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Revenue | 3 Months Ended
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Mar. 31, 2024
Revenue from Contract with Customer [Abstract] |
Revenue | Revenue The following table summarizes the Company’s sales by major product and service line for the periods presented:
|  | Three Months Ended March 31, |  |
|  | 2024 |  | 2023 |  |  |  |
Rail Products |  | $ | 53,038 |  |  | $ | 40,228 |  |  |  |  |
Global Friction Management |  | 14,022 |  |  | 15,820 |  |  |  |  |
Technology Services and Solutions |  | 15,563 |  |  | 8,336 |  |  |  |  |
Rail, Technologies, and Services |  | 82,623 |  |  | 64,384 |  |  |  |  |
Precast Concrete Products |  | 21,091 |  |  | 24,288 |  |  |  |  |
Steel Products |  | 20,606 |  |  | 26,816 |  |  |  |  |
Infrastructure Solutions |  | 41,697 |  |  | 51,104 |  |  |  |  |
Total net sales |  | $ | 124,320 |  |  | $ | 115,488 |  |  |  |  |
The majority of the Company’s revenue is from products transferred and services rendered to customers at a point in time. 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 designated physical location. Net sales by the timing of the transfer of goods and services was as follows for the periods presented:
|  | Three Months Ended March 31, 2024
|  | Rail, Technologies, and Services |  | Infrastructure Solutions |  |  |  | Total
Point in time |  | $ | 65,539 |  |  | $ | 29,657 |  |  |  |  | $ | 95,196 |
Over time |  | 17,084 |  |  | 12,040 |  |  |  |  | 29,124 |
Total net sales |  | $ | 82,623 |  |  | $ | 41,697 |  |  |  |  | $ | 124,320 |
|  | Three Months Ended March 31, 2023
|  | Rail, Technologies, and Services |  | Infrastructure Solutions |  |  |  | Total
Point in time |  | $ | 53,834 |  |  | $ | 29,128 |  |  |  |  | $ | 82,962 |
Over time |  | 10,550 |  |  | 21,976 |  |  |  |  | 32,526 |
Total net sales |  | $ | 64,384 |  |  | $ | 51,104 |  |  |  |  | $ | 115,488 |
The Company’s performance obligations under long-term agreements with its customers are generally satisfied over time. Over time revenue is primarily comprised of transit infrastructure and technology services and solutions projects within the Rail segment, precast concrete buildings within the Precast Concrete Products division in the Infrastructure segment, and long-term bridge projects and custom precision metering systems within the Steel Products division in the Infrastructure segment. 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, or an output method, specifically units delivered, based upon certain customer acceptance and delivery requirements. The use of an input or an output measure to recognize revenue is determined based on what is most appropriate given the nature of the work performed and terms of the associated agreement. Accounting for these long-term agreements involves the use of various techniques to estimate total revenues and costs. The Company estimates profit on these long-term agreements as the difference between total estimated revenues and expected costs to complete a contract and recognizes that profit over the life of the contract. As a result of management's reviews of contract-related estimates the Company makes adjustments to contract estimates that impact our revenue and profit totals. Changes in estimates are primarily attributed to updated considerations, including economic conditions and historic contract patterns, resulting in changes to anticipated revenue from existing contracts. During the three months ended March 31, 2024, reductions to net sales stemming from changes in actual and expected values of certain commercial contracts and settlements of such contracts were immaterial. Such adjustments were $393 during the three months ended March 31, 2023. The Company’s estimates related to these long-term agreements are further described in Note 4 Revenue of the Notes to the Company’s Consolidated Financial Statements contained in its Annual Report on Form 10-K for the year ended December 31, 2023. Revenue recognized over time was as follows for the periods presented:
|  | Three Months Ended March 31, |  | Percentage of Total Net Sales Three Months Ended March 31,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Over time input method |  | $ | 13,143 |  |  | $ | 16,211 |  |  | 10.6 | % |  | 14.0 | %
Over time output method |  | 15,981 |  |  | 16,315 |  |  | 12.9 |  |  | 14.1 |
Total over time sales |  | $ | 29,124 |  |  | $ | 32,526 |  |  | 23.4 | % |  | 28.2 | %
The timing of revenue recognition, billings, and cash collections results in billed receivables, costs in excess of billings (included in “Contract assets - net”), and billings in excess of costs (contract liabilities), included in “Deferred revenue” within the Condensed Consolidated Balance Sheets. The following table sets forth the Company’s contract assets:
|  | Contract Assets
Balance as of December 31, 2023 |  | $ | 29,489 |
Net additions to contract assets |  | 4,212 |
Transfers from contract asset balance to accounts receivable |  | (9,560) |
Balance as of March 31, 2024 |  | $ | 24,141 |
The following table sets forth the Company’s contract liabilities:
|  | Contract Liabilities
Balance as of December 31, 2023 |  | $ | 2,189 |
Revenue recognized from contract liabilities |  | (1,467) |
Increase in billings in excess of cost, excluding revenue recognized |  | 1,850 |
Other adjustments |  | 317 |
Balance as of March 31, 2024 |  | $ | 2,889 |
The Company has established policies regarding allowance for credit losses associated with contract assets, which includes standalone reserve assessments for its long term, complex contracts as needed as well as detailed regular review and updates to contract margins, progress, and value. A standard reserve threshold is applied to contract assets related to short term, less complex contracts. Management also regularly reviews collection patterns and future expected collections and makes necessary revisions to allowance for credit losses related to contract assets. As of March 31, 2024, the Company had approximately $222,261 of remaining performance obligations, which is also referred to as backlog. Approximately 10.5% of the March 31, 2024 backlog was related to projects that are anticipated to extend beyond March 31, 2025.

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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 -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org//606/tableOfContent + Details
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