Revenue

9 Months Ended

May 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

Note 7 - Revenue

Disaggregation of Revenues

The table below illustrates the Company’s revenues disaggregated by major product and sales destination (in thousands):

	Three Months Ended May 31,				Nine Months Ended May 31,
	2023		2022		2023		2022
Major product information:
Ferrous revenues	$	405,350	$	530,303	$	1,101,201	$	1,434,473
Nonferrous revenues		222,904		272,208		580,234		662,779
Steel revenues(1)		137,426		165,210		369,766		384,644
Retail and other revenues		43,930		42,366		113,092		109,507
Total revenues	$	809,610	$	1,010,087	$	2,164,293	$	2,591,403
Revenues based on sales destination:
Foreign	$	413,815	$	533,087	$	1,122,718	$	1,439,731
Domestic		395,795		477,000		1,041,575		1,151,672
Total revenues	$	809,610	$	1,010,087	$	2,164,293	$	2,591,403

(1)Steel revenues include predominantly sales of finished steel products, in addition to sales of semi-finished goods (billets) and steel manufacturing scrap.

Receivables from Contracts with Customers

The revenue accounting standard defines a receivable as an entity’s right to consideration that is unconditional, meaning that only the passage of time is required before payment is due. As of May 31, 2023 and August 31, 2022, receivables from contracts with customers, net of an allowance for credit losses, totaled $296 million and $230 million, respectively, representing 99% and 97%, respectively, of total accounts receivable reported in the Unaudited Condensed Consolidated Balance Sheets at each reporting date.

Contract Liabilities

Contract consideration received from a customer prior to revenue recognition is recorded as a contract liability and is recognized as revenue when the Company satisfies the related performance obligation under the terms of the contract. The Company’s contract liabilities, which consist almost entirely of customer deposits for recycled metal and finished steel sales contracts, are reported within accounts payable in the Unaudited Condensed Consolidated Balance Sheets and totaled $11 million and $8 million as of May 31, 2023 and August 31, 2022, respectively. Unsatisfied performance obligations reflected in these contract liabilities relate to contracts with original expected durations of one year or less and, therefore, are not disclosed. The substantial majority of outstanding contract liabilities are reclassified to revenues within three months of the reporting date as a result of satisfying performance obligations.