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Revenue Recognition | 12 Months Ended
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Dec. 31, 2023
Revenue from Contract with Customer [Abstract] |
Revenue Recognition | 6. Revenue Recognition Revenues from contracts with customers consisted of the following:
|  | Twelve Months Ended |
|  | December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | (In thousands) |
Revenues: |  |  |  |  |  |  |  |  |
Products: |  |  |  |  |  |  |  |  |
Subsea products |  | $ | 198,321 |  |  | $ | 194,237 |  |  | $ | 168,361 |
Well construction |  |  | 72,700 |  |  |  | 46,525 |  |  |  | 44,902 |
Total products |  |  | 271,021 |  |  |  | 240,762 |  |  |  | 213,263 |
Services: |  |  |  |  |  |  |  |  |
Subsea services |  |  | 72,241 |  |  |  | 60,937 |  |  |  | 58,086 |
Well construction services |  |  | 33,439 |  |  |  | 18,192 |  |  |  | 16,057 |
Total services |  |  | 105,680 |  |  |  | 79,129 |  |  |  | 74,143 |
Leasing: |  |  |  |  |  |  |  |  |
Subsea leasing |  |  | 29,023 |  |  |  | 33,694 |  |  |  | 27,970 |
Well Construction leasing |  |  | 18,336 |  |  |  | 8,339 |  |  |  | 7,072 |
Total leasing (1) |  |  | 47,359 |  |  |  | 42,033 |  |  |  | 35,042 |
Total revenues |  | $ | 424,060 |  |  | $ | 361,924 |  |  | $ | 322,448 |
(1) As of December 31, 2023, revenues from contracts with customers includes leasing revenues. Leasing revenue was previously excluded in the Annual Report on Form 10-K filed as of December 31, 2022. Contract Balances Balances related to contrac ts with customers consisted of the following: Contract Assets (amounts shown in thousands)
Contract Assets at December 31, 2022 |  | $ | 144,428 |
Additions |  |  | 417,248 |
Transfers to Accounts Receivable |  |  | (413,247 | )
Contract Assets at December 31, 2023 |  | $ | 148,429 |
Contract Liabilities (amounts shown in thousands)
Contract Liabilities at December 31, 2022 |  | $ | 8,020 |
Additions |  |  | 6,364 |
Revenue Recognized |  |  | (6,801 | )
Contract Liabilities at December 31, 2023 |  | $ | 7,583 |
Contract asset receivables were $148.4 million and $144.4 million for the years ended December 31, 2023 and 2022, respectively. Contract assets include unbilled accounts receivable associated with contracts accounted for under the over time accounting method which were approximately $90.2 million and $92.6 million at December 31, 2023 and 2022, respectively. Unbilled contract assets are transferred to the trade receivables, net, when the rights become unconditional. The contract liabilities primarily relate to advance payments from customers. As of December 31, 2023, contract assets and liabilities includes leasing. Leasing was previously excluded in the Annual Report on Form 10-K filed as of December 31, 2022. Obligations for returns and refunds were considered immaterial as of December 31, 2023 and 2022. Remaining Performance Obligations The aggregate amount of the transaction price allocated to remaining performance obligations from our over time product lines was $43.0 million as of December 31, 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 new revenue standard and does not disclose information 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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