Revenue Recognition (Tables)
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9 Months Ended |
Dec. 31, 2023 |
|---|
| Revenue from Contract with Customer [Abstract] |
|
| Revenue Disaggregated by Product Line and Geographic Area |
The following table presents the Company’s revenue disaggregated by product line and geographic area:
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Three Months Ended |
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Nine Months Ended |
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|
|
December 31, |
|
|
December 31, |
|
Market |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Refining |
|
$ |
7,638 |
|
|
$ |
6,497 |
|
|
$ |
21,794 |
|
|
$ |
21,940 |
|
Chemical/Petrochemical |
|
|
4,130 |
|
|
|
3,927 |
|
|
|
14,536 |
|
|
|
15,606 |
|
Defense |
|
|
24,330 |
|
|
|
21,687 |
|
|
|
72,265 |
|
|
|
46,342 |
|
Space |
|
|
2,931 |
|
|
|
3,510 |
|
|
|
10,528 |
|
|
|
14,278 |
|
Other Commercial |
|
|
4,789 |
|
|
|
4,252 |
|
|
|
17,340 |
|
|
|
15,925 |
|
Net sales |
|
$ |
43,818 |
|
|
$ |
39,873 |
|
|
$ |
136,463 |
|
|
$ |
114,091 |
|
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Geographic Region |
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|
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Asia |
|
$ |
4,016 |
|
|
$ |
4,226 |
|
|
$ |
12,898 |
|
|
$ |
12,729 |
|
Canada |
|
|
1,116 |
|
|
|
557 |
|
|
|
3,107 |
|
|
|
3,261 |
|
Middle East |
|
|
501 |
|
|
|
621 |
|
|
|
2,219 |
|
|
|
1,766 |
|
South America |
|
|
65 |
|
|
|
649 |
|
|
|
264 |
|
|
|
2,509 |
|
U.S. |
|
|
36,822 |
|
|
|
33,163 |
|
|
|
113,567 |
|
|
|
91,657 |
|
All other |
|
|
1,298 |
|
|
|
657 |
|
|
|
4,408 |
|
|
|
2,169 |
|
Net sales |
|
$ |
43,818 |
|
|
$ |
39,873 |
|
|
$ |
136,463 |
|
|
$ |
114,091 |
|
The following table presents the Company's revenue percentages disaggregated by revenue recognized over time or upon shipment:
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|
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Three Months Ended |
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|
Nine Months Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue recognized over time |
|
|
76 |
% |
|
|
80 |
% |
|
|
77 |
% |
|
|
73 |
% |
Revenue recognized at shipment |
|
|
24 |
% |
|
|
20 |
% |
|
|
23 |
% |
|
|
27 |
% |
|
| Schedule of Disaggregation of Revenue |
The following table presents the Company’s revenue disaggregated by product line and geographic area:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
December 31, |
|
|
December 31, |
|
Market |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Refining |
|
$ |
7,638 |
|
|
$ |
6,497 |
|
|
$ |
21,794 |
|
|
$ |
21,940 |
|
Chemical/Petrochemical |
|
|
4,130 |
|
|
|
3,927 |
|
|
|
14,536 |
|
|
|
15,606 |
|
Defense |
|
|
24,330 |
|
|
|
21,687 |
|
|
|
72,265 |
|
|
|
46,342 |
|
Space |
|
|
2,931 |
|
|
|
3,510 |
|
|
|
10,528 |
|
|
|
14,278 |
|
Other Commercial |
|
|
4,789 |
|
|
|
4,252 |
|
|
|
17,340 |
|
|
|
15,925 |
|
Net sales |
|
$ |
43,818 |
|
|
$ |
39,873 |
|
|
$ |
136,463 |
|
|
$ |
114,091 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Geographic Region |
|
|
|
|
|
|
|
|
|
|
|
|
Asia |
|
$ |
4,016 |
|
|
$ |
4,226 |
|
|
$ |
12,898 |
|
|
$ |
12,729 |
|
Canada |
|
|
1,116 |
|
|
|
557 |
|
|
|
3,107 |
|
|
|
3,261 |
|
Middle East |
|
|
501 |
|
|
|
621 |
|
|
|
2,219 |
|
|
|
1,766 |
|
South America |
|
|
65 |
|
|
|
649 |
|
|
|
264 |
|
|
|
2,509 |
|
U.S. |
|
|
36,822 |
|
|
|
33,163 |
|
|
|
113,567 |
|
|
|
91,657 |
|
All other |
|
|
1,298 |
|
|
|
657 |
|
|
|
4,408 |
|
|
|
2,169 |
|
Net sales |
|
$ |
43,818 |
|
|
$ |
39,873 |
|
|
$ |
136,463 |
|
|
$ |
114,091 |
|
The following table presents the Company's revenue percentages disaggregated by revenue recognized over time or upon shipment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue recognized over time |
|
|
76 |
% |
|
|
80 |
% |
|
|
77 |
% |
|
|
73 |
% |
Revenue recognized at shipment |
|
|
24 |
% |
|
|
20 |
% |
|
|
23 |
% |
|
|
27 |
% |
|
| Schedule of Net Contract Assets (Liabilities) |
Net contract assets (liabilities) consisted of the following:
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December 31, 2023 |
|
|
March 31, 2023 |
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|
Change |
|
|
Change due to amounts acquired |
|
|
Change due to revenue recognized |
|
|
Change due to invoicing customers/
additional deposits |
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|
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|
|
|
Unbilled revenue (contract assets) |
|
$ |
28,671 |
|
|
$ |
39,684 |
|
|
$ |
(11,013 |
) |
|
$ |
302 |
|
|
$ |
72,629 |
|
|
$ |
(83,944 |
) |
Customer deposits (contract liabilities) |
|
|
(63,005 |
) |
|
|
(46,042 |
) |
|
|
(16,963 |
) |
|
|
(389 |
) |
|
|
23,355 |
|
|
|
(39,929 |
) |
Net contract (liabilities) assets |
|
$ |
(34,334 |
) |
|
$ |
(6,358 |
) |
|
$ |
(27,976 |
) |
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