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)

v3.23.1
Revenue, Contract Assets and Liabilities and Other Contract Matters - Summary of Contract with Customer, Asset and Liability (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Revenue from Contract with Customer [Abstract]    
Costs incurred on uncompleted contracts $ 112,693 $ 103,315
Estimated loss incurred to date (12,610) (7,807)
Sub-total 100,083 95,508
Billings to date (103,440) (97,397)
Total (3,357) (1,889)
Contract assets [1],[2] 4,839 4,759
Contract liabilities [3],[4],[5] $ (8,196) $ (6,648)
[1] Contract assets at December 31, 2022 and 2021, excluded $3.6 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. The increase compared to December 31, 2021, was primarily due to a customer for our Services Division.
[2] The increase in contract assets compared to December 31, 2021, was primarily due to increased unbilled positions on various projects for our Fabrication Division and our two forty-vehicle ferry projects for our Shipyard Division, offset partially by a decreased unbilled position on our seventy-vehicle ferry project for our Shipyard Division.
[3] Contract liabilities at December 31, 2022 and 2021, includes accrued contract losses of $1.6 million and $3.9 million, respectively. See “Changes in Project Estimates” below for further discussion of our accrued contract losses.
[4] Revenue recognized during 2022 and 2021, related to amounts included in our contract liabilities balance at December 31, 2021 and 2020, was $2.7 million and $3.7 million, respectively.
[5] The increase in contract liabilities compared to December 31, 2021, was primarily due to an increase in advance billings on our offshore jackets project for our Fabrication Division and seventy-vehicle ferry project for our Shipyard Division, offset partially by a decrease in accrued contract losses and the unwind of advance payments on our two forty-vehicle ferry projects for our Shipyard Division.