REVENUE, CONTRACT ASSETS AND LIABILITIES AND OTHER CONTRACT MATTERS (Tables)
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3 Months Ended |
Mar. 31, 2019 |
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| Revenue from Contract with Customer [Abstract] |
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| 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, 2019 and 2018 (in thousands):
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Three Months Ended March 31, 2019 |
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Fabrication |
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Shipyard |
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Services |
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Eliminations |
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Total |
Contract Type |
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Fixed-price and unit-rate (1)
|
$ |
12,631 |
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|
$ |
33,626 |
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|
$ |
6,231 |
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|
$ |
(614 |
) |
|
$ |
51,874 |
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T&M (2)
|
— |
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|
2,961 |
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|
10,622 |
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|
— |
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|
13,583 |
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Other |
— |
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— |
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2,749 |
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(601 |
) |
|
2,148 |
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Total |
$ |
12,631 |
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|
$ |
36,587 |
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|
$ |
19,602 |
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|
$ |
(1,215 |
) |
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$ |
67,605 |
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Three Months Ended March 31, 2018 |
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Fabrication |
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Shipyard |
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Services |
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Eliminations |
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Total |
Contract Type |
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Fixed-price and unit-rate (1)
|
$ |
17,343 |
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$ |
17,222 |
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|
$ |
10,290 |
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|
$ |
(453 |
) |
|
$ |
44,402 |
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T&M (2)
|
— |
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|
1,343 |
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|
10,585 |
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|
— |
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|
11,928 |
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Other |
— |
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— |
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|
995 |
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(35 |
) |
|
960 |
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Total |
$ |
17,343 |
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|
$ |
18,565 |
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|
$ |
21,870 |
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|
$ |
(488 |
) |
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$ |
57,290 |
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(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.
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| Revenue, Remaining Performance Obligation |
A summary of our remaining performance obligations by operating segment at March 31, 2019 is as follows (in thousands).
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Segment |
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Performance Obligations at March 31, 2019 |
Fabrication |
|
$ |
71,144 |
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Shipyard (1) (2)
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|
226,250 |
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Services |
|
15,397 |
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Total |
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$ |
312,791 |
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_____________
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(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 a termination notice from our customer. See Note 5 for further discussion of these contracts.
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(2) |
Amount excludes remaining performance obligations related to contract awards in April 2019 for the construction of a regional class marine research vessel (approximately $70.0 million) and two towing, salvage and rescue ships (approximately $129.0 million).
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We expect to recognize revenue for our remaining performance obligations at March 31, 2019 in the following periods (in thousands):
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Year |
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Total |
Remainder of 2019 |
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$ |
180,172 |
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2020 |
|
101,924 |
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2021 |
|
29,825 |
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Thereafter |
|
$ |
870 |
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Total |
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$ |
312,791 |
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| Contract with Customer, Asset and Liability [Table Text Block] |
Contract assets and contract liabilities included in our Balance Sheet at March 31, 2019 and December 31, 2018, are as follows (in thousands):
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March 31, |
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December 31, |
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2019 |
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2018 |
Contract assets |
$ |
38,707 |
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|
$ |
29,982 |
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Contract liabilities (1), (2), (3)
|
(9,234 |
) |
|
(16,845 |
) |
Contracts in progress, net |
$ |
29,473 |
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|
$ |
13,137 |
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______________
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(1) |
The decrease in contract liabilities compared to December 31, 2018, was primarily due to the unwind of advance payments on two separate projects in our Fabrication and Shipyard Divisions.
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(2) |
Revenue recognized during the three months ended March 31, 2019 and 2018 related to amounts included in our contract liabilities balance at December 31, 2018 and 2017, was $13.5 million and $4.3 million, respectively.
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(3) |
Contract liabilities at March 31, 2019 and December 31, 2018, includes accrued contract losses of $1.5 million and $2.4 million, respectively. See "Project Changes in Estimates" below for further discussion of our accrued contract losses.
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