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Revenue, Contract Assets and Liabilities and Other Contract Matters (Tables) | 3 Months Ended
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Mar. 31, 2021
Revenue From Contract With Customer [Abstract] |
Summary of Disaggregation of Revenue | The following tables summarize revenue for each of our operating segments, disaggregated by contract type, for the three months ended March 31, 2021 and 2020 (in thousands):
|  | Three Months Ended March 31, 2021 |
Contract Type |  | Shipyard |  |  | F&S |  |  | Eliminations |  |  | Total |
Fixed-price and unit-rate(1) |  | $ | 39,778 |  |  | $ | 11,157 |  |  | $ | (8 | ) |  | $ | 50,927 |
T&M(2) |  |  | 518 |  |  |  | 6,269 |  |  |  | — |  |  |  | 6,787 |
Other |  |  | — |  |  |  | 1,634 |  |  |  | (397 | ) |  |  | 1,237 |
Total |  | $ | 40,296 |  |  | $ | 19,060 |  |  | $ | (405 | ) |  | $ | 58,951 |
|  | Three Months Ended March 31, 2020 |
Contract Type |  | Shipyard |  |  | F&S |  |  | Eliminations |  |  | Total |
Fixed-price and unit-rate(1) |  | $ | 44,302 |  |  | $ | 24,557 |  |  | $ | (85 | ) |  | $ | 68,774 |
T&M(2) |  |  | 1,257 |  |  |  | 6,925 |  |  |  | — |  |  |  | 8,182 |
Other |  |  | — |  |  |  | 1,961 |  |  |  | (362 | ) |  |  | 1,599 |
Total |  | $ | 45,559 |  |  | $ | 33,443 |  |  | $ | (447 | ) |  | $ | 78,555 |
| (1) | Revenue is recognized as the contract is progressed over time.
| (2) | Revenue is recognized at contracted rates when the work is performed and costs are incurred.
Summary of Remaining Performance Obligation by Operating Segment | The following table summarizes our remaining performance obligations by operating segment at March 31, 2021 (in thousands):
Segment |  | Performance Obligations |
Shipyard(1) |  | $ | 327,355 |
Fabrication & Services |  |  | 12,273 |
Total |  | $ | 339,628 |
| (1) | In connection with the Shipyard Transaction, performance obligations associated with the Divested Shipyard Contracts totaling $309.5 million at March 31, 2021, were sold. Approximately $5.0 million to $10.0 million of performance obligations associated with the Divested Shipyard Contracts is expected to be recognized as revenue subsequent to March 31, 2021 through the Shipyard Transaction closing date. Excluding the performance obligations associated with the Divested Shipyard Contracts, we expect to recognize revenue of approximately $27.2 million and $2.9 million for the remainder of 2021 and thereafter, respectively, associated with our remaining performance obligations at March 31, 2021. See Note 8 for further discussion of the Shipyard Transaction.
Summary of Contract with Customer, Asset and Liability | Information with respect to contracts that were incomplete at March 31, 2021 and December 31, 2020 is as follows (in thousands):
|  | March 31, |  |  | December 31, |
|  | 2021 |  |  | 2020 |
Contract assets(1) |  | $ | 71,372 |  |  | $ | 67,521 |
Contract liabilities(2), (3), (4) |  |  | (11,812 | ) |  |  | (15,129 | )
Contracts in progress, net |  | $ | 59,560 |  |  | $ | 52,392 |
| (1) | The increase in contract assets compared to December 31, 2020, was primarily due to increased unbilled positions on our research vessel projects and towing, salvage and rescue ship projects within our Shipyard Division, offset partially by decreased unbilled positions for a completed project within our Shipyard Division.
| (2) | The decrease in contract liabilities compared to December 31, 2020, was primarily due to a decrease in accrued contract losses on our towing, salvage and rescue ship projects within our Shipyard Division attributable to a change order entered into in the first quarter 2021. See “Changes in Project Estimates” below for further discussion of the change order.
| (3) | Revenue recognized during the three months ended March 31, 2021 and 2020, related to amounts included in our contract liabilities balance at December 31, 2020 and 2019, was $3.5 million and $17.0 million, respectively.
| (4) | Contract liabilities at March 31, 2021 and December 31, 2020, includes accrued contract losses of $5.1 million and $8.6 million, respectively. See “Changes in Project Estimates” below for further discussion of our accrued contract losses.

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- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045 + Details
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- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045 + Details
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- Definition Tabular disclosure of expected timing for satisfying remaining performance obligation. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(1) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045 + Details
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