Revenue, Contract Assets and Liabilities and Other Contract Matters (Tables)
|
12 Months Ended |
Dec. 31, 2021 |
|---|
| 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 2021 and 2020 thousands):
|
|
|
Year ended December 31, 2021
|
|
|
|
|
F&S
|
|
|
Shipyard
|
|
|
Eliminations
|
|
|
Total
|
|
|
Fixed-price and unit-rate (1)
|
|
$
|
40,480
|
|
|
$
|
12,778
|
|
|
$
|
(8
|
)
|
|
$
|
53,250
|
|
|
T&M (2)
|
|
|
36,555
|
|
|
|
100
|
|
|
|
—
|
|
|
|
36,655
|
|
|
Other
|
|
|
4,048
|
|
|
|
—
|
|
|
|
(501
|
)
|
|
|
3,547
|
|
|
Total
|
|
$
|
81,083
|
|
|
$
|
12,878
|
|
|
$
|
(509
|
)
|
|
$
|
93,452
|
|
|
|
|
Year Ended December 31, 2020
|
|
|
|
|
F&S
|
|
|
Shipyard
|
|
|
Eliminations
|
|
|
Total
|
|
|
Fixed-price and unit-rate (1)
|
|
$
|
66,790
|
|
|
$
|
20,468
|
|
|
$
|
(148
|
)
|
|
$
|
87,110
|
|
|
T&M (2)
|
|
|
25,294
|
|
|
|
—
|
|
|
|
(388
|
)
|
|
|
24,906
|
|
|
Other
|
|
|
7,401
|
|
|
|
—
|
|
|
|
(1,688
|
)
|
|
|
5,713
|
|
|
Total
|
|
$
|
99,485
|
|
|
$
|
20,468
|
|
|
$
|
(2,224
|
)
|
|
$
|
117,729
|
|
|
|
(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, 2021 (in thousands):
|
|
|
Performance
Obligations
|
|
|
F&S
|
|
$
|
6,847
|
|
|
Shipyard
|
|
|
10,223
|
|
|
Total (1)
|
|
$
|
17,070
|
|
|
|
(1)
|
We expect to recognize all of our performance obligations at December 31, 2021, as revenue in 2022.
|
|
| Summary of Contract with Customer, Asset and Liability |
Information with respect to contracts that were incomplete at December 31, 2021 and 2020, is as follows (in thousands):
|
|
|
December 31,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
Costs incurred on uncompleted contracts
|
|
$
|
103,315
|
|
|
$
|
71,198
|
|
|
Estimated loss incurred to date
|
|
|
(7,807
|
)
|
|
|
(10,290
|
)
|
|
Sub-total
|
|
|
95,508
|
|
|
|
60,908
|
|
|
Billings to date
|
|
|
(97,397
|
)
|
|
|
(66,072
|
)
|
|
Total
|
|
$
|
(1,889
|
)
|
|
$
|
(5,164
|
)
|
The above amounts are included within the following captions on our Balance Sheet at December 31, 2021 and 2020 (in thousands):
|
|
|
December 31,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
Contract assets (1), (2)
|
|
$
|
4,759
|
|
|
$
|
5,098
|
|
|
Contract liabilities (3), (4), (5)
|
|
|
(6,648
|
)
|
|
|
(10,262
|
)
|
|
Total
|
|
$
|
(1,889
|
)
|
|
$
|
(5,164
|
)
|
|
|
(1)
|
The decrease in contract assets compared to December 31, 2020, was primarily due to decreased unbilled position on our seventy-vehicle ferry project within our Shipyard Division, offset partially by increased unbilled positions for various projects within our Fabrication & Services Division.
|
|
|
(2)
|
Contract assets at December 31, 2021 and 2020, excludes $1.1 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.
|
|
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(3)
|
The decrease in contract liabilities compared to December 31, 2020, was primarily due to the unwind of advance payments on our two forty-vehicle ferry projects and decrease in accrued contract losses on our seventy-vehicle ferry and two forty-vehicle ferry projects within our Shipyard Division.
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|
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(4)
|
Revenue recognized during 2021 and 2020 related to amounts included in our contract liabilities balance at December 31, 2020 and 2019, was $3.7 million and $9.9 million, respectively.
|
|
|
(5)
|
Contract liabilities at December 31, 2021 and 2020, includes accrued contract losses of $3.9 million and $5.4 million, respectively. See “Changes in Project Estimates” below for further discussion of our accrued contract losses.
|
|
| Schedules of Concentration of Risk, by Risk Factor |
The following table summarizes revenue for customers that accounted for 10% or more of our consolidated revenue for 2021 and 2020 (in thousands):
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|
|
Years Ended December 31,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
Customer A
|
|
$
|
41,057
|
|
|
$
|
22,793
|
|
|
Customer B
|
|
|
9,576
|
|
|
|
14,559
|
|
|
Customer C
|
|
*
|
|
|
|
22,463
|
|
|
|
*
|
The customer revenue was less than 10% of consolidated revenue for the year.
|
|