Revenue Recognition

6 Months Ended

Nov. 30, 2020

Revenue From Contract With Customer [Abstract]

Revenue Recognition

NOTE B – Revenue Recognition

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

	Three Months Ended				Six Months Ended
(in thousands)	November 30,				November 30,
Reportable segments by product class:	2020		2019		2020		2019
Steel Processing
Direct	$	433,556	$	481,058	$	838,364	$	974,704
Toll		35,167		35,879		61,379		65,608
Total		468,723		516,937		899,743		1,040,312
Pressure Cylinders
Consumer products		121,618		128,065		254,400		247,545
Industrial products		134,020		130,334		262,245		282,952
Oil & gas equipment		6,646		31,737		16,543		64,035
Total		262,284		290,136		533,188		594,532
Other
Engineered Cabs		85		20,550		1,070		48,616
Other		-		14		-		36
Total		85		20,564		1,070		48,652
Total	$	731,092	$	827,637	$	1,434,001	$	1,683,496

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 streams, which are recognized over time. The following table summarizes the over time revenue for the periods presented:

	Three Months Ended				Six Months Ended
	November 30,				November 30,
(in thousands)	2020		2019		2020		2019
Steel Processing - toll	$	35,167	$	35,879	$	61,379	$	65,608
Pressure Cylinders - certain oil & gas equipment contracts		4,367		27,531		12,066		57,539
Total over time revenue	$	39,534	$	63,410	$	73,445	$	123,147

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

		November 30,		May 31,
(in thousands)	Balance Sheet Classification	2020		2020
Unbilled receivables	Receivables	$	4,937	$	5,552
Contract assets	Prepaid and other current assets	$	5,636	$	4,127

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