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Revenues
 12 Months Ended
Dec. 31, 2024
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, 2024 and 2023:
December 31, 2024December 31, 2023Decrease
$%
Accrued revenue$752 $1,801 
Costs and estimated profits in excess of billings11,632 13,365 
Contract assets - current12,384 15,166 
Contract assets - non-current— 1,828 
Contract assets$12,384 $16,994 $(4,610)(27)%
Deferred revenue$8,584 $10,551 
Billings in excess of costs and profits recognized4,516 4,221 
Contract liabilities$13,100 $14,772 $(1,672)(11)%
During the year ended December 31, 2024, our contract assets decreased by $4.6 million and our contract liabilities decreased by $1.7 million primarily due to the timing of milestone billings in our Subsea 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, 2024, we recognized revenue of $10.4 million that was included in the contract liabilities 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 such obligation is part of a contract that has an original expected duration of one year or less.