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OPERATING SEGMENTS | 12 Months Ended
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Dec. 31, 2019
Segment Reporting [Abstract] |
OPERATING SEGMENTS | 10. OPERATING SEGMENTS During 2018, we operated and managed our business through four operating divisions ("Fabrication", "Shipyard", "Services" and "EPC") and one non-operating division ("Corporate"), which represented our reportable segments. During the first quarter 2019, our EPC Division was operationally combined with our Fabrication Division. Our EPC Division was previously created to support the pursuit of a specific EPC project and other projects that require project management of EPC activities. Our operational combination of the EPC Division with the Fabrication Division is the result of our reduced emphasis on EPC project management opportunities and greater focus on onshore modular fabrication opportunities. As a result of the aforementioned, we operate and manage our business through three operating divisions ("Fabrication", "Shipyard" and "Services") and one non-operating division ("Corporate"), which represent our reportable segments. Accordingly, the segment results for the EPC Division for 2018 and 2017 were combined with the Fabrication Division to conform to the presentations of our reportable segments for 2019. We believe that our operating divisions meet the criteria of reportable segments under GAAP. Our three operating divisions and Corporate Division are discussed below: Fabrication Division - Our Fabrication Division fabricates modules and piping systems for onshore refining, petrochemical, LNG and industrial facilities; fabricates foundations, secondary steel components and support structures for alternative energy developments and coastal mooring facilities; fabricates offshore production platforms and associated structures, including jacket foundations, piles and topsides for fixed production and utility platforms, as well as hulls and topsides for floating production and utility platforms; and fabricates other complex steel structures and components. These activities are performed at our facility in Houma, Louisiana. Shipyard Division - Our Shipyard Division fabricates newbuild marine vessels, including OSVs, MPSVs, research vessels, tugboats, salvage vessels, towboats, barges, drydocks, anchor handling vessels, and lift boats; provides marine repair and maintenance services, including steel repair, blasting and painting services, electrical systems repair, machinery and piping system repairs, and propeller, shaft, and rudder reconditioning; and performs conversion projects to lengthen vessels and modify vessels to permit their use for a different type of activity or enhance their capacity or functionality. These activities are performed at our facilities in Houma, Jennings and Lake Charles, Louisiana. See Note 3 for discussion of our anticipated closure of the Jennings Yard. Services Division - Our Services Division provides services on offshore platforms, including welding, interconnect piping and other services required to connect production equipment and service modules and equipment on a platform; provides on-site construction and maintenance services on inland platforms and structures and industrial facilities; performs municipal and drainage projects, including pump stations, levee reinforcement, bulkheads and other public works; and fabricates skid units, modules and piping systems. These activities are performed at customer facilities or at our facility in Houma, Louisiana. Corporate Division - Our Corporate Division includes costs that do not directly relate to our three operating divisions. Such costs include, but are not limited to, costs of maintaining our corporate office, executive management salaries and incentives, board of directors' fees, litigation related costs, and costs associated with overall corporate governance and being a publicly traded company. Costs incurred by our Corporate Division on behalf of our operating divisions are allocated to the operating divisions. Such costs include, but are not limited to, human resources, insurance, sales and marketing, information technology and accounting. We generally evaluate the performance of, and allocate resources to, our divisions based upon gross profit (loss) and operating income (loss). Segment assets are comprised of all assets attributable to each division. Intersegment revenues are priced at the estimated fair value of work performed. Summarized financial information for our segments as of and for the three-year period ended December 31, 2019, is as follows (in thousands):
