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Note 2 - Revenue Recognition
 9 Months Ended
Sep. 30, 2020
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

2.

Revenue Recognition:

 

The Company provides metals processing, distribution and delivery of large volumes of processed carbon, coated flat-rolled sheet, coil and plate products, aluminum, and stainless flat-rolled products, prime tin mill products, flat bar products, metal tubing, pipe, bar, valves, fittings, fabricated parts, self-dumping hoppers, and steel dump inserts. The Company's contracts with customers are comprised of purchase orders with standard terms and conditions. Occasionally the Company may also have longer-term agreements with customers. Substantially all of the contracts with customers require the delivery of metals which represent single performance obligations that are satisfied upon transfer of control of the product to the customer.

 

Transfer of control is assessed based on the use of the product distributed and rights to payment for performance under the contract terms. Transfer of control and revenue recognition for substantially all of the Company’s sales occur upon shipment or delivery of the product, which is when title, ownership and risk of loss pass to the customer and is based on the applicable shipping terms. The shipping terms depend on the customer contract. An invoice for payment is issued at the time of shipment and terms are generally net 30 days.

 

Within the metals industry, revenue is frequently disaggregated by products sold. The table below disaggregates the Company’s revenues by segment and products sold.

 

  

Disaggregated Revenue by Products Sold

 
  

For the Three Months Ended September 30, 2020

 
  

Carbon flat

products

  

Specialty

metals flat

products

  

Tubular and

pipe products

  

Total

 

Hot Rolled

  27.3%  -   -   27.3%

Plate

  9.2%  -   -   9.2%

Cold Rolled

  6.3%  -   -   6.3%

Coated

  12.3%  -   -   12.3%

Specialty

  -   24.8%  -   24.8%

Tube

  -   -   17.0%  17.0%

Other

  0.9%  2.2%  -   3.1%

Total

  56.0%  27.0%  17.0%  100.0%

 

 

  

Disaggregated Revenue by Products Sold

 
  

For the Nine Months Ended September 30, 2020

 
  

Carbon flat

products

  

Specialty

metals flat

products

  

Tubular and

pipe products

  

Total

 

Hot Rolled

  29.3%  -   -   29.3%

Plate

  10.9%  -   -   10.9%

Cold Rolled

  5.8%  -   -   5.8%

Coated

  9.5%  -   -   9.5%

Specialty

  -   22.8%  -   22.8%

Tube

  -   -   18.5%  18.5%

Other

  1.2%  2.0%  -   3.2%

Total

  56.7%  24.8%  18.5%  100.0%

 

 

  

Disaggregated Revenue by Products Sold

 
  

For the Three Months Ended September 30, 2019

 
  

Carbon flat

products

  

Specialty

metals flat

products

  

Tubular and

pipe products

  

Total

 

Hot Rolled

  30.4%  -   -   30.4%

Plate

  11.8%  -   -   11.8%

Cold Rolled

  5.5%  -   -   5.5%

Coated

  8.1%  -   -   8.1%

Specialty

  -   23.4%  -   23.4%

Tube

  -   -   18.5%  18.5%

Other

  0.3%  2.0%  -   2.3%

Total

  56.1%  25.4%  18.5%  100.0%

 

 

  

Disaggregated Revenue by Products Sold

 
  

For the Nine Months Ended September 30, 2019

 
  

Carbon flat

products

  

Specialty

metals flat

products

  

Tubular and

pipe products

  

Total

 

Hot Rolled

  32.9%  -   -   32.9%

Plate

  12.6%  -   -   12.6%

Cold Rolled

  5.5%  -   -   5.5%

Coated

  7.7%  -   -   7.7%

Specialty

  -   20.3%  -   20.3%

Tube

  -   -   18.1%  18.1%

Other

  0.8%  2.1%  -   2.9%

Total

  59.5%  22.4%  18.1%  100.0%