Revenue, Contract Assets and Liabilities and Other Contract Matters (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
|---|
| 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 2019, 2018 and 2017 (in thousands):
|
|
|
2019
|
|
|
|
|
Fabrication
|
|
|
Shipyard
|
|
|
Services
|
|
|
Eliminations
|
|
|
Total
|
|
|
Contract Type
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed-price and unit-rate (1)
|
|
$
|
70,052
|
|
|
$
|
152,590
|
|
|
$
|
30,147
|
|
|
$
|
(5,169
|
)
|
|
$
|
247,620
|
|
|
T&M (2)
|
|
|
—
|
|
|
|
6,627
|
|
|
|
41,014
|
|
|
|
—
|
|
|
|
47,641
|
|
|
Other
|
|
|
—
|
|
|
|
—
|
|
|
|
10,545
|
|
|
|
(2,498
|
)
|
|
|
8,047
|
|
|
Total
|
|
$
|
70,052
|
|
|
$
|
159,217
|
|
|
$
|
81,706
|
|
|
$
|
(7,667
|
)
|
|
$
|
303,308
|
|
|
|
|
2018
|
|
|
|
|
Fabrication
|
|
|
Shipyard
|
|
|
Services
|
|
|
Eliminations
|
|
|
Total
|
|
|
Contract Type
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed-price and unit-rate (1)
|
|
$
|
40,420
|
|
|
$
|
88,887
|
|
|
$
|
38,612
|
|
|
$
|
(2,414
|
)
|
|
$
|
165,505
|
|
|
T&M (2)
|
|
|
—
|
|
|
|
7,537
|
|
|
|
43,481
|
|
|
|
—
|
|
|
|
51,018
|
|
|
Other
|
|
|
—
|
|
|
|
—
|
|
|
|
6,137
|
|
|
|
(1,413
|
)
|
|
|
4,724
|
|
|
Total
|
|
$
|
40,420
|
|
|
$
|
96,424
|
|
|
$
|
88,230
|
|
|
$
|
(3,827
|
)
|
|
$
|
221,247
|
|
|
|
|
2017
|
|
|
|
|
Fabrication
|
|
|
Shipyard
|
|
|
Services
|
|
|
Eliminations
|
|
|
Total
|
|
|
Contract Type
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed-price and unit-rate (1)
|
|
$
|
58,078
|
|
|
$
|
47,787
|
|
|
$
|
28,465
|
|
|
$
|
(5,096
|
)
|
|
$
|
129,234
|
|
|
T&M (2)
|
|
|
—
|
|
|
|
4,912
|
|
|
|
35,180
|
|
|
|
—
|
|
|
|
40,092
|
|
|
Other
|
|
|
—
|
|
|
|
—
|
|
|
|
1,800
|
|
|
|
(104
|
)
|
|
|
1,696
|
|
|
Total
|
|
$
|
58,078
|
|
|
$
|
52,699
|
|
|
$
|
65,445
|
|
|
$
|
(5,200
|
)
|
|
$
|
171,022
|
|
|
|
(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 December 31, 2019 (in thousands).
|
Segment
|
|
Performance
Obligations
|
|
|
Fabrication
|
|
$
|
50,145
|
|
|
Shipyard (1)
|
|
|
352,081
|
|
|
Services
|
|
|
13,212
|
|
|
Total
|
|
$
|
415,438
|
|
|
|
(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 notices of termination from our customer. See Note 8 for further discussion of these contracts.
|
We expect to recognize revenue for our remaining performance obligations at December 31, 2019, in the following periods (in thousands):
|
Year
|
|
Total
|
|
|
2020
|
|
$
|
211,310
|
|
|
2021
|
|
|
108,252
|
|
|
2022 and beyond
|
|
|
95,876
|
|
|
Total
|
|
$
|
415,438
|
|
|
| Summary of Contract with Customer, Asset and Liability |
Information with respect to uncompleted contracts at December 31, 2019 and 2018 is as follows (in thousands):
|
|
|
December 31,
|
|
|
|
|
2019
|
|
|
2018
|
|
|
Costs incurred on uncompleted contracts
|
|
$
|
386,932
|
|
|
$
|
256,239
|
|
|
Estimated loss incurred to date
|
|
|
(48,895
|
)
|
|
|
(35,470
|
)
|
|
Sub-total
|
|
|
338,037
|
|
|
|
220,769
|
|
|
Billings to date
|
|
|
(295,136
|
)
|
|
|
(190,588
|
)
|
|
Deferred revenue (1)
|
|
|
(4,592
|
)
|
|
|
(4,592
|
)
|
|
Total
|
|
$
|
38,309
|
|
|
$
|
25,589
|
|
|
|
(1)
|
Deferred revenue is included within other noncurrent assets as further discussed below.
|
The above amounts are included within the following captions in our Balance Sheet at December 31, 2019 and 2018 (in thousands):
|
|
|
December 31,
|
|
|
|
|
2019
|
|
|
2018
|
|
|
Contract assets
|
|
$
|
52,128
|
|
|
$
|
29,982
|
|
|
Contract liabilities (1), (2), (3)
|
|
|
(26,271
|
)
|
|
|
(16,845
|
)
|
|
Sub-total
|
|
|
25,857
|
|
|
|
13,137
|
|
|
Contract assets, noncurrent (1)
|
|
|
12,452
|
|
|
|
12,452
|
|
|
Total
|
|
$
|
38,309
|
|
|
$
|
25,589
|
|
|
|
(1)
|
The increase in contract liabilities compared to December 31, 2018, was primarily due to advance payments on a project in our Shipyard Division and three projects in our Fabrication Division and an increase in accrued contract losses, offset partially by the unwind of advance payments on a project in our Fabrication Division as a result of project progress. Contract assets, noncurrent at December 31, 2019 and 2018 consisted of our contract asset, accrued contract losses, and deferred revenue balances at the time of our customer’s purported termination of our two MPSV contracts. See Note 8 for further discussion of these contracts.
|
|
|
(2)
|
Revenue recognized during 2019 and 2018 related to amounts included in our contract liabilities balance at December 31, 2018 and 2017, was $14.3 million and $5.1 million, respectively.
|
|
|
(3)
|
Contract liabilities at December 31, 2019 and 2018, includes accrued contract losses of $6.4 million and $2.4 million, respectively. See "Project Changes in Estimates" below for further discussion of our accrued contract losses.
|
|
| Schedules of Concentration of Risk, by Risk Factor |
However, for 2019, 2018 and 2017, certain customers individually accounted for 10% or more of our consolidated revenue as follows (in thousands):
|
Customer
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
A
|
|
$
|
52,310
|
|
|
*
|
|
|
*
|
|
|
B
|
|
|
39,897
|
|
|
*
|
|
|
*
|
|
|
C
|
|
|
36,175
|
|
|
|
49,123
|
|
|
|
21,781
|
|
|
D
|
|
|
34,448
|
|
|
*
|
|
|
*
|
|
|
E
|
|
*
|
|
|
|
25,873
|
|
|
*
|
|
|
F
|
|
*
|
|
|
|
23,279
|
|
|
*
|
|
|
G
|
|
*
|
|
|
*
|
|
|
|
44,724
|
|
|
|
*
|
The customer revenue was less than 10% of consolidated revenue for the year.
|
|