Revenue Recognition

6 Months Ended

Nov. 30, 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				Six Months Ended
	November 30,				November 30,
(in thousands)	2021		2020		2021		2020
Steel Processing
Direct	$	900,666	$	433,556	$	1,688,694	$	838,364
Toll		37,176		35,167		71,958		61,379
Total		937,842		468,723		1,760,652		899,743
Consumer Products (1)		140,793		117,513		288,576		251,135
Building Products (1)		121,125		93,989		235,868		182,092
Sustainable Energy Solutions (1)		33,101		34,023		58,583		61,880
Other
Oil & Gas Equipment		-		6,646		-		16,542
Engineered Cabs		-		84		-		1,070
Other		-		10,114		-		21,539
Total		-		16,844		-		39,151
Total	$	1,232,861	$	731,092	$	2,343,679	$	1,434,001
(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, effective June 1, 2021.

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 were 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)	2021		2020		2021		2020
Steel Processing - toll	$	37,176	$	35,167	$	71,958	$	61,379
Certain oil & gas equipment contracts		-		4,367		-		12,066
Total over time revenue	$	37,176	$	39,534	$	71,958	$	73,445

The following table summarizes the unbilled receivables for the periods presented:

		November 30,		May 31,
(in thousands)	Balance Sheet Classification	2021		2021
Unbilled receivables	Receivables	$	5,636	$	5,317
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 November 30, 2021, there were no unsatisfied or partially satisfied performance obligations related to contracts with an expected duration greater than one year.