XML 37 R22.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Revenue | 12 Months Ended
--- | ---
Dec. 31, 2024
Revenue from Contract with Customer [Abstract] |
Revenue | 10. REVENUE The Company’s revenue is derived from contracts for services with federal, state, local and foreign governmental entities and private customers. Revenues are generally derived from the enhancement or preservation of navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock. Performance obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account upon which the Company’s revenue is calculated. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue as the performance obligation is satisfied. Fixed-price contracts, which comprise substantially all of the Company’s revenue, will most often represent a single performance obligation as the promise to transfer the individual services is not separately identifiable from other promises in the contracts and, therefore, not distinct. The Company’s performance obligations are satisfied over time and revenue is recognized using contract fulfillment costs incurred to date compared to total estimated costs at completion, also known as cost-to-cost, to measure progress towards completion. As the Company’s performance creates an asset that the customer controls, this method provides a faithful depiction of the transfer of an asset to the customer. Generally, the Company has an enforceable right to payment for performance completed to date. The majority of the Company’s contracts are completed in a year or less. At December 31, 2024, the Company had $1.19 billion of remaining performance obligations, which the Company refers to as total dredging backlog. Total dredging backlog does not include $44.9 million of performance obligations related to offshore energy contracts. The Company expects to perform on its offshore energy contracts using the inclined fall-pipe vessel for subsea rock installation which is expected to be delivered and operational in the 2026. We anticipate that approximately 60% of the Company’s dredging backlog will be completed in 2025. Transaction price The transaction price is calculated using the Company’s estimated costs to complete a project. These costs are based on the types of equipment required to perform the specified service, project site conditions, the estimated project duration, seasonality, location and complexity of a project. The nature of the Company’s contracts gives rise to several types of variable consideration, including pay on quantity dredged for dredging projects and dredging project contract modifications. Estimated pay quantity is the amount of material the Company expects to dredge for which it will receive payment. Estimated quantity to be dredged is calculated using engineering estimates based on current survey data and the Company’s knowledge based on historical project experience. Revenue by category 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 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 |
Contract balances Billings on contracts are generally submitted after verification with the customers of physical progress and are recognized as accounts receivable in the balance sheet. For billings that do not match the timing of revenue recognition, the difference between amounts billed and recognized as revenue is reflected in the balance sheet as either contract revenues in excess of billings or billings in excess of contract revenues. Certain pre-contract and pre-construction costs are capitalized and reflected as contract assets in the balance sheet. Customer advances, deposits and commissions are reflected in the balance sheet as contract liabilities. 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 |
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 | )
At December 31, 2024 and 2023, costs to fulfill contracts with customers recognized as other current assets were $10.3 million and $22.2 million, respectively. At December 31, 2024 and 2023, costs to fulfill contracts with customers recognized as other noncurrent assets were $7.6 million and $4.0 million, respectively. These costs relate to pre-contract and pre-construction activities. During the years ended December 31, 2024 and 2023 the company amortized pre-contract and pre-construction costs of $21.9 million and $11.5 million, respectively. The Company recognized $27.7 million in revenues during the year ended December 31, 2024 that was recorded as billings in excess of contract revenues as of December 31, 2023. The Company’s largest domestic customer is the U.S. Army Corps of Engineers (the “Corps”), which has responsibility for federally funded projects related to navigation and flood control of U.S. waterways. In 2024, 2023 and 2022, 57%, 75% and 67%, res pectively, of contract revenues were earned from contracts with federal government agencies, including the Corps, as well as other federal entities such as the U.S. Coast Guard and U.S. Navy. At December 31, 2024 and 2023, approximately 19% and 35% respectively, of accounts receivable, including contract revenues in excess of billings and retainage, were due on contracts with federal government agencies. The Company depends on its ability to continue to obtain federal government contracts, and indirectly, on the amount of federal funding for new and current government dredging projects. Therefore, the Company’s operations can be influenced by the level and timing of federal funding. 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 | )
In 2022, foreign revenues were primarily from work done in the Middle East. The majority of the Company’s long-lived assets are marine vessels and related equipment. At any point in time, the Company may employ certain assets outside of the U.S., as needed, to perform work on the Company’s foreign projects. As of December 31, 2023 and 2022, long-lived assets located outside of the U.S ha d no n et book value. Currently our assets outside of the U.S. do not include dredges. Revenue from foreign projects has been concentrated in the Middle East which comprised less than 1% of total contract revenues in 2024, 2023 and 2022. At December 31, 2024, there were no accounts receivable due on contracts in the Middle East. At December 31, 2022, approxim ately 9% of total accounts receivable, including retainage and contract revenues in excess of billings, were due on contracts in the Middle East.

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