XML 27 R15.htm IDEA: XBRL DOCUMENT
v3.23.1

Revenue | 3 Months Ended
--- | ---
Mar. 31, 2023
Revenue from Contract with Customer [Abstract] |
Revenue | 7. Revenue At March 31, 2023, the Company had $327,147 of remaining performance obligations, which the Company refers to as total dredging backlog. Total backlog does not include approximately $50,000 of performance obligations related to offshore wind contracts. Approximate ly 77% of the Company’s dredging backlog is expected to be completed in 2023 with the remaining balance expected to be completed in 2024. Revenue by category The following series of tables presents our revenue disaggregated by several categories. 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 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 |
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 |
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 | )
In the first quarter of 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 $11,724. At March 31, 2023 and December 31, 2022, costs to fulfill a contract with a customer recognized as an asset were $3,971 and $4,472, respectively, and are recorded in other current assets and other noncurrent assets. These costs relate to pre-contract and pre-construction activities. During the three months ended March 31, 2023 and 2022, the Company amortized $3,666 and $2,402, respectively, of pre-construction costs.

X
- References No definition available. + Details
Name: | us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_RevenueFromContractWithCustomerTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration