Revenue Recognition

9 Months Ended

Feb. 28, 2023

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				Nine Months Ended
	February 28,				February 28,
(in thousands)	2023		2022		2023		2022
Steel Processing
Direct	$	722,328	$	1,015,716	$	2,531,722	$	2,704,411
Toll		34,679		36,846		106,112		108,803
Total		757,007		1,052,562		2,637,834		2,813,214
Consumer Products (1)		162,647		161,692		505,145		450,268
Building Products (1)		151,876		132,944		443,870		368,813
Sustainable Energy Solutions (1)		31,792		31,037		100,679		89,619
Total	$	1,103,322	$	1,378,235	$	3,687,528	$	3,721,914

(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 operating 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 revenue that has been recognized over time for the periods presented:

	Three Months Ended				Nine Months Ended
	February 28,				February 28,
(in thousands)	2023		2022		2023		2022
Steel Processing - toll	$	34,679	$	36,846	$	106,112	$	108,803

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

		February 28,		May 31,
(in thousands)	Balance Sheet Classification	2023		2022
Unbilled receivables	Receivables	$	4,961	$	5,001

There were no contract assets at February 28, 2023 or at 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 February 28, 2023, there were no unsatisfied or partially satisfied performance obligations related to contracts with an expected duration greater than one year.