Revenue Recognition

3 Months Ended

Aug. 31, 2020

Revenue From Contract With Customer [Abstract]

Revenue Recognition

NOTE B – Revenue Recognition

The following tables summarize net sales by product class and by timing of revenue recognition for the periods presented:

(in thousands)	Three months ended August 31,
Reportable segments by product class:	2020		2019
Steel Processing
Direct	$	404,808	$	493,646
Toll		26,212		29,729
Total		431,020		523,375
Pressure Cylinders
Consumer products		132,782		119,480
Industrial products		128,225		152,618
Oil & gas equipment		9,897		32,298
Total		270,904		304,396
Other
Engineered Cabs		985		28,066
Other		-		22
Total		985		28,088
Total	$	702,909	$	855,859

We recognize revenue at a point in time, with the exception of the toll processing revenue stream and certain contracts within the oil & gas equipment revenue streams, which are recognized over time. The following table summarizes the over time revenue for the periods presented:

	Three months ended August 31,
(in thousands)	2020		2019
Steel Processing - toll	$	26,212	$	29,729
Pressure Cylinders - certain oil & gas equipment contracts		7,699		30,008
Total over time revenue	$	33,911	$	59,737

The following table summarizes the unbilled receivables and contract assets for the periods indicated:

		August 31,		May 31,
(in thousands)	Balance Sheet Classification	2020		2020
Unbilled receivables	Receivables	$	4,325	$	5,552
Contract assets	Prepaid and other current assets	$	5,114	$	4,127

The Company has elected the optional exemption, which allows for the exclusion of the amounts for remaining performance obligations that are part of contracts with an expected duration of one year or less.  There are no unsatisfied or partially satisfied performance obligations related to contracts with an expected duration greater than one year.