| Summary of Disaggregation of Revenue |
The following tables summarize revenue for each of our operating segments, disaggregated by contract type, for the three and six months ended June 30, 2021 and 2020 (in thousands):
|
|
|
Three Months Ended June 30, 2021
|
|
|
Contract Type
|
|
F&S
|
|
|
Shipyard
|
|
|
Eliminations
|
|
|
Total
|
|
|
Fixed-price and unit-rate(1)
|
|
$
|
11,041
|
|
|
$
|
3,129
|
|
|
$
|
—
|
|
|
$
|
14,170
|
|
|
T&M(2)
|
|
|
9,254
|
|
|
|
—
|
|
|
|
—
|
|
|
|
9,254
|
|
|
Other
|
|
|
932
|
|
|
|
—
|
|
|
|
(88
|
)
|
|
|
844
|
|
|
Total
|
|
$
|
21,227
|
|
|
$
|
3,129
|
|
|
$
|
(88
|
)
|
|
$
|
24,268
|
|
|
|
|
Six Months Ended June 30, 2021
|
|
|
Contract Type
|
|
F&S
|
|
|
Shipyard
|
|
|
Eliminations
|
|
|
Total
|
|
|
Fixed-price and unit-rate(1)
|
|
$
|
22,198
|
|
|
$
|
8,259
|
|
|
$
|
(8
|
)
|
|
$
|
30,449
|
|
|
T&M(2)
|
|
|
15,523
|
|
|
|
—
|
|
|
|
—
|
|
|
|
15,523
|
|
|
Other
|
|
|
2,566
|
|
|
|
—
|
|
|
|
(485
|
)
|
|
|
2,081
|
|
|
Total
|
|
$
|
40,287
|
|
|
$
|
8,259
|
|
|
$
|
(493
|
)
|
|
$
|
48,053
|
|
|
|
|
Three Months Ended June 30, 2020
|
|
|
Contract Type
|
|
F&S
|
|
|
Shipyard
|
|
|
Eliminations
|
|
|
Total
|
|
|
Fixed-price and unit-rate(1)
|
|
$
|
20,853
|
|
|
$
|
5,902
|
|
|
$
|
(239
|
)
|
|
$
|
26,516
|
|
|
T&M(2)
|
|
|
4,455
|
|
|
|
—
|
|
|
|
—
|
|
|
|
4,455
|
|
|
Other
|
|
|
1,298
|
|
|
|
—
|
|
|
|
(281
|
)
|
|
|
1,017
|
|
|
Total
|
|
$
|
26,606
|
|
|
$
|
5,902
|
|
|
$
|
(520
|
)
|
|
$
|
31,988
|
|
|
|
|
Six Months Ended June 30, 2020
|
|
|
Contract Type
|
|
F&S
|
|
|
Shipyard
|
|
|
Eliminations
|
|
|
Total
|
|
|
Fixed-price and unit-rate(1)
|
|
$
|
45,410
|
|
|
$
|
10,585
|
|
|
$
|
(324
|
)
|
|
$
|
55,671
|
|
|
T&M(2)
|
|
|
11,380
|
|
|
|
—
|
|
|
|
—
|
|
|
|
11,380
|
|
|
Other
|
|
|
3,259
|
|
|
|
—
|
|
|
|
(643
|
)
|
|
|
2,616
|
|
|
Total
|
|
$
|
60,049
|
|
|
$
|
10,585
|
|
|
$
|
(967
|
)
|
|
$
|
69,667
|
|
|
|
(1)
|
Revenue is recognized as the contract progresses 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 June 30, 2021 (in thousands):
|
Segment
|
|
Performance
Obligations
|
|
|
Fabrication & Services
|
|
$
|
9,326
|
|
|
Shipyard
|
|
|
14,588
|
|
|
Total(1)
|
|
$
|
23,914
|
|
|
|
(1)
|
We expect to recognize revenue of approximately $17.6 million and $6.3 million for the remainder of 2021 and thereafter, respectively, associated with our remaining performance obligations at June 30, 2021.
|
|
| Summary of Contract with Customer, Asset and Liability |
Information with respect to contracts that were incomplete at June 30, 2021 and December 31, 2020 is as follows (in thousands):
|
|
|
June 30,
|
|
|
December 31,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
Contract assets(1)
|
|
$
|
2,371
|
|
|
$
|
5,098
|
|
|
Contract liabilities(2), (3), (4)
|
|
|
(8,206
|
)
|
|
|
(10,262
|
)
|
|
Contracts in progress, net
|
|
$
|
(5,835
|
)
|
|
$
|
(5,164
|
)
|
|
|
(1)
|
The decrease in contract assets compared to December 31, 2020, was primarily due to decreased unbilled positions for various projects within our Fabrication & Services Division and our seventy-vehicle ferry project within our Shipyard Division.
|
|
|
(2)
|
The decrease in contract liabilities compared to December 31, 2020, was primarily due to a decrease in accrued contract losses and the unwind of advance payments on our two forty-vehicle ferry projects within our Shipyard Division.
|
|
|
(3)
|
Revenue recognized during the three months ended June 30, 2021 and 2020, related to amounts included in our contract liabilities balance at March 31, 2021 and 2020, was $2.8 million and $4.0 million, respectively. Revenue recognized during the six months ended June 30, 2021 and 2020, related to amounts included in our contract liabilities balance at December 31, 2020 and 2019, was $2.8 million and $8.6 million, respectively.
|
|
|
(4)
|
Contract liabilities at June 30, 2021 and December 31, 2020, includes accrued contract losses of $4.8 million and $5.4 million, respectively. See “Changes in Project Estimates” below for further discussion of our accrued contract losses.
|
|