Revenue

6 Months Ended

Jun. 30, 2021

Revenue From Contract With Customer [Abstract]

Revenue

7. Revenue

At June 30, 2021, the Company had $454,402 of remaining performance obligations, which the Company refers to as total backlog. Approximately 93% of the Company’s backlog will be completed in 2021 with the remaining balance expected to be completed in 2022.

Revenue by category

The following series of tables presents our revenue disaggregated by several categories.

Domestically, our work generally is performed in coastal waterways and deep-water ports. The U.S. dredging market consists of four primary types of work: capital, coastal protection, maintenance and rivers & lakes. Foreign projects typically involve capital work.

The Company’s contract revenues by type of work, for the periods indicated, were as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
Revenues	2021		2020		2021		2020
Dredging:
Capital—U.S.	$	79,399	$	63,440	$	157,005	$	146,989
Capital—foreign		1,613		3,981		6,322		10,843
Coastal protection		46,631		56,038		93,262		135,888
Maintenance		37,278		41,968		82,579		84,353
Rivers & lakes		4,993		2,493		8,379		7,542
Total revenues	$	169,914	$	167,920	$	347,547	$	385,615

The Company’s contract revenues by type of customer, for the periods indicated, were as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
Revenues	2021		2020		2021		2020
Dredging:
Federal government	$	127,331	$	133,496	$	258,063	$	299,263
State and local government		37,069		29,693		71,844		72,025
Private		3,901		750		11,318		3,484
Foreign		1,613		3,981		6,322		10,843
Total revenues	$	169,914	$	167,920	$	347,547	$	385,615

Accounts receivable at June 30, 2021 and December 31, 2020 are as follows:

	June 30,			December 31,
	2021			2020
Completed contracts	$	12,526		$	12,347
Contracts in progress		15,393			21,239
Retainage		8,386			5,968
		36,305			39,554
Allowance for doubtful accounts		(564	)		(564	)
Total accounts receivable—net	$	35,741		$	38,990

The components of contracts in progress at June 30, 2021 and December 31, 2020 are as follows:

	June 30,			December 31,
	2021			2020
Costs and earnings in excess of billings:
Costs and earnings for contracts in progress	$	317,984		$	199,964
Amounts billed		(291,493	)		(168,569	)
Costs and earnings in excess of billings for contracts in progress		26,491			31,395
Costs and earnings in excess of billings for completed contracts		10,177			2,823
Total contract revenues in excess of billings	$	36,668		$	34,218
Current portion of contract revenues in excess of billings	$	34,556		$	32,106
Long-term contract revenues in excess of billings		2,112			2,112
Total contract revenues in excess of billings	$	36,668		$	34,218
Billings in excess of costs and earnings:
Amounts billed	$	(382,785	)	$	(550,468	)
Costs and earnings for contracts in progress		353,952			517,860
Total billings in excess of contract revenues	$	(28,833	)	$	(32,608	)

At June 30, 2021 and December 31, 2020, costs to fulfill a contract with a customer recognized as an asset were $6,887 and $10,501, respectively, and are recorded in other current assets and other noncurrent assets. These costs relate to pre-contract and pre-construction activities. During the three and six months ended June 30, 2021 and 2020, the Company amortized $5,909 and $3,612, and 11,756 and 8,804 respectively, of pre-construction costs.