Revenue Recognition

6 Months Ended

Nov. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Note B – Revenue Recognition

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

	Three Months Ended				Six Months Ended
	November 30,				November 30,
(In millions)	2023		2022		2023		2022
Product Class
Direct	$	769.8	$	833.1	$	1,639.3	$	1,870.5
Toll		38.2		35.3		74.5		72.5
Total	$	808.0	$	868.4	$	1,713.8	$	1,943.0

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

	Three Months Ended				Six Months Ended
	November 30,				November 30,
(In millions)	2023		2022		2023		2022
Steel Processing - toll	$	38.2	$	35.3	$	74.5	$	72.5

The following table summarizes the unbilled receivables at the dates indicated:

		November 30,		May 31,
(In millions)	Balance Sheet Classification	2023(1)		2023(1)
Unbilled receivables	Receivables	$	4.1	$	3.7

(1)There were no contract assets at either of the dates indicated above.