| 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, 2022 and 2021 (in thousands):
|
|
|
Three Months Ended June 30, 2022
|
|
|
|
|
Services
|
|
|
Fabrication
|
|
|
Shipyard
|
|
|
Eliminations
|
|
|
Total
|
|
|
Fixed-price and unit-rate(1)
|
|
$
|
962
|
|
|
$
|
9,197
|
|
|
$
|
2,968
|
|
|
$
|
(5
|
)
|
|
$
|
13,122
|
|
|
T&M(2)
|
|
|
20,503
|
|
|
|
642
|
|
|
|
—
|
|
|
|
—
|
|
|
|
21,145
|
|
|
Other
|
|
|
715
|
|
|
|
1,000
|
|
|
|
—
|
|
|
|
(80
|
)
|
|
|
1,635
|
|
|
Total
|
|
$
|
22,180
|
|
|
$
|
10,839
|
|
|
$
|
2,968
|
|
|
$
|
(85
|
)
|
|
$
|
35,902
|
|
|
|
|
Six Months Ended June 30, 2022
|
|
|
|
|
Services
|
|
|
Fabrication
|
|
|
Shipyard
|
|
|
Eliminations
|
|
|
Total
|
|
|
Fixed-price and unit-rate(1)
|
|
$
|
2,571
|
|
|
$
|
14,241
|
|
|
$
|
5,465
|
|
|
$
|
(6
|
)
|
|
$
|
22,271
|
|
|
T&M(2)
|
|
|
38,966
|
|
|
|
1,215
|
|
|
|
—
|
|
|
|
—
|
|
|
|
40,181
|
|
|
Other
|
|
|
1,307
|
|
|
|
1,000
|
|
|
|
—
|
|
|
|
(171
|
)
|
|
|
2,136
|
|
|
Total
|
|
$
|
42,844
|
|
|
$
|
16,456
|
|
|
$
|
5,465
|
|
|
$
|
(177
|
)
|
|
$
|
64,588
|
|
|
|
|
Three Months Ended June 30, 2021
|
|
|
|
|
Services
|
|
|
Fabrication
|
|
|
Shipyard
|
|
|
Eliminations
|
|
|
Total
|
|
|
Fixed-price and unit-rate(1)
|
|
$
|
269
|
|
|
$
|
10,590
|
|
|
$
|
3,129
|
|
|
$
|
182
|
|
|
$
|
14,170
|
|
|
T&M(2)
|
|
|
8,662
|
|
|
|
652
|
|
|
|
—
|
|
|
|
(60
|
)
|
|
|
9,254
|
|
|
Other
|
|
|
1,347
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(503
|
)
|
|
|
844
|
|
|
Total
|
|
$
|
10,278
|
|
|
$
|
11,242
|
|
|
$
|
3,129
|
|
|
$
|
(381
|
)
|
|
$
|
24,268
|
|
|
|
|
Six Months Ended June 30, 2021
|
|
|
|
|
Services
|
|
|
Fabrication
|
|
|
Shipyard
|
|
|
Eliminations
|
|
|
Total
|
|
|
Fixed-price and unit-rate(1)
|
|
$
|
590
|
|
|
$
|
21,608
|
|
|
$
|
8,259
|
|
|
$
|
(8
|
)
|
|
$
|
30,449
|
|
|
T&M(2)
|
|
|
14,213
|
|
|
|
1,370
|
|
|
|
—
|
|
|
|
(60
|
)
|
|
|
15,523
|
|
|
Other
|
|
|
2,981
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(900
|
)
|
|
|
2,081
|
|
|
Total
|
|
$
|
17,784
|
|
|
$
|
22,978
|
|
|
$
|
8,259
|
|
|
$
|
(968
|
)
|
|
$
|
48,053
|
|
|
|
(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 Contract with Customer, Asset and Liability |
Information with respect to contracts that were incomplete at June 30, 2022 and December 31, 2021, is as follows (in thousands):
|
|
|
June 30,
|
|
|
December 31,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
Contract assets(1), (2)
|
|
$
|
5,185
|
|
|
$
|
4,759
|
|
|
Contract liabilities(3), (4), (5)
|
|
|
(3,309
|
)
|
|
|
(6,648
|
)
|
|
Contracts in progress, net
|
|
$
|
1,876
|
|
|
$
|
(1,889
|
)
|
|
|
(1)
|
The increase in contract assets compared to December 31, 2021, was primarily due to increased unbilled positions on our seventy-vehicle ferry and two forty-vehicle ferry projects with our Shipyard Division, offset partially by decreased unbilled positions on various projects within our Fabrication Division.
|
|
|
(2)
|
Contract assets at June 30, 2022 and December 31, 2021, excludes $6.1 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.
|
|
|
(3)
|
The decrease in contract liabilities compared to December 31, 2021, 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.
|
|
|
(4)
|
Revenue recognized during the three months ended June 30, 2022 and 2021, related to amounts included in our contract liabilities balance at March 31, 2022 and 2021, was $0.7 million and $2.8 million, respectively. Revenue recognized during the six months ended June 30, 2022 and 2021, related to amounts included in our contract liabilities balance at December 31, 2021 and 2020, was $2.5 million and $2.8 million, respectively.
|
|
|
(5)
|
Contract liabilities at June 30, 2022 and December 31, 2021, includes accrued contract losses of $2.1 million and $3.9 million, respectively. See “Changes in Project Estimates” below for further discussion of our accrued contract losses.
|
|