Segment Information

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Segment Information

17.Segment Information

The Company currently operates in two reportable segments: marine and concrete. The Company’s financial reporting systems present various data for management to run the business, including profit and loss statements prepared according to the segments presented. Management uses operating income to evaluate performance between the two segments. Segment information for the periods presented is provided as follows:

	Three months ended				Nine months ended
	September 30,				September 30,
		2021		2020		2021		2020
Marine
Contract revenues	$	54,739	$	112,881	$	190,827	$	290,549
Operating (loss) income	$	(4,965)	$	12,025	$	6,489	$	21,584
Depreciation and amortization expense	$	(4,232)	$	(4,543)	$	(12,912)	$	(14,063)
Total assets	$	252,332	$	258,894	$	252,332	$	258,894
Property and equipment, net	$	92,612	$	109,522	$	92,612	$	109,522
Concrete
Contract revenues	$	85,168	$	76,552	$	248,264	$	249,217
Operating (loss) income	$	(3,778)	$	1,060	$	(7,611)	$	(50)
Depreciation and amortization expense	$	(1,993)	$	(2,223)	$	(6,228)	$	(6,599)
Total assets	$	116,023	$	123,626	$	116,023	$	123,626
Property and equipment, net	$	14,073	$	16,389	$	14,073	$	16,389

In connection with the preparation of the financial statements for the quarter ended September 30, 2021, the Company has identified and corrected certain immaterial errors in segment reporting for all periods presented.

Specifically, certain corporate overhead costs previously recorded to the marine segment as part of operating income (loss) and allocated from the marine segment to the concrete segment below operating income in the other income (expense) line have been allocated from the marine segment to the concrete segment as part of the determination of operating income for each segment. These corrections resulted in an offsetting change in operating income (loss) for each segment of $3.0 million for the three months ended September 30, 2020 and $2.9 million and $9.2 million for the nine months ended September 30, 2021 and 2020, respectively.

There were none and less than $0.1 million in intersegment revenues between the Company’s two reportable segments for the three months ended September 30, 2021 and 2020, respectively. There were less than $0.1 million and $2.7 million in intersegment revenues between the Company’s two reportable segments for the nine months ended September 30, 2021 and 2020, respectively. The marine segment had foreign revenues of less than $0.1 million and $1.8 million for the three months ended September 30, 2021 and 2020, respectively. The marine segment had foreign revenues of $2.8 million and $9.7 million for the nine months ended September 30, 2021 and 2020, respectively. These revenues are derived from projects in the Caribbean Basin and Mexico and are paid primarily in U.S. dollars. There was no foreign revenue for the concrete segment.