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Revenue Recognition | 9 Months Ended
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Sep. 30, 2023
Revenue from Contract with Customer [Abstract] |
Revenue Recognition | 6. Revenue Recognition Revenues from contracts with customers (excludes leasing) consisted of the following:
|  | Three months ended |  |  | Nine months ended |
|  | September 30, |  |  | September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | (In thousands) |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Products: |  |  |  |  |  |  |  |  |  |  |  |
Subsea products |  | $ | 55,427 |  |  | $ | 48,480 |  |  | $ | 146,123 |  |  | $ | 144,229 |
Well construction |  |  | 22,176 |  |  |  | 10,028 |  |  |  | 46,554 |  |  |  | 31,900 |
Total products |  | $ | 77,603 |  |  | $ | 58,508 |  |  | $ | 192,677 |  |  | $ | 176,129 |
Services: |  |  |  |  |  |  |  |  |  |  |  |
Subsea services |  | $ | 17,412 |  |  | $ | 15,806 |  |  | $ | 50,230 |  |  | $ | 43,748 |
Well construction services |  |  | 9,802 |  |  |  | 4,637 |  |  |  | 21,998 |  |  |  | 13,790 |
Total services |  | $ | 27,214 |  |  | $ | 20,443 |  |  | $ | 72,228 |  |  | $ | 57,538 |
Contract Balances Balances related to contracts with customers consisted of the following: Contract Assets (amounts shown in thousands)
Contract assets at December 31, 2022 |  | $ | 138,592 |
Additions |  |  | 147,250 |
Transfers to Trade receivables, net |  |  | (137,423 | )
Contract assets at September 30, 2023 |  | $ | 148,419 |
Contract Liabilities (amounts shown in thousands)
Contract liabilities at December 31, 2022 |  | $ | 6,824 |
Additions |  |  | 12,614 |
Revenue recognized |  |  | (11,961 | )
Contract liabilities at September 30, 2023 |  | $ | 7,477 |
Contract assets include unbilled accounts receivable associated with contracts accounted for under the over-time accounting method which were approximately $92.3 million and $92.6 million at September 30, 2023 and December 31, 2022, respectively. Unbilled contract assets are transferred to trade receivables, net, when the rights become unconditional. Contract liabilities primarily relate to advance payments from customers. Obligations for returns and refunds were considered immaterial as of September 30, 2023. Remaining Performance Obligations The aggregate amount of the transaction price allocated to remaining performance obligations from our over-time product lines was $41.8 million as of September 30, 2023. The Company expects to recognize revenue on approximately 98.6% of the remaining performance obligations over the next 12 months and the remaining 1.4% thereafter. The Company applies the practical expedient available under the revenue standard and does not disclose in formation about remaining performance obligations that have original expected durations of one year or less.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org//606/tableOfContent + Details
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