349 

Leasing revenues under ASC 840 (2)

-

-

-

86,538 

(85,237)

1,301 

Total Revenues

$

2,120,661 

$

768,956 

$

121,121 

$

100,748 

$

(127,554)

$

2,983,932 

(1)Revenues from contracts accounted for as derivatives represent physically settled derivative sales that are outside the scope of ASC 606, where the company recognizes revenue when control of the inventory is transferred within the meaning of ASC 606 as required by ASC 610-20, Gains and Losses from Derecognition of Nonfinancial Assets.

(2)Leasing revenues do not represent revenues recognized from contracts with customers under ASC 606, and are accounted for under ASC 842, Leases for 2020 and 2019 and ASC 840, Leases for 2018.

Major Customer

Revenues from Customer A represented 16% and 11% of total revenues for the year ended December 31, 2020 and 2019, respectively and are reported in the ethanol production segment. There were no third party customers that accounted for more than 10% of total revenues for the year ended December 31, 2018.

Payment Terms

The company has standard payment terms, which vary depending upon the nature of the services provided, with the majority falling within 10 to 30 days after transfer of control or completion of services. In instances where the timing of revenue recognition differs from the timing of invoicing, the company has determined that contracts generally do not include a significant financing component.

Contract Liabilities

The company records unearned revenue when consideration is received, or such consideration is unconditionally due, from a customer prior to transferring goods or services to the customer under the terms of service and lease agreements. Unearned revenue from service agreements, which represents a contract liability, is recorded for fees that have been charged to the customer prior to the completion of performance obligations. Unearned revenue is generally recognized in the subsequent quarter and is not material to the company. The company expects to recognize all of the unearned revenue associated with service agreements as of December 31, 2020, in the subsequent quarter when the inventory is withdrawn from the partnership’s tank storage.