Annual report pursuant to Section 13 and 15(d)

Revenue, Contract Assets and Liabilities and Other Contract Matters - Summary of Contract with Customer, Asset and Liability (Details)

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Revenue, Contract Assets and Liabilities and Other Contract Matters - Summary of Contract with Customer, Asset and Liability (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]    
Costs incurred to date $ 117,274 $ 112,693
Estimated losses incurred to date (12,735) (12,610)
Sub-total 104,539 100,083
Billings to date (107,270) (103,440)
Total (2,731) (3,357)
Contract assets [1],[2] 2,739 4,839
Contract liabilities [3],[4],[5] $ (5,470) $ (8,196)
[1] Contract assets at December 31, 2023 and 2022, excluded $6.0 million and $3.6 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. The increase from December 31, 2022 to December 31, 2023, was primarily due to a customer for our Services Division.
[2] The decrease in contract assets from December 31, 2022 to December 31, 2023, was primarily due to decreased unbilled positions on our forty-vehicle ferry projects for our Shipyard Division.
[3] Contract liabilities at December 31, 2023 and 2022, included accrued contract losses of $0.4 million and $1.6 million, respectively, primarily related to projects for our Shipyard Division. See “Changes in Project Estimates” below for further discussion of our accrued contract losses.
[4] Revenue recognized during 2023 and 2022, related to amounts included in our contract liabilities balance at December 31, 2022 and 2021, was $6.6 million and $2.7 million, respectively.
[5] The decrease in contract liabilities from December 31, 2022 to December 31, 2023, was primarily due to a decrease in advance billings on our cancelled offshore jackets project for our Fabrication Division and accrued contract losses for our Shipyard Division, offset partially by an increase in advance billings on various other projects for our Fabrication Division.