Revenue Recognition |
NOTE C – Revenue Recognition
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. |
|
We recognize revenue at a point in time, with the exception of the toll processing revenue stream and, on a historical basis, certain contracts within the oil & gas equipment revenue stream, which were recognized over time. 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 |
|
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. |
|
We have elected the optional exemption, which allows for the exclusion of the amounts for remaining performance obligations that are a part of contracts with an expected duration of one year or less. As of February 28, 2022, there were no unsatisfied or partially satisfied performance obligations related to contracts with an expected duration greater than one year.
|