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Revenue, Contract Assets and Liabilities and Other Contract Matters (Tables) | 12 Months Ended
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Dec. 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 2021 and 2020 thousands):
|  | Year ended December 31, 2021 |
|  | F&S |  |  | Shipyard |  |  | Eliminations |  |  | Total |
Fixed-price and unit-rate (1) |  | $ | 40,480 |  |  | $ | 12,778 |  |  | $ | (8 | ) |  | $ | 53,250 |
T&M (2) |  |  | 36,555 |  |  |  | 100 |  |  |  | — |  |  |  | 36,655 |
Other |  |  | 4,048 |  |  |  | — |  |  |  | (501 | ) |  |  | 3,547 |
Total |  | $ | 81,083 |  |  | $ | 12,878 |  |  | $ | (509 | ) |  | $ | 93,452 |
|  | Year Ended December 31, 2020 |
|  | F&S |  |  | Shipyard |  |  | Eliminations |  |  | Total |
Fixed-price and unit-rate (1) |  | $ | 66,790 |  |  | $ | 20,468 |  |  | $ | (148 | ) |  | $ | 87,110 |
T&M (2) |  |  | 25,294 |  |  |  | — |  |  |  | (388 | ) |  |  | 24,906 |
Other |  |  | 7,401 |  |  |  | — |  |  |  | (1,688 | ) |  |  | 5,713 |
Total |  | $ | 99,485 |  |  | $ | 20,468 |  |  | $ | (2,224 | ) |  | $ | 117,729 |
| (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 December 31, 2021 (in thousands):
|  | Performance Obligations |
F&S |  | $ | 6,847 |
Shipyard |  |  | 10,223 |
Total (1) |  | $ | 17,070 |
| (1) | We expect to recognize all of our performance obligations at December 31, 2021, as revenue in 2022.
Summary of Contract with Customer, Asset and Liability | Information with respect to contracts that were incomplete at December 31, 2021 and 2020, is as follows (in thousands):
|  | December 31, |
|  | 2021 |  |  | 2020 |
Costs incurred on uncompleted contracts |  | $ | 103,315 |  |  | $ | 71,198 |
Estimated loss incurred to date |  |  | (7,807 | ) |  |  | (10,290 | )
Sub-total |  |  | 95,508 |  |  |  | 60,908 |
Billings to date |  |  | (97,397 | ) |  |  | (66,072 | )
Total |  | $ | (1,889 | ) |  | $ | (5,164 | )
The above amounts are included within the following captions on our Balance Sheet at December 31, 2021 and 2020 (in thousands):
|  | December 31, |
|  | 2021 |  |  | 2020 |
Contract assets (1), (2) |  | $ | 4,759 |  |  | $ | 5,098 |
Contract liabilities (3), (4), (5) |  |  | (6,648 | ) |  |  | (10,262 | )
Total |  | $ | (1,889 | ) |  | $ | (5,164 | )
| (1) | The decrease in contract assets compared to December 31, 2020, was primarily due to decreased unbilled position on our seventy-vehicle ferry project within our Shipyard Division, offset partially by increased unbilled positions for various projects within our Fabrication & Services Division.
| (2) | Contract assets at December 31, 2021 and 2020, excludes $1.1 million and $2.3 million, respectively, associated with revenue recognized in excess of amounts billed for which we have an unconditional right to the consideration. Such amounts are reflected within contract receivables.
| (3) | The decrease in contract liabilities compared to December 31, 2020, was primarily due to the unwind of advance payments on our two forty-vehicle ferry projects and decrease in accrued contract losses on our seventy-vehicle ferry and two forty-vehicle ferry projects within our Shipyard Division.
| (4) | Revenue recognized during 2021 and 2020 related to amounts included in our contract liabilities balance at December 31, 2020 and 2019, was $3.7 million and $9.9 million, respectively.
| (5) | Contract liabilities at December 31, 2021 and 2020, includes accrued contract losses of $3.9 million and $5.4 million, respectively. See “Changes in Project Estimates” below for further discussion of our accrued contract losses.
Schedules of Concentration of Risk, by Risk Factor | The following table summarizes revenue for customers that accounted for 10% or more of our consolidated revenue for 2021 and 2020 (in thousands):
|  | Years Ended December 31, |
|  | 2021 |  |  | 2020 |
Customer A |  | $ | 41,057 |  |  | $ | 22,793 |
Customer B |  |  | 9,576 |  |  |  | 14,559 |
Customer C |  | * |  |  |  | 22,463 |
| * | The customer revenue was less than 10% of consolidated revenue for the year.

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