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Note 14 - Revenue | 12 Months Ended
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Dec. 31, 2021
Notes to Financial Statements |
Revenue from Contract with Customer [Text Block] |
14. | REVENUE:
Net sales by geographic region, based on the location of the customer, were as follows (in thousands):
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Net sales by geographic region: |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 313,729 |  |  | $ | 254,956 |  |  | $ | 252,797 |
Canada |  |  | 19,584 |  |  |  | 30,951 |  |  |  | 26,520 |
Total |  | $ | 333,313 |  |  | $ | 285,907 |  |  | $ | 279,317 |
One SPP customer accounted for 12%, 16% and 23% of total net sales for the years ended December 31, 2021, 2020, and 2019, respectively. No Precast customer accounted for more than 10% of total net sales for the years ended December 31, 2021, 2020, and 2019. Revisions in contract estimates resulted in an increase (decrease) in SPP net sales of $2.0 million, $2.2 million, and $(1.2) million for the years ended December 31, 2021, 2020, and 2019, respectively. Disaggregation of Revenue The following table disaggregates revenue by recognition over time or at a point in time, as the Company believes it best depicts how the nature, amount, timing, and uncertainty of its revenue and cash flows are affected by economic factors (in thousands):
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Over time (Engineered Steel Pressure Pipe) |  | $ | 259,823 |  |  | $ | 241,690 |  |  | $ | 279,317 |
Point in time (Precast Infrastructure and Engineered Systems) |  |  | 73,490 |  |  |  | 44,217 |  |  |  | - |
Net sales |  | $ | 333,313 |  |  | $ | 285,907 |  |  | $ | 279,317 |
Contract Assets and Liabilities The difference between the opening and closing balances of the Company’s contract assets and contract liabilities primarily results from the timing difference between the Company’s performance and billings. The changes in the contract assets and contract liabilities balances during the years ended December 31, 2021, 2020, and 2019 were not materially affected by any other factors. The Company recognized revenue that was included in the contract liabilities balance at the beginning of each period of $6.2 million, $12.3 million, and $3.7 million during the years ended December 31, 2021, 2020, and 2019, respectively. Backlog Backlog represents the balance of remaining performance obligations under signed contracts for SPP water infrastructure steel pipe products for which revenue is recognized over time. As of December 31, 2021, backlog was approximately $183 million. The Company expects to recognize approximately 82% of the remaining performance obligations in 2022 and 18% in 2023.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 + Details
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