REVENUE RECOGNITION

12 Months Ended

Aug. 31, 2021

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

NOTE 4. REVENUE RECOGNITION

Revenue from Contracts with Customers

Each fabricated rebar contract sold by the North America segment represents a single performance obligation. Revenue from contracts where the Company provides fabricated rebar and installation services is recognized over time using an input measure and these contracts represented approximately 10% of net sales in the North America segment in 2021 and 12% of net sales in the North America segment in 2020 and 2019. Revenue from contracts where the Company does not provide installation services is recognized over time using an output measure and these contracts represented approximately 9%, 11% and 9% of net sales in the North America segment in 2021, 2020 and 2019, respectively. The remaining 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.

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

	August 31,
(in thousands)	2021		2020
Contract assets (included in accounts receivable)	$	64,168	$	53,275
Contract liabilities (included in accrued expenses and other payables)	23,948		25,450

The entire contract liability as of August 31, 2020 was recognized in 2021.

Remaining Performance Obligations

As of August 31, 2021, a total of $799.3 million has been allocated to remaining performance obligations in the North America segment, related to those contracts where revenue is recognized using an input or output measure. Of this amount, the Company estimates that approximately 70% of the remaining performance obligations will be recognized during 2022. The duration of all other contracts in the North America and Europe segments are typically less than one year.