|  | 2019 |
|  | Fabrication |  |  | Shipyard |  |  | Services |  |  | Corporate |  |  | Consolidated |
Revenue |  | $ | 70,052 |  |  | $ | 159,217 |  |  | $ | 81,706 |  |  | $ | (7,667 | ) |  | $ | 303,308 |
Gross profit (loss) (1) |  |  | (11,249 | ) |  |  | (10,949 | ) |  |  | 5,516 |  |  |  | (317 | ) |  |  | (16,999 | )
Operating income (loss) |  |  | (22,101 | ) |  |  | (21,352 | ) |  |  | 3,329 |  |  |  | (9,897 | ) |  |  | (50,021 | )
Depreciation and amortization expense |  |  | 3,534 |  |  |  | 4,167 |  |  |  | 1,450 |  |  |  | 413 |  |  |  | 9,564 |
Capital expenditures |  |  | 810 |  |  |  | 1,827 |  |  |  | 1,153 |  |  |  | 0 |  |  |  | 3,790 |
Total Assets |  |  | 55,066 |  |  |  | 97,409 |  |  |  | 28,336 |  |  |  | 71,966 |  |  |  | 252,777 |
|  | 2018 |
|  | Fabrication |  |  | Shipyard |  |  | Services |  |  | Corporate |  |  | Consolidated |
Revenue |  | $ | 40,420 |  |  | $ | 96,424 |  |  | $ | 88,230 |  |  | $ | (3,827 | ) |  | $ | 221,247 |
Gross profit (loss) (2) |  |  | (7,840 | ) |  |  | (10,472 | ) |  |  | 12,447 |  |  |  | (1,331 | ) |  |  | (7,196 | )
Operating income (loss) |  |  | (4,813 | ) |  |  | (14,396 | ) |  |  | 9,371 |  |  |  | (9,827 | ) |  |  | (19,665 | )
Depreciation and amortization expense |  |  | 4,315 |  |  |  | 4,229 |  |  |  | 1,511 |  |  |  | 295 |  |  |  | 10,350 |
Capital expenditures |  |  | 216 |  |  |  | 2,003 |  |  |  | 1,244 |  |  |  | 18 |  |  |  | 3,481 |
Total Assets (3) |  |  | 64,076 |  |  |  | 97,197 |  |  |  | 38,643 |  |  |  | 58,374 |  |  |  | 258,290 |
|  | 2017 |
|  | Fabrication |  |  | Shipyard |  |  | Services |  |  | Corporate |  |  | Consolidated |
Revenue |  | $ | 58,078 |  |  | $ | 52,699 |  |  | $ | 65,445 |  |  | $ | (5,200 | ) |  | $ | 171,022 |
Gross profit (loss) (4) |  |  | (1,900 | ) |  |  | (44,870 | ) |  |  | 4,575 |  |  |  | (730 | ) |  |  | (42,925 | )
Operating income (loss) |  |  | (11,969 | ) |  |  | (50,044 | ) |  |  | 1,874 |  |  |  | (8,471 | ) |  |  | (68,610 | )
Depreciation and amortization expense |  |  | 6,592 |  |  |  | 4,073 |  |  |  | 1,676 |  |  |  | 404 |  |  |  | 12,745 |
Capital expenditures |  |  | 2,395 |  |  |  | 1,909 |  |  |  | 403 |  |  |  | 127 |  |  |  | 4,834 |
Total Assets (3) |  |  | 155,929 |  |  |  | 74,516 |  |  |  | 32,487 |  |  |  | 7,908 |  |  |  | 270,840 |
| (1) | Gross loss and operating loss for 2019 includes project charges of $8.4 million, $7.2 million and $1.6 million for our Fabrication, Shipyard and Services Divisions, respectively. Operating loss also includes impairments of $8.7 million and $7.9 million for our Fabrication and Shipyard Divisions, respectively, and restructuring costs of $0.7 million for our Corporate Division. See Note 2 for further discussion of our project charges and Note 3 for further discussion of our impairments.
| (2) | Gross loss and operating loss for 2018 includes project charges of $2.4 million and $6.7 million for our Fabrication and Shipyard Divisions, respectively. Operating loss also includes impairments of $1.0 million for our Shipyard Division and a net benefit of $8.2 million for our Fabrication Division related to a gain on the sale of our South Texas Properties of $8.0 million and a gain on insurance recoveries of $3.6 million, offset partially by impairments of $3.4 million. See Note 2 for further discussion of our project charges and Note 3 for further discussion of our asset impairments
| (3) | Cash and short-term investments are reported within our Corporate Division for 2019. Total assets previously reported for 2018 and 2017 have been recast to conform to our presentation for 2019.
| (4) | Gross loss and operating loss for 2017 includes project charges of $34.5 million for our Shipyard Division. Operating loss also includes impairments of $6.7 million and $1.2 million for our Fabrication and Shipyard Divisions, respectively. See Note 2 for further discussion of our project charges and Note 3 for further discussion of our asset impairments.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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