Note 4 - Revenue Recognition

6 Months Ended

Mar. 28, 2020

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

(

4

) Revenue Recognition

We recognize revenues when performance obligations under the terms of a contract with our customers are satisfied, which generally occurs when products are shipped and control is transferred. We enter into contracts that pertain to products, which are accounted for as separate performance obligations and typically

one

year or less in duration. We do

not

exercise significant judgment in determining the timing for the satisfaction of performance obligations or the transaction price. Revenue is measured as the amount of consideration expected to be received in exchange for our products. We have elected to apply the practical expedient provided for in ASU

No.

2014

-

09

and

not

disclose information regarding remaining performance obligations that have original expected durations of

one

year or less.

Variable consideration that

may

affect the total transaction price, including contractual discounts, rebates, returns and credits are included in net sales. Estimates for variable consideration are based on historical experience, anticipated performance and management's judgment and are updated as of each reporting date. Shipping and related expenses associated with outbound freight are accounted for as fulfillment costs and included in cost of sales. We do

not

have significant financing components.

Our net sales by product line are as follows:

	Three Months Ended				Six Months Ended
	March 28,		March 30,		March 28,		March 30,
(In thousands)	2020		2019		2020		2019
Welded wire reinforcement	$	69,355	$	68,941	$	131,182	$	135,219
Prestressed concrete strand		45,504		43,007		81,246		80,839
Total	$	114,859	$	111,948	$	212,428	$	216,058

Our net sales by geographic region are as follows:

	Three Months Ended				Six Months Ended
	March 28,		March 30,		March 28,		March 30,
(In thousands)	2020		2019		2020		2019
United States	$	114,549	$	111,620	$	211,806	$	215,241
Foreign		310		328		622		817
Total	$	114,859	$	111,948	$	212,428	$	216,058

Contract assets primarily relate to our rights to consideration for products that are delivered but

not

billed as of the reporting date and are reclassified to receivables when the customer is invoiced. Contract liabilities primarily relate to performance obligations that are to be satisfied in the future and arise when we bill the customer in advance of shipments. Contract costs are

not

significant and are recognized as incurred. Contract assets and liabilities were

not

material as of

March 

28,

2020.

Accounts receivable includes amounts billed and currently due from customers stated at their net estimated realizable value. Customer payment terms are generally

30

days. We maintain an allowance for doubtful accounts to provide for the estimated receivables that will

not

be collected, which is based upon our assessment of customer creditworthiness, historical payment experience and the age of outstanding receivables. Past-due trade receivable balances are written off when our collection efforts have been unsuccessful.