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Note 2 - Revenue Recognition
 6 Months Ended
Jun. 30, 2022
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 and fabricated parts. 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 at a point in time 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 time of shipment and terms are generally net 30 days. The Company has certain fabrication contracts in one business unit for which revenue is recognized over time as performance obligations are achieved. This fabrication business is not material to the Company's consolidated results.

 

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 June 30, 2022

  
   

Carbon flat

products

    

Specialty

metals flat

products

    

Tubular and

pipe products

    

Total

  

Hot Rolled

     30.2 %     -       -       30.2 %

Plate

     12.8 %     -       -       12.8 %

Cold Rolled

     5.0 %     -       -       5.0 %

Coated

     4.2 %     -       -       4.2 %

Specialty

     -       32.0 %     -       32.0 %

Tube

     -       -       15.7 %     15.7 %

Other

     0.1 %     -       -       0.1 %

Total

     52.3 %     32.0 %     15.7 %     100.0 %

 

   

Disaggregated Revenue by Products Sold 

  
   

For the Six Months Ended June 30, 2022

  
   

Carbon flat

products

    

Specialty

metals flat

products

    

Tubular and

pipe products

    

Total

  

Hot Rolled

     30.7 %     -       -       30.7 %

Plate

     13.0 %     -       -       13.0 %

Cold Rolled

     5.0 %     -       -       5.0 %

Coated

     4.6 %     -       -       4.6 %

Specialty

     -       30.3 %     -       30.3 %

Tube

     -       -       16.3 %     16.3 %

Other

     0.1 %     -       -       0.1 %

Total

     53.4 %     30.3 %     16.3 %     100.0 %

 

   

Disaggregated Revenue by Products Sold  

 
   

For the Three Months Ended June 30, 2021

  
   

Carbon flat

products

    

Specialty

metals flat

products

    

Tubular and

pipe products

    

Total

  

Hot Rolled

     29.6 %     -       -       29.6 %

Plate

     11.5 %     -       -       11.5 %

Cold Rolled

     7.1 %     -       -       7.1 %

Coated

     8.4 %     -       -       8.4 %

Specialty

     -       24.7 %     -       24.7 %

Tube

     -       -       16.6 %     16.6 %

Other

     2.0 %     0.1 %     -       2.1 %

Total

     58.6 %     24.8 %     16.6 %     100.0 %

 

   

Disaggregated Revenue by Products Sold

  
   

For the Six Months Ended June 30, 2021

  
   

Carbon flat

products

    

Specialty

metals flat

products

    

Tubular and

pipe products

    

Total

  

Hot Rolled

     28.9 %     -       -       28.9 %

Plate

     10.2 %     -       -       10.2 %

Cold Rolled

     6.7 %     -       -       6.7 %

Coated

     8.6 %     -       -       8.6 %

Specialty

     -       25.8 %     -       25.8 %

Tube

     -       -       18.0 %     18.0 %

Other

     1.7 %     0.1 %     -       1.8 %

Total

     56.1 %     25.9 %     18.0 %     100.0 %