Revenue Recognition

12 Months Ended

Dec. 31, 2023

Revenue Recognition

Revenue Recognition

Note 14. Revenue recognition

Contract Assets and Contract Liabilities

The Company has contract assets and contract liabilities, which are included in tooling in progress and other current liabilities on the Consolidated Balance Sheets, respectively. Contract assets include products where the Company has satisfied its performance obligation, but receipt of payment is contingent upon delivery. Contract liabilities include deferred tooling revenue, where the performance obligation was not met. The performance obligation is satisfied when the tooling is completed and the customer signs off through the PPAP or other documented customer acceptance. Cost of goods sold is recognized and released from the balance sheet when control of the tooling promised under contract is transferred to the customer.

The Company’s contracts with customers are short-term in nature; therefore, revenue is typically recognized, billed and collected within a 12-month period. The following table reflects the changes in our contract assets and liabilities during the twelve months ended December 31, 2023, 2022 and 2021.

	Contract		Contract
	Assets		Liabilities
As of December 31, 2020	$	3,126	$	1,060
Net activity		824		1,658
As of December 31, 2021		3,950		2,718
Net activity		3,988		3,423
As of December 31, 2022		7,938		6,141
Net activity		(2,481)		(2,506)
As of December 31, 2023	$	5,457	$	3,635

Disaggregated Revenue

The following tables represents a disaggregation of revenue by product category and end market:

	Twelve Months Ended
	December 31,
Product Category	2023		2022		2021
Outdoor sports	$	9,017	$	9,498	$	10,039
Fabrication		342,689		324,254		295,988
Performance structures		136,819		109,888		73,207
Tube		76,322		73,868		58,749
Tank		43,947		38,246		25,816
Total		608,794		555,754		463,799
Intercompany sales elimination		(20,369)		(16,362)		(8,973)
Total, net sales	$	588,425	$	539,392	$	454,826

	Twelve Months Ended
	December 31,
End Market	2023		2022		2021
Commercial vehicle	$	225,252	$	212,992		156,488
Construction & access		105,228		111,525		92,298
Powersports		97,788		87,531		90,247
Agriculture		57,231		57,412		49,827
Military		37,311		24,831		24,147
Other		65,615		45,101		41,819
Total, net sales	$	588,425	$	539,392		454,826