Revenue Recognition

9 Months Ended

Feb. 29, 2020

Revenue From Contract With Customer [Abstract]

Revenue Recognition

NOTE B – Revenue Recognition

The following tables summarize net sales by product class for the periods presented:

	Three Months Ended				Nine Months Ended
(in thousands)	February 29, 2020		February 28, 2019		February 29, 2020		February 28, 2019
Reportable segments by product class:
Steel Processing
Direct	$	450,413	$	527,970	$	1,425,117	$	1,756,842
Toll		40,723		27,901		106,331		94,559
Total	$	491,136	$	555,871	$	1,531,448	$	1,851,401
Pressure Cylinders
Industrial products	$	129,042	$	148,018	$	411,994	$	452,883
Consumer products		113,258		118,006		360,803		352,023
Oil & gas equipment		28,695		24,666		92,730		80,584
Total	$	270,995	$	290,690	$	865,527	$	885,490
Other
Engineered Cabs	$	1,830	$	27,817	$	50,446	$	83,798
Other		35		3		71		25
Total	$	1,865	$	27,820	$	50,517	$	83,823
Total	$	763,996	$	874,381	$	2,447,492	$	2,820,714

We recognize revenue at a point in time, with the exception of the toll processing revenue stream and certain contracts within the oil & gas equipment revenue stream, which are recognized over time.  The following table summarizes the over time revenue for the periods presented:

	Three Months Ended				Nine Months Ended
(in thousands)	February 29, 2020		February 28, 2019		February 29, 2020		February 28, 2019
Steel Processing - toll	$	40,723	$	27,901	$	106,331	$	94,559
Pressure Cylinders - certain oil & gas contracts		25,885		20,559		83,424		49,360
Total over time revenue	$	66,608	$	48,460	$	189,755	$	143,919

The following table summarizes the unbilled receivables and contract assets for the periods indicated:

(in thousands)	Balance Sheet Classification	February 29, 2020		May 31, 2019
Unbilled receivables	Receivables	$	5,764	$	5,366
Contract assets	Prepaid and other current assets	$	6,834	$	8,792