Quarterly report pursuant to Section 13 or 15(d)

Revenues

v3.20.2
Revenues
 6 Months Ended
Jun. 30, 2020
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
Revenues are recognized when control of the promised goods is transferred to our customers or when a service is rendered, in an amount that reflects the consideration we are to receive in exchange for those goods or services.
The following table presents the Company's revenues, disaggregated by product group. Substantially all of the Company's revenues are derived from contracts with customers where performance obligations are satisfied at a point-in-time.
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
(in thousands)
2020
 
2019
 
2020
 
2019
Fiberglass and steel liquid storage tanks and separation equipment
$
1,038

 
$
10,247

 
$
4,456

 
$
20,076

Heavy wall seamless carbon steel pipe and tube
5,658

 
6,703

 
12,972

 
15,289

Stainless steel pipe and tube
39,306

 
41,310

 
83,034

 
87,305

Galvanized pipe and tube
6,016

 
6,243

 
12,219

 
12,936

Specialty chemicals
14,118

 
14,275

 
28,152

 
27,976

Net sales
$
66,136

 
$
78,778

 
$
140,833

 
$
163,582



Arrangements with Multiple Performance Obligations
Our contracts with customers may include multiple performance obligations. For such arrangements, revenue for each performance obligation is based on its stand-alone selling price and revenue is recognized as each performance obligation is satisfied. The Company generally determines stand-alone selling prices based on the prices charged to customers using the adjusted market assessment approach or expected cost plus margin.