Revenue - Performance obligation (Details)
$ in Thousands

3 Months Ended

Mar. 31, 2023

USD ($)

Revenue from Contract with Customer [Abstract]

Price allocated to remaining performance obligations

$ 336,000

Revenue

REVENUE

Revenue by Category

The following tables presents revenue disaggregated by business segment, geographical region, and timing of transfer of goods or services.

			Three Months Ended
(in thousands)			Mar 31, 2023		Mar 31, 2022
Business Segment:
	Energy
		Subsea Robotics	$	169,161	$	127,989
		Manufactured Products	112,939		82,692
		Offshore Projects Group	104,307		97,397
		Integrity Management & Digital Solutions	60,083		56,570
	Total Energy		446,490		364,648
	Aerospace and Defense Technologies		90,497		81,511
		Total	$	536,987	$	446,159
Geographic Operating Areas:
	Foreign:
		Africa	$	83,728	$	63,409
		Asia and Australia	52,894		49,561
		Norway	44,940		45,277
		Brazil	40,615		30,351
		United Kingdom	40,365		38,757
		Other	25,173		23,048
	Total Foreign		287,715		250,403
	United States		249,272		195,756
Total			$	536,987	$	446,159
Timing of Transfer of Goods or Services:
	Revenue recognized over time		$	495,484	$	417,003
	Revenue recognized at a point in time		41,503		29,156
Total			$	536,987	$	446,159

Contract Balances

Our contracts with milestone payments have, in the aggregate, a significant impact on the contract asset and the contract liability balances. Milestones are contractually agreed with customers and relate to significant events across the contract lives. Some milestones are achieved before revenue is recognized, resulting in a contract liability, while other milestones are achieved after revenue is recognized, resulting in a contract asset.

The following table provides information about contract assets and contract liabilities from contracts with customers.

	Three months ended
(in thousands)	Mar 31, 2023		Mar 31, 2022
Total contract assets, beginning of period	$	184,847	$	164,847
Revenue accrued	499,501		414,636
Amounts billed	(473,933)		(407,532)
Total contract assets, end of period	$	210,415	$	171,951
Total contract liabilities, beginning of period	$	112,950	$	88,175
Deferrals of milestone payments	49,513		27,101
Recognition of revenue for goods and services	(39,766)		(30,507)
Total contract liabilities, end of period	$	122,697	$	84,769

Performance Obligations

As of March 31, 2023, the aggregate amount of the transaction price allocated to remaining performance obligations that were unsatisfied (or partially unsatisfied) was $336 million. In arriving at this value, we have used two expedients available to us and are not disclosing amounts in relation to performance obligations: (1) that are part of contracts with an original expected duration of one year or less; or (2) on contracts where we recognize revenue in line with the billing. Of this amount, we expect to recognize revenue of $255 million over the next 12 months, $70 million within the next 24 months and we expect to recognize substantially all of the remaining balance of $11 million within the next 36 months.

In our Manufactured Products and ADTech segments, we have long-term contracts that extend beyond one year, and these make up the majority of the performance obligations balance reported as of March 31, 2023. We also have shorter-term product contracts with an expected original duration of one year or less that have been excluded.

Where appropriate, we have made estimates within the transaction price of elements of variable consideration within the contracts and constrained those amounts to a level where we consider it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The amount of revenue recognized in the three months ended March 31, 2023 and 2022 that was associated with performance obligations completed or partially completed in prior periods was not significant.

As of March 31, 2023, there were no significant outstanding liability balances for refunds or returns due to the nature of our contracts and the services and products we provide. Our warranties are limited to assurance warranties that are of a standard length and are not considered to be material rights. The majority of our contracts consist of a single performance obligation. When there are multiple obligations, we look for observable evidence of stand-alone selling prices on which to base the allocation. This involves judgment as to the appropriateness of the observable evidence relating to the facts and circumstances of the contract. If we do not have observable evidence, we estimate stand-alone selling prices by taking a cost-plus-margin approach, using typical margins from the type of product or service, customer and regional geography involved.

Costs to Obtain or Fulfill a Contract

In line with the available practical expedient, we capitalize incremental costs to obtain a contract that would not have been incurred if the contract had not been obtained when those amounts are significant and the contract is expected at inception to exceed one year in duration. Our costs to obtain a contract primarily consist of bid and proposal costs, which are generally expensed in the period incurred. There were no balances or amortization of costs to obtain a contract in the current reporting periods.

Costs to fulfill a contract primarily consist of certain mobilization costs incurred to provide services or products to our customers. These costs are deferred and amortized over the period of contract performance. The closing balance of costs to fulfill a contract was $8.0 million and $10 million as of March 31, 2023 and December 31, 2022,

respectively. For the three-month periods ended March 31, 2023 and 2022, we recorded amortization expense of $1.2 million and $1.8 million, respectively. No impairment costs were recognized.