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Revenue Recognition
 6 Months Ended
Nov. 30, 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

 

 

Six Months Ended

 

 

November 30,

 

 

November 30,

 

(in thousands)

2022

 

 

2021

 

 

2022

 

 

2021

 

Steel Processing

 

 

 

 

 

 

 

 

 

 

 

Direct

$

807,259

 

 

$

900,666

 

 

$

1,809,394

 

 

$

1,688,694

 

Toll

 

34,688

 

 

 

37,176

 

 

 

71,433

 

 

 

71,958

 

Total

 

841,947

 

 

 

937,842

 

 

 

1,880,827

 

 

 

1,760,652

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer Products (1)

 

153,795

 

 

 

140,793

 

 

 

342,497

 

 

 

288,576

 

Building Products (1)

 

141,671

 

 

 

121,125

 

 

 

291,994

 

 

 

235,868

 

Sustainable Energy Solutions (1)

 

38,128

 

 

 

33,101

 

 

 

68,888

 

 

 

58,583

 

Total

$

1,175,541

 

 

$

1,232,861

 

 

$

2,584,206

 

 

$

2,343,679

 

 

(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 Accounting Standards Codification (“ASC”) Topic 280 and Topic 606.

 

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

 

 

Three Months Ended

 

 

Six Months Ended

 

 

November 30,

 

 

November 30,

 

(in thousands)

2022

 

 

2021

 

 

2022

 

 

2021

 

Steel Processing - toll

$

34,688

 

 

$

37,176

 

 

$

71,433

 

 

$

71,958

 

 

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

 

 

 

 

November 30,

 

 

May 31,

 

(in thousands)

Balance Sheet Classification

 

2022

 

 

2022

 

Unbilled receivables

Receivables

 

$

3,192

 

 

$

5,001

 

 

There were no contract assets at November 30, 2022 or May 31, 2022.

 

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 November 30, 2022, there were no unsatisfied or partially satisfied performance obligations related to contracts with an expected duration greater than one year.