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Note 16 - Revenue
 12 Months Ended
Dec. 31, 2022
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

16.

REVENUE:

 

Net sales by geographic region, based on the location of the customer, were as follows (in thousands):

 

  

Year Ended December 31,

 
  

2022

  

2021

  

2020

 

Net sales by geographic region:

            

United States

 $423,961  $313,729  $254,956 

Canada

  33,704   19,584   30,951 

Total

 $457,665  $333,313  $285,907 

 

One SPP customer accounted for 12%, 12%, and 16% of total net sales for the years ended December 31, 2022, 2021, and 2020, respectively. No Precast customer accounted for more than 10% of total net sales for the years ended December 31, 2022, 2021, and 2020.

 

Revisions in contract estimates resulted in an increase (decrease) in SPP net sales of $(0.6) million, $2.0 million, and $2.2 million for the years ended December 31, 2022, 2021, and 2020, 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,

 
  

2022

  

2021

  

2020

 
             

Over time (Engineered Steel Pressure Pipe)

 $307,572  $259,823  $241,690 

Point in time (Precast Infrastructure and Engineered Systems)

  150,093   73,490   44,217 

Net sales

 $457,665  $333,313  $285,907 

 

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, 2022, 2021, and 2020 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 $2.7 million, $6.2 million, and $12.3 million during the years ended December 31, 2022, 2021, and 2020, 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, 2022, backlog was $274 million. The Company expects to recognize approximately 66% of the remaining performance obligations in 2023 and 34% in 2024.