REVENUE RECOGNITION

6 Months Ended

Feb. 28, 2021

Revenue from Contract with Customer [Abstract]

Revenue Recognition

NOTE 4. REVENUE RECOGNITION

Each fabricated product contract sold by the North America segment represents a single performance obligation. Revenue from contracts where the Company provides fabricated product and installation services is recognized over time using an input measure, and these contracts represented 11% and 12% of net sales in the North America segment in the three and six months ended February 28, 2021, respectively. Revenue from contracts where the Company does not provide installation services is recognized over time using an output measure, and these contracts represented 9% of net sales in the North America segment in both the three and six months ended February 28, 2021. The remaining 80% and 79% of net sales in the North America segment were recognized at a point in time concurrent with the transfer of control, or as amounts were billed to the customer under an available practical expedient, in the three and six months ended February 28, 2021, respectively.

The following table provides information about assets and liabilities from contracts with customers.

(in thousands)	February 28, 2021		August 31, 2020
Contract assets (included in accounts receivable)	$	54,468	$	53,275
Contract liabilities (included in accrued expenses and other payables)	18,638		25,450

During the six months ended February 28, 2021, approximately $21.3 million was recognized in the condensed consolidated statements of earnings related to August 31, 2020 contract liabilities.

Remaining Performance Obligations

Remaining performance obligations represent the transaction price of fabricated product contracts where revenue is recognized using an input or output measure for which work has not yet been performed. As of February 28, 2021, $688.3 million was allocated to remaining performance obligations in the North America segment related to those contracts.