| Summary of Disaggregation of Revenue |
The following tables summarize revenue for each of our operating segments, disaggregated by contract type, for the three and nine months ended September 30, 2020 and 2019 (in thousands):
|
|
|
Three Months Ended September 30, 2020
|
|
|
Contract Type
|
|
Shipyard
|
|
|
F&S
|
|
|
Eliminations
|
|
|
Total
|
|
|
Fixed-price and unit-rate(1)
|
|
$
|
36,962
|
|
|
$
|
10,464
|
|
|
$
|
(20
|
)
|
|
$
|
47,406
|
|
|
T&M(2)
|
|
|
116
|
|
|
|
5,800
|
|
|
|
—
|
|
|
|
5,916
|
|
|
Other
|
|
|
—
|
|
|
|
1,973
|
|
|
|
(426
|
)
|
|
|
1,547
|
|
|
Total
|
|
$
|
37,078
|
|
|
$
|
18,237
|
|
|
$
|
(446
|
)
|
|
$
|
54,869
|
|
|
|
|
Nine Months Ended September 30, 2020
|
|
|
Contract Type
|
|
Shipyard
|
|
|
F&S
|
|
|
Eliminations
|
|
|
Total
|
|
|
Fixed-price and unit-rate(1)
|
|
$
|
114,777
|
|
|
$
|
55,874
|
|
|
$
|
(344
|
)
|
|
$
|
170,307
|
|
|
T&M(2)
|
|
|
1,748
|
|
|
|
17,180
|
|
|
|
—
|
|
|
|
18,928
|
|
|
Other
|
|
|
—
|
|
|
|
5,232
|
|
|
|
(1,069
|
)
|
|
|
4,163
|
|
|
Total
|
|
$
|
116,525
|
|
|
$
|
78,286
|
|
|
$
|
(1,413
|
)
|
|
$
|
193,398
|
|
|
|
|
Three Months Ended September 30, 2019(3)
|
|
|
Contract Type
|
|
Shipyard
|
|
|
F&S
|
|
|
Eliminations
|
|
|
Total
|
|
|
Fixed-price and unit-rate(1)
|
|
$
|
42,015
|
|
|
$
|
21,993
|
|
|
$
|
299
|
|
|
$
|
64,307
|
|
|
T&M(2)
|
|
|
1,308
|
|
|
|
9,442
|
|
|
|
—
|
|
|
|
10,750
|
|
|
Other
|
|
|
—
|
|
|
|
1,246
|
|
|
|
(501
|
)
|
|
|
745
|
|
|
Total
|
|
$
|
43,323
|
|
|
$
|
32,681
|
|
|
$
|
(202
|
)
|
|
$
|
75,802
|
|
|
|
|
Nine Months Ended September 30, 2019(3)
|
|
|
Contract Type
|
|
Shipyard
|
|
|
F&S
|
|
|
Eliminations
|
|
|
Total
|
|
|
Fixed-price and unit-rate(1)
|
|
$
|
115,558
|
|
|
$
|
66,806
|
|
|
$
|
(277
|
)
|
|
$
|
182,087
|
|
|
T&M(2)
|
|
|
5,229
|
|
|
|
30,403
|
|
|
|
—
|
|
|
|
35,632
|
|
|
Other
|
|
|
—
|
|
|
|
6,717
|
|
|
|
(573
|
)
|
|
|
6,144
|
|
|
Total
|
|
$
|
120,787
|
|
|
$
|
103,926
|
|
|
$
|
(850
|
)
|
|
$
|
223,863
|
|
|
|
(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.
|
|
|
(3)
|
See Note 7 for discussion of our realigned operating divisions.
|
|
| Summary of Remaining Performance Obligation by Operating Segment |
The following table summarizes our remaining performance obligations by operating segment at September 30, 2020 (in thousands):
|
Segment
|
|
Performance
Obligations
|
|
|
Shipyard(1)
|
|
$
|
381,018
|
|
|
Fabrication & Services
|
|
|
26,161
|
|
|
Total
|
|
$
|
407,179
|
|
|
|
(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 termination notices from our customer. See Note 5 for further discussion of these contracts.
|
|
We expect to recognize revenue for our remaining performance obligations at September 30, 2020, in the following periods (in thousands):
|
Year
|
|
Performance
Obligations
|
|
|
Remainder of 2020
|
|
$
|
46,619
|
|
|
2021
|
|
|
215,161
|
|
|
2022
|
|
|
121,848
|
|
|
Thereafter
|
|
|
23,551
|
|
|
Total
|
|
$
|
407,179
|
|
|
| Summary of Contract with Customer, Asset and Liability |
Information with respect to uncompleted contracts at September 30, 2020 and December 31, 2019 is as follows (in thousands):
|
|
|
September 30,
|
|
|
December 31,
|
|
|
|
|
2020
|
|
|
2019
|
|
|
Contract assets(1)
|
|
$
|
72,359
|
|
|
$
|
52,128
|
|
|
Contract liabilities(1), (2), (3)
|
|
|
(20,177
|
)
|
|
|
(26,271
|
)
|
|
Contracts in progress, net
|
|
$
|
52,182
|
|
|
$
|
25,857
|
|
|
|
(1)
|
The increase in contract assets compared to December 31, 2019, was primarily due to increased unbilled positions for four projects in our Shipyard Division and one project in our Fabrication & Services Division. The decrease in contract liabilities compared to December 31, 2019, was primarily due to the unwind of advance payments on a project in our Shipyard Division and two projects in our Fabrication & Services Division, offset partially by advance payments on two projects in our Shipyard Division.
|
|
|
(2)
|
Revenue recognized during the three months ended September 30, 2020 and 2019, related to amounts included in our contract liabilities balance at June 30, 2020 and 2019, was $11.4 million and $8.5 million, respectively. Revenue recognized during the nine months ended September 30, 2020 and 2019, related to amounts included in our contract liabilities balance at December 31, 2019 and 2018, was $19.7 million and $14.3 million, respectively.
|
|
|
(3)
|
Contract liabilities at September 30, 2020 and December 31, 2019, includes accrued contract losses of $5.4 million and $6.4 million, respectively. See "Changes in Project Estimates" below for further discussion of our accrued contract losses.
|
|