REVENUE RECOGNITION

3 Months Ended

Nov. 30, 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 9% and 14% of net sales in the North America segment in the three months ended November 30, 2021 and 2020, 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 the three months ended November 30, 2021 and 2020. 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:

(in thousands)	November 30, 2021		August 31, 2021
Contract assets (included in accounts receivable)	$	61,888	$	64,168
Contract liabilities (included in accrued expenses and other payables)	29,066		23,948

The amount of revenue reclassified from August 31, 2021 contract liabilities during the three months ended November 30, 2021 was approximately $10.3 million.

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 November 30, 2021, $862.7 million was allocated to remaining performance obligations in the North America segment related to those contracts.