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SHIPYARD TRANSACTION AND DISCONTINUED OPERATIONS (Tables) | 12 Months Ended
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Dec. 31, 2021
Discontinued Operations And Disposal Groups [Abstract] |
Summary of Disposal Groups Including Discontinued Operations | Statement of Operations – A summary of the operating results constituting the loss from discontinued operations for 2021 and 2020, is as follows (in thousands):
|  | Years Ended December 31, |
|  | 2021 |  |  | 2020 |
Revenue |  | $ | 41,637 |  |  | $ | 133,230 |
Cost of revenue |  |  | 33,912 |  |  |  | 142,872 |
Gross profit (loss)(1) |  |  | 7,725 |  |  |  | (9,642 | )
General and administrative expense |  |  | 413 |  |  |  | 1,426 |
Impairments and (gain) loss on assets held for sale, net(2) |  |  | 25,331 |  |  |  | 1,639 |
Other (income) expense, net(3) |  |  | (647 | ) |  |  | 600 |
Operating loss |  |  | (17,372 | ) |  |  | (13,307 | )
Income tax (expense) benefit(4) |  |  | — |  |  |  | — |
Loss from discontinued operations, net of taxes |  | $ | (17,372 | ) |  | $ | (13,307 | )
| (1) | Gross profit for 2021 was positively impacted by changes in estimated margins on projects of $8.4 million. The impacts were associated with our towing, salvage and rescue ship projects, resulting from increased contract price primarily associated with an approved change order ($9.2 million impact), offset partially by increased forecast costs, primarily associated with increased craft labor costs ($0.8 million impact). Gross loss for 2020 was negatively impacted by changes in estimated margins on projects of $8.3 million. The impacts were associated with our towing, salvage and rescue ship projects and final two harbor tug projects, resulting from increased forecast costs, primarily associated with increased craft labor and subcontracted services costs and extensions of schedule.
| (2) | Expense for 2021 includes impairments of $22.8 million and transaction and other costs of $2.6 million associated with the Shipyard Transaction (see discussion above). Expense for 2020 includes charges of $1.6 million associated with impairments of drydocks sold in connection with the Shipyard Transaction, impairments of lease assets associated with our Lake Charles Facility, and closure costs associated with our Lake Charles Facility and Jennings Facility.
| (3) | Other income for 2021 includes a gain of $0.6 million, resulting from insurance recoveries associated with damage previously caused by Hurricane Laura to a drydock that was sold in connection with the Shipyard Transaction. Other expense for 2020 includes charges of $0.5 million associated with damage caused by Hurricane Laura to our drydocks sold in connection with the Shipyard Transaction and our ninth harbor tug project.
| (4) | Income taxes attributable to discontinued operations were not material for each period presented.
Assets and Liabilities – At December 31, 2021, we had no material assets or liabilities of discontinued operations. A summary of the carrying values of the major classes of assets and liabilities of discontinued operations at December 31, 2020, is as follows (in thousands):
|  | December 31, 2020 |
Current assets of discontinued operations: |  |  |  |
Contract receivables and retainage, net |  | $ | 1,304 |
Contract assets |  |  | 62,423 |
Prepaid expenses and other assets |  |  | 270 |
Inventory |  |  | 105 |
Assets held for sale |  |  | 2,014 |
Total current assets of discontinued operations |  | $ | 66,116 |
Noncurrent assets of discontinued operations: |  |  |  |
Property, plant and equipment, net |  | $ | 36,280 |
Other noncurrent assets |  |  | 2,889 |
Total noncurrent assets of discontinued operations |  | $ | 39,169 |
|  | December 31, 2020 |
Current liabilities of discontinued operations: |  |  |  |
Accounts payable |  | $ | 57,752 |
Contract liabilities |  |  | 4,867 |
Accrued expenses and other liabilities |  |  | 1,188 |
Total current liabilities of discontinued operations |  | $ | 63,807 |
Cash Flows – A summary of the cash flows of discontinued operations for 2021 and 2020, is as follows (in thousands):
|  | Years Ended December 31, |
|  | 2021 |  |  | 2020 |
Operating cash flows from discontinued operations |  | $ | (9,443 | ) |  | $ | (19,673 | )
Investing cash flows from discontinued operations |  | $ | 32,739 |  |  | $ | (8,954 | )

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