Revenue Recognition

6 Months Ended

Nov. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Note C – Revenue Recognition

The following table summarizes net sales by operating segment and product class within the Steel Processing operating segment for the periods presented:

	Three Months Ended				Six Months Ended
	November 30,				November 30,
(In thousands)	2023		2022		2023		2022
Steel Processing
Direct	$	750,622	$	807,259	$	1,595,985	$	1,809,394
Toll		38,033		34,688		74,008		71,433
Total		788,655		841,947		1,669,993		1,880,827
Consumer Products		147,738		153,795		297,151		342,497
Building Products		122,954		141,671		256,822		291,994
Sustainable Energy Solutions		27,537		38,128		56,174		68,888
Other		34		-		34		-
Total	$	1,086,918	$	1,175,541	$	2,280,174	$	2,584,206

With the exception of toll processing, net sales are recognized at the point in time the performance obligation is satisfied and control is transferred to the customer, typically upon shipment or delivery.

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

		November 30,		May 31,
(In thousands)	Balance Sheet Classification	2023		2023
Unbilled receivables	Receivables	$	4,148	$	3,708

There were no contract assets at November 30, 2023 or at May 31, 2023.