XML 52 R37.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Revenue (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Revenue from Contract with Customer [Abstract] |
Summary of Type of Work and Customer, Contract Revenues | The following table sets forth, by type of work, the Company’s contract revenues for the years ended December 31, 2024, 2023 and 2022:
Revenues |  | 2024 |  |  | 2023 |  |  | 2022 |
Dredging: |  |  |  |  |  |  |  |  |
Capital—U.S. |  | $ | 348,085 |  |  | $ | 186,715 |  |  | $ | 342,461 |
Coastal protection |  |  | 253,360 |  |  |  | 196,343 |  |  |  | 192,567 |
Maintenance |  |  | 158,882 |  |  |  | 187,586 |  |  |  | 98,077 |
Rivers & lakes |  |  | 2,366 |  |  |  | 16,318 |  |  |  | 15,527 |
Capital—foreign |  |  | — |  |  |  | — |  |  |  | 149 |
Total dredging revenues |  | $ | 762,693 |  |  | $ | 586,962 |  |  | $ | 648,781 |
Offshore energy |  |  | — |  |  |  | 2,663 |  |  |  | — |
Total revenues |  | $ | 762,693 |  |  | $ | 589,625 |  |  | $ | 648,781 |
The following table sets forth, by type of customer, the Company’s contract revenues for the years ended December 31, 2024, 2023 and 2022:
Revenues |  | 2024 |  |  | 2023 |  |  | 2022 |
Dredging: |  |  |  |  |  |  |  |  |
Federal government |  | $ | 430,980 |  |  | $ | 438,790 |  |  | $ | 431,705 |
State and local government |  |  | 154,427 |  |  |  | 129,583 |  |  |  | 207,033 |
Private |  |  | 177,286 |  |  |  | 18,589 |  |  |  | 9,894 |
Foreign |  |  | — |  |  |  | — |  |  |  | 149 |
Total dredging revenues |  | $ | 762,693 |  |  | $ | 586,962 |  |  | $ | 648,781 |
Offshore energy |  |  | — |  |  |  | 2,663 |  |  |  | — |
Total revenues |  | $ | 762,693 |  |  | $ | 589,625 |  |  | $ | 648,781 |
Schedule of Accounts Receivable | Accounts receivable at December 31, 2024 and 2023 are as follows:
|  | 2024 |  |  | 2023 |
Completed contracts |  | $ | 660 |  |  | $ | 2,920 |
Contracts in progress |  |  | 105,159 |  |  |  | 40,743 |
Retainage |  |  | 12,575 |  |  |  | 11,511 |
|  |  | 118,394 |  |  |  | 55,174 |
Allowance for credit losses |  |  | (364 | ) |  |  | (364 | )
Total accounts receivable—net |  | $ | 118,030 |  |  | $ | 54,810 |
Components of Contracts in Progress | The components of contracts in progress at December 31, 2024 and 2023 are as follows:
|  | 2024 |  |  | 2023 |
Costs and earnings in excess of billings: |  |  |  |  |  |
Costs and earnings for contracts in progress |  | $ | 206,933 |  |  | $ | 206,330 |
Amounts billed |  |  | (153,208 | ) |  |  | (196,520 | )
Costs and earnings in excess of billings for contracts in progress |  |  | 53,725 |  |  |  | 9,810 |
Costs and earnings in excess of billings for completed contracts |  |  | 20,472 |  |  |  | 58,925 |
Total contract revenues in excess of billings |  | $ | 74,197 |  |  | $ | 68,735 |
Current portion of contract revenues in excess of billings |  | $ | 74,197 |  |  | $ | 68,735 |
Long-term contract revenues in excess of billings |  |  | — |  |  |  | — |
Total contract revenues in excess of billings |  | $ | 74,197 |  |  | $ | 68,735 |
Billings in excess of costs and earnings: |  |  |  |  |  |
Amounts billed |  | $ | (303,810 | ) |  | $ | (258,948 | )
Costs and earnings for contracts in progress |  |  | 278,014 |  |  |  | 229,388 |
Total billings in excess of contract revenues |  | $ | (25,796 | ) |  | $ | (29,560 | )
Summary of Revenues and Gross Profit from Foreign Project Operations | The Company derived revenues and gross loss from foreign project operations for the years ended December 31, 2024, 2023, and 2022, as follows:
| 2024 |  |  | 2023 |  |  | 2022 |
Contract revenues | $ | — |  |  | $ | — |  |  | $ | 149 |
Costs of contract revenues |  | (1,808 | ) |  |  | (1,142 | ) |  |  | (341 | )
Gross loss | $ | (1,808 | ) |  | $ | (1,142 | ) |  | $ | (192 | )

X
- Definition Tabular disclosure of long-term contract or program. + References No definition available. + Details
Name: | us-gaap_CostsInExcessOfBillingsAndBillingsInExcessOfCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-5 + Details
Name: | us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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 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 -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(4)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(3)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 + Details
Name: | us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the names of foreign countries from which revenue is material and the amount of revenue from external customers attributed to those countries. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_ScheduleOfRevenueFromExternalCustomersAttributedToForeignCountriesByGeographicAreaTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration