Concentration of Risk and Enterprise-Wide Disclosures

3 Months Ended

Mar. 31, 2022

Risks and Uncertainties [Abstract]

Concentration of Risk and Enterprise Wide Disclosures

4.Concentration of Risk and Enterprise-Wide Disclosures

In both reportable segments accounts receivable 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 current receivables (trade and retainage) at March 31, 2022 and December 31, 2021, respectively:

	March 31, 2022				December 31, 2021
Federal Government	$	8,380	6	%	$	6,563	5	%
State Governments		571	-	%		61	-	%
Local Governments		19,929	14	%		11,923	9	%
Private Companies		114,690	80	%		111,328	86	%
Gross receivables		143,570	100	%		129,875	100	%
Allowance for credit losses		(323)				(323)
Net receivables	$	143,247			$	129,552

At both March 31, 2022 and December 31, 2021, 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 months ended March 31, 2022 and 2021, respectively:

	Three months ended March 31,
	2022		%		2021		%
Federal Government	$	22,695	13	%	$	12,764	8	%
State Governments		7,704	4	%		168	-	%
Local Governments		32,402	19	%		33,516	22	%
Private Companies		112,130	64	%		106,861	70	%
Total contract revenues	$	174,931	100	%	$	153,309	100	%

In the three months ended March 31, 2022, one customer in the Federal Government category accounted for 10.4% of total contract revenues. In the three months ended March 31, 2021, no single customer exceeded 10.0% 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 0.4% and 1.6% of total revenues for the three months ended March 31, 2022 and 2021, respectively, and were primarily located in the Caribbean Basin and Mexico.