We provide a wide variety of products and services, from agricultural inputs such as fuels, farm supplies and agronomy products, to agricultural outputs that include grain and oilseed, processed grains and oilseeds and food products, and renewable fuels production and marketing. We primarily conduct our operations and derive revenues within our Energy and Ag segments. Our Energy segment derives its revenues through refining, wholesaling and retailing of petroleum products. Our Ag segment derives its revenues through origination and marketing of grain, including service activities conducted at export terminals; through wholesale sales of agronomy products and processed sunflowers; from sales of soybean meal, soybean refined oil and soyflour products; through production and marketing of renewable fuels; and through retail sales of petroleum and agronomy products, and feed and farm supplies. Corporate and Other primarily consists of our financing and hedging businesses. Revenue is recognized when performance obligations under the terms of a contract with a customer are satisfied, which generally occurs when control of the goods has transferred to customers in accordance with the underlying contract. For the majority of our contracts with customers, control transfers to customers at a point in time when goods/services have been delivered, as that is generally when legal title, physical possession and risks and rewards of ownership of the goods/services transfer to the customer. In limited arrangements, control transfers over time as the customer simultaneously receives and consumes the benefits of the service as we complete our performance obligation(s). Revenue is recognized as the transaction price we expect to be entitled to in exchange for transferring goods or services to a customer, excluding amounts collected on behalf of third parties. For physically settled derivative sales contracts that are outside the scope of the revenue guidance, we recognize revenue when control of the inventory is transferred within the meaning of ASC Topic 606, Revenue from Contracts with Customers ("ASC Topic 606"). Revenues arising from our financing business are recognized in accordance with ASC Topic 470, Debt ("ASC Topic 470") , and fall outside the scope of ASC Topic 606. Shipping and Handling Costs Shipping and handling amounts billed to a customer as part of a sales transaction are included in revenues, and the related costs are included in cost of goods sold. Shipping and handling is treated as a fulfillment activity rather than a promised service, and therefore is not considered a separate performance obligation. Taxes Collected from Customers and Remitted to Governmental Authorities Revenues are recorded net of taxes collected from customers that are remitted to governmental authorities, with the collected taxes recorded as current liabilities until remitted to the relevant government authority. Contract Costs Commissions related to contracts with a duration of less than one year are expensed as incurred. We recognize incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets we otherwise would have recognized is one year or less. Disaggregation of Revenues The following table presents revenues recognized under 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 year ended August 31, 2020 and 2019. Other applicable accounting guidance primarily includes revenues recognized under ASC Topic 842 and ASC Topic 470 that fall outside the scope of ASC Topic 606. Year Ended August 31, 2020 Reportable Segment* ASC Topic 606 ASC Topic 815 Other Guidance Total Revenues (Dollars in thousands) Energy $ 4,833,003 $ 598,131 $  $ 5,431,134 Ag 5,963,198 16,901,258 61,643 22,926,099 Corporate and Other 22,903  26,229 49,132 Total revenues $ 10,819,104 $ 17,499,389 $ 87,872 $ 28,406,365 Year Ended August 31, 2019 Reportable Segment* ASC Topic 606 ASC Topic 815 Other Guidance Total Revenues (Dollars in thousands) Energy $ 6,393,075 $ 726,001 $  $ 7,119,076 Ag 6,319,304 18,268,977 131,791 24,720,072 Corporate and Other 20,262  41,043 61,305 Total revenues $ 12,732,641 $ 18,994,978 $ 172,834 $ 31,900,453 *Our Nitrogen Production reportable segment represents an equity method investment that records earnings and allocated expenses, but not revenues. 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 the customer 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 the customer. Contract assets are recorded in accounts receivable within our Consolidated Balance Sheets and were immaterial as of August 31, 2020 and 2019. Contract liabilities relate to advance payments from customers for goods and services that we have yet to provide. Contract liabilities of $139.1 million and $207.5 million as of August 31, 2020 and 2019, respectively, are recorded within other current liabilities on our Consolidated Balance Sheets. For the years ended August 31, 2020 and 2019, we recognized revenues of $194.8 million and $170.7 million, respectively, which were included in the other current liabilities balance at the beginning of the period.