XML 23 R16.htm IDEA: XBRL DOCUMENT
v3.24.3

Revenue, Contract Assets and Liabilities and Other Contract Matters (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2024
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 and duration, for the three and nine months ended September 30, 2024 and 2023 (in thousands):
|  | Three Months Ended September 30, 2024 |
|  | Services |  |  | Fabrication |  |  | Shipyard |  |  | Eliminations |  |  | Total |
Fixed-price and unit-rate |  | $ | 74 |  |  | $ | 10,235 |  |  | $ | 490 |  |  | $ | (3 | ) |  | $ | 10,796 |
T&M and cost-reimbursable |  |  | 19,403 |  |  |  | 6,875 |  |  |  | — |  |  |  | — |  |  |  | 26,278 |
Other |  |  | 768 |  |  |  | — |  |  |  | — |  |  |  | (202 | ) |  |  | 566 |
Total |  | $ | 20,245 |  |  | $ | 17,110 |  |  | $ | 490 |  |  | $ | (205 | ) |  | $ | 37,640 |
Long-term |  | $ | 74 |  |  | $ | 15,786 |  |  | $ | 490 |  |  | $ | (3 | ) |  | $ | 16,347 |
Short-term |  |  | 20,171 |  |  |  | 1,324 |  |  |  | — |  |  |  | (202 | ) |  |  | 21,293 |
Total |  | $ | 20,245 |  |  | $ | 17,110 |  |  | $ | 490 |  |  | $ | (205 | ) |  | $ | 37,640 |
|  | Three Months Ended September 30, 2023 |
|  | Services |  |  | Fabrication |  |  | Shipyard |  |  | Eliminations |  |  | Total |
Fixed-price and unit-rate |  | $ | 557 |  |  | $ | 12,185 |  |  | $ | (32,702 | ) |  | $ | (20 | ) |  | $ | (19,980 | )
T&M and cost-reimbursable |  |  | 21,086 |  |  |  | 2,794 |  |  |  | — |  |  |  | — |  |  |  | 23,880 |
Other |  |  | 1,333 |  |  |  | — |  |  |  | — |  |  |  | (210 | ) |  |  | 1,123 |
Total |  | $ | 22,976 |  |  | $ | 14,979 |  |  | $ | (32,702 | ) |  | $ | (230 | ) |  | $ | 5,023 |
Long-term |  | $ | 557 |  |  | $ | 13,043 |  |  | $ | (32,702 | ) |  | $ | (20 | ) |  | $ | (19,122 | )
Short-term |  |  | 22,419 |  |  |  | 1,936 |  |  |  | — |  |  |  | (210 | ) |  |  | 24,145 |
Total |  | $ | 22,976 |  |  | $ | 14,979 |  |  | $ | (32,702 | ) |  | $ | (230 | ) |  | $ | 5,023 |
|  | Nine Months Ended September 30, 2024 |
|  | Services |  |  | Fabrication |  |  | Shipyard |  |  | Eliminations |  |  | Total |
Fixed-price and unit-rate |  | $ | 837 |  |  | $ | 42,792 |  |  | $ | 935 |  |  | $ | (6 | ) |  | $ | 44,558 |
T&M and cost-reimbursable |  |  | 65,719 |  |  |  | 10,183 |  |  |  | — |  |  |  | — |  |  |  | 75,902 |
Other |  |  | 1,990 |  |  |  | — |  |  |  | — |  |  |  | (667 | ) |  |  | 1,323 |
Total |  | $ | 68,546 |  |  | $ | 52,975 |  |  | $ | 935 |  |  | $ | (673 | ) |  | $ | 121,783 |
Long-term |  | $ | 837 |  |  | $ | 49,400 |  |  | $ | 935 |  |  | $ | (6 | ) |  | $ | 51,166 |
Short-term |  |  | 67,709 |  |  |  | 3,575 |  |  |  | — |  |  |  | (667 | ) |  |  | 70,617 |
Total |  | $ | 68,546 |  |  | $ | 52,975 |  |  | $ | 935 |  |  | $ | (673 | ) |  | $ | 121,783 |
|  | Nine Months Ended September 30, 2023 |
|  | Services |  |  | Fabrication |  |  | Shipyard |  |  | Eliminations |  |  | Total |
Fixed-price and unit-rate |  | $ | 1,356 |  |  | $ | 37,773 |  |  | $ | (30,973 | ) |  | $ | (30 | ) |  | $ | 8,126 |
T&M and cost-reimbursable |  |  | 64,456 |  |  |  | 31,609 |  |  |  | — |  |  |  | — |  |  |  | 96,065 |
Other |  |  | 3,221 |  |  |  | — |  |  |  | — |  |  |  | (895 | ) |  |  | 2,326 |
Total |  | $ | 69,033 |  |  | $ | 69,382 |  |  | $ | (30,973 | ) |  | $ | (925 | ) |  | $ | 106,517 |
Long-term |  | $ | 1,356 |  |  | $ | 65,259 |  |  | $ | (30,973 | ) |  | $ | (30 | ) |  | $ | 35,612 |
Short-term |  |  | 67,677 |  |  |  | 4,123 |  |  |  | — |  |  |  | (895 | ) |  |  | 70,905 |
Total |  | $ | 69,033 |  |  | $ | 69,382 |  |  | $ | (30,973 | ) |  | $ | (925 | ) |  | $ | 106,517 |
