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Revenue, Contract Assets and Liabilities and Other Contract Matters (Tables) | 6 Months Ended
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Jun. 30, 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 and six months ended June 30, 2021 and 2020 (in thousands):
|  | Three Months Ended June 30, 2021 |
Contract Type |  | F&S |  |  | Shipyard |  |  | Eliminations |  |  | Total |
Fixed-price and unit-rate(1) |  | $ | 11,041 |  |  | $ | 3,129 |  |  | $ | — |  |  | $ | 14,170 |
T&M(2) |  |  | 9,254 |  |  |  | — |  |  |  | — |  |  |  | 9,254 |
Other |  |  | 932 |  |  |  | — |  |  |  | (88 | ) |  |  | 844 |
Total |  | $ | 21,227 |  |  | $ | 3,129 |  |  | $ | (88 | ) |  | $ | 24,268 |
|  | Six Months Ended June 30, 2021 |
Contract Type |  | F&S |  |  | Shipyard |  |  | Eliminations |  |  | Total |
Fixed-price and unit-rate(1) |  | $ | 22,198 |  |  | $ | 8,259 |  |  | $ | (8 | ) |  | $ | 30,449 |
T&M(2) |  |  | 15,523 |  |  |  | — |  |  |  | — |  |  |  | 15,523 |
Other |  |  | 2,566 |  |  |  | — |  |  |  | (485 | ) |  |  | 2,081 |
Total |  | $ | 40,287 |  |  | $ | 8,259 |  |  | $ | (493 | ) |  | $ | 48,053 |
|  | Three Months Ended June 30, 2020 |
Contract Type |  | F&S |  |  | Shipyard |  |  | Eliminations |  |  | Total |
Fixed-price and unit-rate(1) |  | $ | 20,853 |  |  | $ | 5,902 |  |  | $ | (239 | ) |  | $ | 26,516 |
T&M(2) |  |  | 4,455 |  |  |  | — |  |  |  | — |  |  |  | 4,455 |
Other |  |  | 1,298 |  |  |  | — |  |  |  | (281 | ) |  |  | 1,017 |
Total |  | $ | 26,606 |  |  | $ | 5,902 |  |  | $ | (520 | ) |  | $ | 31,988 |
|  | Six Months Ended June 30, 2020 |
Contract Type |  | F&S |  |  | Shipyard |  |  | Eliminations |  |  | Total |
Fixed-price and unit-rate(1) |  | $ | 45,410 |  |  | $ | 10,585 |  |  | $ | (324 | ) |  | $ | 55,671 |
T&M(2) |  |  | 11,380 |  |  |  | — |  |  |  | — |  |  |  | 11,380 |
Other |  |  | 3,259 |  |  |  | — |  |  |  | (643 | ) |  |  | 2,616 |
Total |  | $ | 60,049 |  |  | $ | 10,585 |  |  | $ | (967 | ) |  | $ | 69,667 |
| (1) | Revenue is recognized as the contract progresses 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 June 30, 2021 (in thousands):
Segment |  | Performance Obligations |
Fabrication & Services |  | $ | 9,326 |
Shipyard |  |  | 14,588 |
Total(1) |  | $ | 23,914 |
| (1) | We expect to recognize revenue of approximately $17.6 million and $6.3 million for the remainder of 2021 and thereafter, respectively, associated with our remaining performance obligations at June 30, 2021.
Summary of Contract with Customer, Asset and Liability | Information with respect to contracts that were incomplete at June 30, 2021 and December 31, 2020 is as follows (in thousands):
|  | June 30, |  |  | December 31, |
|  | 2021 |  |  | 2020 |
Contract assets(1) |  | $ | 2,371 |  |  | $ | 5,098 |
Contract liabilities(2), (3), (4) |  |  | (8,206 | ) |  |  | (10,262 | )
Contracts in progress, net |  | $ | (5,835 | ) |  | $ | (5,164 | )
| (1) | The decrease in contract assets compared to December 31, 2020, was primarily due to decreased unbilled positions for various projects within our Fabrication & Services Division and our seventy-vehicle ferry 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 and the unwind of advance payments on our two forty-vehicle ferry projects within our Shipyard Division.
| (3) | Revenue recognized during the three months ended June 30, 2021 and 2020, related to amounts included in our contract liabilities balance at March 31, 2021 and 2020, was $2.8 million and $4.0 million, respectively. Revenue recognized during the six months ended June 30, 2021 and 2020, related to amounts included in our contract liabilities balance at December 31, 2020 and 2019, was $2.8 million and $8.6 million, respectively.
| (4) | Contract liabilities at June 30, 2021 and December 31, 2020, includes accrued contract losses of $4.8 million and $5.4 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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