Quarterly report pursuant to Section 13 or 15(d)

Revenue Recognition

v3.21.1
Revenue Recognition
 3 Months Ended
Mar. 31, 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 March 31,
(in thousands) 2021 2020
Fiberglass and steel liquid storage tanks and separation equipment $ 141  $ 3,419 
Heavy wall seamless carbon steel pipe and tube 7,818  7,314 
Stainless steel pipe and tube 39,911  43,728 
Galvanized pipe and tube 7,343  6,203 
Specialty chemicals 14,565  14,033 
Net sales $ 69,778  $ 74,697 
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.