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REVENUE RECOGNITION AND CONTRACTS | 3 Months Ended
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Mar. 31, 2025
Revenue from Contract with Customer [Abstract] |
REVENUE RECOGNITION AND CONTRACTS | REVENUE RECOGNITION AND CONTRACTS Revenue Recognition We generate the vast majority of our revenues from the supply of, and aftermarket services for, steam-generating, environmental and auxiliary equipment. A performance obligation is a contractual promise to transfer a distinct product or service to the customer. A contract's transaction price is allocated to each distinct performance obligation and is recognized as revenue when (point in time) or as (over time) the performance obligation is satisfied. Revenue from products and services transferred to customers at a point in time, which includes certain aftermarket parts and services, accounted for 22% and 24% of revenue for the three months ended March 31, 2025 and 2024, respectively. Revenue from products and services transferred to customers over time, which primarily relates to customized, engineered solutions and construction services, accounted for 78% and 76% of revenue for the three months ended March 31, 2025 and 2024, respectively. Refer to Note 4 to the Condensed Consolidated Financial Statements for further disaggregation of revenue. Contract Balances The following represents the components of the Contracts in progress and Advance billings on contracts included in the Condensed Consolidated Balance Sheets:
(in thousands) | March 31, 2025 |  | December 31, 2024 |  | $ Change |  | % Change
Contract assets - included in contracts in progress: |  |  |  |  |  |  |
Costs incurred less costs of revenue recognized | $ | 25,734 |  |  | $ | 31,691 |  |  | $ | (5,957) |  |  | (19) | %
Revenues recognized less billings to customers | 39,912 |  |  | 50,712 |  |  | (10,800) |  |  | (21) | %
Contracts in progress | $ | 65,646 |  |  | $ | 82,403 |  |  | $ | (16,757) |  |  | (20) | %
Contract liabilities - included in advance billings on contracts: |  |  |  |  |  |  |
Billings to customers less revenues recognized | $ | 53,636 |  |  | $ | 57,893 |  |  | $ | (4,257) |  |  | (7) | %
Costs of revenue recognized less cost incurred | — |  |  | 585 |  |  | (585) |  |  | (100) | %
Advance billings on contracts | $ | 53,636 |  |  | $ | 58,478 |  |  | $ | (4,842) |  |  | (8) | %
Accrued contract losses | $ | (17) |  |  | $ | 217 |  |  | $ | (234) |  |  | (108) | %
(in thousands) | March 31, 2024 |  | December 31, 2023 |  | $ Change |  | % Change
Contract assets - included in contracts in progress: |  |  |  |  |  |  |
Costs incurred less costs of revenue recognized | $ | 27,993 |  |  | $ | 12,100 |  |  | $ | 15,893 |  |  | 131 | %
Revenues recognized less billings to customers | 60,000 |  |  | 38,206 |  |  | 21,794 |  |  | 57 | %
Contracts in progress | $ | 87,993 |  |  | $ | 50,306 |  |  | $ | 37,687 |  |  | 75 | %
Contract liabilities - included in advance billings on contracts: |  |  |  |  |  |  |
Billings to customers less revenues recognized | $ | 56,509 |  |  | $ | 54,051 |  |  | $ | 2,458 |  |  | 5 | %
Costs of revenue recognized less cost incurred | 6,468 |  |  | 5,066 |  |  | 1,402 |  |  | 28 | %
Advance billings on contracts | $ | 62,977 |  |  | $ | 59,117 |  |  | $ | 3,860 |  |  | 7 | %
Accrued contract losses | $ | (28) |  |  | $ | 46 |  |  | $ | (74) |  |  | (161) | %
At December 31, 2023, Accounts receivable - trade, net was $101.4 million. Backlog At March 31, 2025 we had $526.8 million of remaining performance obligations, which we also refer to as total backlog. We expect to recognize approximately 64%, 34% and 2% of the remaining performance obligations as revenue in 2025, 2026 and thereafter, respectively.

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- 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
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