Annual report [Section 13 and 15(d), not S-K Item 405]

Revenue Recognition

v3.25.0.1
Revenue Recognition
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenues Recognition Revenue Recognition
Revenue is generated primarily from contracts to produce, ship and deliver steel and specialty chemical products. The Company’s performance obligations are satisfied and revenue is recognized when control and title of the contract promised goods or services is transferred to our customers for product shipped or services rendered. Sales tax and other taxes we collect with revenue-producing activities are excluded from revenue. Shipping costs charged to customers are treated as fulfillment activities and are recorded in both revenue and cost of sales at the time control is transferred to the customer. Costs related to obtaining sales contracts are incidental and are expensed when incurred. Because customers are invoiced at the time title transfers and the Company’s right to consideration is unconditional at that time, the Company does not maintain contract asset balances. Deferred revenues are recorded when cash payments are received in advance of satisfying the performance obligation, including amounts which are refundable. As of December 31, 2024 , the Company's deferred revenue balance was $1.4 million. See Note 1 for additional information of the Company's deferred revenue. The Company offers industry standard payment terms.
The following table presents the Company's revenues, disaggregated by product group from continuing operations:
(in thousands) 2024 2023
Fiberglass and steel liquid storage tanks and separation equipment $ —  $ 50 
Stainless steel pipe and tube 97,108  109,513 
Specialty chemicals 80,764  83,616 
Net sales $ 177,872  $ 193,179 
The Company's revenues are derived from contracts with customers where performance obligations are satisfied at a point-in-time or over-time. Performance obligations are supported by contracts with customers, providing a framework for the nature of the distinct goods, services or bundle of goods and services. The timing of satisfying the performance obligation is typically indicated by the terms of the contract. The following table represents the Company's revenue recognized at a point- in-time and over-time.
(in thousands) 2024 2023
Point-in-time $ 155,549  $ 175,280 
Over-time $ 22,323  $ 17,899