Revenue, Contract Assets and Liabilities and Other Contract Matters (Tables)
|
3 Months Ended |
Mar. 31, 2022 |
|---|
| 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, 2022 and 2021 (in thousands):
|
|
|
Three Months Ended March 31, 2022
|
|
|
|
|
Services
|
|
|
Fabrication
|
|
|
Shipyard
|
|
|
Eliminations
|
|
|
Total
|
|
|
Fixed-price and unit-rate(1)
|
|
$
|
1,609
|
|
|
$
|
5,044
|
|
|
$
|
2,497
|
|
|
$
|
(1
|
)
|
|
$
|
9,149
|
|
|
T&M(2)
|
|
|
18,463
|
|
|
|
573
|
|
|
|
—
|
|
|
|
—
|
|
|
|
19,036
|
|
|
Other
|
|
|
592
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(91
|
)
|
|
|
501
|
|
|
Total
|
|
$
|
20,664
|
|
|
$
|
5,617
|
|
|
$
|
2,497
|
|
|
$
|
(92
|
)
|
|
$
|
28,686
|
|
|
|
|
Three Months Ended March 31, 2021
|
|
|
|
|
Services
|
|
|
Fabrication
|
|
|
Shipyard
|
|
|
Eliminations
|
|
|
Total
|
|
|
Fixed-price and unit-rate(1)
|
|
$
|
321
|
|
|
$
|
11,018
|
|
|
$
|
5,130
|
|
|
$
|
(190
|
)
|
|
$
|
16,279
|
|
|
T&M(2)
|
|
|
5,551
|
|
|
|
718
|
|
|
|
—
|
|
|
|
—
|
|
|
|
6,269
|
|
|
Other
|
|
|
1,634
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(397
|
)
|
|
|
1,237
|
|
|
Total
|
|
$
|
7,506
|
|
|
$
|
11,736
|
|
|
$
|
5,130
|
|
|
$
|
(587
|
)
|
|
$
|
23,785
|
|
|
|
(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.
|
|
| Summary of Remaining Performance Obligation by Operating Segment |
The following table summarizes our remaining performance obligations by operating segment at March 31, 2022 (in thousands):
|
|
|
Performance
Obligations
|
|
|
Services
|
|
$
|
1,237
|
|
|
Fabrication
|
|
|
7,027
|
|
|
Shipyard
|
|
|
7,611
|
|
|
Total
|
|
$
|
15,875
|
|
|
| Summary of Contract with Customer, Asset and Liability |
Information with respect to contracts that were incomplete at March 31, 2022 and December 31, 2021, is as follows (in thousands):
|
|
|
March 31,
|
|
|
December 31,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
Contract assets(1), (2)
|
|
$
|
2,694
|
|
|
$
|
4,759
|
|
|
Contract liabilities(3), (4), (5)
|
|
|
(4,198
|
)
|
|
|
(6,648
|
)
|
|
Contracts in progress, net
|
|
$
|
(1,504
|
)
|
|
$
|
(1,889
|
)
|
|
|
(1)
|
The decrease in contract assets compared to December 31, 2021, was primarily due to decreased unbilled positions on various projects within our Fabrication Division.
|
|
|
(2)
|
Contract assets at March 31, 2022 and December 31, 2021, excludes $4.3 million and $2.3 million, respectively, associated with revenue recognized in excess of amounts billed for which we have an unconditional right to the consideration. Such amounts are reflected within contract receivables.
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|
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(3)
|
The decrease in contract liabilities compared to December 31, 2021, was primarily due to a decrease in accrued contract losses and the unwind of advance payments on our forty-vehicle ferry projects within our Shipyard Division.
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|
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(4)
|
Revenue recognized during the three months ended March 31, 2022 and 2021, related to amounts included in our contract liabilities balance at December 31, 2021 and 2020, was $2.1 million and $1.8 million, respectively.
|
|
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(5)
|
Contract liabilities at March 31, 2022 and December 31, 2021, includes accrued contract losses of $2.9 million and $3.9 million, respectively. See “Changes in Project Estimates” below for further discussion of our accrued contract losses.
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