Revenues

The following table presents revenues recognized under ASC Topic 606, Revenue from Contracts with Customers ("ASC Topic 606"), disaggregated by reportable segment, as well as the amount of revenues recognized under ASC Topic 815, Derivatives and Hedging ("ASC Topic 815"), and other applicable accounting guidance for the three and nine months ended May 31, 2020, and 2019. Other applicable accounting guidance primarily includes revenues recognized under ASC Topic 842, Leases, and ASC Topic 470, Debt, that fall outside the scope of ASC Topic 606.



	ASC Topic 606		ASC Topic 815		Other Guidance		Total Revenues
Three Months Ended May 31, 2020	(Dollars in thousands)
Energy	$	762,053	$	128,866	$	—	$	890,919
Ag	2,026,588		4,290,627		20,686		6,337,901
Corporate and Other	6,027		—		6,184		12,211
Total revenues	$	2,794,668	$	4,419,493	$	26,870	$	7,241,031

Three Months Ended May 31, 2019
Energy	$	1,544,533	$	193,512	$	—	$	1,738,045
Ag	2,234,378		4,485,089		25,648		6,745,115
Corporate and Other	4,841		—		9,940		14,781
Total revenues	$	3,783,752	$	4,678,601	$	35,588	$	8,497,941

Nine Months Ended May 31, 2020
Energy	$	3,831,806	$	415,586	$	—	$	4,247,392
Ag	4,446,097		12,681,108		46,753		17,173,958
Corporate and Other	16,910		—		22,482		39,392
Total revenues	$	8,294,813	$	13,096,694	$	69,235	$	21,460,742

Nine Months Ended May 31, 2019
Energy	$	4,826,762	$	547,348	$	—	$	5,374,110
Ag	4,574,203		13,375,276		95,578		18,045,057
Corporate and Other	14,818		—		31,784		46,602
Total revenues	$	9,415,783	$	13,922,624	$	127,362	$	23,465,769

Less than 1% of revenues accounted for under ASC Topic 606 included within the table above are recorded over time; these revenues are primarily related to service contracts.

Contract Assets and Contract Liabilities

Contract assets relate to unbilled amounts arising from goods that have already been transferred to the customer where the right to payment is not conditional upon the passage of time. This results in recognition of an asset, as the amount of revenue recognized at a certain point in time exceeds the amount billed to the customer. Contract assets are recorded in receivables within our Condensed Consolidated Balance Sheets and were not material as of May 31, 2020, and August 31, 2019.

Contract liabilities relate to advance payments from customers for goods and services that we have yet to provide. Contract liabilities of $204.7 million and $207.5 million as of May 31, 2020, and August 31, 2019, respectively, are recorded within other current liabilities on our Condensed Consolidated Balance Sheets. For the three months ended May 31, 2020, and 2019, we recognized revenues of $50.5 million and $67.9 million, respectively. For the nine months ended May 31, 2020, and 2019, we recognized revenues of $182.0 million and $148.9 million, respectively. These amounts were included in the other current liabilities balance at the beginning of the respective periods.