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Revenue
 9 Months Ended
Sep. 30, 2022
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Revenue from products or services provided to customers over time accounted for 23.8% and 35.8% of revenue for the three months ended September 30, 2022 and 2021, respectively, and 27.0% and 29.7% of revenue for the nine months ended September 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 $14,380 and $30,314 for the three months ended September 30, 2022 and 2021, respectively, and $53,791 and $79,109 for the nine months ended September 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 $16,520 and $16,262 for the three months ended September 30, 2022 and 2021, respectively, and $43,514 and $40,013 for the nine months ended September 30, 2022 and 2021, respectively. As of September 30, 2022 and December 31, 2021, the Company had contract assets of $31,963 and $36,179, respectively, that were recorded within the Condensed Consolidated Balance Sheets. As of September 30, 2022 and December 31, 2021, the Company had contract liabilities of $4,606 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 76.2% and 64.2% of revenue for the three months ended September 30, 2022 and 2021, respectively, and 73.0% and 70.3% for nine months ended September 30, 2022 and 2021. The Company recognizes revenue at the point in time at which the customer obtains control of the product or service is performed, 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
September 30,		Nine Months Ended
September 30,
2022202120222021
Rail Products and Global Friction Management$69,161 $60,593 $191,228 $192,661 
Technology Services and Solutions8,189 13,349 31,629 36,295 
Rail, Technologies, and Services77,350 73,942 222,857 228,956 
Precast Concrete Buildings15,525 13,884 41,306 40,516 
Other Precast Concrete Products13,331 4,088 26,171 10,207 
Precast Concrete Products28,856 17,972 67,477 50,723 
Fabricated Steel Products15,250 30,512 45,821 100,233 
Coatings and Measurement8,559 7,627 24,169 20,743 
Steel Products and Measurement23,809 38,139 69,990 120,976 
Total net sales$130,015 $130,053 $360,324 $400,655 

Net sales by the timing of the transfer of products and performance of services was as follows for the periods presented:
Three Months Ended September 30, 2022
Rail, Technologies, and ServicesPrecast Concrete ProductsSteel Products and MeasurementTotal
Point in time$64,913 $13,331 $20,871 $99,115 
Over time12,437 15,525 2,938 30,900 
Total net sales$77,350 $28,856 $23,809 $130,015 
Three Months Ended September 30, 2021
Rail, Technologies, and ServicesPrecast Concrete ProductsSteel Products and MeasurementTotal
Point in time$54,470 $4,088 $24,919 $83,477 
Over time19,472 13,884 13,220 46,576 
Total net sales$73,942 $17,972 $38,139 $130,053 

Nine Months Ended September 30, 2022
Rail, Technologies, and ServicesPrecast Concrete ProductsSteel Products and MeasurementTotal
Point in time$179,951 $26,171 $56,897 $263,019 
Over time42,906 41,306 13,093 97,305 
Total net sales$222,857 $67,477 $69,990 $360,324 
Nine Months Ended September 30, 2021
Rail, Technologies, and ServicesPrecast Concrete ProductsSteel Products and MeasurementTotal
Point in time$178,225 $10,209 $93,099 $281,533 
Over time50,731 40,514 27,877 119,122 
Total net sales$228,956 $50,723 $120,976 $400,655 

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 nine months ended September 30, 2022 included transfers of $14,293 from the contract assets balance as of December 31, 2021 to accounts receivable. Significant changes in contract liabilities during the nine months ended September 30, 2022 resulted from increases of $3,087 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 September
30, 2022 and 2021 of $14 and $81, respectively, and revenue recognized during the nine months ended September 30, 2022 and 2021 of $2,656 and $985, 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 September 30, 2022, the Company had approximately $272,777 of obligations under new contracts and remaining performance obligations, which is also referred to as backlog. Approximately 10.1% of the September 30, 2022 backlog was related to projects that are anticipated to extend beyond September 30, 2023.