Quarterly report pursuant to Section 13 or 15(d)

Revenue Recognition

v3.21.2
Revenue Recognition
 9 Months Ended
Sep. 30, 2021
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
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 September 30, Nine Months Ended September 30,
(in thousands) 2021 2020 2021 2020
Fiberglass and steel liquid storage tanks and separation equipment $ 189  $ 538  881  4,994 
Heavy wall seamless carbon steel pipe and tube 10,398  5,436  29,347  18,408 
Stainless steel pipe and tube 48,331  37,231  134,632  120,265 
Galvanized pipe and tube 11,209  3,875  28,578  16,094 
Specialty chemicals 16,055  12,186  45,609  40,338 
Net sales $ 86,182  $ 59,266  $ 239,047  $ 200,099 
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.