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Note 16 - Revenue
 12 Months Ended
Dec. 31, 2024
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,

 
  

2024

  

2023

  

2022

 

Net sales by geographic region:

            

United States

 $475,105  $420,925  $423,961 

Canada

  17,443   23,430   33,704 

Total

 $492,548  $444,355  $457,665 

 

No SPP customer accounted for more than 10% of total net sales for the year ended December 31, 2024. One SPP customer accounted for 10% and 12% of total net sales for the years ended December 31, 2023 and 2022, respectively. No Precast customer accounted for more than 10% of total net sales for the years ended December 31, 2024, 2023, and 2022.

 

Net revisions in contract estimates resulted in an increase (decrease) in SPP net sales of $4.5 million, ($1.1) million, and ($0.6) million for the years ended December 31, 2024, 2023, and 2022, 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,

 
  

2024

  

2023

  

2022

 
             

Over time

 $337,945  $296,381  $307,572 

Point in time

  154,603   147,974   150,093 

Net sales

 $492,548  $444,355  $457,665 

 

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. Certain amounts in the prior year summaries of changes below have been reclassified to conform to the current year presentation, with no impacts to beginning and ending balances. These reclassifications had no effect on the Company’s financial position, results of operations, or cash flows.

 

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

 

  

Contract Assets

  

Contract Liabilities

  

Net Contract Assets

 

Year Ended December 31, 2024

            

Balance, beginning of year

 $120,516  $(21,450) $99,066 

Revenue recognized

  281,400   56,545   337,945 

Billings

  (297,122)  (46,292)  (343,414)

Other

  (1,372)  -   (1,372)

Balance, end of year

 $103,422  $(11,197) $92,225 
             

Year Ended December 31, 2023

            

Balance, beginning of year

 $121,778  $(17,456) $104,322 

Revenue recognized

  257,164   39,217   296,381 

Billings

  (255,873)  (43,211)  (299,084)

Other

  (2,553)  -   (2,553)

Balance, end of year

 $120,516  $(21,450) $99,066 

 

The Company recognized revenue that was included in the contract liabilities balance at the beginning of each period of $20.6 million, $17.0 million, and $2.7 million during the years ended December 31, 2024, 2023, and 2022, 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, 2024, backlog was $213 million. The Company expects to recognize approximately 79% of the remaining performance obligations in 2025, 20% in 2026, and the balance thereafter.