XML 41 R30.htm IDEA: XBRL DOCUMENT v3.22.1
Operating Segments (Tables)
12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Summary of Reclassification of Previously Reported Segments A summary of the adjustments to correct the immaterial errors and reclassifications to our previously reported segment results for 2020, is as follows (in thousands):

 

 

Year Ended December 31, 2020

 

 

 

F&S

 

 

Shipyard

 

 

Corporate

 

 

Total

 

Gross profit (loss), as reported (1)

 

$

1,523

 

 

$

(19,274

)

 

$

 

 

$

(17,751

)

Corrections

 

 

107

 

 

 

135

 

 

 

 

 

 

242

 

Gross profit (loss), as adjusted prior to recast

 

 

1,630

 

 

 

(19,139

)

 

 

 

 

 

(17,509

)

Recast for discontinued operations (2)

 

 

 

 

 

9,642

 

 

 

 

 

 

9,642

 

Changes in expense allocations

 

 

(76

)

 

 

284

 

 

 

(208

)

 

 

 

Gross profit (loss) from continuing operations, as adjusted

 

$

1,554

 

 

$

(9,213

)

 

$

(208

)

 

$

(7,867

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss), as reported (1)

 

$

5,893

 

 

$

(24,343

)

 

$

(8,709

)

 

$

(27,159

)

Corrections

 

 

111

 

 

 

140

 

 

 

(302

)

 

 

(51

)

Operating income (loss), as adjusted prior to recast

 

 

6,004

 

 

 

(24,203

)

 

 

(9,011

)

 

 

(27,210

)

Recast for discontinued operations (2)

 

 

 

 

 

13,307

 

 

 

 

 

 

13,307

 

Changes in expense allocations

 

 

(350

)

 

 

834

 

 

 

(484

)

 

 

 

Reclassification of legal expenses

 

 

 

 

 

(1,039

)

 

 

1,039

 

 

 

 

Operating income (loss) from continuing operations, as adjusted

 

$

5,654

 

 

$

(11,101

)

 

$

(8,456

)

 

$

(13,903

)

 

 

(1)

Represents amounts as reported in our previously issued 2020 Financial Statements which do not reflect discontinued operations presentation.

 

(2)

Reflects adjustments to recast previously issued 2020 Financial Statement amounts on a discontinued operations basis.

Summarized Segment Financial Information Summarized financial information for our segments as of and for the two-year period ended December 31, 2021, is as follows (in thousands):

 

 

Year Ended December 31, 2021

 

 

 

F&S

 

 

Shipyard

 

 

Corporate

 

 

Total

 

Revenue (eliminations)

 

$

81,083

 

 

$

12,878

 

 

$

(509

)

 

$

93,452

 

Gross profit (loss) (1)

 

 

6,189

 

 

 

(4,242

)

 

 

(283

)

 

 

1,664

 

Operating income (loss) (1)

 

 

261

 

 

 

(5,769

)

 

 

(7,976

)

 

 

(13,484

)

Depreciation and amortization expense

 

 

4,001

 

 

 

 

 

 

319

 

 

 

4,320

 

Capital expenditures

 

 

1,141

 

 

 

 

 

 

 

 

 

1,141

 

Total assets (3)

 

 

59,023

 

 

 

16,222

 

 

 

60,028

 

 

 

135,273

 

 

 

 

Year Ended December 31, 2020

 

 

 

F&S

 

 

Shipyard

 

 

Corporate

 

 

Total

 

Revenue (eliminations)

 

$

99,485

 

 

$

20,468

 

 

$

(2,224

)

 

$

117,729

 

Gross profit (loss) (2)

 

 

1,554

 

 

 

(9,213

)

 

 

(208

)

 

 

(7,867

)

Operating income (loss) (2)

 

 

5,654

 

 

 

(11,101

)

 

 

(8,456

)

 

 

(13,903

)

Depreciation and amortization expense

 

 

4,928

 

 

 

 

 

 

302

 

 

 

5,230

 

Capital expenditures

 

 

2,067

 

 

 

 

 

 

191

 

 

 

2,258

 

Total assets (3)

 

 

54,174

 

 

 

17,499

 

 

 

59,780

 

 

 

131,453

 

 

 

(1)

Gross profit (loss) and operating income (loss) for 2021 includes project improvements of $3.3 million for our F&S Division and project charges of $3.8 million for our Shipyard Division. Operating income (loss) also includes charges of $3.2 million and $0.6 million associated with damage caused by Hurricane Ida for our F&S Division and Shipyard Division, respectively, acquisition costs of $0.5 million associated with the DSS Acquisition for our F&S Division, and the under-recovery of overhead costs for our F&S Division. See Note 2 for further discussion of our project and hurricane impacts and Note 4 for further discussion of the DSS Acquisition.

 

(2)

Gross profit (loss) and operating income (loss) for 2020 includes project improvements of $2.7 million for our F&S Division and project charges of $8.3 million for our Shipyard Division. Operating income (loss) also includes impairment charges and losses on the sale of assets held for sale of $2.5 million for our F&S Division, charges of $0.8 million associated with damage caused by Hurricane Laura for our Shipyard Division, and a gain of $10.0 million associated with the settlement of a contract dispute for our F&S Division. See Note 2 for further discussion of our project and hurricane impacts and Note 5 for further discussion of our impairments.

 

(3)

Cash and short-term investments are reported within our Corporate Division.