Revenue Recognition

12 Months Ended

May 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Note B – Revenue Recognition

The Company recognizes revenue upon transfer of control of promised goods or services to customers in an amount that reflects the consideration it expects to receive for those goods or services, including any variable consideration.

The Company generates revenue by processing steel to the precise type, thickness, length, width, shape, and surface quality required by customer specification. The Company can also toll process steel for steel mills, large end-users and service centers. Toll processing revenue is recognized over time. All other revenue is recognized at a point in time, generally upon shipment.

The following table summarizes net sales by product class for fiscal 2024, fiscal 2023 and fiscal 2022:

(In millions)	2024		2023		2022
Product class
Direct	$	3,269.4	$	3,464.9	$	3,923.1
Toll		161.2		142.8		145.8
Total	$	3,430.6	$	3,607.7	$	4,068.9

The following table summarizes the unbilled receivables at the end of fiscal 2024 and fiscal 2023:

(In millions)	Balance Sheet Classification	2024		2023
Unbilled receivables	Receivables	$	5.6	$	3.7

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