XML 28 R11.htm IDEA: XBRL DOCUMENT v3.24.0.1
Revenues
 12 Months Ended
Dec. 31, 2023
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, 2023 and 2022:
December 31, 2023December 31, 2022Increase / (Decrease)
$%
Accrued revenue$1,801 $665 
Costs and estimated profits in excess of billings13,365 15,139 
Contract assets - current15,166 15,804 
Contract assets - non-current1,828 2,638 
Contract assets$16,994 $18,442 $(1,448)(8)%
Deferred revenue$10,551 $14,401 
Billings in excess of costs and profits recognized4,221 305 
Contract liabilities$14,772 $14,706 $66 — %
During the year ended December 31, 2023, our contract assets decreased by $1.4 million and our contract liabilities increased by $0.1 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, 2023, we recognized revenue of $13.1 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.