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Revenue | 3 Months Ended
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Mar. 31, 2022
Revenue from Contract with Customer [Abstract] |
Revenue | Revenue Revenue from products or services provided to customers over time accounted for 30.7% and 25.3% of revenue for the three months ended March 31, 2022 and 2021, 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 $19,322 and $21,108 for the three months ended March 31, 2022 and 2021, 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 $10,981 and $8,264 for the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022 and December 31, 2021, the Company had contract assets of $34,268 and $36,179, respectively, that were recorded within the Condensed Consolidated Balance Sheets. As of March 31, 2022 and December 31, 2021, the Company had contract liabilities of $3,682 and $3,235, 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 69.3% and 74.7% of revenue for the three months ended March 31, 2022 and 2021. 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 March 31, |  |
|  | 2022 |  | 2021 |  |  |  |
Rail Products and Global Friction Management |  | $ | 51,651 |  |  | $ | 55,309 |  |  |  |  |
Technology Services and Solutions |  | 12,059 |  |  | 10,923 |  |  |  |  |
Rail, Technologies, and Services |  | 63,710 |  |  | 66,232 |  |  |  |  |
Precast Concrete Buildings |  | 9,970 |  |  | 10,283 |  |  |  |  |
Other Precast Concrete Products |  | 5,040 |  |  | 2,395 |  |  |  |  |
Precast Concrete Products |  | 15,010 |  |  | 12,678 |  |  |  |  |
Fabricated Steel Products |  | 12,604 |  |  | 27,721 |  |  |  |  |
Coatings and Measurement |  | 7,470 |  |  | 9,449 |  |  |  |  |
Steel Products and Measurement |  | 20,074 |  |  | 37,170 |  |  |  |  |
Total net sales |  | $ | 98,794 |  |  | $ | 116,080 |  |  |  |  |
Net sales by the timing of the transfer of products and performance of services was as follows for the periods presented:
|  | Three Months Ended March 31, 2022
|  | Rail, Technologies, and Services |  | Precast Concrete Products |  | Steel Products and Measurement |  | Total
Point in time |  | $ | 49,166 |  |  | $ | 4,263 |  |  | $ | 15,062 |  |  | $ | 68,491 |
Over time |  | 14,544 |  |  | 10,747 |  |  | 5,012 |  |  | 30,303 |
Total net sales |  | $ | 63,710 |  |  | $ | 15,010 |  |  | $ | 20,074 |  |  | $ | 98,794 |
|  | Three Months Ended March 31, 2021
|  | Rail, Technologies, and Services |  | Precast Concrete Products |  | Steel Products and Measurement |  | Total
Point in time |  | $ | 52,044 |  |  | $ | 4,736 |  |  | $ | 29,928 |  |  | $ | 86,708 |
Over time |  | 14,188 |  |  | 7,942 |  |  | 7,242 |  |  | 29,372 |
Total net sales |  | $ | 66,232 |  |  | $ | 12,678 |  |  | $ | 37,170 |  |  | $ | 116,080 |
The timing of revenue recognition, billings, and cash collections results in billed receivables, costs in excess of billings (included in “Contract assets”), 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 three months ended March 31, 2022 included transfers of $11,607 from the contract assets balance as of December 31, 2021 to accounts receivable. Significant changes in contract liabilities during the three months ended March 31, 2022 resulted from increases of $1,957 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 March 31, 2022 and 2021 of $1,441 and $676, respectively, which were included in contract liabilities at the beginning of each period. The Company records provisions related to the allowance for credit losses associated with contract assets. Provisions are recorded based upon a specific review of individual contracts as necessary, and a standard provision over any remaining contract assets pooled together based on similar risk of credit loss. The development of these provisions are based on historic collection trends, accuracy of estimates within contract margin reporting, as well as the expectation that collection patterns, margin reporting, and bad debt expense will continue to adhere to patterns observed in recent years. These expectations are formed based on trends observed as well as current and expected future conditions. As of March 31, 2022, the Company had approximately $244,618 of obligations under new contracts and remaining performance obligations, which is also referred to as backlog. Approximately 10.8% of the March 31, 2022 backlog was related to projects that are anticipated to extend beyond March 31, 2023.

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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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