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REVENUE RECOGNITION
 12 Months Ended
Aug. 31, 2022
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION
NOTE 5. REVENUE RECOGNITION

Revenue from Contracts with Customers
Revenue related to raw materials, steel products and construction-related solutions in the North America and Europe segments and downstream products in the Europe segment is recognized at a point in time concurrent with the transfer of control, which usually occurs, depending on shipping terms, upon shipment or customer receipt. See Note 20, Operating Segments for further information about disaggregated revenue by our major product lines.

Each downstream 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 8%, 10% and 12% of net sales in the North America segment in 2022, 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 2022 and 2021, and 11% in 2020.
The following table provides information about assets and liabilities from contracts with customers:
August 31,
(in thousands)20222021
Contract assets (included in accounts receivable)$73,037 $64,168 
Contract liabilities (included in accrued expenses and other payables)27,567 23,948

The entire contract liability as of August 31, 2021 was recognized in 2022.

Remaining Performance Obligations
As of August 31, 2022, a total of $1.1 billion has been allocated to remaining performance obligations in the North America segment related to contracts where revenue is recognized using an input or output measure. Of this amount, the Company
estimates that approximately 78% of the remaining performance obligations will be recognized during 2023 and the remainder will be recognized during 2024. The duration of all other contracts in the North America and Europe segments are typically less than one year.