Contracts in Progress

9 Months Ended

Sep. 30, 2022

Contractors [Abstract]

Contracts in Progress

5.Contracts in Progress

Contracts in progress are as follows at September 30, 2022 and December 31, 2021:

	September 30,		December 31,
	2022		2021
Costs incurred on uncompleted contracts	$	1,176,065	$	1,138,298
Estimated earnings		163,038		168,861
		1,339,103		1,307,159
Less: Billings to date		(1,328,904)		(1,305,628)
	$	10,199	$	1,531
Included in the accompanying Condensed Consolidated Balance Sheets under the following captions:
Contract assets	$	36,374	$	28,529
Contract liabilities		(26,175)		(26,998)
	$	10,199	$	1,531

Included in contract assets is approximately $13.3 million and $3.8 million at September 30, 2022 and December 31, 2021, respectively, related to claims and unapproved change orders, primarily related to two customers in the marine segment. See Note 2 to the Company’s consolidated financial statements for discussion of the accounting for these claims.

Remaining performance obligations represent the transaction price of firm orders or other written contractual commitments from customers for which work has not been performed or is partially completed and excludes unexercised contract options and potential orders. As of September 30, 2022, the aggregate amount of the remaining performance obligations was approximately $548.6 million. Of this amount, the current expectation of the Company is that it will recognize $456.0 million, or 83%, in the next 12 months and the remaining balance thereafter.