Revenue Recognition (Tables)
|
12 Months Ended |
Mar. 31, 2023 |
|---|
| Revenue from Contract with Customer [Abstract] |
|
| Revenue Disaggregated by Product Line and Geographic Area |
The following tables present the Company's net sales disaggregated by market and geographic area:
|
|
|
|
|
|
|
|
|
|
|
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|
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|
Year ended March 31, |
|
Market |
|
2023 |
|
|
2022 |
|
|
2021 |
|
Refining |
|
$ |
27,270 |
|
|
$ |
24,406 |
|
|
$ |
39,713 |
|
Chemical/Petrochemical |
|
|
21,950 |
|
|
|
15,955 |
|
|
|
24,019 |
|
Defense |
|
|
65,327 |
|
|
|
62,189 |
|
|
|
23,939 |
|
Space |
|
|
21,180 |
|
|
|
5,744 |
|
|
|
— |
|
Other Commercial |
|
|
21,391 |
|
|
|
14,520 |
|
|
|
9,818 |
|
Net sales |
|
$ |
157,118 |
|
|
$ |
122,814 |
|
|
$ |
97,489 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended March 31, |
|
Geographic Area |
|
2023 |
|
|
2022 |
|
|
2021 |
|
Asia |
|
$ |
16,040 |
|
|
$ |
13,687 |
|
|
$ |
25,614 |
|
Canada |
|
|
4,464 |
|
|
|
3,583 |
|
|
|
6,538 |
|
Middle East |
|
|
2,914 |
|
|
|
2,489 |
|
|
|
4,843 |
|
South America |
|
|
3,021 |
|
|
|
1,972 |
|
|
|
6,202 |
|
U.S. |
|
|
127,519 |
|
|
|
97,718 |
|
|
|
52,724 |
|
All other |
|
|
3,160 |
|
|
|
3,365 |
|
|
|
1,568 |
|
Net sales |
|
$ |
157,118 |
|
|
$ |
122,814 |
|
|
$ |
97,489 |
|
The following table presents the Company's revenue percentages disaggregated by revenue recognized over time or upon shipment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended March 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
Revenue recognized over time |
|
|
74 |
% |
|
|
75 |
% |
|
|
60 |
% |
Revenue recognized at shipment |
|
|
26 |
% |
|
|
25 |
% |
|
|
40 |
% |
|
| Schedule of Disaggregation of Revenue |
The following tables present the Company's net sales disaggregated by market and geographic area:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended March 31, |
|
Market |
|
2023 |
|
|
2022 |
|
|
2021 |
|
Refining |
|
$ |
27,270 |
|
|
$ |
24,406 |
|
|
$ |
39,713 |
|
Chemical/Petrochemical |
|
|
21,950 |
|
|
|
15,955 |
|
|
|
24,019 |
|
Defense |
|
|
65,327 |
|
|
|
62,189 |
|
|
|
23,939 |
|
Space |
|
|
21,180 |
|
|
|
5,744 |
|
|
|
— |
|
Other Commercial |
|
|
21,391 |
|
|
|
14,520 |
|
|
|
9,818 |
|
Net sales |
|
$ |
157,118 |
|
|
$ |
122,814 |
|
|
$ |
97,489 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended March 31, |
|
Geographic Area |
|
2023 |
|
|
2022 |
|
|
2021 |
|
Asia |
|
$ |
16,040 |
|
|
$ |
13,687 |
|
|
$ |
25,614 |
|
Canada |
|
|
4,464 |
|
|
|
3,583 |
|
|
|
6,538 |
|
Middle East |
|
|
2,914 |
|
|
|
2,489 |
|
|
|
4,843 |
|
South America |
|
|
3,021 |
|
|
|
1,972 |
|
|
|
6,202 |
|
U.S. |
|
|
127,519 |
|
|
|
97,718 |
|
|
|
52,724 |
|
All other |
|
|
3,160 |
|
|
|
3,365 |
|
|
|
1,568 |
|
Net sales |
|
$ |
157,118 |
|
|
$ |
122,814 |
|
|
$ |
97,489 |
|
The following table presents the Company's revenue percentages disaggregated by revenue recognized over time or upon shipment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended March 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
Revenue recognized over time |
|
|
74 |
% |
|
|
75 |
% |
|
|
60 |
% |
Revenue recognized at shipment |
|
|
26 |
% |
|
|
25 |
% |
|
|
40 |
% |
|
| Schedule of Net Contract Assets (Liabilities) |
Net contract assets (liabilities) consisted of the following:
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|
March 31, 2023 |
|
|
March 31, 2022 |
|
|
Change |
|
|
Change due to revenue recognized |
|
|
Change due to invoicing customers/
additional deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unbilled revenue (contract assets) |
|
$ |
39,684 |
|
|
$ |
25,570 |
|
|
$ |
14,114 |
|
|
$ |
84,794 |
|
|
$ |
(70,680 |
) |
Customer deposits (contract liabilities) |
|
|
(46,042 |
) |
|
|
(25,644 |
) |
|
|
(20,398 |
) |
|
|
22,366 |
|
|
|
(42,764 |
) |
Net contract (liabilities) assets |
|
$ |
(6,358 |
) |
|
$ |
(74 |
) |
|
$ |
(6,284 |
) |
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