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REVENUE RECOGNITION
 9 Months Ended
May 31, 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 more 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 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 represented 7% of net sales in the North America Steel Group segment in both the three and nine months ended May 31, 2025, and represented 7% and 8% of net sales in the North America Steel Group segment in the three and nine months ended May 31, 2024, respectively. Revenue from fabrication contracts for which the Company does not provide installation services is recognized over time using an output measure, and represented 10% of net sales in the North America Steel Group segment in both the three and nine months ended May 31, 2025, as well as the corresponding periods.

The following table provides information about assets and liabilities from contracts with customers:
(in thousands)May 31, 2025August 31, 2024
Contract assets (included in accounts receivable)
$94,481 $57,007 
Contract liabilities (included in other accrued expenses and payables)
23,231 35,356 

The entire contract liability as of August 31, 2024 was recognized in net sales as of May 31, 2025.

Remaining Performance Obligations

As of May 31, 2025, revenue totaling $915.4 million was allocated to remaining performance obligations in the North America Steel Group segment related to contracts for which revenue is recognized using input or output measures. The Company estimates that approximately 74% of the remaining performance obligations will be recognized in the twelve months following May 31, 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.