Quarterly report [Sections 13 or 15(d)]

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

v3.25.1
Revenue, Contract Assets and Liabilities and Other Contract Matters - Summary of Contract with Customer, Asset and Liability (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]    
Contract assets [1],[2] $ 10,073 $ 8,611
Contract liabilities [3],[4] (934) (1,278)
Contracts in progress, net $ 9,139 $ 7,333
[1] Contract assets at March 31, 2025 and December 31, 2024, excluded $4.5 million and $4.6 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. The decrease from December 31, 2024 to March 31, 2025, was primarily due to lower unbilled positions on various projects for our Services Division.
[2] The increase in contract assets from December 31, 2024 to March 31, 2025, was primarily due to higher unbilled positions on various projects for our Fabrication Division.
[3] Revenue recognized during the three months ended March 31, 2025 and 2024, from amounts included in our contract liabilities balance at December 31, 2024 and 2023, was $0.8 million and $4.2 million, respectively.
[4] The decrease in contract liabilities from December 31, 2024 to March 31, 2025, was primarily due to lower advance billings on various projects for our Fabrication Division.