v3.25.1
REVENUE RECOGNITION AND CONTRACTS
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION AND CONTRACTS REVENUE RECOGNITION AND CONTRACTS
Revenue Recognition

We generate the vast majority of our revenues from the supply of, and aftermarket services for, steam-generating, environmental and auxiliary equipment.

A performance obligation is a contractual promise to transfer a distinct product or service to the customer. A contract's transaction price is allocated to each distinct performance obligation and is recognized as revenue when (point in time) or as (over time) the performance obligation is satisfied.

Revenue from products and services transferred to customers at a point in time, which includes certain aftermarket parts and services, accounted for 22% and 24% of revenue for the three months ended March 31, 2025 and 2024, respectively. Revenue from products and services transferred to customers over time, which primarily relates to customized, engineered solutions and construction services, accounted for 78% and 76% of revenue for the three months ended March 31, 2025 and 2024, respectively.

Refer to Note 4 to the Condensed Consolidated Financial Statements for further disaggregation of revenue.
Contract Balances

The following represents the components of the Contracts in progress and Advance billings on contracts included in the Condensed Consolidated Balance Sheets:
(in thousands)March 31, 2025December 31, 2024$ Change% Change
Contract assets - included in contracts in progress:
Costs incurred less costs of revenue recognized$25,734 $31,691 $(5,957)(19)%
Revenues recognized less billings to customers39,912 50,712 (10,800)(21)%
Contracts in progress$65,646 $82,403 $(16,757)(20)%
Contract liabilities - included in advance billings on contracts:
Billings to customers less revenues recognized$53,636 $57,893 $(4,257)(7)%
Costs of revenue recognized less cost incurred — 585 (585)(100)%
Advance billings on contracts$53,636 $58,478 $(4,842)(8)%
Accrued contract losses$(17)$217 $(234)(108)%

(in thousands)March 31, 2024December 31, 2023$ Change% Change
Contract assets - included in contracts in progress:
Costs incurred less costs of revenue recognized$27,993 $12,100 $15,893 131 %
Revenues recognized less billings to customers60,000 38,206 21,794 57 %
Contracts in progress$87,993 $50,306 $37,687 75 %
Contract liabilities - included in advance billings on contracts:
Billings to customers less revenues recognized$56,509 $54,051 $2,458 5 %
Costs of revenue recognized less cost incurred 6,468 5,066 1,402 28 %
Advance billings on contracts$62,977 $59,117 $3,860 7 %
Accrued contract losses$(28)$46 $(74)(161)%

At December 31, 2023, Accounts receivable - trade, net was $101.4 million.

Backlog

At March 31, 2025 we had $526.8 million of remaining performance obligations, which we also refer to as total backlog. We expect to recognize approximately 64%, 34% and 2% of the remaining performance obligations as revenue in 2025, 2026 and thereafter, respectively.