Revenue

12 Months Ended

Aug. 31, 2021

Revenue From Contract With Customer [Abstract]

Revenue

Note 11 - Revenue

Disaggregation of Revenues

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

	Year Ended August 31,
	2021		2020		2019
Major product information:
Ferrous revenues	$	1,557,891	$	862,490	$	1,164,719
Nonferrous revenues		684,862		390,298		468,023
Steel revenues(1)		379,203		336,980		367,956
Retail and other revenues		136,595		122,575		132,083
Total revenues	$	2,758,551	$	1,712,343	$	2,132,781
Revenues based on sales destination:
Foreign	$	1,612,744	$	910,785	$	1,141,077
Domestic		1,145,807		801,558		991,704
Total revenues	$	2,758,551	$	1,712,343	$	2,132,781

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

In fiscal 2021, 2020, and 2019, the Company had no external customer that accounted for more than 10% of the Company’s consolidated revenues. Sales to customers located in foreign countries are a significant part of the Company’s business. The schedule below identifies those foreign countries to which the Company’s sales exceeded 10% of consolidated revenues in any of the last three years ended August 31 (in thousands):

		2021	% of Revenue				2020	% of Revenue				2019	% of Revenue
Bangladesh	$	375,668		14	%	$	197,391		12	%	N/A		N/A
Turkey	N/A		N/A			$	222,141		13	%	N/A		N/A

N/A = Sales were less than the 10% threshold.

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 August 31, 2021 and 2020, receivables from contracts with customers, net of an allowance for credit losses, totaled $210 million and $135 million, respectively, representing 98% and 97%, respectively, of total accounts receivable reported in the Consolidated Balance Sheets as of 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 reported within accounts payable in the Consolidated Balance Sheets, totaled $8 million as of each of August 31, 2021 and 2020. 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. During the year ended August 31, 2021, the Company reclassified $7 million in contract liabilities as of August 31, 2020 to revenues as a result of satisfying performance obligations during the year. During the year ended August 31, 2020, the Company reclassified $3 million in contract liabilities as of August 31, 2019 to revenues as a result of satisfying performance obligations during the year.