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Note 3 - Revenue Recognition | 3 Months Ended
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Mar. 31, 2023
Notes to Financial Statements |
Revenue from Contract with Customer [Text Block] |
3. | 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, venting, micro air and clean air products. 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 March 31, 2023 |
|  | Specialty metals flat products |  |  | Carbon flat products |  |  | Tubular and pipe products |  |  | Total |
Specialty |  |  | 29.1 | % |  |  | - |  |  |  | - |  |  |  | 29.1 | %
Hot Rolled |  |  | - |  |  |  | 27.3 | % |  |  | - |  |  |  | 27.3 | %
Tube |  |  | - |  |  |  | - |  |  |  | 16.9 | % |  |  | 16.9 | %
Plate |  |  | - |  |  |  | 13.5 | % |  |  | - |  |  |  | 13.5 | %
Coated |  |  | - |  |  |  | 4.4 | % |  |  | - |  |  |  | 4.4 | %
Cold Rolled |  |  | - |  |  |  | 3.4 | % |  |  | - |  |  |  | 3.4 | %
Other |  |  | - |  |  |  | 5.4 | % |  |  | - |  |  |  | 5.4 | %
Total |  |  | 29.1 | % |  |  | 54.0 | % |  |  | 16.9 | % |  |  | 100.0 | %
|  | Disaggregated Revenue by Products Sold
|  | For the Three Months Ended March 31, 2022 |
|  | Specialty metals flat products |  |  | Carbon flat products |  |  | Tubular and pipe products |  |  | Total |
Hot Rolled |  |  | - |  |  |  | 30.3 | % |  |  | - |  |  |  | 30.3 | %
Specialty |  |  | 28.5 | % |  |  | - |  |  |  | - |  |  |  | 28.5 | %
Tube |  |  | - |  |  |  | - |  |  |  | 16.8 | % |  |  | 16.8 | %
Plate |  |  | - |  |  |  | 13.3 | % |  |  | - |  |  |  | 13.3 | %
Cold Rolled |  |  | - |  |  |  | 5.0 | % |  |  | - |  |  |  | 5.0 | %
Coated |  |  | - |  |  |  | 5.0 | % |  |  | - |  |  |  | 5.0 | %
Other |  |  | 0.1 | % |  |  | 1.0 | % |  |  | - |  |  |  | 1.1 | %
Total |  |  | 28.6 | % |  |  | 54.6 | % |  |  | 16.8 | % |  |  | 100.0 | %

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org//606/tableOfContent + Details
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