Concentration of Risk and Enterprise Wide Disclosures

9 Months Ended

Sep. 30, 2020

Risks and Uncertainties [Abstract]

Concentration of Risk and Enterprise Wide Disclosures

4.Concentration of Risk and Enterprise Wide Disclosures

Accounts receivable in both reportable segments include amounts billed to governmental agencies and private customers and do not bear interest. Balances billed to customers but not paid pursuant to retainage provisions generally become payable upon contract completion and acceptance by the owner.

The table below presents the concentrations of accounts receivable from customers (trade and retainage) at September 30, 2020 and December 31, 2019, respectively:

	September 30, 2020				December 31, 2019
Federal Government	$	258	-	%	$	4,765	3	%
State Governments		382	-	%		5,864	4	%
Local Governments		22,870	18	%		41,944	26	%
Private Companies		103,743	82	%		109,114	67	%
Gross receivables		127,253	100	%		161,687	100	%
Allowance for credit losses		(411)				(2,600)
Net receivables	$	126,842			$	159,087

At September 30, 2020 no single customer accounted for more than 10.0% of total current receivables. At December 31, 2019, no single customer accounted for more than 10.0% of total current receivables.

Additionally, the table below represents concentrations of contract revenue by type of customer for the three and nine months ended September 30, 2020 and 2019, respectively:

	Three months ended September 30,								Nine months ended September 30,
	2020		%		2019		%		2020		%		2019		%
Federal Government	$	16,499	9	%	$	13,564	7	%	$	32,720	6	%	$	36,142	7	%
State Governments		6,322	3	%		19,872	10	%		27,646	5	%		34,213	7	%
Local Government		54,316	29	%		54,654	27	%		158,176	29	%		150,683	30	%
Private Companies		112,296	59	%		111,417	56	%		321,224	60	%		287,559	56	%
Total contract revenues	$	189,433	100	%	$	199,507	100	%	$	539,766	100	%	$	508,597	100	%

In the three months ended September 30, 2020, one customer in the Local Governments category accounted for 13.8% of total contract revenues. In the three months ended September 30, 2019, no single customer accounted for more than 10% of total contract revenues. In the nine months ended September 30, 2020, one customer in the Local Governments category accounted for 11.2% of total contract revenues. In the nine months ended September 30, 2019, no single customer accounted for more than 10% of total contract revenues.

The Company does not believe that the loss of any one of its customers would have a material adverse effect on the Company or its subsidiaries and affiliates since no single specific customer sustains such a large portion of receivables or contract revenue over time.

The concrete segment primarily purchases concrete from select suppliers. The loss of any one of these suppliers could adversely impact short-term operations.

Contract revenues generated outside the United States totaled 0.9% and 2.3% of total revenues for the three months ended September 30, 2020 and 2019, respectively, and 1.8% and 1.5% for the nine months ended September 30, 2020 and 2019, respectively, and were primarily located in the Caribbean Basin and Mexico.