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Revenue (Tables) | 3 Months Ended
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Mar. 31, 2023
Revenue from Contract with Customer [Abstract] |
Summary of Contract Revenues by Type of Work and Customer | The Company’s contract revenues by type of work, for the periods indicated, were as follows:
|  | Three Months Ended |
|  | March 31, |
Revenues |  | 2023 |  |  | 2022 |
Dredging: |  |  |  |  |  |
Capital—U.S. |  | $ | 32,475 |  |  | $ | 101,010 |
Coastal protection |  |  | 51,305 |  |  |  | 71,917 |
Maintenance |  |  | 71,928 |  |  |  | 19,812 |
Rivers & lakes |  |  | 2,336 |  |  |  | 1,610 |
Total revenues |  | $ | 158,044 |  |  | $ | 194,349 |
The Company’s contract revenues by type of customer, for the periods indicated, were as follows:
|  | Three Months Ended |
|  | March 31, |
Revenues |  | 2023 |  |  | 2022 |
Dredging: |  |  |  |  |  |
Federal government |  | $ | 142,162 |  |  | $ | 167,574 |
State and local government |  |  | 15,882 |  |  |  | 24,601 |
Private |  |  | - |  |  |  | 2,174 |
Total revenues |  | $ | 158,044 |  |  | $ | 194,349 |
Schedule of Accounts Receivable | Accounts receivable at March 31, 2023 and December 31, 2022 are as follows:
|  | March 31, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Completed contracts |  | $ | 4,983 |  |  | $ | 4,682 |
Contracts in progress |  |  | 18,146 |  |  |  | 32,546 |
Retainage |  |  | 10,087 |  |  |  | 8,226 |
|  |  | 33,216 |  |  |  | 45,454 |
Allowance for credit losses |  |  | (564 | ) |  |  | (564 | )
Total accounts receivable—net |  | $ | 32,652 |  |  | $ | 44,890 |
Components of Contracts in Progress | The components of contracts in progress at March 31, 2023 and December 31, 2022 are as follows:
|  | March 31, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Costs and earnings in excess of billings: |  |  |  |  |  |
Costs and earnings for contracts in progress |  | $ | 343,316 |  |  | $ | 262,125 |
Amounts billed |  |  | (276,822 | ) |  |  | (210,068 | )
Costs and earnings in excess of billings for contracts in progress |  |  | 66,494 |  |  |  | 52,057 |
Costs and earnings in excess of billings for completed contracts |  |  | 14,808 |  |  |  | 14,972 |
Total contract revenues in excess of billings |  | $ | 81,302 |  |  | $ | 67,029 |
Current portion of contract revenues in excess of billings |  | $ | 81,302 |  |  | $ | 65,922 |
Long-term contract revenues in excess of billings |  |  | - |  |  |  | 1,107 |
Total contract revenues in excess of billings |  | $ | 81,302 |  |  | $ | 67,029 |
Billings in excess of costs and earnings: |  |  |  |  |  |
Amounts billed |  | $ | (112,333 | ) |  | $ | (95,013 | )
Costs and earnings for contracts in progress |  |  | 99,889 |  |  |  | 85,099 |
Total billings in excess of contract revenues |  | $ | (12,444 | ) |  | $ | (9,914 | )

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- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 5 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045 + Details
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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
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