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 six months ended February 29, 2020, and February 28, 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 February 29, 2020	(Dollars in thousands)
Energy	$	1,375,905	$	85,145	$	—	$	1,461,050
Ag	1,066,783		4,035,447		21,972		5,124,202
Corporate and Other	5,343		—		7,631		12,974
Total revenues	$	2,448,031	$	4,120,592	$	29,603	$	6,598,226

Three Months Ended February 28, 2019
Energy	$	1,310,529	$	164,248	$	—	$	1,474,777
Ag	984,000		3,976,765		33,780		4,994,545
Corporate and Other	4,744		—		9,473		14,217
Total revenues	$	2,299,273	$	4,141,013	$	43,253	$	6,483,539

Six Months Ended February 29, 2020
Energy	$	3,069,753	$	286,720	$	—	$	3,356,473
Ag	2,425,409		8,351,534		59,114		10,836,057
Corporate and Other	10,883		—		16,298		27,181
Total revenues	$	5,506,045	$	8,638,254	$	75,412	$	14,219,711

Six Months Ended February 28, 2019
Energy	$	3,173,056	$	463,009	$	—	$	3,636,065
Ag	2,339,825		8,890,193		69,924		11,299,942
Corporate and Other	9,978		—		21,843		31,821
Total revenues	$	5,522,859	$	9,353,202	$	91,767	$	14,967,828

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 February 29, 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 $552.6 million and $207.5 million as of February 29, 2020, and August 31, 2019, respectively, are recorded within other current liabilities on our Condensed Consolidated Balance Sheets. For the three months ended February 29, 2020, and February 28, 2019, we recognized revenues of $39.6 million and $45.8 million, respectively. For the six months ended February 29, 2020, and February 28, 2019, we recognized revenues of $131.6 million and $130.1 million, respectively. These amounts were included in the other current liabilities balance at the beginning of the respective periods.