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Revenue
 9 Months Ended
Sep. 30, 2023
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
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,
2023202220232022
Rail Products and Global Friction Management$76,262 $69,573 $214,236 $192,527 
Technology Services and Solutions10,604 7,777 28,630 30,330 
Rail, Technologies, and Services86,866 77,350 242,866 222,857 
Precast Concrete Buildings20,127 15,525 50,338 41,306 
Precast Infrastructure Products18,515 13,331 46,457 26,171 
Precast Concrete Products38,642 28,856 96,795 67,477 
Fabricated Steel Products14,218 15,300 39,589 45,871 
Coatings and Measurement5,619 8,509 29,617 24,119 
Steel Products and Measurement19,837 23,809 69,206 69,990 
Total net sales$145,345 $130,015 $408,867 $360,324 

The majority of the Company’s revenue is from products transferred and services rendered to customers at a point in time. 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 designated physical location.

Net sales by the timing of the transfer of goods and services was as follows for the periods presented:
Three Months Ended September 30, 2023
Rail, Technologies, and ServicesPrecast Concrete ProductsSteel Products and MeasurementTotal
Point in time$72,246 $18,516 $20,018 $110,780 
Over time14,620 20,126 (181)34,565 
Total net sales$86,866 $38,642 $19,837 $145,345 
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 

Nine Months Ended September 30, 2023
Rail, Technologies, and ServicesPrecast Concrete ProductsSteel Products and MeasurementTotal
Point in time$202,003 $46,458 $56,151 $304,612 
Over time40,863 50,337 13,055 104,255 
Total net sales$242,866 $96,795 $69,206 $408,867 
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 

During the three and nine months ended September 30, 2023, the Company recorded a $1,977 reduction in net sales stemming from changes in expected value of certain commercial projects associated with the exit of the bridge grid deck product line.
The Company’s performance obligations under long-term agreements with its customers are generally satisfied over time. Revenue under long-term agreements is at times recognized 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. The Company’s revenue recognized over time under long-term agreements is also at times recognized using an output method, specifically units delivered, based upon certain customer acceptance and delivery requirements. The use of an input or an output measure to recognize revenue is determined based on what is most appropriate given the nature of the work performed and terms of the associated agreement.

Revenue recognized over time was as follows for the periods presented:
Three Months Ended
September 30,		Percentage of Total Net Sales
Three Months Ended September 30,
2023202220232022
Over time input method$12,642 $14,380 8.7 %11.1 %
Over time output method21,923 16,520 15.1 12.7 
Total over time sales$34,565 $30,900 23.8 %23.8 %

Nine Months Ended
September 30,		Percentage of Total Net Sales
Nine Months Ended September 30,
2023202220232022
Over time input method$44,577 $53,791 10.9 %14.9 %
Over time output method59,678 43,514 14.6 12.1 
Total over time sales$104,255 $97,305 25.5 %27.0 %

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

The following table sets forth the Company’s contract assets:
Contract Assets
Balance as of December 31, 2022$33,613 
Net additions to contract assets3,718 
Transfers from contract asset balance to accounts receivable (6,828)
Balance as of September 30, 2023
$30,503 

The following table sets forth the Company’s contract liabilities:
Contract Liabilities
Balance as of December 31, 2022$6,781 
Revenue recognized from contract liabilities(4,421)
Increase in billings in excess of cost, excluding revenue recognized 3,635 
Other adjustments, including business divestiture(1,904)
Balance as of September 30, 2023
$4,091 

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 is based on historical collection trends, accuracy of estimates within contract margin reporting, as well as the expectation that collection patterns and margin reporting 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, 2023, the Company had approximately $243,219 of obligations under new contracts and remaining performance obligations, which is also referred to as backlog. Approximately 10.9% of the September 30, 2023 backlog was related to projects that are anticipated to extend beyond September 30, 2024.