XML 25 R13.htm IDEA: XBRL DOCUMENT v3.21.2
REVENUE RECOGNITION
 9 Months Ended
May 31, 2021
Revenue from Contract with Customer [Abstract]  
Revenue Recognition
NOTE 4. REVENUE RECOGNITION

Each fabricated product contract sold by the North America segment represents a single performance obligation. Revenue from contracts where the Company provides fabricated product and installation services is recognized over time using an input measure, and these contracts represented 7% and 10% of net sales in the North America segment in the three and nine months ended May 31, 2021, respectively, and 11% and 12% of net sales in the North America segment in the three and nine months ended May 31, 2020, respectively. Revenue from contracts where the Company does not provide installation services is recognized over time using an output measure, and these contracts represented 9% of net sales in the North America segment in both the three and nine months ended May 31, 2021, and 12% and 11% in the three and nine months ended May 31, 2020, respectively. Remaining net sales in the North America segment were recognized at a point in time concurrent with the transfer of control, or as amounts were billed to the customer under an available practical expedient.

The following table provides information about assets and liabilities from contracts with customers:
(in thousands)May 31, 2021August 31, 2020
Contract assets (included in accounts receivable)$67,906 $53,275 
Contract liabilities (included in accrued expenses and other payables)22,151 25,450 

The entire contract liability as of August 31, 2020 was recognized as revenue in the nine months ended May 31, 2021.

Remaining Performance Obligations

Remaining performance obligations represent the transaction price of fabricated product contracts where revenue is recognized using an input or output measure for which work has not yet been performed. As of May 31, 2021, $776.7 million was allocated to remaining performance obligations in the North America segment related to those contracts.