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Revenue, Contract Assets and Liabilities and Other Contract Matters - Summary of Contract with Customer, Asset and Liability (Details) - USD ($) $ in Thousands | Dec. 31, 2024 | Dec. 31, 2023
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Revenue from Contract with Customer [Abstract] |  |  |
Costs incurred to date |  | $ 49,003 | $ 117,274
Estimated profit (loss) incurred to date |  | 7,942 | (12,735)
Sub-total |  | 56,945 | 104,539
Billings to date |  | (49,612) | (107,270)
Total |  | 7,333 | (2,731)
Contract assets | [1],[2] | 8,611 | 2,739
Contract liabilities | [3],[4],[5] | $ (1,278) | $ (5,470)
[1] | Contract assets at December 31, 2024 and 2023, excluded $4.6 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 December 31, 2024, was primarily due to lower unbilled positions on various projects for our Services Division.
[2] | The increase in contract assets from December 31, 2023 to December 31, 2024, was primarily due to higher unbilled positions on various projects for our Fabrication Division.
[3] | Contract liabilities at December 31, 2023, included accrued contract losses of $0.4 million, primarily related to projects for our Shipyard Division.
[4] | Revenue recognized during 2024 and 2023, related to amounts included in our contract liabilities balance at December 31, 2023 and 2022, was $4.9 million and $6.6 million, respectively.
[5] | The decrease in contract liabilities from December 31, 2023 to December 31, 2024, was primarily due to lower advance billings on various projects for our Fabrication Division.

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