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 months ended November 30, 2019 and 2018. 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 November 30, 2019:	(Dollars in thousands)
Energy	$	1,693,848	$	201,575	$	—	$	1,895,423
Ag	1,358,626		4,316,087		37,142		5,711,855
Corporate and Other	5,541		—		8,666		14,207
Total revenues	$	3,058,015	$	4,517,662	$	45,808	$	7,621,485

Three Months Ended November 30, 2018:
Energy	$	1,940,190	$	221,098	$	—	$	2,161,288
Ag	1,355,826		4,913,428		36,143		6,305,397
Corporate and Other	5,234		—		12,370		17,604
Total revenues	$	3,301,250	$	5,134,526	$	48,513	$	8,484,289

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 November 30, 2019, 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 $205.0 million and $207.5 million as of November 30, 2019, and August 31, 2019, respectively, are recorded within other current liabilities on our Condensed Consolidated Balance Sheets. For the three months ended November 30, 2019 and 2018, we recognized revenues of $92.0 million and $95.2 million, respectively, which were included in the other current liabilities balance at the beginning of the period.