Revenue, Contract Assets and Liabilities and Other Contract Matters (Tables)
|
3 Months Ended |
Mar. 31, 2020 |
|---|
| Revenue From Contract With Customer [Abstract] |
|
| Summary of Disaggregation of Revenue |
The following tables summarize revenue for each of our operating segments, disaggregated by contract type, for the three months ended March 31, 2020 and 2019 (in thousands):
|
|
|
Three Months Ended March 31, 2020
|
|
|
|
|
Shipyard
|
|
|
F&S
|
|
|
Eliminations
|
|
|
Total
|
|
|
Contract Type
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed-price and unit-rate(1)
|
|
$
|
44,302
|
|
|
$
|
24,557
|
|
|
$
|
(85
|
)
|
|
$
|
68,774
|
|
|
T&M(2)
|
|
|
1,257
|
|
|
|
6,925
|
|
|
|
—
|
|
|
|
8,182
|
|
|
Other
|
|
|
—
|
|
|
|
1,961
|
|
|
|
(362
|
)
|
|
|
1,599
|
|
|
Total
|
|
$
|
45,559
|
|
|
$
|
33,443
|
|
|
$
|
(447
|
)
|
|
$
|
78,555
|
|
|
|
|
Three Months Ended March 31, 2019(3)
|
|
|
|
|
Shipyard
|
|
|
F&S
|
|
|
Eliminations
|
|
|
Total
|
|
|
Contract Type
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed-price and unit-rate(1)
|
|
$
|
34,450
|
|
|
$
|
17,497
|
|
|
$
|
(73
|
)
|
|
$
|
51,874
|
|
|
T&M(2)
|
|
|
2,961
|
|
|
|
10,622
|
|
|
|
—
|
|
|
|
13,583
|
|
|
Other
|
|
|
—
|
|
|
|
2,474
|
|
|
|
(326
|
)
|
|
|
2,148
|
|
|
Total
|
|
$
|
37,411
|
|
|
$
|
30,593
|
|
|
$
|
(399
|
)
|
|
$
|
67,605
|
|
|
|
(1)
|
Revenue is recognized as the contract is progressed over time.
|
|
|
(2)
|
Revenue is recognized at contracted rates when the work is performed and costs are incurred.
|
|
|
(3)
|
See Note 7 for discussion of our realigned operating divisions.
|
|
| Summary of Remaining Performance Obligation by Operating Segment |
The following table summarizes our remaining performance obligations by operating segment at March 31, 2020 (in thousands):
|
Segment
|
|
Performance
Obligations
|
|
|
Shipyard(1)
|
|
$
|
449,258
|
|
|
Fabrication & Services
|
|
|
29,191
|
|
|
Total
|
|
$
|
478,449
|
|
|
|
(1)
|
Amount excludes approximately $21.9 million of remaining performance obligations related to contracts for the construction of two MPSVs that are subject to dispute pursuant to termination notices from our customer. See Note 5 for further discussion of these contracts.
|
We expect to recognize revenue for our remaining performance obligations at March 31, 2020, in the following periods (in thousands):
|
Year
|
|
Performance
Obligations
|
|
|
Remainder 2020
|
|
$
|
144,680
|
|
|
2021
|
|
|
183,269
|
|
|
2022
|
|
|
127,841
|
|
|
Thereafter
|
|
|
22,659
|
|
|
Total
|
|
$
|
478,449
|
|
|
| Summary of Contract with Customer, Asset and Liability |
Information with respect to uncompleted contracts at March 31, 2020 and December 31, 2019 is as follows (in thousands):
|
|
|
March 31,
|
|
|
December 31,
|
|
|
|
|
2020
|
|
|
2019
|
|
|
Contract assets
|
|
$
|
64,905
|
|
|
$
|
52,128
|
|
|
Contract liabilities(1), (2), (3)
|
|
|
(11,571
|
)
|
|
|
(26,271
|
)
|
|
Contracts in progress, net
|
|
$
|
53,334
|
|
|
$
|
25,857
|
|
|
|
(1)
|
The decrease in contract liabilities compared to December 31, 2019, was primarily due to the unwind of advance payments on three projects in our Shipyard Division and two projects in our Fabrication & Services Division.
|
|
|
(2)
|
Revenue recognized during the three months ended March 31, 2020 and 2019 related to amounts included in our contract liabilities balance at December 31, 2019 and 2018, was $17.0 million and $13.5 million, respectively.
|
|
|
(3)
|
Contract liabilities at March 31, 2020 and December 31, 2019, includes accrued contract losses of $4.6 million and $6.4 million, respectively. See "Project Changes in Estimates" below for further discussion of our accrued contract losses.
|
|