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Note 2 - Revenue Recognition
 6 Months Ended
Jun. 30, 2024
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, 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 June 30, 2024

 
  

Specialty

             
  

metals flat

  

Carbon flat

  

Tubular and

     
  

products

  

products

  

pipe products

  

Total

 

Specialty

  24.9%  -   -   24.9%

Hot Rolled

  -   29.4%  -   29.4%

Tube

  -   -   16.7%  16.7%

Plate

  -   11.9%  -   11.9%

Coated

  -   12.1%  -   12.1%

Cold Rolled

  -   4.3%  -   4.3%

Other

  -   0.7%  -   0.7%

Total

  24.9%  58.4%  16.7%  100.0%

 

  

Disaggregated Revenue by Products Sold

 
  

For the Six Months Ended June 30, 2024

 
  

Specialty

             
  

metals flat

  

Carbon flat

  

Tubular and

     
  

products

  

products

  

pipe products

  

Total

 

Specialty

  24.7%  -   -   24.7%

Hot Rolled

  -   28.6%  -   28.6%

Tube

  -   -   17.5%  17.5%

Plate

  -   12.7%  -   12.7%

Coated

  -   11.6%  -   11.6%

Cold Rolled

  -   4.3%  -   4.3%

Other

  -   0.6%  -   0.6%

Total

  24.7%  57.8%  17.5%  100.0%

 

  

Disaggregated Revenue by Products Sold

 
  

For the Three Months Ended June 30, 2023

 
  

Specialty

             
  

metals flat

  

Carbon flat

  

Tubular and

     
  

products

  

products

  

pipe products

  

Total

 

Specialty

  25.8%  -   -   25.8%

Hot Rolled

  -   30.6%  -   30.6%

Tube

  -   -   16.8%  16.8%

Plate

  -   12.6%  -   12.6%

Coated

  -   5.6%  -   5.6%

Cold Rolled

  -   4.1%  -   4.1%

Other

  -   4.5%  -   4.5%

Total

  25.8%  57.4%  16.8%  100.0%

 

  

Disaggregated Revenue by Products Sold

 
  

For the Six Months Ended June 30, 2023

 
  

Specialty

             
  

metals flat

  

Carbon flat

  

Tubular and

     
  

products

  

products

  

pipe products

  

Total

 

Specialty

  27.4%  -   -   27.4%

Hot Rolled

  -   28.9%  -   28.9%

Tube

  -   -   16.8%  16.8%

Plate

  -   13.1%  -   13.1%

Coated

  -   5.0%  -   5.0%

Cold Rolled

  -   3.8%  -   3.8%

Other

  -   5.0%  -   5.0%

Total

  27.4%  55.8%  16.8%  100.0%