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Revenue | 6 Months Ended
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Jun. 30, 2021
Revenue from Contract with Customer [Abstract] |
Revenue | Revenue Revenue from products or services provided to customers over time accounted for 27.9% and 25.1% of revenue for the three months ended June 30, 2021 and 2020, respectively, and 26.8% and 25.9% of revenue for the six months ended June 30, 2021 and 2020, respectively. The majority of revenue under these long-term agreements is 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 its performance to date under the terms of the contract. Revenue recognized over time using an input measure was $27,687 and $24,858 for the three months ended June 30, 2021 and 2020, respectively, and $48,795 and $49,290 for the six months ended June 30, 2021 and 2020, 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 $15,487 and $10,688 for the three months ended June 30, 2021 and 2020, respectively, and was $23,751 and $19,033 for the six months ended June 30, 2021 and 2020, respectively. As of June 30, 2021 and December 31, 2020, the Company had contract assets of $40,496 and $37,843, respectively, that were recorded in “Inventories - net” within the Condensed Consolidated Balance Sheets. As of June 30, 2021 and December 31, 2020, the Company had contract liabilities of $6,098 and $1,324, 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 72.1% and 74.9% of revenue for the three months ended June 30, 2021 and 2020, respectively, and 73.2% and 74.1% of revenue for the six months ended June 30, 2021 and 2020, respectively. 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 a physical location. The following table summarizes the Company’s net sales by major product and service category for the periods presented:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Rail Products |  | $ | 64,565 |  |  | $ | 56,500 |  |  | $ | 108,375 |  |  | $ | 104,399 |
Rail Technologies |  | 24,217 |  |  | 18,439 |  |  | 46,639 |  |  | 40,744 |
Rail Technologies and Services |  | 88,782 |  |  | 74,939 |  |  | 155,014 |  |  | 145,143 |
Fabricated Steel Products |  | 32,223 |  |  | 25,580 |  |  | 59,944 |  |  | 43,971 |
Precast Concrete Products |  | 20,073 |  |  | 16,428 |  |  | 32,751 |  |  | 27,071 |
Coatings and Measurement |  | 13,444 |  |  | 24,616 |  |  | 22,893 |  |  | 47,285 |
Infrastructure Solutions |  | 65,740 |  |  | 66,624 |  |  | 115,588 |  |  | 118,327 |
Total net sales |  | $ | 154,522 |  |  | $ | 141,563 |  |  | $ | 270,602 |  |  | $ | 263,470 |
Net sales by the timing of the transfer of products and services was as follows for the periods presented:
|  | Three Months Ended June 30, 2021
|  | Rail Technologies and Services |  | Infrastructure Solutions |  |  |  | Total
Point in time |  | $ | 71,711 |  |  | $ | 39,637 |  |  |  |  | $ | 111,348 |
Over time |  | 17,071 |  |  | 26,103 |  |  |  |  | 43,174 |
Total net sales |  | $ | 88,782 |  |  | $ | 65,740 |  |  |  |  | $ | 154,522 |
|  | Three Months Ended June 30, 2020
|  | Rail Technologies and Services |  | Infrastructure Solutions |  |  |  | Total
Point in time |  | $ | 61,275 |  |  | $ | 44,742 |  |  |  |  | $ | 106,017 |
Over time |  | 13,664 |  |  | 21,882 |  |  |  |  | 35,546 |
Total net sales |  | $ | 74,939 |  |  | $ | 66,624 |  |  |  |  | $ | 141,563 |
|  | Six Months Ended June 30, 2021
|  | Rail Technologies and Services |  | Infrastructure Solutions |  |  |  | Total
Point in time |  | $ | 123,755 |  |  | $ | 74,301 |  |  |  |  | $ | 198,056 |
Over time |  | 31,259 |  |  | 41,287 |  |  |  |  | 72,546 |
Total net sales |  | $ | 155,014 |  |  | $ | 115,588 |  |  |  |  | $ | 270,602 |
|  | Six Months Ended June 30, 2020
|  | Rail Technologies and Services |  | Infrastructure Solutions |  |  |  | Total
Point in time |  | $ | 116,163 |  |  | $ | 78,984 |  |  |  |  | $ | 195,147 |
Over time |  | 28,980 |  |  | 39,343 |  |  |  |  | 68,323 |
Total net sales |  | $ | 145,143 |  |  | $ | 118,327 |  |  |  |  | $ | 263,470 |
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”) within the Condensed Consolidated Balance Sheets. Significant changes in contract assets during the six months ended June 30, 2021 resulted from transfers of $18,049 from the contract assets balance as of December 31, 2020 to receivables. Significant changes in contract liabilities during the six months ended June 30, 2021 resulted from increases of $5,524 due to billings in excess of costs, excluding amounts recognized as revenue during the period. Contract liabilities were reduced due to revenue recognized during the three months ended June 30, 2021 and 2020 of $228 and $1,237, respectively, and revenue recognized during the six months ended June 30, 2021 and 2020 of $904 and $3,851, respectively, which were included in contract liabilities at the beginning of each period. As of June 30, 2021, the Company had approximately $253,231 of obligations under new contracts and remaining performance obligations, which is also referred to as backlog. Approximately 10.8% of the June 30, 2021 backlog was related to projects that are anticipated to extend beyond June 30, 2022.

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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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