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CONTRACT ASSETS AND LIABILITIES
 3 Months Ended
Mar. 31, 2025
Contractors [Abstract]  
CONTRACT ASSETS AND LIABILITIES CONTRACT ASSETS AND LIABILITIES
Under our customized pump production and water and wastewater project contracts, amounts are billed as work progresses in accordance with agreed-upon contractual terms, upon various measures of performance, including achievement of certain milestones, completion of specified units, or completion of a contract. Generally, billing occurs subsequent to revenue recognition, resulting in contract assets presented as "Costs and estimated profits in excess of billings". However, we sometimes receive advances or deposits from our customers before revenue is recognized, resulting in contract liabilities that are presented as "Billings in excess of costs and estimated profits" on our unaudited condensed consolidated balance sheets.

Costs and estimated profits on uncompleted contracts and related amounts billed were as follows (in thousands):

 March 31, 2025December 31, 2024
Costs incurred on uncompleted contracts$132,231 $122,951 
Estimated profits, thereon63,609 58,373 
Total costs and estimated profits on uncompleted contracts195,840 181,324 
Less: billings to date167,775 143,251 
Net$28,065 $38,073 

Such amounts were included in the accompanying unaudited condensed consolidated balance sheets for March 31, 2025 and December 31, 2024 under the following captions (in thousands):

 March 31, 2025December 31, 2024
Costs and estimated profits in excess of billings$47,844 $50,735 
Billings in excess of costs and estimated profits(19,779)(12,662)
Net$28,065 $38,073 

During the three months ended March 31, 2025 and 2024, $5.1 million and $1.4 million of the balances that were previously classified as contract liabilities at the beginning of the period were recognized in revenues, respectively. Contract asset and liability changes were primarily due to normal activity and timing differences between our performance and customer payments.
REVENUE
The Company disaggregates revenue based upon our geography and our reportable segments - Service Centers, Innovative Pumping Solutions and Supply Chain Services. Each of our geographic and reportable business segments are impacted and influenced by varying factors, including the macroeconomic environment, maintenance and capital spending and commodity prices and exploration and production activity. As such, we believe this information is important in depicting the nature, timing and uncertainty of our contracts with customers. The following Geographical Information and Note 11 - Segment Reporting present our revenue disaggregated by source.

Geographical Information
Revenues are presented in geographic area based on location of the facility shipping products or providing services.

The Company’s revenues by geographical location are as follows (in thousands):
Three Months Ended March 31,
20252024
Revenues
United States$457,240 $394,880 
Canada18,988 17,075 
Other
341 680 
Total$476,569 $412,635