Segment Information

3 Months Ended

Mar. 31, 2022

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
	March 31,
		2022		2021
Marine
Contract revenues	$	84,480	$	72,146
Operating income	$	1,840	$	2,848
Depreciation and amortization expense	$	(4,323)	$	(4,358)
Total assets	$	173,577	$	268,345
Property and equipment, net	$	92,725	$	106,071
Concrete
Contract revenues	$	90,451	$	81,163
Operating loss	$	(4,695)	$	(793)
Depreciation and amortization expense	$	(1,940)	$	(2,127)
Total assets	$	167,299	$	126,510
Property and equipment, net	$	12,249	$	14,808

In connection with the preparation of the financial statements for the quarter ended June 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 $2.9 million the three months ended March 31, 2021.

There were none and less than $0.1 million in intersegment revenues between the Company’s two reportable segments for the three months ended March 31, 2022 and 2021, respectively. The marine segment had foreign revenues of $0.7 million and $2.4 million for the three months ended March 31, 2022 and 2021, 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.