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REVENUE RECOGNITION
 6 Months Ended
Feb. 28, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Recognition
NOTE 4. REVENUE RECOGNITION

The majority of the Company's revenue is recognized at a point in time concurrent with the transfer of control, which usually occurs, depending on shipping terms, upon shipment or customer receipt. See Note 13, Segment Information, for further information about disaggregated revenue by the Company's major product lines.

Certain revenue resulting from sales of downstream products in the North America Steel Group segment is recognized over time, as discussed below. Revenue resulting from sales of other downstream products in the North America Steel Group segment is recognized at the time of billing under an available practical expedient.

Each of the North America Steel Group segment's fabrication contracts represents a single performance obligation. Revenue from certain fabrication contracts for which the Company provides downstream products and installation services is recognized over time using an input measure, and these contracts represented 7% of net sales in the North America Steel Group segment in each of the three and six months ended February 28, 2025, and represented 8% of net sales in the North America Steel Group segment in each of the three and six months ended February 29, 2024. Revenue from fabrication contracts for which the Company does not provide installation services is recognized over time using an output measure, and these contracts represented 10% of net sales in the North America Steel Group segment in each of the three and six months ended February 28, 2025, and 10% and 11% of net sales in the North America Steel Group segment in the three and six months ended February 29, 2024, respectively.

The following table provides information about assets and liabilities from contracts with customers:
(in thousands)February 28, 2025August 31, 2024
Contract assets (included in accounts receivable)
$99,153 $57,007 
Contract liabilities (included in other accrued expenses and payables)
22,972 35,356 

The amount of revenue reclassified from August 31, 2024 contract liabilities during the six months ended February 28, 2025 was approximately $31.6 million.

Remaining Performance Obligations

As of February 28, 2025, revenue totaling $960.2 million has been allocated to remaining performance obligations in the North America Steel Group segment related to contracts for which revenue is recognized using an input or output measure. Of this amount, the Company estimates that approximately 74% of the remaining performance obligations will be recognized in the twelve months following February 28, 2025, and the remainder will be recognized during the subsequent twelve months. The duration of all other contracts in the North America Steel Group, Europe Steel Group and Emerging Businesses Group segments is typically less than one year.