Revenues (Notes)

6 Months Ended

Feb. 28, 2022

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 and six months ended February 28, 2022 and 2021. 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 606		ASC Topic 815		Other Guidance		Total Revenues
Three Months Ended February 28, 2022	(Dollars in thousands)
Energy	$	1,849,505	$	178,494	$	—	$	2,027,999
Ag	2,066,065		6,224,661		5,205		8,295,931
Corporate and Other	3,989		—		4,669		8,658
Total revenues	$	3,919,559	$	6,403,155	$	9,874	$	10,332,588
Three Months Ended February 28, 2021
Energy	$	1,243,072	$	129,086	$	—	$	1,372,158
Ag	1,169,411		5,753,333		15,468		6,938,212
Corporate and Other	4,535		—		5,254		9,789
Total revenues	$	2,417,018	$	5,882,419	$	20,722	$	8,320,159

	ASC Topic 606		ASC Topic 815		Other Guidance		Total Revenues
Six Months Ended February 28, 2022	(Dollars in thousands)
Energy	$	3,896,781	$	435,205	$	—	$	4,331,986
Ag	4,597,682		12,254,260		13,248		16,865,190
Corporate and Other	7,579		—		8,590		16,169
Total revenues	$	8,502,042	$	12,689,465	$	21,838	$	21,213,345
Six Months Ended February 28, 2021
Energy	$	2,308,036	$	321,969	$	—	$	2,630,005
Ag	2,513,910		11,840,572		29,132		14,383,614
Corporate and Other	10,995		—		11,188		22,183
Total revenues	$	4,832,941	$	12,162,541	$	40,320	$	17,035,802

Less than 1% of revenues accounted for under ASC Topic 606 included within the tables 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 $21.6 million and $29.0 million as of February 28, 2022, 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 $1.1 billion and $213.9 million as of February 28, 2022, and August 31, 2021, respectively, are recorded within other current liabilities on our Condensed Consolidated Balance Sheets. For the three months ended February 28, 2022 and 2021, we recognized revenues of $58.7 million and $19.9 million related to contract liabilities, respectively. For the six months ended February 28, 2022 and 2021, we recognized revenues of $165.8 million and $91.6 million related to contract liabilities, respectively. These amounts were included in the other current liabilities balance at the beginning of the respective period.