Revenue Recognition

3 Months Ended

Aug. 31, 2021

Revenue From Contract With Customer [Abstract]

Revenue Recognition

NOTE B – Revenue Recognition

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

	Three Months Ended August 31,
(in thousands)	2021		2020
Steel Processing
Direct	$	788,028	$	404,808
Toll		34,782		26,212
Total		822,810		431,020
Consumer Products (1)		147,783		133,622
Building Products (1)		114,743		88,103
Sustainable Energy Solutions (1)		25,482		27,857
Other
Oil & Gas Equipment		-		9,897
Engineered Cabs		-		985
Other		-		11,425
Total		-		22,307
Total	$	1,110,818	$	702,909
(1) The products contained within each of these reportable 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 ASC 280 and ASC 606.  See NOTE O - Segment Operations for information regarding the reorganization of our pressure cylinders business and the resulting new reportable segments.

We recognize revenue at a point in time, with the exception of the toll processing revenue stream and, on a historical basis, 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 August 31,
(in thousands)	2021		2020
Steel Processing - toll	$	34,782	$	26,212
Certain oil & gas equipment contracts		-		7,699
Total over time revenue	$	34,782	$	33,911

The following table summarizes the unbilled receivables and contract assets⁽¹⁾ at the dates indicated:

		August 31,		May 31,
(in thousands)	Balance Sheet Classification	2021		2021
Unbilled receivables	Receivables	$	5,196	$	5,317
(1) There were no contract assets at either of the dates indicated above.

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 August 31, 2021, there were no unsatisfied or partially satisfied performance obligations related to contracts with an expected duration greater than one year.