Revenue Recognition

6 Months Ended

Jun. 30, 2021

Revenue From Contract With Customer [Abstract]

Revenue Recognition

Note 15. Revenue Recognition

Contract Assets and Contract Liabilities

The Company has contract assets and contract liabilities, which are included in other current assets and other current liabilities on the Condensed Consolidated Balance Sheet, 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 Product Part Approval Process (PPAP). 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 either at a point in time or over a period of time.

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 six months ended June 30, 2021.

	Contract Assets			Contract Liabilities
As of December 31, 2020	$	3,126		$	1,060
Net Activity		(1,033	)		260
As of June 30, 2021	$	2,093		$	1,320

Disaggregated Revenue

The following table represents a disaggregation of revenue by product category:

	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Outdoor sports	$	3,006		$	1,592		$	5,677		$	3,363
Fabrication		78,318			43,224			147,689			113,016
Performance structures		18,753			7,152			39,208			23,791
Tube		15,760			9,320			30,647			24,274
Tank		5,622			2,364			12,413			9,082
Total		121,459			63,652			235,634			173,526
Intercompany sales elimination		(1,246	)		(1,070	)		(2,801	)		(2,339	)
Total, net sales	$	120,213		$	62,582		$	232,833		$	171,187