Net sales include product revenue and shipping and handling charges, net of estimated sales returns and any related sales incentives. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products.

The Company derives substantially all of its revenue from the distribution of metals. The following table shows the Company’s percentage of sales disaggregated by major product line:


	Three Months Ended						Six Months Ended
	June 30,						June 30,
Product Line	2025			2024			2025			2024
Carbon Steel Flat		28	%		30	%		28	%		29	%
Carbon Steel Plate		10			10			9			11
Carbon Steel Long		12			13			12			13
Stainless Steel Flat		14			14			14			14
Stainless Steel Plate		5			5			5			5
Stainless Steel Long		5			4			5			4
Aluminum Flat		16			16			16			16
Aluminum Plate		3			2			4			2
Aluminum Long		6			4			6			4
Other		1			2			1			2
Total		100	%		100	%		100	%		100	%

A significant majority of the Company’s sales are attributable to its U.S. operations. The only sales attributed to foreign countries relate to the Company’s subsidiaries in Canada, China, and Mexico. The following table summarizes consolidated financial information of our operations by geographic location based on where sales originated:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net Sales	(In millions)				(In millions)
United States	$	1,052.2	$	1,107.3	$	2,077.3	$	2,232.6
Foreign countries		117.1		118.2		227.7		232.1
Total	$	1,169.3	$	1,225.5	$	2,305.0	$	2,464.7

Revenue is recognized either at a point in time or over time based on (1) if the contract has an enforceable right to payment and (2) the type of product that is being sold to the customer, with products that are determined to have no alternative use being recognized over time. The following table summarizes revenues by the type of item sold:


	Three Months Ended June 30,						Six Months Ended June 30,
Timing of Revenue Recognition	2025			2024			2025			2024
Revenue on products with an alternative use		86	%		86	%		86	%		86	%
Revenue on products with no alternative use		14			14			14			14
Total		100	%		100	%		100	%		100	%

A receivable is recognized in the period in which an invoice is issued, which is generally when the product is delivered to the customer. Payment terms on invoiced amounts are typically net 30 days from the invoice date. We do not have any contracts with significant financing components.

Receivables, which are included in accounts receivables within the Condensed Consolidated Balance Sheet, from contracts with customers were $536.2 million and $428.1 million as of June 30, 2025 and December 31, 2024, respectively.

Contract assets, which consist primarily of revenues recognized over time that have not yet been invoiced and the value of inventory, as estimated, that will be received in conjunction with product returns, are reported in prepaid expenses and other current assets within the Condensed Consolidated Balance Sheets. Contract liabilities, which consist primarily of accruals associated with amounts that will be paid to customers for volume rebates, cash discounts, sales returns and allowances, estimates of shipping and handling costs associated with performance obligations recorded over time, customer prepayments, and bill and hold transactions are reported in other accrued liabilities within the Condensed Consolidated Balance Sheets. Contract assets amounted to $18.7 million and $19.8 million at June 30, 2025 and December 31, 2024, respectively. Contract liabilities amounted to $17.2 million and $17.6 million at June 30, 2025 and December 31, 2024, respectively. Contract liabilities satisfied during the six-month period ended June 30, 2025 amounted to $6.8 million.

The Company’s performance obligations are typically short-term in nature. As a result, the Company has elected the practical expedient that provides an exemption of the disclosure requirements regarding information about remaining performance obligations on contracts that have original expected durations of one year or less.