Concentration of Risk and Enterprise-Wide Disclosures

6 Months Ended

Jun. 30, 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 June 30, 2022 and December 31, 2021, respectively:

	June 30, 2022				December 31, 2021
Federal Government	$	3,832	3	%	$	6,563	5	%
State Governments		555	-	%		61	-	%
Local Governments		19,564	13	%		11,923	9	%
Private Companies		129,103	84	%		111,328	86	%
Gross receivables		153,054	100	%		129,875	100	%
Allowance for credit losses		(380)				(323)
Net receivables	$	152,674			$	129,552

At both June 30, 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 and six months ended June 30, 2022 and 2021, respectively:

	Three months ended June 30,								Six months ended June 30,
	2022		%		2021		%		2022		%		2021		%
Federal Government	$	19,834	10	%	$	12,345	9	%	$	42,529	12	%	$	25,109	9	%
State Governments		13,753	7	%		246	-	%		21,457	5	%		414	-	%
Local Governments		26,198	13	%		38,576	26	%		58,600	16	%		72,092	24	%
Private Companies		134,790	69	%		94,708	65	%		246,920	67	%		201,569	67	%
Total contract revenues	$	194,575	99	%	$	145,875	100	%	$	369,506	100	%	$	299,184	100	%

In the three and six months ended June 30, 2022 and 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 1.0% and 0.2% of total revenues for the three months ended June 30, 2022 and 2021, respectively, and 0.7% and 0.9% for the six months ended June 30, 2022 and 2021, respectively, and were primarily located in the Caribbean Basin and Mexico.