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Revenue | 6 Months Ended
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Jun. 30, 2019
Revenue from Contract with Customer [Abstract] |
Revenue | Revenue Revenue from products or services provided to customers over time accounted for 24.2% and 23.4% of revenue for the three months ended June 30, 2019 and 2018, respectively, and 25.7% and 24.3% of revenue for the six months ended June 30, 2019 and 2018, respectively. Revenue under these long-term agreements is generally recognized over time either using an input measure based upon the proportion of actual costs incurred to estimated total project costs or an input measure based upon actual labor costs as a percentage of estimated total labor costs, depending upon which measure the Company believes best depicts the Company’s performance to date under the terms of the contract. Revenue recognized over time using an input measure was $34,984 and $29,583 for the three months ended June 30, 2019 and 2018, respectively, and $66,821 and $54,144 for the six months ended June 30, 2019 and 2018, respectively. A certain portion of the Company’s revenue recognized over time under these long-term agreements is recognized using an output method, specifically units delivered, based upon certain customer acceptance and delivery requirements. Revenue recognized over time using an output measure was $13,611 and $10,893 for the three months ended June 30, 2019 and 2018, respectively, and $23,522 and $17,554 for the six months ended June 30, 2019 and 2018, respectively. As of June 30, 2019 and December 31, 2018, the Company had contract assets of $37,457 and $26,692, respectively, that were recorded in “Inventories - net” within the Condensed Consolidated Balance Sheets. As of June 30, 2019 and December 31, 2018, the Company had contract liabilities of $2,162 and $1,505, respectively, that were recorded in “Deferred revenue” within the Condensed Consolidated Balance Sheets. The majority of the Company’s revenue is from products transferred and services rendered to customers at a point in time. Point in time revenue accounted for 75.8% and 76.6% of revenue for the three months ended June 30, 2019 and 2018, respectively, and 74.3% and 75.7% of revenue for the six months ended June 30, 2019 and 2018. The Company recognizes revenue at the point in time at which the customer obtains control of the product or service, which is generally when the product title passes to the customer upon shipment or the service has been rendered to the customer. In limited cases, title does not transfer and revenue is not recognized until the customer has received the products at its physical location. The following table summarizes the Company's net sales by major product and service category:
|  | Three Months Ended June 30, |  |  |  | Six Months Ended June 30, |  |
|  | 2019 |  | 2018 |  | 2019 |  | 2018
Rail Products |  | $ | 67,990 |  | $ | 54,332 |  | $ | 114,196 |  | $ | 90,366
Rail Technologies |  | 33,411 |  | 37,552 |  | 62,899 |  | 63,688
Rail Products and Services |  | 101,401 |  | 91,884 |  | 177,095 |  | 154,054
Piling and Fabricated Bridge |  | 37,588 |  | 25,846 |  | 61,320 |  | 44,707
Precast Concrete Products |  | 17,818 |  | 16,361 |  | 31,431 |  | 26,400
Construction Products |  | 55,406 |  | 42,207 |  | 92,751 |  | 71,107
Test, Inspection, and Threading Services |  | 13,804 |  | 15,008 |  | 28,528 |  | 29,221
Protective Coatings and Measurement Systems |  | 30,322 |  | 23,791 |  | 53,028 |  | 40,962
Tubular and Energy Services |  | 44,126 |  | 38,799 |  | 81,556 |  | 70,183
Total net sales |  | $ | 200,933 |  | $ | 172,890 |  | $ | 351,402 |  | $ | 295,344
Net sales by the timing of the transfer of goods and services was as follows:
|  | Three Months Ended June 30, 2019 |  |  |  |  |  |
|  | Rail Products and Services |  | Construction Products |  | Tubular and Energy Services |  | Total
Point in time |  | $ | 80,701 |  | $ | 38,095 |  | $ | 33,542 |  | $ | 152,338
Over time |  | 20,700 |  | 17,311 |  | 10,584 |  | 48,595
Total net sales |  | $ | 101,401 |  | $ | 55,406 |  | $ | 44,126 |  | $ | 200,933
|  | Three Months Ended June 30, 2018 |  |  |  |  |  |
|  | Rail Products and Services |  | Construction Products |  | Tubular and Energy Services |  | Total
Point in time |  | $ | 69,295 |  | $ | 28,196 |  | $ | 34,923 |  | $ | 132,414
Over time |  | 22,589 |  | 14,011 |  | 3,876 |  | 40,476
Total net sales |  | $ | 91,884 |  | $ | 42,207 |  | $ | 38,799 |  | $ | 172,890
|  | Six Months Ended June 30, 2019 |  |  |  |  |  |
|  | Rail Products and Services |  | Construction Products |  | Tubular and Energy Services |  | Total
Point in time |  | $ | 137,193 |  | $ | 61,190 |  | $ | 62,676 |  | $ | 261,059
Over time |  | 39,902 |  | 31,561 |  | 18,880 |  | 90,343
Total net sales |  | $ | 177,095 |  | $ | 92,751 |  | $ | 81,556 |  | $ | 351,402
|  | Six Months Ended June 30, 2018 |  |  |  |  |  |
|  | Rail Products and Services |  | Construction Products |  | Tubular and Energy Services |  | Total
Point in time |  | $ | 115,166 |  | $ | 47,122 |  | $ | 61,358 |  | $ | 223,646
Over time |  | 38,888 |  | 23,985 |  | 8,825 |  | 71,698
Total net sales |  | $ | 154,054 |  | $ | 71,107 |  | $ | 70,183 |  | $ | 295,344
The timing of revenue recognition, billings, and cash collections results in billed receivables, costs in excess of billings (contract assets, included in “Inventories - net”), and billings in excess of costs (contract liabilities, included in “Deferred revenue”) on the Condensed Consolidated Balance Sheets. Significant changes in contract assets during the six months ended June 30, 2019 resulted from transfers to receivables from contract assets recognized at the beginning of the period of $19,764. Significant changes in contract liabilities during the six months ended June 30, 2019 resulted from increases of $2,016 due to billings in excess of costs, excluding amounts recognized as revenue during the period, and reductions due to revenue recognized during the three months ended June 30, 2019 and 2018 of $318 and $339, respectively, and reductions due to revenue recognized during the six months ended June 30, 2019 and 2018 of $1,266 and $740, respectively, that was included in the contract liability at the beginning of each period. As of June 30, 2019, the Company had approximately $209,324 of remaining performance obligations, which is also referred to as backlog. Approximately 11.2% of the June 30, 2019 backlog was related to projects that are anticipated to extend beyond June 30, 2020.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 + Details
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