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Revenue (Notes)
 12 Months Ended
Dec. 31, 2024
Revenue [Abstract]  
Revenue recognition [Text Block] REVENUE
Revenue by Category
The following table presents revenue disaggregated by business segment, geographical region, and timing of transfer of goods or services.
Year Ended December 31,
(in thousands)202420232022
Business Segment:
Energy
Subsea Robotics$829,822 $752,521 $621,921 
Manufactured Products555,500 493,692 382,361 
Offshore Projects Group591,037 546,366 489,317 
Integrity Management & Digital Solutions291,866 255,282 229,884 
Total Energy 2,268,225 2,047,861 1,723,483 
Aerospace and Defense Technologies392,936 376,845 342,601 
Total$2,661,161 $2,424,706 $2,066,084 
Year Ended December 31,
(in thousands)202420232022
Geographic Operating Areas:
Foreign:
Africa$434,536 $331,891 $286,687 
United Kingdom291,464 205,886 177,234 
Norway233,134 189,802 180,186 
Brazil229,534 202,892 139,859 
Asia and Australia210,582 274,160 206,564 
Other134,106 189,694 96,742 
Total Foreign1,533,356 1,394,325 1,087,272 
United States1,127,805 1,030,381 978,812 
Total$2,661,161 $2,424,706 $2,066,084 
Year Ended December 31,
(in thousands)202420232022
Timing of Transfer of Goods or Services:
Revenue recognized over time$2,474,830 $2,272,160 $1,929,031 
Revenue recognized at a point in time186,331 152,546 137,053 
Total$2,661,161 $2,424,706 $2,066,084 
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.
Year Ended December 31,
(in thousands)20242023
Total contract assets, beginning of period$234,505 $184,847 
Revenue accrued2,540,010 2,328,382 
Amounts billed(2,499,235)(2,278,724)
Total contract assets, end of period$275,280 $234,505 
Total contract liabilities, beginning of period$164,631 $112,950 
Deferrals of milestone payments109,641 149,864 
Recognition of revenue for goods and services(133,575)(98,183)
Total contract liabilities, end of period$140,697 $164,631 
Performance Obligations
As of December 31, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations that were unsatisfied (or partially unsatisfied) was $454 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 $329 million over the next 12 months, $109 million within the next 24 months, and substantially all of the remaining balance of $16 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 December 31, 2024. 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 years ended December 31, 2024 and 2023 that was associated with performance obligations completed or partially completed in prior periods was not significant.
As of December 31, 2024, 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. While our contracts predominantly only contain one performance obligation and a limited number have variable consideration, when there are multiple obligations, we look for observable evidence of stand-alone selling prices on which to base the allocation.
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 $3.2 million and $7.8 million as of December 31, 2024 and 2023, respectively. For the years ended December 31, 2024, 2023 and 2022, we recorded amortization expense of $4.9 million, $5.8 million, and $5.6 million, respectively. No impairment costs were recognized.