Revenue Recognition (Tables)

12 Months Ended

May 31, 2021

The following table outlines the cumulative effect of adopting the new revenue recognition guidance:

(in thousands)	May 31, 2018 (As Reported)		Cumulative Effect of Topic 606 Adoption			June 1, 2018 (As Adjusted)
Consolidated Balance Sheet
Assets
Receivables	$	572,689	$	4,706		$	577,395
Total inventories		454,027		(3,452	)		450,575
Prepaid expenses and other current assets		60,134		944			61,078
Liabilities and equity
Deferred income taxes, net		60,188		454			60,642
Retained earnings		637,757		1,174			638,931
Noncontrolling interests		117,606		570			118,176

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

(in thousands)	Fiscal Year Ended May 31,
Reportable segments by product class:	2021		2020		2019
Steel Processing
Direct	$	1,927,418	$	1,729,972	$	2,308,756
Toll		131,979		129,698		127,062
Total		2,059,397		1,859,670		2,435,818

Pressure Cylinders
Industrial products		552,093		550,543		627,053
Consumer products		537,930		485,990		470,447
Oil & gas equipment		20,950		111,891		110,298
Total		1,110,973		1,148,424		1,207,798

Other
Engineered Cabs		1,058		50,954		115,902
Other		1		71		38
Total		1,059		51,025		115,940

Total	$	3,171,429	$	3,059,119	$	3,759,556

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

		Fiscal Year Ended May 31,
(in thousands)	Balance Sheet Classification	2021		2020
Unbilled receivables	Receivables	$	5,317	$	5,552
Contract assets	Prepaid expenses and other current assets	$	-	$	4,127

The following table summarizes the revenue that has been recognized over time for the periods presented:

	Fiscal Year Ended May 31,
(in thousands)	2021		2020		2019
Steel Processing - toll	$	131,979	$	129,698	$	127,062
Pressure Cylinders - certain oil & gas contracts		15,666		100,774		75,159
Total over time revenue	$	147,645	$	230,472	$	202,221