Revenue Recognition

3 Months Ended

Aug. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Note C – Revenue Recognition

The following table summarizes net sales by operating segment and product class for the periods presented:

	Three Months Ended
	August 31,
(in thousands)	2022		2021
Steel Processing
Direct	$	1,002,135	$	788,028
Toll		36,745		34,782
Total		1,038,880		822,810
Consumer Products (1)		188,703		147,783
Building Products (1)		150,323		114,743
Sustainable Energy Solutions (1)		30,759		25,482
Total	$	1,408,665	$	1,110,818

(1) The products contained within each of these operating segments have similar production processes, require substantially the same raw materials, use similar equipment, and serve similar purposes. Therefore, we believe the products within each of these segments are appropriately combined for purposes of the disclosure requirements prescribed by ASC 280 and ASC 606.

The following table summarizes the over time revenue for the periods presented:

	Three Months Ended
	August 31,
(in thousands)	2022		2021
Steel Processing - toll	$	36,745	$	34,782

The following table summarizes the unbilled receivables at the dates indicated:

		August 31,		May 31,
(in thousands)	Balance Sheet Classification	2022		2022
Unbilled receivables	Receivables	$	5,485	$	5,001

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

We have elected the optional exemption, which allows for the exclusion of the amounts for remaining performance obligations that are a part of contracts with an expected duration of one year or less. As of August 31, 2022, there were no unsatisfied or partially satisfied performance obligations related to contracts with an expected duration greater than one year.