XML 27 R7.htm IDEA: XBRL DOCUMENT v3.21.4
Revenues (Notes)
 3 Months Ended
Nov. 30, 2021
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
    The following table presents revenues recognized under Accounting Standards Codification ("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, 2021 and 2020. Other applicable accounting guidance primarily includes revenues recognized under ASC Topic 470, Debt, and ASC Topic 842, Leases, that fall outside the scope of ASC Topic 606.
ASC Topic 606ASC Topic 815Other GuidanceTotal Revenues
Three Months Ended November 30, 2021(Dollars in thousands)
Energy$2,047,277 $256,710 $— $2,303,987 
Ag2,531,956 6,029,260 8,043 8,569,259 
Corporate and Other3,590 — 3,921 7,511 
Total revenues
$4,582,823 $6,285,970 $11,964 $10,880,757 
Three Months Ended November 30, 2020
Energy$1,064,963 $192,884 $— $1,257,847 
Ag1,344,508 6,087,241 13,653 7,445,402 
Corporate and Other6,460 — 5,934 12,394 
Total revenues
$2,415,931 $6,280,125 $19,587 $8,715,643 

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

Contract Assets and Contract Liabilities

    Contract assets relate to unbilled amounts arising from goods that have already been transferred to customers where the right to payment is not conditional on the passage of time. This results in the recognition of an asset, as the amount of revenue recognized at a certain point in time exceeds the amount billed to customers. Contract assets are recorded in receivables within our Condensed Consolidated Balance Sheets and were $40.1 million and $29.0 million as of November 30, 2021, and August 31, 2021, respectively.
    
Contract liabilities relate to advance payments from customers for goods and services that we have yet to provide. Contract liabilities of $419.5 million and $213.9 million as of November 30, 2021, and August 31, 2021, respectively, are recorded within other current liabilities on our Condensed Consolidated Balance Sheets. For the three months ended November 30, 2021 and 2020, we recognized revenues of $107.2 million and $60.7 million related to contract liabilities, respectively. These amounts were included in the other current liabilities balance at the beginning of the respective period.