Revenue

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue

RevenueRevenue from products or services provided to customers over time accounted for 27.5% and 27.9% of revenue for the three months ended June 30, 2022 and 2021, respectively, and 28.8% and 26.8% of revenue for the six months ended June 30, 2022 and 2021, respectively. The majority of revenue under these long-term agreements is 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 its performance to date under the terms of the contract. Revenue recognized over time using an input measure was $20,089 and $27,687 for the three months ended June 30, 2022 and 2021, respectively, and $39,411 and $48,795 for the six months ended June 30, 2022 and 2021, 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 $16,013 and $15,487 for the three months ended June 30, 2022 and 2021, respectively, and $26,994 and $23,751 for the six months ended June 30, 2022 and 2021, respectively. As of June 30, 2022 and December 31, 2021, the Company had contract assets of $31,023 and $36,179, respectively, that were recorded within the Condensed Consolidated Balance Sheets. As of June 30, 2022 and December 31, 2021, the Company had contract liabilities of $2,584 and $3,235, respectively, that were recorded in “Deferred revenue” within the Condensed Consolidated Balance Sheets.

The majority of the Company’s revenue is from products transferred and services rendered to customers at a point in time. Point in time revenue accounted for 72.5% and 72.1% of revenue for the three months ended June 30, 2022 and 2021, respectively, and 71.2% and 73.2% for six months ended June 30, 2022 . The Company recognizes revenue at the point in time at which the customer obtains control of the product or service, which is generally when the product title passes to the customer upon shipment or the service has been rendered to the customer. In limited cases, title does not transfer and revenue is not recognized until the customer has received the products at a physical location.

The following table summarizes the Company’s net sales by major product and service category for the periods presented:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Rail Products and Global Friction Management	$	70,416	$	76,756	$	122,067	$	132,068
Technology Services and Solutions	11,381		12,026		23,440		22,946
Rail, Technologies, and Services	81,797		88,782		145,507		155,014
Precast Concrete Buildings	15,811		16,349		25,781		26,630
Other Precast Concrete Products	7,800		3,724		12,840		6,121
Precast Concrete Products	23,611		20,073		38,621		32,751
Fabricated Steel Products	17,967		32,223		30,571		59,944
Coatings and Measurement	8,140		13,444		15,610		22,893
Steel Products and Measurement	26,107		45,667		46,181		82,837
Total net sales	$	131,515	$	154,522	$	230,309	$	270,602

Net sales by the timing of the transfer of products and performance of services was as follows for the periods presented:

	Three Months Ended June 30, 2022
	Rail, Technologies, and Services		Precast Concrete Products		Steel Products and Measurement		Total
Point in time	$	65,872	$	8,577	$	20,964	$	95,413
Over time	15,925		15,034		5,143		36,102
Total net sales	$	81,797	$	23,611	$	26,107	$	131,515
	Three Months Ended June 30, 2021
	Rail, Technologies, and Services		Precast Concrete Products		Steel Products and Measurement		Total
Point in time	$	71,711	$	5,195	$	34,442	$	111,348
Over time	17,071		14,878		11,225		43,174
Total net sales	$	88,782	$	20,073	$	45,667	$	154,522

	Six Months Ended June 30, 2022
	Rail, Technologies, and Services		Precast Concrete Products		Steel Products and Measurement		Total
Point in time	$	115,038	$	12,840	$	36,026	$	163,904
Over time	30,469		25,781		10,155		66,405
Total net sales	$	145,507	$	38,621	$	46,181	$	230,309
	Six Months Ended June 30, 2021
	Rail, Technologies, and Services		Precast Concrete Products		Steel Products and Measurement		Total
Point in time	$	123,755	$	9,931	$	64,370	$	198,056
Over time	31,259		22,820		18,467		72,546
Total net sales	$	155,014	$	32,751	$	82,837	$	270,602

The timing of revenue recognition, billings, and cash collections results in billed receivables, costs in excess of billings (included in “Contract assets”), and billings in excess of costs (contract liabilities, included in “Deferred revenue”) within the Condensed Consolidated Balance Sheets.

Significant changes in contract assets during the six months ended June 30, 2022 included transfers of $14,235 from the contract assets balance as of December 31, 2021 to accounts receivable. Significant changes in contract liabilities during the six months ended June 30, 2022 resulted from increases of $2,570 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 three months ended June 30, 2022 and 2021 of $1,201 and $228, respectively, and revenue recognized during the six months ended June 30, 2022 and 2021 of $2,642 and $904, respectively, which were included in contract liabilities at the beginning of each period.

The Company records provisions related to the allowance for credit losses associated with contract assets. Provisions are recorded based upon a specific review of individual contracts as necessary, and a standard provision over any remaining contract assets pooled together based on similar risk of credit loss. The development of these provisions are based on historic collection trends, accuracy of estimates within contract margin reporting, as well as the expectation that collection patterns, margin reporting, and bad debt expense will continue to adhere to patterns observed in recent years. These expectations are formed based on trends observed as well as current and expected future conditions.

As of June 30, 2022, the Company had approximately $250,845 of obligations under new contracts and remaining performance obligations, which is also referred to as backlog. Approximately 5.3% of the June 30, 2022 backlog was related to projects that are anticipated to extend beyond June 30, 2023.