| 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, 2021 and 2020 (in thousands):
|
|
|
Three Months Ended September 30, 2021
|
|
|
Contract Type
|
|
F&S
|
|
|
Shipyard
|
|
|
Eliminations
|
|
|
Total
|
|
|
Fixed-price and unit-rate(1)
|
|
$
|
8,188
|
|
|
$
|
2,202
|
|
|
$
|
—
|
|
|
$
|
10,390
|
|
|
T&M(2)
|
|
|
8,427
|
|
|
|
100
|
|
|
|
—
|
|
|
|
8,527
|
|
|
Other
|
|
|
670
|
|
|
|
—
|
|
|
|
—
|
|
|
|
670
|
|
|
Total
|
|
$
|
17,285
|
|
|
$
|
2,302
|
|
|
$
|
—
|
|
|
$
|
19,587
|
|
|
|
|
Nine Months Ended September 30, 2021
|
|
|
Contract Type
|
|
F&S
|
|
|
Shipyard
|
|
|
Eliminations
|
|
|
Total
|
|
|
Fixed-price and unit-rate(1)
|
|
$
|
30,386
|
|
|
$
|
10,461
|
|
|
$
|
(8
|
)
|
|
$
|
40,839
|
|
|
T&M(2)
|
|
|
23,950
|
|
|
|
100
|
|
|
|
—
|
|
|
|
24,050
|
|
|
Other
|
|
|
3,236
|
|
|
|
—
|
|
|
|
(485
|
)
|
|
|
2,751
|
|
|
Total
|
|
$
|
57,572
|
|
|
$
|
10,561
|
|
|
$
|
(493
|
)
|
|
$
|
67,640
|
|
|
|
|
Three Months Ended September 30, 2020
|
|
|
Contract Type
|
|
F&S
|
|
|
Shipyard
|
|
|
Eliminations
|
|
|
Total
|
|
|
Fixed-price and unit-rate(1)
|
|
$
|
10,464
|
|
|
$
|
7,515
|
|
|
$
|
(20
|
)
|
|
$
|
17,959
|
|
|
T&M(2)
|
|
|
5,800
|
|
|
|
—
|
|
|
|
—
|
|
|
|
5,800
|
|
|
Other
|
|
|
1,973
|
|
|
|
—
|
|
|
|
(426
|
)
|
|
|
1,547
|
|
|
Total
|
|
$
|
18,237
|
|
|
$
|
7,515
|
|
|
$
|
(446
|
)
|
|
$
|
25,306
|
|
|
|
|
Nine Months Ended September 30, 2020
|
|
|
Contract Type
|
|
F&S
|
|
|
Shipyard
|
|
|
Eliminations
|
|
|
Total
|
|
|
Fixed-price and unit-rate(1)
|
|
$
|
55,874
|
|
|
$
|
18,100
|
|
|
$
|
(344
|
)
|
|
$
|
73,630
|
|
|
T&M(2)
|
|
|
17,180
|
|
|
|
—
|
|
|
|
—
|
|
|
|
17,180
|
|
|
Other
|
|
|
5,232
|
|
|
|
—
|
|
|
|
(1,069
|
)
|
|
|
4,163
|
|
|
Total
|
|
$
|
78,286
|
|
|
$
|
18,100
|
|
|
$
|
(1,413
|
)
|
|
$
|
94,973
|
|
|
|
(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 September 30, 2021 (in thousands):
|
Segment
|
|
Performance
Obligations
|
|
|
Fabrication & Services
|
|
$
|
7,241
|
|
|
Shipyard
|
|
|
12,220
|
|
|
Total(1)
|
|
$
|
19,461
|
|
|
|
(1)
|
We expect to recognize revenue of approximately $10.7 million and $8.8 million for the remainder of 2021 and thereafter, respectively, associated with our remaining performance obligations at September 30, 2021.
|
|
| Summary of Contract with Customer, Asset and Liability |
Information with respect to contracts that were incomplete at September 30, 2021 and December 31, 2020, is as follows (in thousands):
|
|
|
September 30,
|
|
|
December 31,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
Contract assets(1)
|
|
$
|
2,246
|
|
|
$
|
5,098
|
|
|
Contract liabilities(2), (3), (4)
|
|
|
(7,188
|
)
|
|
|
(10,262
|
)
|
|
Contracts in progress, net
|
|
$
|
(4,942
|
)
|
|
$
|
(5,164
|
)
|
|
|
(1)
|
The decrease in contract assets compared to December 31, 2020, was primarily due to decreased unbilled positions for our seventy-vehicle ferry project within our Shipyard Division.
|
|
|
(2)
|
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 within our Shipyard Division.
|
|
|
(3)
|
Revenue recognized during the three months ended September 30, 2021 and 2020, related to amounts included in our contract liabilities balance at June 30, 2021 and 2020, was $1.6 million and $4.6 million, respectively. Revenue recognized during the nine months ended September 30, 2021 and 2020, related to amounts included in our contract liabilities balance at December 31, 2020 and 2019, was $3.2 million and $11.4 million, respectively.
|
|
|
(4)
|
Contract liabilities at September 30, 2021 and December 31, 2020, includes accrued contract losses of $4.4 million and $5.4 million, respectively. See “Changes in Project Estimates” below for further discussion of our accrued contract losses.
|
|