Revenue

12 Months Ended

Aug. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue

Note 12 - Revenue

Disaggregation of Revenues

The table below illustrates the Company’s revenues disaggregated by major product and sales destination (in thousands):

	Year Ended August 31,
	2022		2021		2020
Major product information:
Ferrous revenues	$	1,914,255	$	1,557,891	$	862,490
Nonferrous revenues		892,444		684,862		390,298
Steel revenues(1)		531,731		379,203		336,980
Retail and other revenues		147,385		136,595		122,575
Total revenues	$	3,485,815	$	2,758,551	$	1,712,343
Revenues based on sales destination:
Foreign	$	1,925,235	$	1,612,744	$	910,785
Domestic		1,560,580		1,145,807		801,558
Total revenues	$	3,485,815	$	2,758,551	$	1,712,343

(1)Steel revenues include predominantly sales of finished steel products, in addition to sales of semi-finished goods (billets) and steel manufacturing scrap.

In fiscal 2022, 2021, and 2020, the Company had no external customer that accounted for more than 10% of the Company’s consolidated revenues. Sales to customers located in foreign countries are a significant part of the Company’s business. The schedule below identifies those foreign countries to which the Company’s sales exceeded 10% of consolidated revenues in any of the last three years ended August 31 (in thousands):

	2022		% of Revenue			2021		% of Revenue			2020		% of Revenue
Bangladesh	$	446,385		13	%	$	375,668		14	%	$	197,391		12	%
Turkey	N/A		N/A			N/A		N/A			$	222,141		13	%

N/A = Sales were less than the 10% threshold.

Receivables from Contracts with Customers

The revenue accounting standard defines a receivable as an entity’s right to consideration that is unconditional, meaning that only the passage of time is required before payment is due. As of August 31, 2022 and 2021, receivables from contracts with customers, net of an allowance for credit losses, totaled $230 million and $210 million, respectively, representing 97% and 98%, respectively, of total accounts receivable reported in the Consolidated Balance Sheets as of each reporting date.

Contract Liabilities

Contract consideration received from a customer prior to revenue recognition is recorded as a contract liability and is recognized as revenue when the Company satisfies the related performance obligation under the terms of the contract. The Company’s contract liabilities, which consist almost entirely of customer deposits for recycled metal and finished steel sales contracts reported within accounts payable in the Consolidated Balance Sheets, totaled $8 million as of both August 31, 2022 and 2021. Unsatisfied performance obligations reflected in these contract liabilities relate to contracts with original expected durations of one year or less and, therefore, are not disclosed. During the year ended August 31, 2022, the Company reclassified $7 million in contract liabilities as of August 31, 2021 to revenues as a result of satisfying performance obligations during the year. During the year ended August 31, 2021, the Company reclassified $7 million in contract liabilities as of August 31, 2020 to revenues as a result of satisfying performance obligations during the year.