Quarterly report pursuant to Section 13 or 15(d)

Revenue Recognition (Tables)

v3.23.2
Revenue Recognition (Tables)
3 Months Ended
Jun. 30, 2023
Revenue from Contract with Customer [Abstract]  
Net Sales Disaggregated by Product Line and Geographic Area

The following table presents the Company’s revenue disaggregated by product line and geographic area:

 

 

 

 

Three Months Ended

 

 

 

June 30,

 

Market

 

2023

 

 

2022

 

Refining

 

$

6,867

 

 

$

7,875

 

Chemical/Petrochemical

 

 

6,041

 

 

 

5,875

 

Defense

 

 

22,817

 

 

 

9,800

 

Space

 

 

4,822

 

 

 

6,462

 

Other Commercial

 

 

7,022

 

 

 

6,063

 

Net sales

 

$

47,569

 

 

$

36,075

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Geographic Area

 

 

 

 

 

 

Asia

 

$

5,902

 

 

$

4,248

 

Canada

 

 

899

 

 

 

997

 

Middle East

 

 

1,049

 

 

 

459

 

South America

 

 

27

 

 

 

1,461

 

U.S.

 

 

38,141

 

 

 

28,169

 

All other

 

 

1,551

 

 

 

741

 

Net sales

 

$

47,569

 

 

$

36,075

 

The following table presents the Company's revenue percentages disaggregated by revenue recognized over time or upon shipment:

 

 

Three Months Ended

 

 

 

June 30,

 

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

Revenue recognized over time

 

 

81

%

 

 

65

%

Revenue recognized at shipment

 

 

19

%

 

 

35

%

Schedule of Net Contract Assets (Liabilities)

Net contract assets (liabilities) consisted of the following:

 

 

 

June 30, 2023

 

 

March 31, 2023

 

 

Change

 

 

Change due to revenue recognized

 

 

Change due to invoicing customers/
additional deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unbilled revenue (contract assets)

 

$

34,467

 

 

$

39,684

 

 

$

(5,217

)

 

$

26,478

 

 

$

(31,695

)

Customer deposits (contract liabilities)

 

 

(56,016

)

 

 

(46,042

)

 

 

(9,974

)

 

 

10,978

 

 

 

(20,952

)

      Net contract (liabilities) assets

 

$

(21,549

)

 

$

(6,358

)

 

$

(15,191

)