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Revenue, Contract Assets and Liabilities and Other Contract Matters (Tables) | 6 Months Ended
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Jun. 30, 2022
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, 2022 and 2021 (in thousands):
|  | Three Months Ended June 30, 2022 |
|  | Services |  |  | Fabrication |  |  | Shipyard |  |  | Eliminations |  |  | Total |
Fixed-price and unit-rate(1) |  | $ | 962 |  |  | $ | 9,197 |  |  | $ | 2,968 |  |  | $ | (5 | ) |  | $ | 13,122 |
T&M(2) |  |  | 20,503 |  |  |  | 642 |  |  |  | — |  |  |  | — |  |  |  | 21,145 |
Other |  |  | 715 |  |  |  | 1,000 |  |  |  | — |  |  |  | (80 | ) |  |  | 1,635 |
Total |  | $ | 22,180 |  |  | $ | 10,839 |  |  | $ | 2,968 |  |  | $ | (85 | ) |  | $ | 35,902 |
|  | Six Months Ended June 30, 2022 |
|  | Services |  |  | Fabrication |  |  | Shipyard |  |  | Eliminations |  |  | Total |
Fixed-price and unit-rate(1) |  | $ | 2,571 |  |  | $ | 14,241 |  |  | $ | 5,465 |  |  | $ | (6 | ) |  | $ | 22,271 |
T&M(2) |  |  | 38,966 |  |  |  | 1,215 |  |  |  | — |  |  |  | — |  |  |  | 40,181 |
Other |  |  | 1,307 |  |  |  | 1,000 |  |  |  | — |  |  |  | (171 | ) |  |  | 2,136 |
Total |  | $ | 42,844 |  |  | $ | 16,456 |  |  | $ | 5,465 |  |  | $ | (177 | ) |  | $ | 64,588 |
|  | Three Months Ended June 30, 2021 |
|  | Services |  |  | Fabrication |  |  | Shipyard |  |  | Eliminations |  |  | Total |
Fixed-price and unit-rate(1) |  | $ | 269 |  |  | $ | 10,590 |  |  | $ | 3,129 |  |  | $ | 182 |  |  | $ | 14,170 |
T&M(2) |  |  | 8,662 |  |  |  | 652 |  |  |  | — |  |  |  | (60 | ) |  |  | 9,254 |
Other |  |  | 1,347 |  |  |  | — |  |  |  | — |  |  |  | (503 | ) |  |  | 844 |
Total |  | $ | 10,278 |  |  | $ | 11,242 |  |  | $ | 3,129 |  |  | $ | (381 | ) |  | $ | 24,268 |
|  | Six Months Ended June 30, 2021 |
|  | Services |  |  | Fabrication |  |  | Shipyard |  |  | Eliminations |  |  | Total |
Fixed-price and unit-rate(1) |  | $ | 590 |  |  | $ | 21,608 |  |  | $ | 8,259 |  |  | $ | (8 | ) |  | $ | 30,449 |
T&M(2) |  |  | 14,213 |  |  |  | 1,370 |  |  |  | — |  |  |  | (60 | ) |  |  | 15,523 |
Other |  |  | 2,981 |  |  |  | — |  |  |  | — |  |  |  | (900 | ) |  |  | 2,081 |
Total |  | $ | 17,784 |  |  | $ | 22,978 |  |  | $ | 8,259 |  |  | $ | (968 | ) |  | $ | 48,053 |
| (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 June 30, 2022 (in thousands):
|  | Performance Obligations |
Services |  | $ | 2,117 |
Fabrication |  |  | 7,913 |
Shipyard |  |  | 5,476 |
Total |  | $ | 15,506 |
Summary of Contract with Customer, Asset and Liability | Information with respect to contracts that were incomplete at June 30, 2022 and December 31, 2021, is as follows (in thousands):
|  | June 30, |  |  | December 31, |
|  | 2022 |  |  | 2021 |
Contract assets(1), (2) |  | $ | 5,185 |  |  | $ | 4,759 |
Contract liabilities(3), (4), (5) |  |  | (3,309 | ) |  |  | (6,648 | )
Contracts in progress, net |  | $ | 1,876 |  |  | $ | (1,889 | )
| (1) | The increase in contract assets compared to December 31, 2021, was primarily due to increased unbilled positions on our seventy-vehicle ferry and two forty-vehicle ferry projects with our Shipyard Division, offset partially by decreased unbilled positions on various projects within our Fabrication Division.
| (2) | Contract assets at June 30, 2022 and December 31, 2021, excludes $6.1 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, 2021, 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.
| (4) | Revenue recognized during the three months ended June 30, 2022 and 2021, related to amounts included in our contract liabilities balance at March 31, 2022 and 2021, was $0.7 million and $2.8 million, respectively. Revenue recognized during the six months ended June 30, 2022 and 2021, related to amounts included in our contract liabilities balance at December 31, 2021 and 2020, was $2.5 million and $2.8 million, respectively.
| (5) | Contract liabilities at June 30, 2022 and December 31, 2021, includes accrued contract losses of $2.1 million and $3.9 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 https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045 + Details
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