Revenue (Tables)

12 Months Ended

May 31, 2023

Revenue from Contract with Customer [Abstract]

Trade Accounts Receivable Net of Allowances and Net Contract Assets

Trade accounts receivable, net of allowances, and net contract assets consisted of the following:

Year Ended May 31,	2023			2022			$ Change			% Change
(In thousands, except percents)
Trade accounts receivable, less allowances	$	1,503,040		$	1,432,632		$	70,408			4.9	%
Contract assets	$	49,188		$	57,234		$	(8,046	)		-14.1	%
Contract liabilities - short-term		(42,396	)		(44,938	)		2,542			-5.7	%
Net Contract Assets	$	6,792		$	12,296		$	(5,504	)		-44.8	%

The $5.5 million decrease in our net contract assets from May 31, 2022 to May 31, 2023, resulted primarily due to the timing and volume of construction jobs in progress at May 31, 2023 versus May 31, 2022. During the years ended May 31, 2023 and May 31, 2022 we recognized $26.6 million and $24.5 million of revenue, which was included in contract liabilities as of May 31, 2022 and 2021, respectively.

Summary of Activity for Allowance for Credit Losses

The following tables summarize the activity for the allowance for credit losses for the fiscal year ended May 31, 2023:

(In thousands)
Balance at June 1, 2022	$	46,669
Bad debt provision		13,557
Uncollectible accounts written off, net of recoveries		(9,780	)
Translation adjustments		(964	)
Balance at May 31, 2023	$	49,482