Gulf Island Fabrication, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Revenue, Contract Assets and Liabilities and Other Contract Matters - Summary of Contract with Customer, Asset and Liability (Details)

Revenue, Contract Assets and Liabilities and Other Contract Matters - Summary of Contract with Customer, Asset and Liability (Details) - USD ($)
$ in Thousands

Mar. 31, 2023

Dec. 31, 2022

Revenue From Contract With Customer [Abstract]

Contract assets

^[1],[2]

$ 5,538

$ 4,839

Contract liabilities

^[3],[4],[5]

(4,388)

(8,196)

Contracts in progress, net

$ 1,150

$ (3,357)

[1]	Contract assets at March 31, 2023 and December 31, 2022, excluded $3.6 million and $3.6 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.
[2]	The increase in contract assets compared to December 31, 2022, was primarily due to increased unbilled positions on various projects for our Fabrication Division, offset partially by, decreased unbilled positions for our forty-vehicle ferry projects for our Shipyard Division.
[3]	Contract liabilities at March 31, 2023 and December 31, 2022, includes accrued contract losses of $1.0 million and $1.6 million, respectively. See “Changes in Project Estimates” below for further discussion of our accrued contract losses.
[4]	Revenue recognized during the three months ended March 31, 2023 and 2022, related to amounts included in our contract liabilities balance at December 31, 2022 and 2021 was $6.0 million and $2.1 million, respectively.
[5]	The decrease in contract liabilities compared to December 31, 2022, was primarily due to a decrease in advance billings on our offshore jackets project for our Fabrication Division and accrued contract losses on our forty-vehicle ferry projects for our Shipyard Division.