Revenue

12 Months Ended

Aug. 31, 2024

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,
	2024		2023		2022
Major product information:
Ferrous revenues	$	1,388,543	$	1,439,983	$	1,914,255
Nonferrous revenues		738,843		781,102		892,444
Steel revenues(1)		439,762		507,550		531,731
Retail and other revenues		171,544		153,589		147,385
Total revenues	$	2,738,692	$	2,882,224	$	3,485,815
Revenues based on sales destination:
Foreign	$	1,464,999	$	1,508,019	$	1,925,235
Domestic		1,273,693		1,374,205		1,560,580
Total revenues	$	2,738,692	$	2,882,224	$	3,485,815

(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 2024, 2023, and 2022, 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):

	2024		% of Revenue			2023	% of Revenue	2022		% of Revenue
Revenues
Bangladesh	$	410,531		15	%	N/A	N/A	$	446,385		13	%
Turkey	$	335,581		12	%	N/A	N/A	N/A		N/A

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, 2024 and 2023, receivables from contracts with customers, net of an allowance for credit losses, represented substantially all 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 $10 million and $7 million as of August 31, 2024 and 2023, respectively. 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. The substantial majority of outstanding contract liabilities are reclassified to revenues within three months of the reporting date as a result of satisfying performance obligations.