Costs and Estimated Earnings on Uncompleted Contracts

3 Months Ended

Mar. 31, 2024

Costs and Estimated Earnings on Uncompleted Contracts [Abstract]

Costs and Estimated Earnings on Uncompleted Contracts

4.COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS

The Company’s costs and estimated earnings on uncompleted contracts are comprised of the following:

	As of		As of
	March 31, 2024		December 31, 2023
	(in thousands)
Costs incurred on uncompleted contracts	$	66,022	$	98,674
Estimated earnings		30,418		64,589
Billings to date		(83,167)		(152,608)
	$	13,273	$	10,655

These amounts are included in the Consolidated Balance Sheets under the following captions:

	As of		As of
	March 31, 2024		December 31, 2023
	(in thousands)
Costs and estimated earnings in excess of billings on uncompleted contracts	$	16,535	$	16,252
Billings in excess of costs and estimated earnings on
uncompleted contracts (included in Other current liabilities)		(3,262)		(5,597)
	$	13,273	$	10,655

At March 31, 2024 and December 31, 2023, the two largest customers comprised 83.9% and 84.6%, respectively, of the costs and estimated earnings in excess of billings on uncompleted contracts, net of billings in excess of costs and estimated earnings.