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Revenue | 6 Months Ended
--- | ---
Jun. 30, 2023
Revenue from Contract with Customer [Abstract] |
Revenue | 7. Revenue At June 30, 2023, the Company had $434,555 of remaining performance obligations, which the Company refers to as total dredging backlog. Total dredging backlog does not include approximately $50,000 of performance obligations related to offshore wind contracts. Approximate ly 53% of the Company’s dredging backlog is expected to be completed in 2023 with the remaining balance expected to be completed in 2024 and 2025. Revenue by category The following series of tables presents the Company's 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, are as follows:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
Revenues |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Dredging: |  |  |  |  |  |  |  |  |  |  |  |
Capital—U.S. |  | $ | 38,157 |  |  | $ | 89,693 |  |  | $ | 70,632 |  |  | $ | 190,704 |
Coastal protection |  |  | 56,490 |  |  |  | 45,119 |  |  |  | 107,795 |  |  |  | 117,036 |
Maintenance |  |  | 35,809 |  |  |  | 12,648 |  |  |  | 107,737 |  |  |  | 32,460 |
Rivers & lakes |  |  | 2,211 |  |  |  | 1,968 |  |  |  | 4,547 |  |  |  | 3,577 |
Total revenues |  | $ | 132,667 |  |  | $ | 149,428 |  |  | $ | 290,711 |  |  | $ | 343,777 |
The Company’s contract revenues by type of customer, for the periods indicated, are as follows:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
Revenues |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Dredging: |  |  |  |  |  |  |  |  |  |  |  |
Federal government |  | $ | 107,368 |  |  | $ | 95,360 |  |  | $ | 249,530 |  |  | $ | 262,934 |
State and local government |  |  | 25,299 |  |  |  | 50,922 |  |  |  | 41,181 |  |  |  | 75,523 |
Private |  |  | - |  |  |  | 3,146 |  |  |  | - |  |  |  | 5,320 |
Total revenues |  | $ | 132,667 |  |  | $ | 149,428 |  |  | $ | 290,711 |  |  | $ | 343,777 |
Accounts receivable at June 30, 2023 and December 31, 2022 are as follows:
|  | June 30, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Completed contracts |  | $ | 3,428 |  |  | $ | 4,682 |
Contracts in progress |  |  | 30,447 |  |  |  | 32,546 |
Retainage |  |  | 9,725 |  |  |  | 8,226 |
|  |  | 43,600 |  |  |  | 45,454 |
Allowance for credit losses |  |  | (564 | ) |  |  | (564 | )
Total accounts receivable—net |  | $ | 43,036 |  |  | $ | 44,890 |
The components of contracts in progress at June 30, 2023 and December 31, 2022 are as follows:
|  | June 30, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Costs and earnings in excess of billings: |  |  |  |  |  |
Costs and earnings for contracts in progress |  | $ | 324,309 |  |  | $ | 262,125 |
Amounts billed |  |  | (290,209 | ) |  |  | (210,068 | )
Costs and earnings in excess of billings for contracts in progress |  |  | 34,100 |  |  |  | 52,057 |
Costs and earnings in excess of billings for completed contracts |  |  | 9,106 |  |  |  | 14,972 |
Total contract revenues in excess of billings |  | $ | 43,206 |  |  | $ | 67,029 |
Current portion of contract revenues in excess of billings |  | $ | 43,206 |  |  | $ | 65,922 |
Long-term contract revenues in excess of billings |  |  | - |  |  |  | 1,107 |
Total contract revenues in excess of billings |  | $ | 43,206 |  |  | $ | 67,029 |
Billings in excess of costs and earnings: |  |  |  |  |  |
Amounts billed |  | $ | (163,342 | ) |  | $ | (95,013 | )
Costs and earnings for contracts in progress |  |  | 139,376 |  |  |  | 85,099 |
Total billings in excess of contract revenues |  | $ | (23,966 | ) |  | $ | (9,914 | )
In the three and six months ending June 30, 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 $5,638 and $17,362, respectively. At June 30, 2023 and December 31, 2022, costs to fulfill a contract with a customer recognized as an asset were $7,675 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 and six months ended June 30, 2023, the Company amortized $1,323 and $4,989, respectively, of pre-construction costs. During the three and six months ended June 30, 2022, the Company amortized $2,061 and $4,452, respectively, of pre-construction costs.

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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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