v3.22.2.2
Revenue
 9 Months Ended
Sep. 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 September 30,Nine months ended September 30,
(in thousands)2022202120222021
Revenues under ASC 606$635,445 $457,621 $2,269,314 $1,568,529 
Revenues under ASC 8153,583,880 2,541,203 10,378,582 7,260,819 
Total revenues$4,219,325 $2,998,824 $12,647,896 $8,829,348 

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 nine months ended September 30, 2022 and 2021, respectively:
Three months ended September 30, 2022
(in thousands)TradeRenewablesPlant NutrientTotal
Specialty nutrients$— $— $44,957 $44,957 
Primary nutrients— — 92,071 92,071 
Products and co-products88,201 323,676 — 411,877 
Propane and frac sand53,962 — — 53,962 
Other4,084 1,646 26,848 32,578 
Total$146,247 $325,322 $163,876 $635,445 
Three months ended September 30, 2021
(in thousands)TradeRenewablesPlant NutrientTotal
Specialty nutrients$— $— $49,249 $49,249 
Primary nutrients— — 69,835 69,835 
Products and co-products70,924 183,225 — 254,149 
Propane and frac sand49,379 — — 49,379 
Other10,991 1,046 22,972 35,009 
Total$131,294 $184,271 $142,056 $457,621 
Nine months ended September 30, 2022
(in thousands)TradeRenewablesPlant NutrientTotal
Specialty nutrients$— $— $242,582 $242,582 
Primary nutrients— — 518,439 518,439 
Products and co-products297,267 885,595 — 1,182,862 
Propane and frac sand220,690 — — 220,690 
Other17,323 4,239 83,179 104,741 
Total$535,280 $889,834 $844,200 $2,269,314 

Nine months ended September 30, 2021
(in thousands)TradeRenewablesPlant NutrientTotal
Specialty nutrients$— $— $210,971 $210,971 
Primary nutrients— — 355,098 355,098 
Products and co-products217,859 513,132 — 730,991 
Propane and frac sand178,094 — — 178,094 
Other21,528 5,199 66,648 93,375 
Total$417,481 $518,331 $632,717 $1,568,529 

Substantially all of the Company's revenues accounted for under ASC 606 during the three and nine months ended September 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 $32.4 million and $100.8 million as of September 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 second and third quarters satisfied the contract liabilities throughout the spring application season for the Plant Nutrient segment.