Quarterly report pursuant to Section 13 or 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
Jun. 30, 2024
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]    
Contract assets [1],[2] $ 2,221 $ 2,739
Contract liabilities [3],[4],[5] (4,129) (5,470)
Contracts in progress, net $ (1,908) $ (2,731)
[1] Contract assets at June 30, 2024 and December 31, 2023, excluded $4.4 million and $6.0 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 decrease from December 31, 2023 to June 30, 2024, was primarily due to lower unbilled positions on various projects for our Services Division.
[2] The decrease in contract assets from December 31, 2023 to June 30, 2024, was primarily due to lower unbilled positions on various projects for our Fabrication Division.
[3] Contract liabilities at June 30, 2024 and December 31, 2023, includes accrued contract losses of $0.4 million and $0.4 million, respectively, primarily related to our Ferry Projects for our Shipyard Division.
[4] Revenue recognized during the three months ended June 30, 2024 and 2023, from amounts included in our contract liabilities balance at March 31, 2024 and 2023 was $0.8 million and $2.3 million, respectively. Revenue recognized during the six months ended June 30, 2024 and 2023, from amounts included in our contract liabilities balance at December 31, 2023 and 2022 was $4.6 million and $6.1 million, respectively.
[5] The decrease in contract liabilities from December 31, 2023 to June 30, 2024, was primarily due to lower advance billings on various projects for our Fabrication Division.