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Revenue
 6 Months Ended
Jun. 30, 2023
Revenue from Contract with Customer [Abstract]  
Revenue REVENUE
Revenue by Category

The following tables present revenue disaggregated by business segment, geographical region, and timing of transfer of goods or services.
Three Months EndedSix Months Ended
(in thousands)Jun 30, 2023Jun 30, 2022Jun 30, 2023Jun 30, 2022
Business Segment:
Energy
Subsea Robotics$186,512 $157,123 $355,673 $285,112 
Manufactured Products124,882 105,456 237,821 188,148 
Offshore Projects Group130,547 116,457 234,854 213,854 
Integrity Management & Digital Solutions63,166 59,438 123,249 116,008 
Total Energy505,107 438,474 951,597 803,122 
Aerospace and Defense Technologies92,803 85,557 183,300 167,068 
Total$597,910 $524,031 $1,134,897 $970,190 
Geographic Operating Areas:
Foreign:
Africa$78,247 $67,910 $161,975 $131,319 
Asia and Australia57,690 49,544 110,584 99,105 
United Kingdom54,268 46,131 94,633 84,888 
Norway48,508 47,911 93,448 93,188 
Brazil47,993 37,951 88,608 68,302 
Other43,848 21,120 69,021 44,168 
Total Foreign330,554 270,567 618,269 520,970 
United States267,356 253,464 516,628 449,220 
Total$597,910 $524,031 $1,134,897 $970,190 
Timing of Transfer of Goods or Services:
Revenue recognized over time$557,968 $484,722 $1,053,452 $901,725 
Revenue recognized at a point in time39,942 39,309 81,445 68,465 
Total$597,910 $524,031 $1,134,897 $970,190 

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.
Six months ended
(in thousands)Jun 30, 2023Jun 30, 2022
Total contract assets, beginning of period$184,847 $164,847 
Revenue accrued1,077,338 915,969 
Amounts billed(1,047,179)(892,144)
Total contract assets, end of period$215,006 $188,672 
Total contract liabilities, beginning of period$112,950 $88,175 
Deferrals of milestone payments65,465 24,084 
Recognition of revenue for goods and services(59,394)(55,696)
Total contract liabilities, end of period$119,021 $56,563 
Performance Obligations

As of June 30, 2023, the aggregate amount of the transaction price allocated to remaining performance obligations that were unsatisfied (or partially unsatisfied) was $368 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 $288 million over the next 12 months, $76 million within the next 24 months and we expect to recognize substantially all of the remaining balance of $3.3 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 June 30, 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- and six-month periods ended June 30, 2023 and 2022, that was associated with performance obligations completed or partially completed in prior periods was not significant.
As of June 30, 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 when 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 $7.4 million and $10 million as of June 30, 2023, and December 31, 2022, respectively. For the three- and six-month periods ended June 30, 2023, we recorded amortization expense of $1.6 million and $2.8 million, respectively. For the three- and six-month periods ended June 30, 2022, we recorded amortization expense of $1.3 million and $3.1 million, respectively. No impairment costs were recognized.