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Revenue | 12 Months Ended
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Dec. 31, 2022
Revenue from Contract with Customer [Abstract] |
Revenue | 10. REVENUE The Company’s revenue is derived from contracts for services with federal, state, local and foreign governmental entities and private customers. Revenues are generally derived from the enhancement or preservation of navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock. Performance obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account upon which the Company’s revenue is calculated. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue as the performance obligation is satisfied. Fixed-price contracts, which comprise substantially all of the Company’s revenue, will most often represent a single performance obligation as the promise to transfer the individual services is not separately identifiable from other promises in the contracts and, therefore, not distinct. The Company’s performance obligations are satisfied over time and revenue is recognized using contract fulfillment costs incurred to date compared to total estimated costs at completion, also known as cost-to-cost, to measure progress towards completion. As the Company’s performance creates an asset that the customer controls, this method provides a faithful depiction of the transfer of an asset to the customer. Generally, the Company has an enforceable right to payment for performance completed to date. The majority of the Company’s contracts are completed in a year or less. At December 31, 2022, the Company had $377,140 of remaining performance obligations, which the Company refers to as total dredging backlog. T otal dredging backlog does not include approximately $50,000 of performance obligations related to offshore wind contracts. The Company expects to perform on its offshore wind contracts using the inclined fall-pipe vessel for subsea rock installation which is expected to be delivered and operational in the first half of 2025. Approximately 100% of the Company’s dredging backlog will be completed in 2023. Transaction price The transaction price is calculated using the Company’s estimated costs to complete a project. These costs are based on the types of equipment required to perform the specified service, project site conditions, the estimated project duration, seasonality, location and complexity of a project. The nature of the Company’s contracts gives rise to several types of variable consideration, including pay on quantity dredged for dredging projects and dredging project contract modifications. Estimated pay quantity is the amount of material the Company expects to dredge for which it will receive payment. Estimated quantity to be dredged is calculated using engineering estimates based on current survey data and the Company’s knowledge based on historical project experience. Revenue by category Domestically, the Company’s work generally is performed in coastal waterways and deep-water ports. The U.S. dredging market consists of four primary types of work: capital, coastal protection, maintenance and rivers & lakes. Foreign projects typically involve capital work. The following table sets forth, by type of work, the Company’s contract revenues for the years ended December 31, 2022, 2021 and 2020:
Revenues |  | 2022 |  |  |  | 2021 |  |  |  | 2020 |
Dredging: |  |  |  |  |  |  |  |  |  |  |
Capital—U.S. |  | $ | 342,461 |  |  |  | $ | 397,034 |  |  |  | $ | 336,163 |
Capital—foreign |  |  | 149 |  |  |  |  | 6,596 |  |  |  |  | 25,892 |
Coastal protection |  |  | 192,567 |  |  |  |  |  | 169,678 |  |  |  |  |  | 201,361 |
Maintenance |  |  | 98,077 |  |  |  |  | 132,551 |  |  |  |  | 148,767 |
Rivers & lakes |  |  | 15,527 |  |  |  |  | 20,290 |  |  |  |  | 21,418 |
Total revenues |  | $ | 648,781 |  |  |  | $ | 726,149 |  |  |  | $ | 733,601 |
The following table sets forth, by type of customer, the Company’s contract revenues for the years ended December 31, 2022, 2021 and 2020:
Revenues |  | 2022 |  |  | 2021 |  |  | 2020 |
Dredging: |  |  |  |  |  |  |  |  |
Federal government |  | $ | 431,705 |  |  | $ | 568,980 |  |  | $ | 582,949 |
State and local government |  |  | 207,033 |  |  |  | 118,712 |  |  |  | 85,737 |
Private |  |  | 9,894 |  |  |  | 31,861 |  |  |  | 39,023 |
Foreign |  |  | 149 |  |  |  | 6,596 |  |  |  | 25,892 |
Total revenues |  | $ | 648,781 |  |  | $ | 726,149 |  |  | $ | 733,601 |
Contract balances Billings on contracts are generally submitted after verification with the customers of physical progress and are recognized as accounts receivable in the balance sheet. For billings that do not match the timing of revenue recognition, the difference between amounts billed and recognized as revenue is reflected in the balance sheet as either contract revenues in excess of billings or billings in excess of contract revenues. Certain pre-contract and pre-construction costs are capitalized and reflected as contract assets in the balance sheet. Customer advances, deposits and commissions are reflected in the balance sheet as contract liabilities. Accounts receivable at December 31, 2022 and December 31, 2021 are as follows:
