XML 20 R10.htm IDEA: XBRL DOCUMENT v3.22.2
Revenue Recognition
 6 Months Ended
Jun. 30, 2022
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Revenue is generated primarily from contracts to produce, ship and deliver steel and specialty chemical products. The Company’s performance obligations are satisfied and revenue is recognized when control and title of the contract promised goods or services is transferred to our customers for product shipped or services rendered. Revenues are recorded net of any sales incentives and discounts. Sales tax and other taxes we collect with revenue-producing activities are excluded from revenue. Shipping costs charged to customers are treated as fulfillment activities and are recorded in both revenue and cost of sales at the time control is transferred to the customer. Costs related to obtaining sales contracts are incidental and are expensed when incurred. Because customers are invoiced at the time title transfers and the Company’s right to consideration is unconditional at that time, the Company does not maintain contract asset balances. Additionally, the Company does not maintain material contract liability balances, as performance obligations for substantially all contracts are satisfied prior to customer payment for product. The Company offers industry standard payment terms.
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 June 30,Six Months Ended
June 30,
(in thousands)2022202120222021
Fiberglass and steel liquid storage tanks and separation equipment$— $550 113 691 
Heavy wall seamless carbon steel pipe and tube12,094 11,131 24,498 18,949 
Stainless steel pipe and tube66,114 46,360 128,323 86,301 
Galvanized pipe and tube8,974 10,056 22,745 17,370 
Specialty chemicals29,020 14,990 56,741 29,554 
Net sales$116,202 $83,087 $232,420 $152,865