v3.22.4
Revenue
 3 Months Ended
Nov. 30, 2022
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 November 30,

 

 

 

2022

 

 

2021

 

Major product information:

 

 

 

 

 

 

Ferrous revenues

 

$

261,729

 

 

$

465,856

 

Nonferrous revenues

 

 

177,675

 

 

 

194,429

 

Steel revenues(1)

 

 

124,515

 

 

 

103,238

 

Retail and other revenues

 

 

34,811

 

 

 

34,595

 

Total revenues

 

$

598,730

 

 

$

798,118

 

Revenues based on sales destination:

 

 

 

 

 

 

Foreign

 

$

272,684

 

 

$

471,173

 

Domestic

 

 

326,046

 

 

 

326,945

 

Total revenues

 

$

598,730

 

 

$

798,118

 

 

(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 November 30, 2022 and August 31, 2022, receivables from contracts with customers, net of an allowance for credit losses, totaled $212 million and $230 million, respectively, representing 97% 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 $6 million and $8 million as of November 30, 2022 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.