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Revenue
 12 Months Ended
Dec. 31, 2020
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
The Company’s revenues are comprised of product and service sales, including products and services provided under long-term agreements with its customers. All revenue is recognized when the Company satisfies its performance obligations under the contract, either implicit or explicit, by transferring the promised product or rendering a service to its customer either when or as its customer obtains control of the product or as the service is rendered. A performance obligation is a promise in a contract to transfer a distinct product or render a specific service to a customer. A contract’s transaction price is allocated to each distinct performance obligation. The majority of the Company’s contracts have a single performance obligation, as the promise to transfer products or render services is not separately identifiable from other promises in the contract and, therefore, not distinct. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products or providing services. Revenue is recorded net of returns, allowances, customer discounts, and incentives. Sales, value added, and other taxes collected from customers and remitted to governmental authorities are accounted for on a net (excluded from revenues) basis. Shipping and handling costs are included in cost of goods sold.
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 projects within the Rail segment, and long-term bridge projects within the Fabricated Steel Products division, precast concrete buildings within the Precast Concrete Products division, and custom precision metering systems within the Coatings and Measurement division in the Infrastructure Solutions segment. Revenue from products or services provided to customers over time accounted for 29.4%, 30.3%, and 28.1% of revenue for the years ended December 31, 2020, 2019, and 2018, respectively. 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. Revenue recognized over time using an input measure was $101,160, $136,014, and $121,919 for the years ended December 31, 2020, 2019, and 2018, respectively. A certain portion of the Company’s revenue
recognized over time under these long-term agreements is recognized using an output method, specifically units delivered, based upon certain customer acceptance and delivery requirements. Revenue recognized over time using an output measure was $44,860, $50,761, and $41,334 for the years ended December 31, 2020, 2019, and 2018, respectively. As of December 31, 2020 and 2019, the Company had contract assets of $37,843 and $37,032, respectively, that were recorded in “Inventories - net” within the Consolidated Balance Sheets. As of December 31, 2020 and 2019, the Company had contract liabilities of $1,324 and $4,472, respectively, that were recorded in “Deferred revenue” within the Consolidated Balance Sheets.
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. Contract estimates are based on various assumptions to project the outcome of future events that may span several years. These assumptions include, among other things, labor productivity, cost and availability of materials, and timing of funding by customers. The nature of these long-term agreements may give rise to several types of variable consideration, such as claims, awards, and incentive fees. Historically, these amounts of variable consideration have not been considered significant. Contract estimates may include additional revenue for submitted contract modifications if there exists an enforceable right to the modification, the amount can be reasonably estimated, and its realization is probable. These estimates are based on historical collection experience, anticipated performance, and the Company’s best judgment at that time. These amounts are generally included in the contract’s transaction price and are allocated over the remaining performance obligations. Changes in judgments related to the estimates above could impact the timing and amount of revenue recognized and, accordingly, the timing and amount of associated income. In the event that a contract loss becomes known, the entire amount of the estimated loss is recognized in the Consolidated Statements of Operations.
The majority of the Company’s revenue is from products transferred and services rendered to customers at a point in time, which is inherent in all major product and service categories. Point in time revenue accounted for 70.6%, 69.7%, and 71.9% of revenue for the years ended December 31, 2020, 2019, and 2018, respectively. The Company recognizes revenue at the point in time in which the customer obtains control of the product or service, which is generally when product title passes to the customer upon shipment or the service has been rendered to the customer. In limited cases, title does not transfer upon shipment and revenue is not recognized until the customer has received the products at a designated physical location.
For the years ended December 31, 2020, 2019, and 2018, net sales by the timing of the transfer of goods and services were as follows:
Year Ended December 31, 2020Rail Technologies
and Services		Infrastructure
Solutions		Total
Point in time$212,212 $139,179 $351,391 
Over time64,235 81,785 146,020 
Total net sales$276,447 $220,964 $497,411 
Year Ended December 31, 2019Rail Technologies
and Services		Infrastructure
Solutions		Total
Point in time$240,047 $189,606 $429,653 
Over time81,761 105,014 186,775 
Total net sales$321,808 $294,620 $616,428 
Year Ended December 31, 2018Rail Technologies
and Services		Infrastructure
Solutions		Total
Point in time$232,814 $184,997 $417,811 
Over time86,710 76,543 163,253 
Total net sales$319,524 $261,540 $581,064 
See Note 2 for additional information for the Company’s net sales by major product and service category.
The timing of revenue recognition, billings, and cash collections results in billed receivables, costs in excess of billings (contract assets, included in “Inventories - net”), and billings in excess of costs (contract liabilities, included in “Deferred revenue”) on the Consolidated Balance Sheets.
Significant changes in contract assets during the year ended December 31, 2020 and 2019 included transfers to receivables from contract assets recognized at the beginning of the period of $27,126 and $24,487, respectively. Significant changes in contract liabilities during the year ended December 31, 2020 and 2019 included increases of $803 and $4,358, respectively, due to billings in excess of costs, excluding amounts recognized as revenue during the period. Contract liabilities were reduced due to revenue recognized during the year ended December 31, 2020, 2019, and 2018 of $3,784, $1,462, and $1,141, respectively, which were included in the contract liabilities at the beginning of each period.
Deferred revenue of $7,144 and $8,446 as of December 31, 2020 and 2019, respectively, consisted of customer billings or payments received for which the revenue recognition criteria had not yet been met as well as contract liabilities (billings in excess of costs) on over time revenue projects. As of December 31, 2020 and 2019, contract liabilities, recorded within “Deferred revenue,” was $1,324 and $4,472, respectively. Advanced payments from customers typically relate to contracts with respect to which the Company has significantly fulfilled its obligations, but due to the Company’s continuing involvement with the project, revenue is not recognized until title, ownership, and risk of loss have passed to the customer.
As of December 31, 2020, the Company had approximately $248,232 of remaining performance obligations, which is also referred to as backlog. Approximately 13.4% of the backlog as of December 31, 2020 was related to projects that are anticipated to extend beyond December 31, 2021.