Annual report pursuant to Section 13 and 15(d)

Revenue Recognition

v3.20.4
Revenue Recognition
 12 Months Ended
Dec. 31, 2020
Revenue from Contract with Customer [Abstract]  
Revenues Revenue Recognition
Revenues are recognized when control of the promised goods or services is transferred to our customers upon shipment, in an amount that reflects the consideration we expect to be entitled to 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.
December 31,
(in thousands) 2020 2019
Specialty chemicals $ 51,541  $ 54,090 
Stainless steel pipe and tube 154,974  167,907 
Heavy wall seamless carbon steel pipe and tube 23,670  30,607 
Fiberglass and steel liquid storage tanks and separation equipment 5,503  28,722 
Galvanized pipe and tube 20,312  23,842 
Net sales $ 256,000  $ 305,168 
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.