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Revenues | 3 Months Ended
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Mar. 31, 2020
Revenue from Contract with Customer [Abstract] |
Revenues | Revenues Revenues are recognized when control of the promised goods is transferred to our customers or when a service is rendered, in an amount that reflects the consideration we are to receive in exchange for those goods or services. The following table presents the Company's revenues, disaggregated by product group. Substantially all of the Company's revenues are derived from contracts with customers where performance obligations are satisfied at a point-in-time.
| Three months ended March 31,
(in thousands) | 2020 |  | 2019
Fiberglass and steel liquid storage tanks and separation equipment | $ | 3,419 |  |  | $ | 9,829 |
Heavy wall seamless carbon steel pipe and tube | 7,314 |  |  | 8,587 |
Stainless steel pipe and tube | 43,728 |  |  | 45,995 |
Galvanized pipe and tube | 6,203 |  |  | 6,692 |
Specialty chemicals | 14,033 |  |  | 13,701 |
Net sales | $ | 74,697 |  |  | $ | 84,804 |
Arrangements with Multiple Performance Obligations Our contracts with customers may include multiple performance obligations. For such arrangements, revenue for each performance obligation is based on its stand-alone selling price and revenue is recognized as each performance obligation is satisfied. The Company generally determines stand-alone selling prices based on the prices charged to customers using the adjusted market assessment approach or expected cost plus margin.

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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 + Details
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