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Revenue (Tables)
12 Months Ended
Dec. 31, 2018
Revenue From Contract With Customer [Line Items]  
Summary of Type of Work and Customer, Contract Revenues

The following table sets forth, by type of work, the Company’s contract revenues for the years ended December 31, 2018, 2017 and 2016:

 

Revenues

 

2018

 

 

2017

 

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital—U.S.

 

$

333,037

 

 

$

185,113

 

 

$

219,914

 

Capital—foreign

 

 

14,088

 

 

 

42,306

 

 

 

59,413

 

Coastal protection

 

 

175,923

 

 

 

191,070

 

 

 

215,041

 

Maintenance

 

 

53,427

 

 

 

134,923

 

 

 

92,274

 

Rivers & lakes

 

 

44,320

 

 

 

38,747

 

 

 

50,826

 

Total revenues

 

$

620,795

 

 

$

592,159

 

 

$

637,468

 

The following table sets forth, by type of customer, the Company’s contract revenues for the years ended December 31, 2018, 2017 and 2016:

 

Revenues

 

2018

 

 

2017

 

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal government

 

$

468,421

 

 

$

375,276

 

 

$

409,941

 

State and local government

 

 

93,499

 

 

 

145,196

 

 

 

126,395

 

Private

 

 

44,787

 

 

 

29,381

 

 

 

41,719

 

Foreign

 

 

14,088

 

 

 

42,306

 

 

 

59,413

 

Total revenues

 

$

620,795

 

 

$

592,159

 

 

$

637,468

 

Schedule of Accounts Receivable

Accounts receivable at December 31, 2018 and December 31, 2017 are as follows:

 

 

 

 

2018

 

 

 

2017

 

Completed contracts

 

$

8,592

 

 

$

10,658

 

Contracts in progress

 

 

48,418

 

 

 

28,212

 

Retainage

 

 

7,969

 

 

 

17,545

 

 

 

 

64,979

 

 

 

56,415

 

Allowance for doubtful accounts

 

 

(200

)

 

 

 

 

 

 

 

 

 

 

 

 

Total accounts receivable—net

 

$

64,779

 

 

$

56,415

 

 

 

 

 

 

 

 

 

 

Current portion of accounts receivable—net

 

$

64,779

 

 

$

51,940

 

Long-term accounts receivable and retainage

 

 

 

 

 

4,475

 

Total accounts receivable—net

 

$

64,779

 

 

$

56,415

 

Components of Contracts in Progress

The components of contracts in progress at December 31, 2018 and December 31, 2017 are as follows:

 

 

 

 

2018

 

 

 

2017

 

Costs and earnings in excess of billings:

 

 

 

 

 

 

 

 

Costs and earnings for contracts in progress

 

$

433,093

 

 

$

507,037

 

Amounts billed

 

 

(416,956

)

 

 

(451,829

)

Costs and earnings in excess of billings for contracts in progress

 

 

16,137

 

 

 

55,208

 

Costs and earnings in excess of billings for completed contracts

 

 

3,928

 

 

 

22,699

 

Total contract revenues in excess of billings

 

$

20,065

 

 

$

77,907

 

 

 

 

 

 

 

 

 

 

Current portion of contract revenues in excess of billings

 

$

17,953

 

 

$

77,907

 

Long-term contract revenues in excess of billings

 

 

2,112

 

 

 

 

Total contract revenues in excess of billings

 

$

20,065

 

 

$

77,907

 

 

 

 

 

 

 

 

 

 

Billings in excess of costs and earnings:

 

 

 

 

 

 

 

 

Amounts billed

 

$

(260,691

)

 

$

(301,788

)

Costs and earnings for contracts in progress

 

 

242,898

 

 

 

299,202

 

 

 

 

 

 

 

 

 

 

Total billings in excess of contract revenues

 

$

(17,793

)

 

$

(2,586

)

Summary of Revenues and Gross Profit from Foreign Project Operations

The Company derived revenues and gross profit from foreign project operations for the years ended December 31, 2018, 2017, and 2016, as follows:

 

 

 

2018

 

 

2017

 

 

2016

 

Contract revenues

 

$

14,088

 

 

$

42,306

 

 

$

59,413

 

Costs of contract revenues

 

 

(19,866

)

 

 

(73,958

)

 

 

(66,729

)

Gross profit

 

$

(5,778

)

 

$

(31,652

)

 

$

(7,316

)

ASU 2014-09 [Member]  
Revenue From Contract With Customer [Line Items]  
Summary of Impact of Change in Accounting Principle on Consolidated Balance Sheets At December 31, 2018, the impact of this change in accounting principle on the Consolidated Balance Sheets is as follows:

 

 

December 31, 2018

 

ASSETS

 

 

 

 

Contract revenues in excess of billings

 

$

(18,334

)

Other current assets

 

 

8,953

 

Other

 

 

4,176

 

LIABILITIES AND EQUITY

 

 

 

 

Accrued expenses

 

 

(5,306

)

Billings in excess of contract revenues

 

 

5,834

 

Deferred taxes

 

 

(1,468

)

 

 

 

 

 

Accumulated deficit

 

$

(4,265

)

 

Summary of Impact of Change in Accounting Principle on Consolidated Statements of Operations

For the year ended December 31, 2018, the impact of this change in accounting principle on the Consolidated Statements of Operations is as follows:

 

 

 

2018

 

 

 

 

 

 

Contract revenues

 

$

(14,696

)

Cost of contract revenues

 

 

(11,360

)

Income tax benefit

 

 

867

 

Loss from continuing operations

 

 

(2,469

)

Net loss

 

$

(2,469

)

 

 

 

 

 

Comprehensive loss

 

$

(2,469

)