Quarterly report pursuant to Section 13 or 15(d)

Revenue, Contract Assets and Liabilities and Other Contract Matters (Tables)

v3.22.1
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.

 

(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.

 

(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.

 

(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.