Revenue Recognition

17 Months Ended

May 31, 2022

Revenue From Contract With Customer [Abstract]

Revenue Recognition

Note B – Revenue Recognition

We recognize revenue upon transfer of control of promised goods or services to customers in an amount that reflects the consideration we expect to receive for those goods or services, including any variable consideration.

Disaggregation of Revenues

Steel Processing generates revenue by processing steel to the precise type, thickness, length, width, shape, and surface quality required by customer specification. It also toll processes steel for steel mills, large end-users, service centers and other processors. Revenue is recognized at a point in time, with the exception of the toll processing revenue stream which is recognized over time.

Consumer Products consists of products in the tools, outdoor living and celebrations end markets. Products include propane-filled cylinders for torches, camping stoves and other applications, LPG cylinders, handheld torches, helium-filled balloon kits, and specialized hand tools and instruments. These products are sold primarily to mass merchandisers, retailers and distributors. LPG cylinders, which hold fuel for barbeque grills and recreational vehicle equipment, are also sold through cylinder exchangers. Revenue is recognized at a point in time.

Building Products sells refrigerant and LPG cylinders, well water and expansion tanks, and other specialty products. Cylinders are generally sold to gas producers and distributors. Revenue is recognized at a point in time.

Sustainable Energy Solutions sells onboard fueling system and services, gas containment solutions and services for storage, transport and distribution of industrial gasses and cylinders for life support systems, as well as alternative fuel cylinders used to hold CNG and hydrogen for automobile, buses, and light-duty trucks. Revenue is recognized at a point in time.

The products contained within our Consumer Products, Building Products, and Sustainable Energy Solutions operating segments have similar processes, require substantially the same raw materials, use similar equipment, and serve similar purposes. Therefore, we believe the products within each of these reportable segments are appropriately combined. See "Note P - Segment Data" for information regarding the reorganization of our legacy Pressure Cylinders business and the resulting new reportable segments, effective June 1, 2021.

The following table summarizes net sales by product class for the fiscal years ended May 31:

	Fiscal Year Ended May 31,
(in thousands)	2022		2021		2020
Steel Processing
Direct	$	3,788,289	$	1,927,418	$	1,729,972
Toll		144,732		131,979		129,698
Total		3,933,021		2,059,397		1,859,670
Consumer Products		636,478		523,697		449,337
Building Products		541,757		402,038		383,372
Sustainable Energy Solutions		130,954		134,890		122,113
Other
Oil & Gas Equipment		-		20,950		111,891
Engineered Cabs		-		1,058		50,954
Other		9		29,399		81,782
Total		9		51,407		244,627
Total	$	5,242,219	$	3,171,429	$	3,059,119

The following table summarizes the revenue that has been recognized over time for the fiscal years ended May 31:

	Fiscal Year Ended May 31,
(in thousands)	2022		2021		2020
Steel Processing - toll	$	144,732	$	131,979	$	129,698
Other - certain oil & gas contracts		-		15,666		100,774
Total over time revenue	$	144,732	$	147,645	$	230,472

The following table summarizes the unbilled receivables and contract assets at the dates indicated:

		May 31,
(in thousands)	Balance Sheet Classification	2022		2021
Unbilled receivables	Receivables	$	5,001	$	5,317

There were no contract assets at either of the dates indicated above.