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Note 16 - Revenue
 12 Months Ended
Dec. 31, 2023
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,

 
  

2023

  

2022

  

2021

 

Net sales by geographic region:

            

United States

 $420,925  $423,961  $313,729 

Canada

  23,430   33,704   19,584 

Total

 $444,355  $457,665  $333,313 

 

One SPP customer accounted for 10%, 12%, and 12% of total net sales for the years ended December 31, 2023, 2022, and 2021, respectively. No Precast customer accounted for more than 10% of total net sales for the years ended December 31, 2023, 2022, and 2021.

 

Net revisions in contract estimates resulted in an increase (decrease) in SPP net sales of ($1.1) million, ($0.6) million, and $2.0 million for the years ended December 31, 2023, 2022, and 2021, 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,

 
  

2023

  

2022

  

2021

 
             

Over time

 $296,381  $307,572  $259,823 

Point in time

  147,974   150,093   73,490 

Net sales

 $444,355  $457,665  $333,313 

 

Contract Assets and Contract 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 following is a summary of the changes in contract assets (in thousands):

 

  

December 31,

 
  

2023

  

2022

 
         

Balance, beginning of year

 $121,778  $107,170 

Revenue recognized in advance of billings

  291,812   306,095 

Billings

  (293,356)  (294,506)

Other

  282   3,019 

Balance, end of year

 $120,516  $121,778 

 

The following is a summary of the changes in contract liabilities (in thousands):

 

  

December 31,

 
  

2023

  

2022

 
         

Balance, beginning of year

 $17,456  $2,623 

Billings

  20,815   17,618 

Revenue recognized

  (16,984)  (2,663)

Other

  163   (122)

Balance, end of year

 $21,450  $17,456 

 

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, 2023, backlog was $273 million. The Company expects to recognize approximately 76% of the remaining performance obligations in 2024, 23% in 2025, and the balance thereafter.