v3.20.2
|
6 Months Ended |
|
|---|
| 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, 2020 and 2019 (in thousands):
|
|
|
Three Months Ended June 30, 2020 |
|
|
Contract Type |
|
Shipyard |
|
|
F&S |
|
|
Eliminations |
|
|
Total |
|
|
Fixed-price and unit-rate(1) |
|
$ |
33,513 |
|
|
$ |
20,853 |
|
|
$ |
(239 |
) |
|
$ |
54,127 |
|
|
T&M(2) |
|
|
375 |
|
|
|
4,455 |
|
|
|
— |
|
|
|
4,830 |
|
|
Other |
|
|
— |
|
|
|
1,298 |
|
|
|
(281 |
) |
|
|
1,017 |
|
|
Total |
|
$ |
33,888 |
|
|
$ |
26,606 |
|
|
$ |
(520 |
) |
|
$ |
59,974 |
|
|
|
|
Six Months Ended June 30, 2020 |
|
|
Contract Type |
|
Shipyard |
|
|
F&S |
|
|
Eliminations |
|
|
Total |
|
|
Fixed-price and unit-rate(1) |
|
$ |
77,815 |
|
|
$ |
45,410 |
|
|
$ |
(324 |
) |
|
$ |
122,901 |
|
|
T&M(2) |
|
|
1,632 |
|
|
|
11,380 |
|
|
|
— |
|
|
|
13,012 |
|
|
Other |
|
|
— |
|
|
|
3,259 |
|
|
|
(643 |
) |
|
|
2,616 |
|
|
Total |
|
$ |
79,447 |
|
|
$ |
60,049 |
|
|
$ |
(967 |
) |
|
$ |
138,529 |
|
|
|
|
Three Months Ended June 30, 2019(3) |
|
|
Contract Type |
|
Shipyard |
|
|
F&S |
|
|
Eliminations |
|
|
Total |
|
|
Fixed-price and unit-rate(1) |
|
$ |
39,093 |
|
|
$ |
29,470 |
|
|
$ |
(105 |
) |
|
$ |
68,458 |
|
|
T&M(2) |
|
|
960 |
|
|
|
8,187 |
|
|
|
— |
|
|
|
9,147 |
|
|
Other |
|
|
— |
|
|
|
2,996 |
|
|
|
(145 |
) |
|
|
2,851 |
|
|
Total |
|
$ |
40,053 |
|
|
$ |
40,653 |
|
|
$ |
(250 |
) |
|
$ |
80,456 |
|
|
|
|
Six Months Ended June 30, 2019(3) |
|
|
Contract Type |
|
Shipyard |
|
|
F&S |
|
|
Eliminations |
|
|
Total |
|
|
Fixed-price and unit-rate(1) |
|
$ |
73,543 |
|
|
$ |
46,967 |
|
|
$ |
(178 |
) |
|
$ |
120,332 |
|
|
T&M(2) |
|
|
3,921 |
|
|
|
18,809 |
|
|
|
— |
|
|
|
22,730 |
|
|
Other |
|
|
— |
|
|
|
5,470 |
|
|
|
(471 |
) |
|
|
4,999 |
|
|
Total |
|
$ |
77,464 |
|
|
$ |
71,246 |
|
|
$ |
(649 |
) |
|
$ |
148,061 |
|
|
|
(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. |
|
|
(3) |
See Note 7 for discussion of our realigned operating divisions. |
|
| Summary of Remaining Performance Obligation by Operating Segment |
The following table summarizes our remaining performance obligations by operating segment at June 30, 2020 (in thousands):
|
Segment |
|
Performance
Obligations |
|
|
Shipyard(1) |
|
$ |
417,557 |
|
|
Fabrication & Services |
|
|
30,547 |
|
|
Total |
|
$ |
448,104 |
|
|
|
(1) |
Amount excludes approximately $21.9 million of remaining performance obligations related to contracts for the construction of two MPSVs that are subject to dispute pursuant to termination notices from our customer. See Note 5 for further discussion of these contracts. |
|
We expect to recognize revenue for our remaining performance obligations at June 30, 2020, in the following periods (in thousands):
|
Year |
|
Performance
Obligations |
|
|
Remainder of 2020 |
|
$ |
105,155 |
|
|
2021 |
|
|
206,331 |
|
|
2022 |
|
|
115,870 |
|
|
Thereafter |
|
|
20,748 |
|
|
Total |
|
$ |
448,104 |
|
|
| Summary of Contract with Customer, Asset and Liability |
Information with respect to uncompleted contracts at June 30, 2020 and December 31, 2019 is as follows (in thousands):
|
|
|
June 30, |
|
|
December 31, |
|
|
|
|
2020 |
|
|
2019 |
|
|
Contract assets |
|
$ |
77,860 |
|
|
$ |
52,128 |
|
|
Contract liabilities(1), (2), (3) |
|
|
(26,973 |
) |
|
|
(26,271 |
) |
|
Contracts in progress, net |
|
$ |
50,887 |
|
|
$ |
25,857 |
|
|
|
(1) |
The increase in contract liabilities compared to December 31, 2019, was primarily due to advance payments on two projects in our Shipyard Division, offset partially by the unwind of advance payments on a project in our Shipyard Division and two projects in our Fabrication & Services Division. |
|
|
(2) |
Revenue recognized during the three months ended June 30, 2020 and 2019, related to amounts included in our contract liabilities balance at March 31, 2020 and 2019, was $5.1 million and $7.6 million, respectively. Revenue recognized during the six months ended June 30, 2020 and 2019, related to amounts included in our contract liabilities balance at December 31, 2019 and 2018, was $19.0 million and $13.9 million, respectively. |
|
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