Revenue Recognition (Tables)
|
9 Months Ended |
Dec. 31, 2022 |
|---|
| 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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|
|
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Three Months Ended |
|
|
Nine Months Ended |
|
|
|
December 31, |
|
|
December 31, |
|
Product Line |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Refining |
|
$ |
6,497 |
|
|
$ |
3,958 |
|
|
$ |
21,940 |
|
|
$ |
14,894 |
|
Chemical/Petrochemical |
|
|
3,927 |
|
|
|
3,047 |
|
|
|
15,606 |
|
|
|
11,132 |
|
Defense |
|
|
21,687 |
|
|
|
16,598 |
|
|
|
46,342 |
|
|
|
43,475 |
|
Space |
|
|
3,510 |
|
|
|
1,449 |
|
|
|
14,278 |
|
|
|
3,466 |
|
Other Commercial |
|
|
4,252 |
|
|
|
3,722 |
|
|
|
15,925 |
|
|
|
10,110 |
|
Net sales |
|
$ |
39,873 |
|
|
$ |
28,774 |
|
|
$ |
114,091 |
|
|
$ |
83,077 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Geographic Region |
|
|
|
|
|
|
|
|
|
|
|
|
Asia |
|
$ |
4,226 |
|
|
$ |
1,493 |
|
|
$ |
12,729 |
|
|
$ |
10,485 |
|
Canada |
|
|
557 |
|
|
|
924 |
|
|
|
3,261 |
|
|
|
3,011 |
|
Middle East |
|
|
621 |
|
|
|
628 |
|
|
|
1,766 |
|
|
|
2,202 |
|
South America |
|
|
649 |
|
|
|
242 |
|
|
|
2,509 |
|
|
|
720 |
|
U.S. |
|
|
33,163 |
|
|
|
24,737 |
|
|
|
91,657 |
|
|
|
64,832 |
|
All other |
|
|
657 |
|
|
|
750 |
|
|
|
2,169 |
|
|
|
1,827 |
|
Net sales |
|
$ |
39,873 |
|
|
$ |
28,774 |
|
|
$ |
114,091 |
|
|
$ |
83,077 |
|
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, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue recognized over time |
|
|
80 |
% |
|
|
75 |
% |
|
|
73 |
% |
|
|
75 |
% |
Revenue recognized at shipment |
|
|
20 |
% |
|
|
25 |
% |
|
|
27 |
% |
|
|
25 |
% |
|
| 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, |
|
Product Line |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Refining |
|
$ |
6,497 |
|
|
$ |
3,958 |
|
|
$ |
21,940 |
|
|
$ |
14,894 |
|
Chemical/Petrochemical |
|
|
3,927 |
|
|
|
3,047 |
|
|
|
15,606 |
|
|
|
11,132 |
|
Defense |
|
|
21,687 |
|
|
|
16,598 |
|
|
|
46,342 |
|
|
|
43,475 |
|
Space |
|
|
3,510 |
|
|
|
1,449 |
|
|
|
14,278 |
|
|
|
3,466 |
|
Other Commercial |
|
|
4,252 |
|
|
|
3,722 |
|
|
|
15,925 |
|
|
|
10,110 |
|
Net sales |
|
$ |
39,873 |
|
|
$ |
28,774 |
|
|
$ |
114,091 |
|
|
$ |
83,077 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Geographic Region |
|
|
|
|
|
|
|
|
|
|
|
|
Asia |
|
$ |
4,226 |
|
|
$ |
1,493 |
|
|
$ |
12,729 |
|
|
$ |
10,485 |
|
Canada |
|
|
557 |
|
|
|
924 |
|
|
|
3,261 |
|
|
|
3,011 |
|
Middle East |
|
|
621 |
|
|
|
628 |
|
|
|
1,766 |
|
|
|
2,202 |
|
South America |
|
|
649 |
|
|
|
242 |
|
|
|
2,509 |
|
|
|
720 |
|
U.S. |
|
|
33,163 |
|
|
|
24,737 |
|
|
|
91,657 |
|
|
|
64,832 |
|
All other |
|
|
657 |
|
|
|
750 |
|
|
|
2,169 |
|
|
|
1,827 |
|
Net sales |
|
$ |
39,873 |
|
|
$ |
28,774 |
|
|
$ |
114,091 |
|
|
$ |
83,077 |
|
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, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue recognized over time |
|
|
80 |
% |
|
|
75 |
% |
|
|
73 |
% |
|
|
75 |
% |
Revenue recognized at shipment |
|
|
20 |
% |
|
|
25 |
% |
|
|
27 |
% |
|
|
25 |
% |
|
| Schedule of Net Contract Assets (Liabilities) |
Net contract assets (liabilities) consisted of the following:
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|
December 31, 2022 |
|
|
March 31, 2022 |
|
|
Change |
|
|
Change due to revenue recognized |
|
|
Change due to invoicing customers/
additional deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unbilled revenue (contract assets) |
|
$ |
33,509 |
|
|
$ |
25,570 |
|
|
$ |
7,939 |
|
|
$ |
58,274 |
|
|
$ |
50,335 |
|
Customer deposits (contract liabilities) |
|
|
(44,300 |
) |
|
|
(25,644 |
) |
|
|
(18,656 |
) |
|
|
22,918 |
|
|
|
41,574 |
|
Net contract (liabilities) assets |
|
$ |
(10,791 |
) |
|
$ |
(74 |
) |
|
$ |
(10,717 |
) |
|
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