Annual report pursuant to Section 13 and 15(d)

Revenue Recognition

v3.22.1
Revenue Recognition
 12 Months Ended
Dec. 31, 2021
Revenue from Contract with Customer [Abstract]  
Revenues Recognition Revenue RecognitionRevenue 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. Revenues are recorded net of any sales incentives and discounts. 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. Additionally, the Company does not maintain material contract liability balances, as performance obligations for substantially all contracts are satisfied prior to customer payment for product. The Company offers industry standard payment terms.
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.
(in thousands) 2021 2020
Fiberglass and steel liquid storage tanks and separation equipment $ 1,343  $ 5,503 
Heavy wall seamless carbon steel pipe and tube 40,539  23,670 
Stainless steel pipe and tube 186,651  154,974 
Galvanized pipe and tube 38,705  20,312 
Specialty chemicals 67,477  51,541 
Net sales $ 334,715  $ 256,000