Summary of Remaining Performance Obligations, Disaggregated by Operating Segment and Contract Type | The following table summarizes our remaining performance obligations, disaggregated by operating segment and contract type, at September 30, 2024 (in thousands):
|  | September 30, 2024 |
|  | Services |  |  | Fabrication |  |  | Shipyard(1) |  |  | Total |
Fixed-price and unit-rate |  | $ | 22 |  |  | $ | 6,233 |  |  | $ | 126 |  |  | $ | 6,381 |
T&M and cost-reimbursable |  |  | — |  |  |  | 5,315 |  |  |  | — |  |  |  | 5,315 |
Total(2) |  | $ | 22 |  |  | $ | 11,548 |  |  | $ | 126 |  |  | $ | 11,696 |
(1) Future performance obligations for our Shipyard Division relate to potential repairs and rework during the warranty periods for our Ferry Projects. See “Changes in Project Estimates” below for further discussion of the warranty periods for our Ferry Projects. (2) We expect all of our performance obligations at September 30, 2024, to be recognized as revenue during 2024. Certain factors and circumstances could result in changes in the timing of recognition of our performance obligations as revenue and the amounts ultimately recognized.
Summary of Contract with Customer, Asset and Liability | Information with respect to contracts that were incomplete at September 30, 2024 and December 31, 2023, is as follows (in thousands):
|  | September 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Contract assets(1), (2) |  | $ | 5,815 |  |  | $ | 2,739 |
Contract liabilities(3), (4), (5) |  |  | (1,479 | ) |  |  | (5,470 | )
Contracts in progress, net |  | $ | 4,336 |  |  | $ | (2,731 | )
(1) The increase in contract assets from December 31, 2023 to September 30, 2024, was primarily due to higher unbilled positions on various projects for our Fabrication Division. (2) Contract assets at September 30, 2024 and December 31, 2023, excluded $3.3 million and $6.0 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. The decrease from December 31, 2023 to September 30, 2024, was primarily due to lower unbilled positions on various projects for our Services Division. (3) The decrease in contract liabilities from December 31, 2023 to September 30, 2024, was primarily due to lower advance billings on various projects for our Fabrication Division. (4) Revenue recognized during the three months ended September 30, 2024 and 2023, from amounts included in our contract liabilities balance at June 30, 2024 and 2023, was $3.0 million and $1.1 million, respectively. Revenue recognized during the nine months ended September 30, 2024 and 2023, from amounts included in our contract liabilities balance at December 31, 2023 and 2022, was $4.8 million and $6.2 million, respectively. (5) Contract liabilities at September 30, 2024 and December 31, 2023, includes accrued contract losses of $0.2 million and $0.4 million, respectively, primarily related to our Ferry Projects for our Shipyard Division.

X
- 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 -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 + Details
Name: | us-gaap_ContractWithCustomerAssetAndLiabilityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-5 + Details
Name: | us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of expected timing for satisfying remaining performance obligation. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(1) -SubTopic 10 -Topic 606 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 + Details
Name: | us-gaap_RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration