XML 25 R12.htm IDEA: XBRL DOCUMENT v3.22.0.1
Revenues
 12 Months Ended
Dec. 31, 2021
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
Disaggregated Revenue
Refer to Note 18 Business Segments for disaggregated revenue by product line and geography.
Contract Balances
The following table reflects the changes in our contract assets and contract liabilities balances for the year ended December 31, 2021:
December 31, 2021December 31, 2020Increase
$%
Accrued revenue$2,245 $1,687 
Costs and estimated profits in excess of billings8,285 8,516 
Contract assets$10,530 $10,203 $327 3 %
Deferred revenue$7,276 $7,863 
Billings in excess of costs and profits recognized9,705 1,817 
Contract liabilities$16,981 $9,680 $7,301 75 %
During the year ended December 31, 2021, our contract assets increased by $0.3 million and our contract liabilities increased by $7.3 million primarily due to the timing of billings on large projects in our Subsea Technologies product line.
During the year ended December 31, 2021, we recognized revenue of $8.2 million that was included in the contract liability balance at the beginning of the period.
Substantially all of our contracts are less than one year in duration. As such, we have elected to apply the practical expedient which allows an entity to exclude disclosures about its remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less.