Revenue Recognition

9 Months Ended

Feb. 29, 2024

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				Nine Months Ended
	February 29,		February 28,		February 29,		February 28,
(In millions)	2024		2023		2024		2023
Product class
Direct	$	763.3	$	745.5	$	2,402.6	$	2,616.0
Toll		42.5		35.2		117.0		107.7
Total	$	805.8	$	780.7	$	2,519.6	$	2,723.7

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

	Three Months Ended				Nine Months Ended
	February 29,		February 28,		February 29,		February 28,
(In millions)	2024		2023		2024		2023
Steel processing – toll	$	42.5	$	35.2	$	117.0	$	107.7

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

		February 29,		May 31,
(In millions)	Balance Sheet Classification	2023(1)		2023(1)
Unbilled receivables	Receivables	$	4.6	$	3.7

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