v3.25.2
Revenue
 9 Months Ended
May 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue

Note 6 - 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,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Major product information:

 

 

 

 

 

 

 

 

 

 

 

 

Ferrous revenues

 

$

320,746

 

 

$

334,425

 

 

$

966,805

 

 

$

999,419

 

Nonferrous revenues

 

 

229,428

 

 

 

184,127

 

 

 

590,489

 

 

 

517,902

 

Steel revenues(1)

 

 

125,935

 

 

 

108,259

 

 

 

331,900

 

 

 

322,511

 

Retail and other revenues

 

 

50,882

 

 

 

47,109

 

 

 

136,842

 

 

 

128,044

 

Total revenues

 

$

726,991

 

 

$

673,920

 

 

$

2,026,036

 

 

$

1,967,876

 

Revenues based on sales destination:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign

 

$

340,718

 

 

$

348,503

 

 

$

1,032,275

 

 

$

1,023,799

 

Domestic

 

 

386,273

 

 

 

325,417

 

 

 

993,761

 

 

 

944,077

 

Total revenues

 

$

726,991

 

 

$

673,920

 

 

$

2,026,036

 

 

$

1,967,876

 

 

(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, 2025 and August 31, 2024, receivables from contracts with customers, net of an allowance for credit losses, represented substantially all of total accounts receivable reported in the Unaudited Condensed 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, are reported within accounts payable in the Unaudited Condensed Consolidated Balance Sheets and totaled $12 million and $10 million as of May 31, 2025 and August 31, 2024, 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.