Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2022

Revenue Recognition [Abstract]

Summary of Disaggregated Revenue

The Company derives substantially all of its sales from the distribution of metals. The following table shows the Company’s percentage of sales by major product line:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
Product Line	2022			2021			2022			2021
Carbon Steel Flat		29	%		31	%		30	%		30	%
Carbon Steel Plate		10			10			10			10
Carbon Steel Long		13			13			13			13
Stainless Steel Flat		18			17			18			17
Stainless Steel Plate		4			5			5			5
Stainless Steel Long		5			4			5			4
Aluminum Flat		13			13			12			13
Aluminum Plate		2			2			2			2
Aluminum Long		4			4			4			4
Other		2			1			1			2
Total		100	%		100	%		100	%		100	%

A significant majority of the Company’s sales are attributable to its U.S. operations. The only operations attributed to foreign countries relate to the Company’s subsidiaries in Canada, China, and Mexico. The following table summarizes consolidated financial information of our operations by geographic location based on where sales originated:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net Sales	(In millions)
United States		1,589.9	$	1,276.8	$	3,193.2	$	2,302.5
Foreign countries		153.6		142.2	$	299.1		263.8
Total	$	1,743.5	$	1,419.0	$	3,492.3	$	2,566.3

Revenue is recognized either at a point in time or over time based on if the contract has an enforceable right to payment and the type of product that is being sold to the customer, with products that are determined to have no alternative use being recognized over time. The following table summarizes revenues by the type of item sold:

	Three Months Ended June 30,						Six Months Ended June 30,
Timing of Revenue Recognition	2022			2021			2022			2021
Revenue on products with an alternative use		90	%		90	%		90	%		90	%
Revenue on products with no alternative use		10			10			10			10
Total		100	%		100	%		100	%		100	%

Summary of Significant Changes in Contract Assets and Contract Liabilities Balances

Significant changes in the contract assets and the contract liabilities balances during the period are as follows:

	Contract Assets			Contract Liabilities
	(In millions)
Beginning Balance at January 1, 2022	$	21.3		$	15.1
Contract liability satisfied during the period		—			(11.9	)
Contract liability incurred during the period		—			15.3
Net change in contract assets and liabilities for products with no alternative use during the period		(4.5	)		—
Changes to reserves		0.5			1.0
Ending Balance at June 30, 2022	$	17.3		$	19.5