XML 24 R11.htm IDEA: XBRL DOCUMENT v3.22.4
Revenues
 12 Months Ended
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
Disaggregated revenues
Refer to Note 17 Business Segments for disaggregated revenues by product line and geography.
Contract balances
The following table reflects the changes in our contract assets and contract liabilities balances for the years ended December 31, 2022 and 2021:
December 31, 2022December 31, 2021Increase / (Decrease)
$%
Accrued revenue$665 $2,245 
Costs and estimated profits in excess of billings15,139 8,285 
Contract assets - current15,804 10,530 
Contract assets - non-current2,638 — 
Contract assets$18,442 $10,530 $7,912 75 %
Deferred revenue$14,401 $7,276 
Billings in excess of costs and profits recognized305 9,705 
Contract liabilities$14,706 $16,981 $(2,275)(13)%
During the year ended December 31, 2022, our contract assets increased by $7.9 million and our contract liabilities decreased by $2.3 million primarily due to the timing of milestone billings in our Subsea Technologies product line. The noncurrent portion of contract assets is recorded on the consolidated balance sheets as other Iong-term assets.
During the year ended December 31, 2022, we recognized revenue of $14.5 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.