Revenue Recognition (Tables)

9 Months Ended

Feb. 28, 2022

The following table summarizes net sales by reportable segment and product class for the periods presented:

	Three Months Ended					Nine Months Ended
	February 28,					February 28,
(in thousands)	2022		2021			2022		2021
Steel Processing
Direct	$	1,015,716	$	469,266		$	2,704,411	$	1,307,631
Toll		36,846		35,211			108,803		96,589
Total		1,052,562		504,477			2,813,214		1,404,220

Consumer Products ⁽¹⁾		161,692		115,071			450,268		366,205
Building Products ⁽¹⁾		132,944		96,256			368,813		278,349
Sustainable Energy Solutions ⁽¹⁾		31,037		32,103			89,619		93,982

Other
Oil & Gas Equipment		-		4,407			-		20,950
Engineered Cabs		-		(12	)		-		1,058
Other		-		6,807			-		28,346
Total		-		11,202			-		50,354

Total	$	1,378,235	$	759,109		$	3,721,914	$	2,193,110

⁽¹⁾ The products contained within each of these reportable segments have similar production processes, require substantially the same raw materials, use similar equipment, and serve similar purposes. Therefore, we believe the products within each of these segments are appropriately combined for purposes of the disclosure requirements prescribed by ASC 280 and ASC 606. See NOTE P - Segment Operations for information regarding the reorganization of our pressure cylinders business and the resulting new reportable segments, effective June 1, 2021.

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

		February 28,		May 31,
(in thousands)	Balance Sheet Classification	2022		2021
Unbilled receivables	Receivables	$	5,837	$	5,317

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

The following table summarizes the over time revenue for the periods presented:

	Three Months Ended				Nine Months Ended
	February 28,				February 28,
(in thousands)	2022		2021		2022		2021
Steel Processing - toll	$	36,846	$	35,211	$	108,803	$	96,589
Certain oil & gas equipment contracts		-		3,600		-		15,666
Total over time revenue	$	36,846	$	38,811	$	108,803	$	112,255