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Revenue
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
The following table summarizes the Company’s sales by major product and service line for the periods presented:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Rail Products$47,442 $60,137 $156,803 $164,612 
Global Friction Management19,548 16,125 51,008 49,624 
Technology Services and Solutions12,508 10,604 39,904 28,630 
Rail, Technologies, and Services79,498 86,866 247,715 242,866 
Precast Concrete Products42,688 38,642 97,730 96,795 
Steel Products15,280 19,837 57,137 69,206 
Infrastructure Solutions57,968 58,479 154,867 166,001 
Total net sales$137,466 $145,345 $402,582 $408,867 

The majority of the Company’s revenue is from products transferred and services rendered to customers at a point in time. The Company recognizes revenue at the point in time at which the customer obtains control of the product or service, which is generally when the product title passes to the customer upon shipment or the service has been rendered to the customer. In limited cases, title does not transfer and revenue is not recognized until the customer has received the products at a designated physical location.
Net sales by the timing of the transfer of goods and services was as follows for the periods presented:
Three Months Ended September 30, 2024
Rail, Technologies, and ServicesInfrastructure SolutionsTotal
Point in time$62,717 $33,462 $96,179 
Over time16,781 24,506 41,287 
Total net sales$79,498 $57,968 $137,466 
Three Months Ended September 30, 2023
Rail, Technologies, and ServicesInfrastructure SolutionsTotal
Point in time$72,246 $38,534 $110,780 
Over time14,620 19,945 34,565 
Total net sales$86,866 $58,479 $145,345 

Nine Months Ended September 30, 2024
Rail, Technologies, and ServicesInfrastructure SolutionsTotal
Point in time$198,179 $98,246 $296,425 
Over time49,536 56,621 106,157 
Total net sales$247,715 $154,867 $402,582 
Nine Months Ended September 30, 2023
Rail, Technologies, and ServicesInfrastructure SolutionsTotal
Point in time$202,003 $102,609 $304,612 
Over time40,863 63,392 104,255 
Total net sales$242,866 $166,001 $408,867 

The Company’s performance obligations under long-term agreements with its customers are generally satisfied over time. Over time revenue is primarily comprised of transit infrastructure and technology services and solutions projects within the Rail segment, precast concrete buildings within the Precast Concrete Products division in the Infrastructure segment, and long-term bridge projects and custom precision metering systems within the Steel Products division in the Infrastructure segment. Revenue under these long-term agreements is recognized over time either using an input measure based upon the proportion of actual costs incurred to estimated total project costs or an input measure based upon actual labor costs as a percentage of estimated total labor costs, depending upon which measure the Company believes best depicts the Company’s performance to date under the terms of the contract, or an output method, specifically units delivered, based upon certain customer acceptance and delivery requirements. The use of an input or an output measure to recognize revenue is determined based on what is most appropriate given the nature of the work performed and terms of the associated agreement.

Accounting for these long-term agreements involves the use of various techniques to estimate total revenues and costs. The Company estimates profit on these long-term agreements as the difference between total estimated revenues and expected costs to complete a contract and recognizes that profit over the life of the contract. As a result of management’s reviews of contract-related estimates the Company makes adjustments to contract estimates that impact our revenue and profit totals. Changes in estimates are primarily attributed to updated considerations, including economic conditions and historic contract patterns, resulting in changes to anticipated revenue from existing contracts. During the nine months ended September 30, 2024, reductions to net sales stemming from changes in actual and expected values of certain commercial contracts and settlements of such contracts were $1,477; there were no such changes in actual or expected values during the three months ended September 30, 2024. Such adjustments were $3,996 and $5,424 during the three and nine months ended September 30, 2023, respectively, including $1,977 related to the Bridge Exit in both the three and nine month periods last year. The Company’s estimates related to these long-term agreements are further described in Note 4 Revenue of the Notes to the Company’s Consolidated Financial Statements contained in its Annual Report on Form 10-K/A for the year ended December 31, 2023.
Revenue recognized over time was as follows for the periods presented:
Three Months Ended
September 30,
Percentage of Total Net Sales
Three Months Ended September 30,
2024202320242023
Over time input method$15,020 $12,642 10.9 %8.7 %
Over time output method26,267 21,923 19.1 15.1 
Total over time sales$41,287 $34,565 30.0 %23.8 %

Nine Months Ended
September 30,
Percentage of Total Net Sales
Nine Months Ended September 30,
2024202320242023
Over time input method$42,259 $44,577 10.5 %10.9 %
Over time output method63,898 59,678 15.9 14.6 
Total over time sales$106,157 $104,255 26.4 %25.5 %

The timing of revenue recognition, billings, and cash collections results in billed receivables, costs in excess of billings (included in “Contract assets - net”), and billings in excess of costs (contract liabilities), included in “Deferred revenue” within the Condensed Consolidated Balance Sheets.

The following table sets forth the Company’s contract assets:
Contract Assets
Balance as of December 31, 2023$29,489 
Net additions to contract assets9,898 
Transfers from contract asset balance to accounts receivable (19,201)
Balance as of September 30, 2024
$20,186 

The following table sets forth the Company’s contract liabilities:
Contract Liabilities
Balance as of December 31, 2023$2,189 
Revenue recognized from contract liabilities(1,285)
Increase in billings in excess of cost, excluding revenue recognized 1,744 
Other adjustments(317)
Balance as of September 30, 2024
$2,331 

The Company has established policies regarding allowance for credit losses associated with contract assets, which includes standalone reserve assessments for its long term, complex contracts as needed as well as detailed regular review and updates to contract margins, progress, and value. A standard reserve threshold is applied to contract assets related to short term, less complex contracts. Management also regularly reviews collection patterns and future expected collections and makes necessary revisions to allowance for credit losses related to contract assets.

As of September 30, 2024, the Company had approximately $209,005 of remaining performance obligations, which are also referred to as backlog. Approximately 12.5% of the September 30, 2024 backlog was related to projects that are anticipated to extend beyond September 30, 2025.