Concentration of Risk and Enterprise-Wide Disclosures

9 Months Ended

Sep. 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 September 30, 2022 and December 31, 2021, respectively:

	September 30, 2022				December 31, 2021
Federal Government	$	5,220	3	%	$	6,563	5	%
State Governments		711	-	%		61	-	%
Local Governments		19,118	13	%		11,923	9	%
Private Companies		126,589	84	%		111,328	86	%
Gross receivables		151,638	100	%		129,875	100	%
Allowance for credit losses		(546)				(323)
Net receivables	$	151,092			$	129,552

At both September 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 nine months ended September 30, 2022 and 2021, respectively:

	Three months ended September 30,								Nine months ended September 30,
	2022		%		2021		%		2022		%		2021		%
Federal Government	$	15,394	8	%	$	14,716	11	%	$	57,923	11	%	$	39,825	9	%
State Governments		17,836	10	%		400	-	%		39,293	7	%		814	-	%
Local Governments		31,609	17	%		22,765	16	%		90,209	16	%		94,857	22	%
Private Companies		117,782	65	%		102,026	73	%		364,702	66	%		303,595	69	%
Total contract revenues	$	182,621	100	%	$	139,907	100	%	$	552,127	100	%	$	439,091	100	%

In the three and nine months ended September 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 1.4% and 0.0% of total revenues for the three months ended September 30, 2022 and 2021, respectively, and 0.9% and 0.6% for the nine months ended September 30, 2022 and 2021, respectively, and were primarily located in the Caribbean Basin and Mexico.