Quarterly report pursuant to Section 13 or 15(d)

Revenue Recognition (Tables)

v3.8.0.1
Revenue Recognition (Tables)
 3 Months Ended
Mar. 31, 2018
Revenue Recognition and Deferred Revenue [Abstract]  
Disaggregation of Revenue
The following tables detail our revenue within each division disaggregated by contract type and timing of revenue recognition for the three months ended March 31, 2018 and 2017 (in thousands).
 
 
Three Months Ended March 31, 2018
 
 
Fabrication Division
 
Shipyard Division
 
Services Division
 
EPC Division
 
Eliminations
 
Total
Contract Type
 
 
 
 
 
 
 
 
 
 
 
Lump sum and fixed-price construction (1)
$
17,270

 
$
17,222

 
$
11,285

 
$
—

 
$
(488
)
 
$
45,289

Service contract revenue (2)
—

 
1,343

 
10,585

 
—

 
—

 
11,928

Other (3)
—

 
—

 
—

 
73

 
—

 
73

Total
 
$
17,270

 
$
18,565

 
$
21,870

 
$
73

 
$
(488
)
 
$
57,290

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31, 2017
 
 
Fabrication Division
 
Shipyard Division
 
Services Division
 
EPC Division
 
Eliminations
 
Total
Contract Type
 
 
 
 
 
 
 
 
 
 
 
Lump sum and fixed-price construction (1)
$
10,209

 
$
16,707

 
$
5,721

 
$
—

 
$
(1,350
)
 
$
31,287

Service contract revenue (2)
—

 
1,715

 
4,991

 
—

 
—

 
6,706

Other (3)
—

 
—

 
—

 
—

 
—

 
—

Total
 
$
10,209

 
$
18,422

 
$
10,712

 
$
—

 
$
(1,350
)
 
$
37,993

 
 
 
 
 
 
 
 
 
 
 
 
 
_____________
(1) Revenue is recognized as the contract is progressed over time.
(2) Amounts are T&M. Revenue is recognized as the work is performed and costs are incurred at the contracted rates.
(3) Other revenue is primarily from our EPC Division and represents early work authorized by SeaOne. Revenue is recognized as the contract is progressed over time.
Revenue, Remaining Performance Obligation
Topic 606 requires companies to disclose the remaining revenue to be earned under performance obligations for the portion of our contracts yet to be completed as of March 31, 2018 (in thousands).
                
By Segment
Performance Obligations as of March 31, 2018
Fabrication Division
$
6,706

Shipyard Division (1)
149,590

Services Division
11,858

EPC Division
—

Intersegment eliminations
(990
)
Total
$
167,164

 
 
_____________
(1) Amounts exclude approximately $94 million in remaining performance obligations that are disputed under a termination notice or are under a bid protest by a competing shipyard.

We expect to recognize our remaining performance obligations in revenue in the following periods as follows:
Year
 
$'s
Remainder of 2018
 
$
88,573

2019
 
59,231

2020
 
19,360

Total
 
$
167,164