|  |  | 2022 |  |  |  | 2021 |
Completed contracts |  | $ | 4,682 |  |  | $ | 10,612 |
Contracts in progress |  |  | 32,546 |  |  |  | 65,415 |
Retainage |  |  | 8,226 |  |  |  | 7,490 |
|  |  | 45,454 |  |  |  | 83,517 |
Allowance for doubtful accounts |  |  | (564 | ) |  |  | (564 | )
Total accounts receivable—net |  | $ | 44,890 |  |  | $ | 82,953 |
The components of contracts in progress at December 31, 2022 and December 31, 2021 are as follows:
|  |  | 2022 |  |  |  | 2021 |
Costs and earnings in excess of billings: |  |  |  |  |  |
Costs and earnings for contracts in progress |  | $ | 262,125 |  |  | $ | 270,998 |
Amounts billed |  |  | (210,068 | ) |  |  | (240,941 | )
Costs and earnings in excess of billings for contracts in progress |  |  | 52,057 |  |  |  | 30,057 |
Costs and earnings in excess of billings for completed contracts |  |  | 14,972 |  |  |  | 10,894 |
Total contract revenues in excess of billings |  | $ | 67,029 |  |  | $ | 40,951 |
Current portion of contract revenues in excess of billings |  | $ | 65,922 |  |  | $ | 39,844 |
Long-term contract revenues in excess of billings |  |  | 1,107 |  |  |  | 1,107 |
Total contract revenues in excess of billings |  | $ | 67,029 |  |  | $ | 40,951 |
Billings in excess of costs and earnings: |  |  |  |  |  |
Amounts billed |  | $ | (95,013 | ) |  | $ | (224,381 | )
Costs and earnings for contracts in progress |  |  | 85,099 |  |  |  | 209,567 |
Total billings in excess of contract revenues |  | $ | (9,914 | ) |  | $ | (14,814 | )
In the year ending December 31, 2022, a revision to the estimated gross profit percentage of a project was recognized due to a positive settlement of a claim from the recently completed project resulting in a cumulative net impact on the project margin, which increased gross profit by $22,276. At December 31, 2022 and 2021, costs to fulfill contracts with customers recognized as an asset were $4,472 and $5,652, respectively, and are recorded in other current assets and other noncurrent assets. These costs relate to pre-contract and pre-construction activities. During the years ended December 31, 2022 and 2021 the company amortized pre-contract and pre-construction costs of $11,148 and $17,839, respectively. The Company’s largest domestic customer is the U.S. Army Corps of Engineers (the “Corps”), which has responsibility for federally funded projects related to navigation and flood control of U.S. waterways. In 2022, 2021 and 2020, 67%, 78% and 80%, res pectively, of contract revenues were earned from contracts with federal government agencies, including the Corps, as well as other federal entities such as the U.S. Coast Guard and U.S. Navy. During the year ended December 31, 2021, the Company recognized $716 o f revenue related to the use of equipment by a customer working on a federal government contract. At December 31, 2022 and 2021, approximately 46% and 69% respectively, of accounts receivable, including contract revenues in excess of billings and retainage, were due on contracts with federal government agencies. The Company depends on its ability to continue to obtain federal government contracts, and indirectly, on the amount of federal funding for new and current government dredging projects. Therefore, the Company’s operations can be influenced by the level and timing of federal funding. The Company derived revenues and gross profit (loss) from foreign project operations for the years ended December 31, 2022, 2021, and 2020, as follows:
|  | 2022 |  |  | 2021 |  |  | 2020 |
Contract revenues |  | $ | 149 |  |  | $ | 6,596 |  |  | $ | 25,892 |
Costs of contract revenues |  |  | (341 | ) |  |  | (9,281 | ) |  |  | (34,529 | )
Gross profit (loss) |  | $ | (192 | ) |  | $ | (2,685 | ) |  | $ | (8,637 | )
In 2022, 2021 and 2020, foreign revenues were primarily from work done in the Middle East. The majority of the Company’s long-lived assets are marine vessels and related equipment. At any point in time, the Company may employ certain assets outside of the U.S., as needed, to perform work on the Company’s foreign projects. As of December 31, 2022 and December, 2021, long-lived assets located outside of the U.S ha d no n et book value. Currently our assets outside of the U.S. do not include dredges. Revenue from foreign projects has been concentrated in the Middle East which comprised less than 10% in 2022, 2021 and 2020. At December 31, 2022 and 2021, approxim ately 9% and 9%, respectively, of total accounts receivable, including retainage and contract revenues in excess of billings, were due on contracts in the Middle East.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI https://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 + Details
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