In 1991, the Borweins established a cubic analogue of Jacobi's identity for theta functions, which is used by B.C. Berndt, S. Bhargava, and F.G. Garvan in the development of Ramanujan's cubic theory of elliptic functions. In 2013, D. Schultz discovered an identity for theta series in three variables which generalizes the Borweins' identity. In this article, we revisit Schultz's identity and present two distinct approaches to its derivation. Our investigation not only provides new proofs but also yields several new Schultz-type identities.