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Revenue | 9 Months Ended
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Sep. 30, 2024
Revenue from Contract with Customer [Abstract] |
Revenue | 8. Revenue At September 30, 2024, the Company had $1.21 billion of remaining performance obligations, which the Company refers to as total dredging backlog. Total dredging backlog does not include $465.0 million of domestic low bids pending formal award and additional phases (“options”) pending on projects currently in dredging backlog at September 30, 2024. Additionally, it does not include $44.9 million of performance obligations or $12.7 million of options pending award related to offshore wind contracts. Approximately 18% of the Company’s dredging backlog at September 30, 2024 is expected to be completed during the remainder of 2024, with the remaining balance expected to be completed between 2025 and 2026. 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 |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
Revenues |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Dredging: |  |  |  |  |  |  |  |  |  |  |  |
Capital—U.S. |  | $ | 108,682 |  |  | $ | 54,602 |  |  | $ | 249,329 |  |  | $ | 125,234 |
Coastal protection |  |  | 43,913 |  |  |  | 23,567 |  |  |  | 178,034 |  |  |  | 131,362 |
Maintenance |  |  | 37,867 |  |  |  | 33,816 |  |  |  | 130,742 |  |  |  | 141,553 |
Rivers & lakes |  |  | 711 |  |  |  | 5,200 |  |  |  | 1,814 |  |  |  | 9,747 |
Total revenues |  | $ | 191,173 |  |  | $ | 117,185 |  |  | $ | 559,919 |  |  | $ | 407,896 |
The Company’s contract revenues by type of customer, for the periods indicated, are as follows:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
Revenues |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Dredging: |  |  |  |  |  |  |  |  |  |  |  |
Federal government |  | $ | 85,876 |  |  | $ | 78,681 |  |  | $ | 339,352 |  |  | $ | 328,211 |
State and local government |  |  | 39,330 |  |  |  | 33,316 |  |  |  | 108,493 |  |  |  | 74,497 |
Private |  |  | 65,967 |  |  |  | 5,188 |  |  |  | 112,074 |  |  |  | 5,188 |
Total revenues |  | $ | 191,173 |  |  | $ | 117,185 |  |  | $ | 559,919 |  |  | $ | 407,896 |
Accounts receivable at September 30, 2024 and December 31, 2023 are as follows:
|  | September 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Completed contracts |  | $ | 741 |  |  | $ | 2,920 |
Contracts in progress |  |  | 34,244 |  |  |  | 40,743 |
Retainage |  |  | 7,885 |  |  |  | 11,511 |
|  |  | 42,870 |  |  |  | 55,174 |
Allowance for credit losses |  |  | (364 | ) |  |  | (364 | )
Total accounts receivable—net |  | $ | 42,506 |  |  | $ | 54,810 |
The components of contracts in progress at September 30, 2024 and December 31, 2023 are as follows:
|  | September 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Costs and earnings in excess of billings: |  |  |  |  |  |
Costs and earnings for contracts in progress |  | $ | 306,386 |  |  | $ | 206,330 |
Amounts billed |  |  | (231,134 | ) |  |  | (196,520 | )
Costs and earnings in excess of billings for contracts in progress |  |  | 75,252 |  |  |  | 9,810 |
Costs and earnings in excess of billings for completed contracts |  |  | 16,547 |  |  |  | 58,925 |
Total contract revenues in excess of billings |  | $ | 91,799 |  |  | $ | 68,735 |
Current portion of contract revenues in excess of billings |  | $ | 91,799 |  |  | $ | 68,735 |
Long-term contract revenues in excess of billings |  |  | — |  |  |  | — |
Total contract revenues in excess of billings |  | $ | 91,799 |  |  | $ | 68,735 |
Billings in excess of costs and earnings: |  |  |  |  |  |
Amounts billed |  | $ | (94,545 | ) |  | $ | (258,948 | )
Costs and earnings for contracts in progress |  |  | 78,932 |  |  |  | 229,388 |
Total billings in excess of contract revenues |  | $ | (15,613 | ) |  | $ | (29,560 | )
At September 30, 2024 and December 31, 2023, costs to fulfill a contract with a customer recognized as an asset were $22.1 million and $22.2 million, respectively, and are recorded in other current assets and other noncurrent assets in the condensed consolidated balance sheets. These costs relate to pre-contract and pre-construction activities. During the three and nine months ended September 30, 2024, the Company amortized $4.4 million and $12.8 million, respectively, of pre-construction costs. During the three and nine months ended September 30, 2023, the Company amortized $1.6 million and $6.6 million, 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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